Buy Loopring to Cash in On the Future of Crypto Trading

How to Buy Loopring LRC

By now we’ve hopefully established that Loopring is an amazing project for the way cryptocurrency users interact with global blockchains. We also hope that we’ve established that Loopring LRC is an interesting currency for users and investors, which will generate free money as the network expands (NEO and Qtum being the earliest examples).

If by now you’re convinced of all of this, you might want to buy some Loopring LRC of your own. We’ll talk about how to do that now. But first, we’ve got to get a Loopring Wallet set up for you, a safe place to store your Loopring coins once purchased. For this, we’ll be using the trusty MyEtherWallet multi-currency wallet. Go to MyEtherWallet.com.

On the homepage, click “Create New Wallet”. When MEW gives you a public and private address, make sure to store the private address carefully! This can be used as a password. It’s also the way to regenerate your account if you ever get locked out for some reason. Anyone who has this private address/key can steal your coins, so we recommend not storing it on your computer. Instead write it down, preferably twice or more, and store these in different secure locations.

Now that your account is created, let’s point out a couple of important factors, visible in the image below.

The most important thing to note is your Account Address. You’ll need this for both of the Loopring buying methods below. Also of note is the “Show Tokens” button at the bottom right of the screen. When you click this you’ll see every ERC20 token (coins released using the Ethereum blockchain). For now, Loopring is an ERC20 token, and you’ll see your Loopring LRC balance beside the “LRC” in this big stack of coins. Click “show” beside it, and it will be added to your main balance which is displayed everytime you log in.

Great. Now let’s get you some Loopring coins, shall we?

How to Buy Loopring on Binance

Binance is the biggest seller of Loopring. It’s also a very reliable exchange, with good customer support and many interesting coins to choose from. We think you’ll like it, so even though Loopring is available from several other excellent exchanges, we’ll use Binance for this example.

Go to Binance.com and create an account. Before you can start trading, you’ll have to buy some Bitcoin using Coinbase, Coinmama, Cex.io, Changelly, or any other method. When you have your Bitcoin, go to “Funds” > “Balances” on Binance, click “Deposit” on your Bitcoin wallet, and you should see a screen like this:

The “Bitcoin Deposit Address” is the address you want to send your Bitcoin to. Copy the address and take it to wherever your Bitcoins are currently stored. Hit “Send” or “Withdraw” (or whatever else they call it), paste your Binance Bitcoin address into the “address” line, and send all of your Bitcoin (or as much as you wish to spend on Loopring. In a few minutes it will arrive and you’ll be ready to trade.

Now go to “Exchange” > “Basic”, and let’s take a look at the trading screen.

This page gives you all kinds of information, but you only need to pay attention to some of it. Notice near the upper right hand corner how “LRC” is typed into the little search bar? This brings up the “LRC/BTC” trading pair. Click this, and this will make LRC tradable on the buy section with the Green button on the bottom left of the screen.

The current market price of Loopring LRC will already be filled in. If you want to wait for a better price, you can put whichever price you want and hope this Loopring goes down in value soon. Or you can just go with the current market price. Next, select how much Loopring you want/how much of your Bitcoin you want to spend. We’ll assume you want as much Loopring LRC as you can get, so go ahead and hit “100%”.

Your order is now ready to go. All you have to do is hit the green “Buy LRC”. If you chose the market price your order should be completed in seconds. Once your LRC is visible in “Funds” > “Balances”, you’re ready to send it to your MyEtherWallet for safekeeping.

Type “LRC” into the little search window and this will make all of your other Binance wallets temporarily disappear. Click “Withdrawal”.

All you have to do here is go back to MyEtherWallet and copy your Account Address (discussed above). Take it back here and paste it into the “LRC Withdrawal Address” line. Choose all of your Loopring LRC as the “Amount”, and finally “Submit”. You’re pretty much done! Your transaction should be completed in a few minutes, at which time you’ll see your Loopring LRC in the MyEtherWallet address you made earlier. 

Going a Little Deeper With Loopring Token and the Loopring Network

That all sounds great, but people get truly excited about Loopring when they start digging beneath the surface. Here are some other cool things that Loopring can and will do.

• Normal exchange can only match orders between two parties. Example: User A has Bitcoin but wants NEO. User B has NEO but wants Bitcoin. But what about user C who has NEO but wants Ethereum? Normally, the third party would be out of luck, but with Loopring, any person who supplies a certain coin could match an order from Party A, while receiving the coin they want from User C (or any other more complex scenario). With Loopring, coins are matched from tons of sources: exchanges, traders, relayers, investors, etc. You can think of it almost like Bit Torrent, where a single file is composed of pieces from lots of different people.
• When a user makes a trade, their coins aren’t “locked” like they would be in a centralized exchange limit order. Instead, the holder can use these coins for whatever purpose as she waits for the order to be filled. When the order is filled, the coins are automatically exchanged, but if the user finds a better purpose for them in the meantime, she can take advantage of it. There are many advantages which this technology gives the daily user/trader.
• Coins are “atomized” when exchanged, meaning they have to travel through no centralized authority, introducing high fees and bad exchange rates.
• Loopring doesn’t weigh down the blockchains it is linked to. This relieves congestion from crowded networks like Ethereum.
• Loopring’s mainnet launching this summer will be fully open source, making it easy to audit and also to create apps using the Loopring API.
• Loopring already has existing partnerships with NEO and Qtum, two of the most significant blockchains on the planet, with more on the way.
• Loopring LRC holders get free new tokens that are specific to the NEO and Qtum networks (LRN and LRQ). These are supplied in a free airdrop happening in May. Yes, this is free money, so people who invest in Loopring now will have a major bonus coming up, with more on the way as new blockchain partnerships are formed.
• All of this proves that Loopring isn’t a new exchange. Instead it’s a “transactional ecosystem” that will make coin exchange fluid and easy, without users having to even consider the amazing complexity of the process operating behind the scenes.

You can see that even though Loopring isn’t easy to wrap up in just a few words like Bitcoin or Monero, it’s nonetheless a very exciting project with massive potential for investment returns and ongoing holder rewards. There are many people in the know who believe that Loopring is going to introduce a new paradigm for blockchain trades and transactions, and could even become the new framework by which traditional currencies and other financial assets are traded all around the world.

This is big stuff, and it’s on the verge of being actualized with NEO and Qtum. If you believe in what Loopring is trying to do, the time to get into Loopring LRC is now!