In recent years, Lisk Coin has gained a lot of traction from cryptocurrency enthusiasts. The unique features of Lisk (LSK) Put it in the top of the cryptocurrency list. This article is a beginner’s guide to Lisk where you get to know how to buy Lisk Coin LSK.
Table of Contents
- What is Lisk Coin
- How to Buy Lisk Lisk (LSK)
- Buy Lisk (LSK) with Fiat Currencies
- How to Buy Lisk Coin with Bitcoin
- Buy Lisk (LSK) Coin with Other Cryptocurrencies
- How to Create a Lisk Coin Wallets
- Lisk Coin Price and Market Cap, Volatility and Liquidity Report
- The Benefits of Lisk (LSK) Coin
- Future of Lisk Coin
- Should You Invest in Lisk Coin?
What is Lisk Coin?
Lisk Coin is created as an open source project in May 2016. Since then it was not so popular until it was rebranded in February 2019. It is based on Crypto hard fork which led to a change in the database from SQLite to PostgreSQL. As an open source project, the development of this coin is taking place in GitHub.
Like other mainstream cryptocurrencies, it is also decentralised projects and sidechain development platform as well.
SDK platform which powers up decentralized applications (DAPPS), is a very popular development platform among the developers and the new independent Blockchain created in this platform is linked to the highly secured Lisk blockchain.
The sidechain feature allows developers to create their own applications linked with the Lisk Blockchain. With this feature, developers are able to build, distribute and generate income from their published apps.
That means developers can create their own white-label sidechain apps, by using their own token they can customize the app. And all this process doesn’t need to write a single line of code. You can design the interface, test, deploy and promote the app in the optimal environment of Lisk sidechain.
However, developing the Lisk network and using the services with LSK token need some costs which are covered by the developers.
The features like building own sidechain apps, distribute and generate income from the apps make is a beginner friendly cryptocurrency. If you are a beginner in the developing field of cryptocurrency then Lisk coin should be in your first list of choices.
How to Buy Lisk Coin (LSK)?
As usual, to buy Lisk coin you need to be a member of those crypto exchanges who is currently offering Lisk coin exchange. There are a number of exchanges who offer to buy Lisk including Binance, Changelly and Bittrex.
But unlike other mainstream coins, you won’t get several pairing options. Currency you get only LSK/BTC and LSK/ETH parings in the above crypto exchanges.
In this section you get to to know the step-by-step process of buying Lisk coin from Changelly.
The very first step you need to take is creating a Lisk coin Wallet where you can store the coin which you will purchase. Lisk coin wallet is a nano digital wallet available both for computer and mobile versions. In the next section I will show you how to create Lisk coin wallets without any hassle.
This wallet can also be used to sell your Lisk on crypto exchanges when you want to transfer your Lisk coins to the exchanges to sell them. This wallet is also used in sending Lisk to individual persons or merchants who already have Lisk digital wallet address and accept Lisk as a payment option.
Note: Holding the purchased Lisk coin or any other cryptocurrency on the exchange is not recommended. Exchanges faced hacks in past and lose a huge amount of investment of the coin holders. And in many cases, the loss Could not be covered. So it’s better to immediately transfer the coins to your own wallet.
Buy Lisk (LSK) with Fiat Currencies
Currently there are no exchanges providing LSK/Fiat currency pair. So you can’t buy Lisk with any fiat currency. The only way to purchase Lisk coin is by exchanging with Bitcoin or Ethereum. So you need to first exchange your Fiat currency with BTC or ETH then exchange LSK with those coins.
I recommend you to first buy Bitcoins from Changelly and then exchange BTC with the LSK. If you want to purchase Bitcoins with Credit/ Debit card, refer to my article – 5 Best crypto exchnages to purchase Bitcoin with Credit/Debit card
Note: Before purchasing Bitcoins calculate the trade volume of BTC/LSK with any online cryptocurrency trading calculator.
Buy Lisk Coin with Bitcoin
Here I’ve outlined the step-by-step guide to buy Lisk coin with Bitcoin on the Changelly exchange.
First of all, you need to create an account with Changelly or any other crypto exchange that provides the facility to buy Lisk coin with Bitcoins. If your exchange does not provide BTC/LSK pair change then you need to first transfer your Bitcoins from your exchange to that one which supports BTC/LSK pair. You should follow the steps below to get it right.
- Create two wallets – first for Bitcoin and the second Wallet for Lisk coin. You can go to LSK website to create Lisk wallet.
- Open the Changelly Website and sign up. Always remember that you should set up the 2-factor authentication and strong passwords as well.
- Changelly supports Debit/Credit card payments so if you don’t have Bitcoins then you can buy on Changelly with Credit/Debit cards.
