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Withdrawing LBC from LBRY can be a bit more complicated than withdrawing from other crypto-based social media sites, such as Publish0x, and it took me a while to find out how to complete the process. LBRY's official website has a very useful written article that describes how to withdraw LBC to a Bittrex account, so I won't try and reinvent the wheel and describe the steps here. However, I realize that many people prefer step-by-step videos over written articles, so I have created a short video that will show you how to withdraw your LBC to a Bittrex account and exchange that LBC for either Bitcion or Tether.
When withdrawing LBC, there are a few points to keep in mind.
1. Based on my experience, LBC will not withdraw to a MetaMask wallet. I tried several times, but I couldn't withdraw LBC to MetaMask. That is why it is useful to create a dedicated LBC wallet on Bittrex.
2. There are a limited number of exchanges that support LBC, so you may have to use an exchange that you aren't familiar with. For purposes of this video, I chose to use Bittrex, but you can check CoinMarketCap's website to see a list of other exchanges that currently support LBC.
3. It will take a LONG time for your LBC to appear in your Bittrex account. Bittrex requires at least 30 block confirmations (mine took about an hour and fifteen minutes) before it will display your funds, and I started to worry when I didn't see my funds immediately appear in my account. Don't worry - as long as you correctly copied the address, your funds will arrive. The good news is that withdrawing LBC from Bittrex to your LBRY wallet is MUCH faster, and I received mine back in less than five minutes.
Wait A Minute - What's LBRY?
For those of you who aren't familiar with LBRY, LBRY is a decentralized, blockchain-based, crypto-monetized video sharing platform. What does this mean? In non-technical terms, it means that LBRY is a better version of popular video sharing sites like YouTube, but let's break it down a little bit further so we can see what advantages LBRY has over traditional video sharing sties.
1. Decentralized - LBRY is decentralized, which means that it is censorship resistant. "Big Tech" platforms such as YouTube, Twitter, and Facebook have recently been criticized for censoring content. From a philosophical standpoint, censoring unpopular, but legal, content prevents users of the platform from having an open and honest debate and sharing opposing views. From the perspective of a content creator, censorship is bad because we run the risk of having our videos removed without explanation or any recourse. The decentralized nature of LBRY helps protect both viewers and creators of content.
2. Blockchain Based - LBRY is built on the power of blockchain technology which means that creators and their followers can interact directly without the nuisance of algorithmic manipulation or demonetization. LBRY uses a unique staking system in which creators can promote videos by temporarily locking LBC into supporting that video, but this staking process and subsequent promotion of certain videos is based on a fair, consistent standard and not algorithmic manipulation.
3. Crypto Monetized - Crypto-monetization means that LBRY rewards both creators and viewers with its own unique cryptocurrency (LBC). One of my favorite parts about LBRY is that there are many ways to earn crypto. The main way of earning crypto is by uploading quality content as a creator, but it is also possible to earn additional LBC by completing several mini-tasks such as following a certain number of creators or reposting content. And best of all, every day that you login and watch a video (even if only for a few seconds) LBRY will give you a reward of at least 1 LBC.
In summary, LBRY is one of my top crypto projects. It gives users a variety of different ways to earn crypto, and is dedicated to the principles of free speech. At least for me, LBRY is easier to use than many other crypto-based video sharing platforms, and I have received a relatively steady amount of LBC from publishing there. The staking system takes a bit of time to get used to, but I think it is innovative and has a lot of potential. Whether you are a creator or a consumer of video content, I'd recommend checking LBRY out.