LBC

Overview of LBC

LBC, also known as LBRY Credits, is a utility token serving a specific purpose within the LBRY platform, enabling functionalities like rewarding creators, purchasing content, and powering the network. It was founded in the year 2016 by Alex Grintsvayg and Jeremy Kauffman. LBC operates on various exchanges, with prominent ones being Bittrex, MEXC, and CoinEx. As for storage, LBC can be kept in the LBRY wallet or Coinomi.

Pros and Cons

What Makes LBC Unique？

LBC, or LBRY Credits, is distinctive primarily due to its integration with the LBRY platform, a decentralized content sharing system. While many cryptocurrencies function primarily as digital currencies or investment assets, LBC serves a specific role within the LBRY network, facilitating various operations such as rewarding content creators and consumers and enabling transactions.

Unique to LBRY is the concept of a decentralized digital library, wherein creators can upload their content. This content, then, can be found and accessed by any user of the LBRY network, with LBC functioning as the means of exchange. In this sense, LBC is more akin to a digital asset within an ecosystem than a traditional currency, differentiating it from many other cryptocurrencies on the market.

How Does LBC Work？

LBC serves as the digital currency for the LBRY platform. Its operations are intrinsically connected to the functioning of this decentralized digital library, underpinned by blockchain technology.

When a content creator uploads content to the LBRY network, they can choose to price it in LBC. Users who wish to access this content will then pay the specified amount in LBC, which goes directly to the content creator. This direct, peer-to-peer mechanism facilitated by LBC avoids the need for a middleman, such as a publisher or distributor, and allows for more equitable revenue distribution.

Beyond this, LBC is also used to power the LBRY network in another unique way - it's used to drive discovery of content within the network. When content is uploaded, if the uploader chooses to stake (or commit) more LBC to the content, it will be displayed more prominently within the LBRY network's search and discovery mechanisms.

In terms of generating new LBC, the LBRY network operates on a combination of proof-of-work and proof-of-stake mechanisms. New blocks are added to the LBRY blockchain through a process similar to Bitcoin's mining process. However, the work done in this regard not only includes transaction validation but also includes the encoding and storage of digital content files.

Exchanges to Buy LBC

LBC are traded on a number of exchanges across the globe.

1. Bittrex: Bittrex is a US-based cryptocurrency exchange that offers LBC/BTC (Bitcoin) pairing for trading. See this link for details on how to buy LBC: https://lbry.com/faq/buy-sell-bittrex.

Step 1: Login/Create a Bittrex account

You will need to complete KYC in the creation process.

Step 2: Depositing USD

Click on “Holdings” button. Once the holdings page loads up, click on “Deposit by bank/wire” and pay for it.

Step 3: Depositing BTC

Click on “Holdings” button. Once the holdings page loads up, find BTC and click the deposit button, then deposit BTC to your account by sending funds to the address shown.

Step 4: Purchasing LBC with BTC USDT

From the Bittrex home page: scroll down, under the BTC or USDT market, search for LBC and once it comes up, click on the trading pair. Click on the market price you'd like to buy LBC and enter how much LBC you want to purchase. Click on place order, and once the order is executed, you'll now see your LBC holdings.

2. MEXC: MEXC enables trading of LBC against USDT.

Step 1: Create a free account on MEXC Crypto Exchange via website or the app to buy LBRY Credits Coin.

Your MEXC account is the easiest gateway into buying crypto. But before you can buy LBRY Credits (LBC) , youll need to open an account and pass KYC (Verify Identification).

Step 2: Choose how you want to buy the LBRY Credits (LBC) crypto tokens.

Click on the “Buy Crypto” link on the top left of the MEXC website navigation, which will show the available methods in your region.

Step 3: Store or use your LBRY Credits (LBC) on MEXC.

Now that you bought your crypto, you can hold it in your MEXC Account Wallet or send it somewhere else via blockchain transfer. You can also trade for other crypto or stake it on MEXC Earning Products for passive income (Savings, Kickstarter).

3. CoinEx: This is a global cryptocurrency exchange platform where you can trade LBC against BCH (Bitcoin Cash) and USDT (Tether).

4. Vindax: This is another platform on which LBC can be traded against USDT.

5. Newdex: Newdex supports the LBC/ETH (Ethereum) trading pair.

How to Store LBC？

Storing LBC, or LBRY Credits, involves keeping them in a safe and secure digital wallet. Different types of wallets provide varying levels of security, accessibility, and convenience.

1. LBRY Wallet: The LBRY platform provides its own wallet for users to store LBC. It can be downloaded as part of the LBRY app, providing seamless integration for those who consume content on the LBRY platform.

2. Coinomi Wallet: This is a mobile wallet available for Android and iOS that supports a multitude of cryptocurrencies, including LBC. It's known for its security, as it never sends private keys over the internet and provides control of these keys directly to users. It also offers an integrated exchange service for convenience.

How to Earn LBC Coins？

You can earn LBRY Credits (LBC) through various methods.

Receiving Rewards: LBRY users receive LBC rewards as gifts.

Referral Program: Users earn LBC for referring others through the LBRY Desktop app or odysee.com.

Task Assistance: Earn LBC by helping with different tasks. Contact LBRY for additional testing or community assistance opportunities.

Development Contribution: Contribute as a developer or engineer to earn LBC.

Exchange Purchase: Buy LBC on exchanges.

Mining: Earn LBC by mining through the Proof-of-Work (PoW) process, which also strengthens the LBRY network's security.

Content Publishing: Set an LBC price for your content on the LBRY network or receive tips from your fans.

FAQs

Q: What kinds of wallets can be used to store LBC？

A: LBC can be held in several wallet types including LBRY's own wallet, and the Coinomi mobile wallet.

Q: Who could benefit from investing in or acquiring LBC？

A: Potential beneficial parties for LBC acquisition include content creators on the LBRY platform, enthusiasts of blockchain technology, and cryptocurrency investors diversifying their asset portfolio.

Q: Where can I buy LBRY Credits？

A: LBRY Credits can be bought on several exchanges, including Bittrex, MEXC, CoinEx, Vindax, Newdex, Probit, Graviex, Hotbit, Poloniex, and Bilaxy.

Q: What is the price of LBRY Credits？

A: As of February 17, 2024, the price of LBC is $0.003698.