Video-streaming services are extremely popular and there is a huge demand for new platforms. One thing hindering the growth of new platforms is the insanely expensive cost of hosting a video-streaming service. Livepeer aims to solve this through its LPT token which incentivizes users around the world to contribute their computing resources in exchange for LPT tokens.
In this step-by-step guide, we will show you exactly how and where to buy and hold LPT seamlessly.
What is LPT?
Livepeer is a decentralized video-streaming network that other video-streaming platforms can choose to build on top of. Video streaming is traditionally very expensive for companies and platforms looking to build video-based platforms on the internet, and Livepeer aims to solve this problem through its native LPT token which incentivizes participants around the world to contribute their own computing resources in exchange for tokens.
The LPT token is an ERC-20 standard token built on top of the Ethereum blockchain. In addition to being used as a reward for contributing to the network, LPT holders can also stake their tokens to gain voting rights and participate in governance decisions related to future developments of the protocol.
Read on to learn more about how you can buy and hold LPT and participate in the future of decentralized video streaming.
How to Buy Livepeer
Unlike other popular cryptocurrencies, it isn’t currently possible to buy Livepeer crypto directly with fiat money. However, you can still easily buy Livepeer. by first buying another crypto like BTC from any fiat-to-crypto exchanges and then sending it to the exchange that supports the trading of Livepeer. In this section, we will walk you through in detail the steps to buy Livepeer.
Step 1: Register on Fiat-to-Crypto Exchange
Before buying LPT or similar cryptocurrencies you will need to register on a fiat-to-crypto exchange. As the name implies, the primary purpose of a fiat-to-crypto exchange is to move your funds from the legacy fiat system (such as the U.S. dollar system) into the crypto ecosystem. Once you have done this it will be much easier to move and trade freely and without permission amongst different cryptocurrencies.
CryptoWallet offers a fast and easy registration process in their intuitive app which is available on both Apple and Android devices. In addition to this, CryptoWallet even provides a unique crypto debit card that lets you spend your cryptocurrencies anywhere that accepts debit payments.
After downloading the CryptoWallet app and finishing the guided registration process you will be ready to convert your fiat money into crypto, which is the next step.
Step 2: Buy BTC with Fiat Money
Moving from the traditional banking system into cryptocurrencies is one of the more difficult aspects of trading cryptocurrencies. Fortunately, CryptoWallet helps streamline the process by allowing you to buy major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) while using just a debit or credit card.
Once you have purchased one of these large-cap cryptocurrencies, it will be much easier to trade for any other cryptocurrency of your choice including LPT. We recommend buying Bitcoin (BTC) to start with since it is the most widely accepted and well-known cryptocurrency.
Once you have purchased BTC you are set to trade it for LPT, which we will show you how to do in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have BTC you can send it to any altcoin exchange of your choice relatively easily.
Altcoin exchanges that support LPT include Crypto.com and MEXC Global, both of which are large and reputable exchanges. Once you have decided on which exchange you will choose you can sign up at the chosen exchange and find your BTC receive address. Then you can copy and paste the BTC receive address into the “Send To” section on CryptoWallet.
It may take some time (generally 15-45 minutes) for your BTC to arrive on the new exchange. Once it has arrived you can search for the BTC/LPT trading pair and execute your trade.
Congratulations you now own LPT. The next step is to securely store it.
Last Step: Store LPT Securely
You should always consider security when storing cryptocurrencies like LPT which can skyrocket in value.
You generally have two options to store cryptocurrencies securely, both of which come with their own trade-offs.
Software (or ‘hot’) wallets allow you to store your crypto online in a protected way. With your crypto online you can easily access and use it whenever you like. CryptoWallet is an excellent choice for storing large-cap cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) since you can sell, trade, and even spend (using CryptoWallet’s unique crypto debit card) with ease. CryptoWallet is also protected by BitGo, a leading digital asset custodian, so your funds are always safe.
However, CryptoWallet only supports the major cryptocurrencies listed above and not LPT, so you will need to look elsewhere to store your LPT in a software wallet.
The other option for storing crypto is to use a hardware (or ‘cold’) wallet. Hardware wallets store your keys offline, making them much more difficult to hack. For this reason, hardware wallets are generally the best option for storing large amounts of funds or if you are looking to store your crypto for a long period of time.
Ledger and Trezor are two excellent choices for reputable and popular hardware wallets that support most altcoins including LPT. The downside of hardware wallets is that you must purchase extra equipment (the hardware wallet itself) and that you will not have readily available access should you want to use your crypto regularly.
Other useful tools for trading LPT
In addition to the tools mentioned above, we also recommend using price-feed tools like CoinGecko.com or CoinMarketCap.com, which also list the exchanges that support LPT, what trading pairs are available, and will even show you which platform will provide you with the best exchange rate in real-time. These sites also provide other important statistics for trading cryptocurrencies such as the price history, total market cap, and total trading volume.
Can I buy LPT with cash?
No, you cannot buy LPT or most other cryptocurrencies with cash.
However, CryptoWallet does provide a ‘cash-like’ way to purchase cryptocurrencies like LPT. By using your debit or credit card you can purchase Bitcoin (BTC) and send that to an altcoin exchange of your choice to trade for LPT.
Are there any quick ways to buy LPT in Europe?
The easiest way to buy LPT in Europe is to purchase BTC on CryptoWallet and send your BTC to an altcoin exchange of your choice to trade for LPT. See step 3 above for a list of exchanges that support LPT.
Are there any alternative platforms to buy LPT or Bitcoin with credit cards?
While CryptoWallet is the easiest way to buy BTC (and trade for LPT) with your credit card, other options do exist. It is best to do your own research and consider the reputation and trade-offs of these other options.