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How to buy LBRY Credits (LBC)
A beginner’s guide to buying, selling and trading LBRY Credits in Canada.
LBRY is a community-run digital media library. This decentralized blockchain platform was designed to make it possible for artists to upload their content to a network of hosts. They can set a price per stream or download, or choose to give it away for free.
LBRY Credits (LBC) are the native currency of the LBRY platform and can be earned and spent throughout the application in a number of ways. Read on to find out what LBRY is, how it works and how you can buy LBRY Credits in Canada.
Where to buy, sell or trade LBC in Canada
You can buy LBC on several popular cryptocurrency exchanges, including:
A step-by-step guide to buying LBRY Credits
If you want to buy LBC in Canada, here’s a step-by-step example of how you can do it:
Step 1. Register for an account with an exchange that allows you to trade LBC
If you want to exchange fiat or cryptocurrency for LBC, you will need to register with an exchange that allows you to buy, sell or trade LBC. You can register for a free account by entering your email address and creating a password, however you’ll also likely have to provide your full name, contact details and proof of ID before you can become a verified member. Becoming a verified member generally ensures you can make bigger trades more often.
It’s also a good idea to enable two-factor authentication on your account for increased security.
Step 2. Deposit funds into your account
Log into your account and click the “Deposit” link. You can then enter the amount you want to deposit.
It is important to note that a number of cryptocurrency exchanges don’t allow you to swap fiat currency, such as Canadian dollars, directly for cryptocurrencies. This means that you’ll often need to exchange CAD for a cryptocurrency that’s available in a pairing with LBC, such as bitcoin (BCT), and then exchange your BTC for LBC.
Step 3. Buy LBC
Click the “Buy/Sell” link and search for “LBC”. Click “Buy LBC” and then type in the amount of CAD you want to spend or the amount of LBC you wish to purchase.
Make sure you review the amount of LBC you’re buying and the total cost of the purchase (including fees) before completing the transaction.
How to sell LBC
If you want to sell your LBC holdings, look for the “Sell LBC” link from your trading account and you can then follow essentially the same steps as outlined in Step 3 above. It’s also important to point out that it often won’t be possible to exchange LBC directly for the currency you want, so it may take multiple transactions to convert LBC into your desired currency.
Which wallets can I use to hold LBC?
Storing your cryptocurrency holdings on an exchange is not recommended for security purposes. Instead, it’s safer to store your LBC in a secure wallet. The LBRY app features a built-in wallet and is available for Windows, macOS, Linux, iOS and Android operating systems.
If you’re looking for a standalone wallet, LBRY recommends the Coinomi wallet.
How LBRY works
LBRY is a digital media library and marketplace that aims to overcome problems of content censorship and centralized control. The LBRY protocol uses blockchain technology to allow users to upload their own content, including e-books, videos, music, artworks and more. The content creator gets to keep everything they earn through the platform, without needing to pay fees to a third party.
However, users get to define the terms and fees they adopt when sharing their content, and because the content is divided and distributed over the network, it cannot be censored or limited to specific geographic areas.
The LBRY project is run by a company known as LBRY Inc., which is developing a LBRY app to allow users to interact with the protocol. LBRY Credits (LBC) are the built-in cryptocurrency payment system of the LBRY platform and have a number of important functions, as you’ll see below.
Key things to consider if you’re thinking about buying LBC
Cryptocurrencies are complex and speculative, so make sure you understand and accept all of the associated risks before making a purchase. If you’re thinking of buying LBC, remember to consider the following factors first:
- Supply. According to CoinMarketCap, at the time of writing on 02 February 2018, the circulating supply of LBC was 145,835,901, out of a total supply of 520,735,904 LBC. The LBC market cap on the same date was US$70,127,818.
- Future supply. Eventually, 1,000,000,000 LBC will exist. 400,000,000 LBC of those are held back to be administered by LBRY, Inc., with 100,000,000 earmarked for charity and 300,000,000 strategically allocated to partners.
- How to acquire LBC. You can get LBC in the following ways:
- As a gift through the LBRY Rewards program, which allows users to earn credits for completing tasks throughout the LBRY application. You can receive LBC rewards for actions such as streaming your first video, publishing your first piece of content or watching several videos.
- By referring friends who sign up to LBRY.
- By helping with tasks such as providing additional testing or offering assistance to the LBRY community.
- By contributing to the LBRY project as a developer or engineer.
- By mining them. LBC are mined over a 20-year proof-of-work period. Block rewards increase every 100 blocks by 1LBC, peak at 500LBC, and then decline slowly.
- By publishing content to the LBRY network and selling it at the LBC of your choice.
- By buying LBC on an exchange.
- Roadmap. If you want to know of any future technological developments and releases that could influence the price of LBC, check the roadmap on the LBRY website.
- Takeup. The value of LBC is closely tied to the adoption of the LBRY platform – the more content producers and users the platform attracts, the more valuable the currency should be.
By considering the above factors and more, you’ll be able to make an informed decision about whether you should buy LBC or not.
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