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Beginner's Guide to the Purchase, Sale and Trading of Loki in Australia.
Continue reading for instructions on where and how to buy Loki and where to store the coins you buy.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or a specific one
supplier, service or offer. It is not a recommendation for trade.
- Register for an account with an exchange like Cryptopia.
- Enable 2-factor authentication.
- Select the "Portfolios" drop-down menu and click on "Deposit".
- Select bitcoin and copy the address of your BTC wallet or scan the QR code.
- Deposit BTC in your account.
- Click "Exchange".
- Search for LOKI / BTC.
- Enter the amount of LOKI you wish to purchase and your price.
- Check the details of the transaction.
- Click on "Buy LOKI".
This is our quick guide for just one way to buy Loki. Compare some other options in the table below.
Where to buy Loki in Australia
A step-by-step guide to buying Loki
Unfortunately, at the moment it is not possible to buy Loki directly with Australian dollars. Therefore, if you want to get your hands on some Loki you will first have to acquire a cryptocurrency like bitcoin (BTC) or Litecoin (LTC), then exchange it with Loki. Continue reading for an example on how to do it.
How to sell Loki
If you want to sell your Loki, the process you need to follow is quite similar to the purchase process outlined in step 3. However, be sure to enter the details of the transaction in the "Sell" field on the trading page of the exchange and please be aware that it may not be possible to directly exchange Loki for the desired fiat or cryptocurrency.
What portfolios can I use to contain Loki?
While it is possible to store coins purchased in an exchange, if desired, the risks of hacking and theft mean that it is generally not advisable. Instead, most users recommend moving your cryptographic assets into a secure wallet that allows you to keep control of your private key.
If you are looking for a wallet in which you can safely store your Loki, the choice is limited at the time of writing. You will need to use an official Loki wallet – a desktop portfolio for Windows, Mac and Linux is available for download from the Loki website, where you can also find a link to download the command line interface (more suitable for advanced users).
How Loki works
A cryptocurrency project based in Australia with roots dating back to the end of 2017, Loki is built on a modified version of the Monero code base. Using the CryptoNote protocol, it is designed to provide the means to perform private and anonymous transactions.
Through the use of encryption tools such as ring signatures, stealth addresses and RingCT, it makes it impossible for third parties to see the sender, recipient or the amount of any Loki transaction. Regardless of whether these details are revealed, it depends entirely on the user.
In addition to acting as a currency for privacy, Loki also offers the potential to communicate privately and anonymously. Loki uses a hybrid proof of work and proof-of-service system to reach consensus and is powered by a network of self-regulating service nodes. These nodes route information privately through the network and share the blockchain with users and other nodes.
The result is LokiNet, which has its own decentralized, anonymous and private messaging service known as Loki Messenger. The network can also be used to run applications, known as the Service Node App (SNApp).
What to consider before buying LOKI
The cryptocurrencies are famous for their volatility, able to cope with considerable price fluctuations in a short period of time. They are also complicated resources that can have their price influenced by a wide range of factors, so you'll have to look carefully for any crypto or token currency before deciding whether to buy or not.
If you are thinking about buying any Loki, be sure to consider the following:
- Supply. According to CoinMarketCap, at the time of writing (October 2018) Loki's circulating supply was 29,139,736, out of a total supply of 34,301,766.
- White paper. For more details on the technology behind Loki and what the project intends to achieve, it is worth reading the Loki white paper.
- Limited availability. Currently, Loki can only be exchanged for a couple of exchanges, so this limited availability could keep the demand for money at a reduced level. However, getting quotes on further exchanges could potentially increase demand.
- Extraction and blocking prizes. Loki is a proof-of-work cryptocurrency that can be extracted. Block premiums are distributed as follows:
- 45% to the miner who builds the block
- 50% to a service node
- 5% towards governance operations
- Service nodes. To run a service node, 45,000 LOKIs are required as a guarantee. However, this figure will adapt downwards over time.
- Not completely developed. Note that some of the features of Loki are still under development. For example, Loki Messenger is scheduled to be released in January / February 2019, while an open source SNApp software development kit is not expected until March 2019.
Take the time to consider all these factors and all the other potential drawbacks before deciding whether or not to buy a Loki.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your circumstances and get your advice before relying on this information.
It is also necessary to verify the nature of any product or service (including its legal status and relevant regulations
requirements) and consult the websites of the competent authorities before making any decision. Finder, or the author, can
have participations in the cryptocurrencies discussed.
Image: Shutterstock
Disclosure: at the time of writing, there are ADA, ICX, IOTA, POWR and XLM.
