Luna Classic (LUNC) is the native currency of the original Terra blockchain network, launched in 2018. After the collapse of the main blockchain stablecoin, TerraUSD (UST), the native currency of the new blockchain proposed by Terra founder, Do Kwon, created Terra Ecosystem Revival Plan 2 in May 2022, adopted the name LUNA, while the blockchain’s original currency was renamed LUNC.
Terra Classic is a decentralised, open-source, public blockchain protocol that uses proof-of-stake consensus to power stablecoins which could permit handy bills globally. LUNA Classic (LUNC) is used to keep the LUNC price stable inside the ecosystem.
Create an account
To create an account on any crypto exchange, you need an email address. Some exchanges may also require a phone number and photo ID, so it’s good to have them ready.
A growing number of cryptocurrency exchanges will ask you to verify your identity before depositing funds and trading with Terra Luna Classic. This process is known as Know Your Customer (KYC).
You may also be required to prove your address by uploading a copy of a recent bank affidavit or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without going through KYC, but you cannot transfer local currency from your bank account. So if you plan to buy LUNC with your local currency, you need to pass KYC.
Once you’ve verified your identity, it is a very good concept to allow 2-Factor Authentication (2FA) earlier than depositing funds. This increases the security of your account and helps keep your balances safe.
Buying Terra Luna Classic (LINC)
As you create your account, you must deposit funds to purchase LUNC. You can deposit local currency from a bank account or credit card, or transfer crypto from another exchange or wallet. These are popular deposit methods to buy LUNC on the following exchanges:
Bank Account: Transfers from local bank accounts are commonly free, however, you’ll need to double-check with the Exchange of your choice.
Credit or Debit Card: Linking a card to your account is another effective way to fund your account, but remember this case will incur an additional fee. However, one benefit is that you can use a card to make instant purchases or set up the recurring purchase.
Cryptocurrency: You can usually buy LUNC by exchanging it for another cryptocurrency such as bitcoin or a stablecoin. However, this varies between crypto exchanges, so you will need to look up the LUNC price on the spot market to see which cryptocurrencies can be traded.
How do I exchange, convert, or sell Terra Luna Classic (LUNC)?
You can also trade or sell your LUNC using the same exchange you bought it from:
- Log in to the exchange, on which you have LUNC.
- If you keep your Terra Luna Classic in a digital wallet, look for crypto exchanges to exchange or sell them.
- Choose “Sell” or “Convert” and place an order.
- Choose the amount of LUNC you want to exchange or sell.
- Confirm the sale price and tariffs, complete your transaction and move your LUNC to a wallet for safekeeping.