What should you know before buying Lisk (LSK)?
The creators of the platform are Max Kordek and Oliver Beddows, while the development team reportedly includes dozens of people. The Lisk network was activated on May 24, 2016, and more than a year later, i.e. on August 22, 2017, its first stable version was released.
Lisk is one of the first projects to use blockchain network technology in a so-called modular version, which consists of a main chain of Lisk blocks and independent side chains. This solution provides better scalability and network capacity.
Lisk is a cryptocurrency that does not have a capped maximum supply, which means that its nature is inflationary. Currently, there are less than 110 million units of LSK in circulation. The number of units is steadily increasing.
Lisk is a platform where there is no digging (mining) process. This is because Lisk is a platform based on the Delegated Proof of Stake consensus algorithm, which was taken from the BitShares platform.
Litecoin, for those not very familiar with the crypto world, may seem like a niche project. Meanwhile, it is a cryptocurrency that is available on many cryptocurrency exchanges. Below are the options for buying LSK on the OKX exchange.
How to buy LISK (LSK) on the OKX exchange?
OKX is one of the most respected cryptocurrency trading platforms, popular among many users around the world. The platform is distinguished by its intuitiveness and high attention to maintaining high security standards.
Registering an account on the OKX exchange
To register on the OKX exchange, click the “Register” button at the top right of the website. Then fill out the form, entering your data. Be sure to check that your information is correct, as you will receive a verification code sent via SMS or email. After completing the registration, you will be required to present a valid ID to pass the KYC verification process.
Purchase Litecoin (LTC) on OKX with a credit/debit card
Unfortunately, it is not possible to buy LSK on OKX directly with a credit/debit card. However, you can buy USDT or BTC, for example, and then exchange the purchased cryptocurrencies for LTC on the market. You can find detailed instructions showing the purchase of cryptocurrencies with a credit card on OKX at https://www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okx.
Buying Litecoin (LTC) on OKX using P2P trading
It is not possible to buy LSK via the P2P trading platform running on OKX. However, it is possible to buy other cryptocurrencies (e.g. BTC or USDT) using P2P trading and then exchange them for LSK on the spot market.
Buying Litecoin (LTC) on OKX with the help of a third-party operator (such as Simplex or Banax)
It is not possible to buy LSK via a third-party operator (Simplex or Banax) on OKX. However, you can buy other cryptocurrencies (e.g. BTC or USDT) this way and then exchange them for LSK on the spot market. You can find detailed instructions showing how to buy cryptocurrencies using a third-party operator on OKX at https://okx.ada.support/api/articles/633665c2084d3fcdaf447411/?chatter_token=7ad95483-c046-403f-a4ed-7ccb37eabefa
Trading Lisk (LTC) on OKX
To make a spot trade on the OKX cryptocurrency exchange, click “Trade” in the top menu and then select “Spot.” After that, all you need to do is the appropriate currency pair (e.g. LSK/USDT or LSK/BTC) and enter the appropriate amount in the “amount” field. After clicking the green button indicating a purchase, just follow the on-screen instructions to finalize the trade.
What are the other ways to buy Lisk (besides centralized exchanges)?
Cryptocurrencies can be purchased on centralized exchanges such as the aforementioned OKX. In addition, decentralized exchanges, cryptocurrency exchanges and peer-to-peer platforms are alternatives. Below is a brief description of each of these methods.
- Decentralized cryptocurrency exchanges (DEX) are platforms that provide users with a convenient way to exchange cryptocurrencies directly between users’ wallets, which operate on blockchain technology. An example of a popular platform of this type is Uniswap.
- Cryptocurrency exchanges can be available as online services or as physical establishments that resemble a regular exchange office. Buying cryptocurrency at an exchange office is a simple and convenient way, especially from the perspective of people who are new to cryptocurrencies. Interestingly, transactions at some exchange offices are treated as bargain transactions so that usually (up to a certain amount) you don’t have to go through KYC verifications.
- P2P-type platforms connect buyers and sellers. This type of service acts as an intermediary between the two parties to the transaction. The advantage of such platforms is the ability to buy cryptocurrency at different (sometimes occasional) rates and the possibility of using different payment methods (such as those not available on cryptocurrency exchanges).
How to buy Lisk (LSK) without going through KYC verification?
Some cryptocurrency exchanges allow you to trade cryptocurrencies without going through the KYC procedure. An example is ByBit. On this platform it is possible to trade without going through full verification, provided that the withdrawal value does not exceed the equivalent of 2BTC. Of course, the verification policy of individual exchanges may change over time, so it is worth checking the current information on this subject on the website of the exchange in question.
An alternative to buying LSK on exchanges is to buy via exchange bureaux or bitmachines, some of which offer transactions up to a certain amount (usually around 4,000 PLN) without verification. This is possible because transactions of this type are treated by some bitomat operators or by some exchange offices as so-called bargain transactions.
Where to keep the Lisk (LSK) after purchase?
In general, cryptocurrency exchanges should be used mainly for trading, not for storing long-term funds. To minimize the risk of losing funds due to hacking attacks, it is recommended to use cold hardware wallets such as Ledger or Trezor.