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. To obtain more information, you can visit their website: https://lbry.com/ and try to log in or register to use more services.

Pros and Cons

Pros of LBC Token:

1. Supports a Decentralized Content Sharing Platform: LBC is the native cryptocurrency of the LBRY platform, which aims to provide decentralized content sharing. This means that the system allows peer-to-peer interactions for content creators and consumers, reducing the need for an intermediary.

2. Wide Use on LBRY Platform: Because it's the native currency of the LBRY platform, LBC has an advantage in terms of usability on the platform itself. This ranges from enabling transactions to rewarding content creators or consumers.

3. Ease to Earn: LBC tokens are relatively easy to earn within the LBRY platform. This includes uploading content, daily watch rewards, and content viewing, making LBC more accessible to various users.

4. Support by Multiple Exchanges: LBC is available for trade on several exchanges, including Bittrex, Upbit, and CoinEx, making it relatively easy for users to buy and sell the token.

Cons of LBC Token:

1. Price Volatility: Like many cryptocurrencies, LBC is subject to price volatility due to market forces. That means the value of LBC can fluctuate widely in a very short time, making it potentially risky for holders.

2. Limited Recognition Outside of LBRY platform: Since LBC is the native token of the LBRY platform, it's utility and recognition might be limited outside of this platform.

3. Limited Storage Options: Currently, the LBRY wallet and Coinomi are the key options for storing LBC. This limitation can not provide users with the variety of choices they have when storing more popular cryptocurrencies.

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.

One other point of difference lies in inherent opportunity for users to earn LBC within the LBRY platform. This includes rewards for actions like uploading popular content or daily viewing, which isn't a typical feature for most cryptocurrencies.

Market & Price

LBC has a maximum supply of 1,083,202,000 tokens. And the total circulating supply of LBC is currently 654,237,215.

The price of LBC reached an all-time high of $1.1581 in January 2018, but before falling to under $0.1 in October 2018. Its price briefly recovered in March 2021, but soon fell below $0.05 again. As of February 17,2024, the price of LBC is $0.003698.

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.

Thus, the working principle of LBC is more multifaceted than many cryptocurrencies - while it does serve as a currency within the LBRY platform, it also plays a crucial role in content distribution and discovery within the network.

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.

6. Probit: On Probit, an exchange that specializes in trading pairs involving various stablecoins, LBC can be traded with USDT.

7. Graviex: On Graviex, you can trade LBC against BTC.

8. Hotbit: The Hotbit exchange offers LBC trading pairs with BTC, ETH, and USDT.

9. Poloniex: On Poloniex, another global platform for cryptocurrency trading, LBC can be traded against USDT and BTC.

10. Bilaxy: On this platform, it is possible to trade LBC against ETH.

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.

Conclusion

LBC is a cryptocurrency that serves as the native digital token within the LBRY platform, a decentralized content sharing system. The development prospects of LBC are inherently linked to those of the LBRY platform. The unique model of the LBRY platform, which aims to revolutionize content sharing by reducing the need for middlemen, does present a certain degree of innovation within the realm of blockchain technology. Like all cryptocurrencies, LBC is subject to market forces and volatility, and its value can fluctuate. We advise you carefully consider the associated risks and adopt a thoughtful investment strategy.

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.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.