In this guide you’ll get information about where to buy Loon Network, if you are planning to buy LOON token – You’re in the right place!
In technical terms, Loon Network is a decentralized and long term idea to build an inter-blockchain loan network. It means that it supports lending network in cross-chain mechanism. One user should be able to lend assets from other platforms and it doesn’t have to be complicated or difficult. The basic mission of the platform is to offer network support for asset interconnection, credit intercommunication, and data transfer between different chains.
Loon Network introduces a new mechanism in lending and borrowing system, especially when it comes to digital assets. Loonly Planet allows users to buy LOON token (from the market) so they can lock the interest up after the borrowed and mortgaged coins. In the event LOON value increases during the time of repayment, the platform recycles only the equivalent of the interest up. In the meantime, the value-added section would be returned back to users.
Moreover, the platform also supports mining action. Recommended mining is about getting rewards for the referrer. This action alone should encourage the Loon community to take part in the mining activity to the highest level. In the end, it would promote the new model of loan business – which should drive adoption.
- Official website: https://www.loonetwork.com/#/
- Whitepaper: https://www.loonetwork.com/static/doc/WhitePaper.pdf
Table of Contents
Loon Network (LOON) Features
- LOON token. The token has many functions, including transaction fee deduction, (super node) pledge lock, cross-chain reference for credit data, credit data reward submission, community governance, natural deflation model, and periodic destruction.
- Loonly Planet. This is the (decentralized) lending network portal that is high in efficiency and low in risk. This feature would match mainstream mortgage or loan to get medium and short term liquidity. This matching service is convenient and efficient, to make sure of the funds’ safety for both borrowers and lenders.
- Loon Network. This is the interpersonal credit network where every identity of address would be given a credit rating and score. They would be used to risk pricing, open credit lending, and do credit reference in cross-chain manner.
- Loon Protocol. This is the cross-chain protocol that includes (cross-chain) asset management protocol, communication protocol, and node communication protocol.
Where to Buy, Sell and Trade Loon Network aka LOON
You can basically use debit card, credit card, or even PayPal to buy the Loon Network (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Loon Network as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy Tether first. After you get the ETH or BTC or USDT, you can convert it to Loon Network. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports Loon Network currency and exchange your Ethereum / Bitcoin / Tether with the Loon Network
- Store your Loon Network to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
Get $10 Bonus when you sign up for Coinbase!
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- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying Loon Network, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Loon Network:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
- Trading Pairs: 1801+
IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the LOON/BTC or LOON/ETH or LOON/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you LOON/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Loon Network (LOON)
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Loon Network (LOON) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Secure
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy Loon Network (LOON) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Loon Network. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Loon Network (LOON) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Loon Network (LOON) with Skrill?
You can’t buy LOON directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Loon Network. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Loon Network (LOON) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair LOON/BTC and begin the transactions.
Can I Buy Loon Network (LOON) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support LOON/ETH trading pair.
What Is the Best Payment Method to Buy Loon Network (LOON)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Loon Network right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Loon Network (LOON)?
Once you have purchased the Loon Network, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Loon Network (LOON)?
Find a crypto exchange which allow pairing LOON with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Loon Network (LOON) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Loon Network is to buy it from a reliable exchange.
Conclusion
Loan Network is designed as a new and modern way to lend or borrow digital assets with interoperability and cross-chain mechanism. Users are given the easiness and flexibility to manage their assets or get loans without complication or drama. Anyone interested in this concept is always welcomed to join, but they need to buy Loon Network (LOON) first.
