Quick summary: Our recommendation is to use eToro to short Livepeer. They have the most popular cryptocurrencies on offer, great support, and have an easy system for shorting cryptocurrencies in general.
While there are a lot of options out there for buying LPT, shorting is a different story. Luckily for us here in Australia, we do have a few crypto brokers and exchanges that allow for CFDs and shorting.
One of those brokers is eToro, which we’ll be using for this guide. Let’s get started!
How to Short Livepeer in Australia
A quick recap first on what shorting actually is: The main objective of shorting or short selling is to make a profit (of course). The idea is to sell a stock/cryptocurrency hoping it will drop in value so you can buy it back later for cheaper, thus creating a net profit.
Shorting Livepeer can be done in 4 easy steps:
1. Choose a cryptocurrency trading platform
As mentioned before, for this guide we’ll be using eToro as they offer the ability to short the most common cryptocurrencies.
You can, of course, use any other crypto broker to follow along, they all work very similarly.
2. Create an account on the crypto exchange
Let’s start with just signing up with eToro.
The sign-up process is very quick and easy, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your account
Next is funding your account. You have several options when it comes to depositing AUD into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short Livepeer
Now for the actual shorting:
- Starting off at the search bar at the top, find Livepeer by entering the name or symbol.
- Then on the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short sell the stock.
- Enter the amount for which you want to sell Livepeer and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Livepeer has dropped, go to your Portfolio, find the Livepeer trade, and click on the red cross to close the trade.
If your assumption/prediction was right, then the profit will be added to your account after closing the trade. If you were wrong on the other hand, you’ll incur a loss which will be debited from your eToro account.
Congratulations, now you know how to short Livepeer!
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.
Where to Short Livepeer (LPT)
Aside from eToro, the other major exchange you can use is Binance.
While Binance tends to be a bit more complex compared to eToro, they do have more cryptocurrencies on offer.
Frequently Asked Questions
Can I short Livepeer on Binance?
Yes, you can short Livepeer on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Livepeer, a live video streaming platform protocol, was launched in 2017. The platform's goal is to be a viable, blockchain-based, economically sound alternative to centralized broadcasting solutions to all broadcaster companies.
Livepeer's whitepaper explains that the broadcasting and live video streaming industry are growing rapidly. The company wants to take advantage of this growth and decentralize the environment. Livepeer will streamline broadcasting by allowing producers the ability to submit their work to the platform. The platform will then distribute the content to users or streaming platforms.
Livepeer, a unique project, aims to revolutionize broadcasting by using the power of blockchain technology. This open-source platform lets developers and users participate in the development and management of the platform. Livepeer seeks to increase the growth of broadcasting by offering users decentralized computing power and cryptoeconomic incentives for participation and bootstrapping.
Livepeer is quickly becoming a leader in the industry, because it offers many opportunities for users to get involved. It offers pay-as–you-go content consumption and auto-scaling social media services. Live journalism is also possible. Livepeer is revolutionizing live streaming and is leading the industry.
Livepeer was built on Ethereum blockchain. The platform uses a modified delegated proof of stake (DPoS), consensus mechanism. There is no mining in a DPoS scheme. Instead, validation of new blocks on a blockchain is based upon the number of coins staked.
This is what makes Livepeer different from other consensus mechanisms, such as the one Bitcoin uses. While Bitcoin's proof of work (PoW), requires a large amount electrical and computing power to operate, DPoS systems can be easily scaled and are more environmentally conscious. LIvepeer is also able to take advantage of the vast DApp universe created by the Ethereum blockchain. This further enhances the network's usability.