Buying and Selling Credits on Crypto Exchanges: LBRY Guide

Introduction

Cryptocurrency exchanges serve as vital platforms for converting LBRY Credits (LBC) to traditional currencies and vice versa. While LBRY aims to integrate this functionality directly into its applications, users currently rely on third-party exchanges like Bittrex (for non-US users). This guide outlines the step-by-step process for trading LBC, covering deposits, purchases, sales, and withdrawals.

Exchange Selection and Account Setup

Choosing an Exchange

• Bittrex: Offers USD/USDT and BTC markets for LBC (non-US only).
• Other exchanges may require BTC as an intermediate step for fiat conversions.

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Creating a Bittrex Account

1. Visit Bittrex’s website.
2. Complete KYC (Know Your Customer) verification if prompted.

Depositing Funds

USD Deposits (Location-Dependent)

1. Enable USD via Bittrex’s guide.
2. Navigate to Holdings → Deposit by bank/wire.
3. Initiate a wire transfer and await confirmation.

Debit Card Purchases

1. Under Holdings, select Deposit by credit/debit card.
2. Enter card details and purchase amount.

BTC Deposits

1. Locate BTC in Holdings and click Deposit.
2. Send BTC to the provided wallet address.

Buying LBC

Using BTC/USDT

1. Search for LBC under BTC/USDT markets.
2. Select a market price (red sell order).
3. Specify purchase amount (e.g., 50% of holdings).
4. Confirm the order.

Selling LBC

For BTC/USDT

1. Deposit LBC to Bittrex first (see withdrawal guide below).
2. Select LBC in the BTC/USDT market.
3. Choose a buy order (green) and enter sale amount.
4. Execute the sell order.

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Withdrawing Funds

LBC to LBRY Account

1. Go to Holdings → Locate LBC → Withdraw.
2. Paste your LBRY wallet address.
3. Confirm withdrawal with 2FA.

USDT to Bank

1. Convert USDT to USD via Bittrex’s USDT/USD market.
2. Withdraw USD to your linked bank account.

FAQs

Q: How long do LBC withdrawals take?

A: Typically minutes, but confirmations may extend to several hours.

Q: Can US users trade LBC on Bittrex?

A: No—Bittrex is unavailable for US-based users.

Q: Is a debit card deposit instant?

A: Yes, if available in your region.

Q: What’s the minimum LBC trade amount?

A: Varies by exchange; check Bittrex’s market rules.

Key Takeaways

• Use BTC/USDT pairs for smoother trades.
• Verify regional availability for USD deposits.
• Monitor transaction statuses under Holdings.

👉 Secure your LBC with these wallet tips