- To buy Bitcoins click on buy crypto with a credit card and follow the process. You will be asked to provide your KYC and card details for verification. It will take 24 hours to verify your credit or debit card then you will be able to buy Bitcoins with Changelly.
- You need a Bitcoin wallet address, your ID and address proofs in the verification process to make them handy while registering your credit card.
- Chengelly supports two fiat currencies – USD and Euro so make sure your credit card is able to process those currencies.
- When you are verified, Bitcoins are been transferred to your Bitcoin Wallet address that you’ve provided in the verification process.
- Now when you have Bitcoins in your wallet, exchanging LSK is with Bitcoin is very simple.
- Just enter the amount of BTC that you want to exchange with LISK and it will show you the relative LISK amount on the screen as per the real-time exchange value.
- Now press “exchange now” button enter the LISK coin wallet address that you had created in the first step, check the details and hit the send funds button.
- After the transaction is done, you will be provided with Changelly’s QR code and a wallet address where you have to send the Bitcoins.
- Go to your Bitcoin Wallet and paste the address that changelly has provided you and transfer the fund.
- As soon as the transaction has done, and Changelly will get payment, LSK will be transferred in your given wallet address.
Buy Lisk (LSK) Coin with Other Cryptocurrencies
You can also buy LISK coin with other cryptocurrencies such as Ethereum, Ripple or any other cryptocurrency when you are using Changelly Crypto Exchange.
Though, Changlley does not hold any cryptocurrency wallet you need to create the respected cryptocurrency wallets in other places and then use those addresses to exchange the same.
The process is same as exchanging LISK coins with Bitcoins. You only need the wallet addresses of the coin pairs, such as if you want to exchange LISK with Ethereum then you need an Ehtereum wallet too.
Then follow the same process shown in the section “Buy LISK With Bitcoins”.
If you face problem in exchanging LISK in Changelly interface, open Changelly and go to FAQ section to know the process in detail.
How to Create Lisk Coin Wallets
When you are going to invest in cryptocurrencies the first step you must take is to create wallets for the ccoins on those you want to invest. In this case you need to create wallet for LSK coin. As I always suggest my reader to not hold thier coins on any wallet provided by crypto exchnages as you could be a victim of theft.
So, the first step is to create a private LISK wallet with a reputable Wallet provider. You can check out the official LISK coin website for the recommended wallet providers.
LISK Mobile is official LISK wallet you can use it to hold Lisk coin safely. You can also use other wallet providers but make sure if they are safe and reliable.
Here is the demo video of Lisk Mobile Wallet.
here is the procedure to create Lisk Wallet in Lisk Mobile.
- Go to Lisk Website headover to the products page scroll down to LISK wallet and download the app to your mobile.
- You will be given the options for choosing old account and new accounts. Choose new account and click ‘Next’.
- You will be proted to create a passphrase. Create and copy the 12-word passphrase safely in hardcopy. DO NOTE: If you will lose the passphrase that mean that you will lose your LSK coins.
- After saving your passphrase, click ‘Yes! It’s safe’. You will be promped to double chaeck your passphrase. Enter the missing part and click on ‘Login,’. Now you are in LSK Wallet.
- After opening your account, copy your wallet address as you will need it frequently, whenever you want to buy or Sell LSK.
That’s it now your LSK wallet is created.
LSK Price and Market Cap, Volatility and Liquidity Report
When I’m writing this article, The market capitalization of LSK is $183,284,114 USD. Today its price is $1.58 USD which you think is not good but that’s the game of volatility of cryptos they can acquire sudden price hike.
Trade report shows that it would be a great option in crypto trading. If sombody invests in LSK in 2019 then he will sure get a high return in upcoming months.
The Benefits of Lisk (LSK)
As cryptocurrencies are acquiring the physical market with all time high in 2019-2022, investing in any stable cryptocurrency is a great decision. LISK coin is one of the most relable coin in cryptocurrencies and it is going to become the mainstream of tomorrow.
Developers are keener to get into LISK blockchain tech becasue they know that it is going to become the mainstream of tomorrow. The issue developers face with other cryptocurrencies is language in developing decentralized blockchain applications.
The second advantage of Lisk platform is that individual sidechain applications that are used to echchange the data with the main chain of LISK coin. The fact is, withg sidechains Lisk will remain scalable.
Future of Lisk Coin
Should You Invest in Lisk Coin?
The main question is should you invest in Lisk Coin or not.
Answer is not simple.
You know that crypto market is extremely volatile. Here prise will hike in one night and also drop on anaother night. So the investment decision is alwaysys yours.
However, if you know the art of forecasting the market then you will be able to multiply your investment in no time. The bottomline is, LISK is going to one of the most popular coin in crypto marekt and one who will invest in it near future can definatly make a large income.
Thanks for reading and best of luck for your investment in cryptos.