In this guide you’ll get information about where to buy Cred, if you are planning to buy LBA token – You’re in the right place!
Cred is a decentralized global lending network that enables open credit access everywhere and at any time. Cred, which was founded by former PayPal financial technology veterans, has collected over $250 million in loan capital and has offices in five major cities. Cred uses a suite of decentralized lending smart contracts to provide its borrowers the option of lending in either stable cryptocurrency or fiat money. Its objective is to use the potential of blockchain to provide everyone with low-cost credit solutions.
LBA Token is an ERC20 token and a global utility that enables inexpensive and fair credit access. Simply said, users may utilize LBA tokens to cut lending interest rates while increasing deposit interest rates. It is currently available in over 180 countries, including the United States. Users may get access to the Cred Platform, vote on particular projects and ideas to help platform technology development, and win token incentives for successfully introducing new users to Cred by utilizing LBA.
- Official Website: https://www.mycred.io/
- Reddit: https://www.reddit.com/r/LBACred/
- Twitter: https://twitter.com/CryptoCred
- Telegram: https://t.me/CredAnn
- Whitepaper: https://static.mycred.io/CredWhitepaper.pdf
Table of Contents
Cred (LBA) Features
- No liquidations. Cred will never liquidate your deposit, no matter what occurs. You have the option to self-liquidate your debt at your leisure.
- Completely flexible. Cred does not need you to lock your deposit or pay any fees. Your money is available all of the time. You may also pay off your loan whenever you choose.
- Insurance Fund. Borrowers pay 10% of their interest to an insurance fund, which is utilized if undercollateralized loans are not properly liquidated.
- Open Source. Cred is strongly devoted to the original values of DeFi, which include interoperability and open source.
- Stable Interest Rate. Interest rate volatility generates anxiety for borrowers and hinders the platform’s scalability. When you deposit collateral, you may use Cred to generate LBA stablecoin. It focuses on the value of LBA rather than the price of the stablecoin to guarantee that it approaches the peg over time. This is the mechanism that will allow Cred to scale over time.
- No KYC, Credit Checks. Cred values decentralization, so you may apply for a loan with no verification, KYC/AML, or credit checks.
- Wide Range of Tokens. Cred lets you a synthetic version of your collateral, allowing you to leverage more of your money than ever before.
Where to Buy, Sell and Trade Cred aka LBA
You can basically use debit card, credit card, or even PayPal to buy the Cred (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Cred 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 Cred. 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 Cred currency and exchange your Ethereum / Bitcoin / Tether with the Cred
- Store your Cred 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.
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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 Cred, 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 Cred:
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 LBA/BTC or LBA/ETH or LBA/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you LBA/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Cred (LBA)
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 Cred (LBA) 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 Cred (LBA) 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 Cred. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Cred (LBA) 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 Cred (LBA) with Skrill?
You can’t buy LBA directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Cred. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Cred (LBA) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair LBA/BTC and begin the transactions.
Can I Buy Cred (LBA) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support LBA/ETH trading pair.
What Is the Best Payment Method to Buy Cred (LBA)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Cred right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Cred (LBA)?
Once you have purchased the Cred, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Cred (LBA)?
Find a crypto exchange which allow pairing LBA 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 Cred (LBA) 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 Cred is to buy it from a reliable exchange.
Conclusion
Cred’s primary goal is to enable protocol users to operate in a more secure and healthy economy. The team’s goal is to create a more dependable platform for transactions such as mining aggregated lending and earning interest. However, it is currently one of numerous protocols aimed at addressing the Defi issues. We will see how far Cred (LBA) can go with this as time goes on.
