LRC is the ERC-20 token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.
On average, in 2020, the trading volume in the crypto market was $50-$200 million per day.
Most of that trading occurs on centralized crypto exchanges — online platforms that store your funds and facilitate the matching of buy and sell orders.
Traditional stock exchanges have some significant downsides that they all share, so somebody developed a new type of system – decentralized. They aim to alleviate some of these disadvantages though they’re not without their own flaws.
Loopring aims to combine centralized, on-blockchain settlement features in a hybridized whole. With this product, Loopring aims to bridge the gap between centralized and decentralized exchanges by taking the best aspects from each.
LRC tokens were available since August 2017 during Initial Coin Offering (ICO), while Loopring protocol was first deployed on the Ethereum mainnet in December 2019.
Where and How to Buy Loopring (LRC) In The UK
- Sign up to an exchange which trades Loopring (LRC)) Infinity
- Fund it with cryptocurrency
- Trade your crypto for Loopring (LRC)
Sign up to an Exchange
We recommend Binance? This for a number of reasons, because
Binance is an exchange platform that boasts low fees, fast trading, and a huge selection of coins to choose from. The exchange offers 1-click trading for experienced traders and beginners alike.
Binance is one of the best cryptocurrency exchanges that can help you buy, sell, and trade all types of cryptocurrencies. With the growing number of new coins and tokens being released each day, it pays to be able to find the best prices on the fly. Binance is currently available in over 190 countries and supports dozens of different cryptocurrency trading pairs.
Fund your Binance account
Now you need to transfer BTC in order to trade Loopring (LRC) with it.
It’s really easy to buy BTC with your debit card on binance.
You can transfer your funds from your bank account or use our other options to make the process easier for you.
You can also setup recurring orders! which is another great option for Binance which other platforms don’t offer. In order to make it easier for customers to set up recurring orders on Binance, the company released an official guideline which makes it clear.
Trade your BTC for Loopring (LRC)
We now need to get into our trading section of the guide.
To do this follow the above picture and click on Classic!
Now we have to find the correct pair BTC/ Loopring (LRC)
Now type Loopring (LRC) in the top corner like i did.
If you are new to the market, the stock market can be a confusing place. Let’s break down some of the most basic terms you need to know in order to get started.
– Market order: this order type is executed immediately. This means that your trade will execute as soon as possible and the price of the trade will not change.
– Limit order: this order type is put in place so that your trade executes for a specific price and does not execute until it reaches that specified price.
Is Loopring (LRC) a good investment?
The Loopring project seeks to combine the best of centralized and decentralized exchanges by developing a network with inherent advantages.
Centralized exchanges are still very popular but come with some major risks. One of these is their custodial nature – which means they act like banks and take care of your investments.
This is because exchanges attempt to minimize people’s exposure to risk by holding their funds in the interim. To do this, they need to make sure they are available at all times, which means you can lose some or all of your money if the exchange is temporarily unavailable due to an attack or malicious actors.
Another problem for centralized exchanges is that trades aren’t settled on the blockchain which means they’re vulnerable to hacking, fraud, and more.
but it’s stored inside the exchange and they can manipulate prices and take your money for their own use.
In order to solve the problems of centralized exchanges, more and more traders are using a decentralized crypto exchange, also known as a DEX.
The LRC token is currently selling for about $2, but could go up to $3.54 in the future. Looking at the charts, it seems that the latest increase was not surprising given that Loopring market indicators are looking very good!
Instead of keeping your tradable funds with exchanges and processing them internally, they let you connect seamlessly to the public blockchain (instead) that does all that for you.
A DEX can be a good option for many, but they will offer lower efficiency with the limited capabilities of their underlying blockchains. There are positives and negatives to DEXs.
Loopring Protocol wants to make blockchain based exchanges efficient by finding innovative ways to use centralized solutions.
Through centralized order management but decentralized-blockchain trading, Loopring aims to make circular trades instead of traditional 1:1 trade pairs. They claim it can increase the efficiency of orders exponentially.