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How to buy Loki (LOKI)
A beginner's guide to buying, selling and trading Loki in Ireland.
A privacy coin based on Monero, Loki (LOKI) is designed to offer anonymous and decentralised transactions. However, if you want to add some Loki to your crypto portfolio, you may be hampered by the fact that it can only be traded on a very limited number of exchanges.
Keep reading for instructions on where and how to buy Loki and where to store the coins you purchase.
Where to buy Loki in Ireland
A step-by-step guide to buying Loki
Unfortunately, there’s currently no way to buy Loki directly with Euros. As a result, if you want to get your hands on some Loki, you’ll first need to acquire a cryptocurrency such as Bitcoin (BTC), then exchange it for Loki. Read on for an example of how to do this.
How to sell Loki
If you want to sell your Loki, the process you’ll need to follow is quite similar to the buying process outlined in step 3. However, make sure you enter your transaction details in the “Sell” field on your exchange’s trading page, and please be aware that you may not be able to directly exchange Loki for the fiat or cryptocurrency you want.
Which wallets can I use to hold Loki?
While you can store the coins you purchase on an exchange if you wish, the risks of hacking and theft mean that this is generally not advised. Instead, most users recommend moving your crypto assets to a secure wallet that allows you to retain control of your private key.
If you’re searching for a wallet where you can safely store your Loki, there’s limited choice available at the time of writing. You’ll need to use an official Loki wallet – a desktop wallet for Windows, Mac and Linux is available for download from the Loki website, where you can also find a download link for the command line interface wallet (better suited to advanced users).
How Loki works
An Australia-based cryptocurrency project with roots dating to late 2017, Loki is built on a modified version of the Monero codebase. Using the CryptoNote protocol, it’s designed to provide the means to transact privately and anonymously.
Through the use of cryptography tools such as ring signatures, stealth addresses and RingCT, it makes it impossible for third parties to see the sender, recipient, or amount of any Loki transaction. Whether or not these details are revealed is entirely up to the user.
In addition to functioning as a privacy coin, Loki also provides the potential to communicate privately and anonymously. Loki uses a hybrid proof-of-work and proof-of-service system to achieve consensus and is powered by a network of self-regulating Service Nodes. These nodes route information privately through the network and share the blockchain with users and other nodes.
The result is LokiNet, which features its own decentralised, anonymous and private messaging service known as Loki Messenger. The network can also be used to run applications, which are known as Service Node Apps (SNApps).
What to consider before you buy LOKI
Cryptocurrencies are famous for their volatility, capable of experiencing substantial price fluctuations within a short time period. They’re also complicated assets that can have their price influenced by a wide range of factors, so you’ll need to carefully research any crypto coin or token before deciding whether or not to buy.
If you’re thinking of buying any Loki, make sure you consider the following:
- Supply. According to CoinMarketCap, at time of writing (August 2021) the circulating supply of Loki was 53,962,660, out of a total supply of 34,301,766.
- Whitepaper. For more details about the technology behind Loki and what the project aims to achieve, it’s worth reading the Loki whitepaper.
- Limited availability. Loki can currently only be traded on a couple of exchanges, so this limited availability could keep demand for the coin at a reduced level. However, gaining listings on additional exchanges could potentially increase demand.
- Mining and block rewards. Loki is a proof-of-work cryptocurrency that can be mined. Block rewards are distributed as follows:
- 45% to the miner that constructs the block
- 50% to a Service Node
- 5% towards governance operations
- Service Nodes. In order to run a Service Node, 45,000 LOKI are required as collateral. However, this figure will adjust downward over time.
Take the time to consider all these factors and any other potential drawbacks before deciding whether you should buy any Loki.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.
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