How to buy ChainLINK (LINK) – EASY TO FOLLOW GUIDE

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Chainlink (LINK) is an intermediatory, connecting smart contracts on any blockchain with other off-chain applications. Such applications range from data providers, web APIs, enterprise systems, cloud services, IoT devices, payment systems, and much more.

In this guide on trading Chainlink (LINK), we’ll unpack how you can buy this altcoin. Listing top cryptocurrency exchanges around the world that allows its customers to buy Chainlink.

Digging deeper into its use cases and see why traders are looking at this coin as long-term Hodl or short sell.

What Is Chainlink (LINK)

Chainlink network was launched in June 2017 by SmartContract. Company co-founders were Steve Ellis and Sergey Nazarov. Back in 2017, there was a lot of excitement for ICO (Initial coin offering) as the token was able to raise $32 million through its Crowdsale.

The team selling a small percentage of 1 billion unit supply of its LINK cryptocurrency. Many in the crypto fell in love with the use case and challenge Chainlink could solve.

Chainlink extends the reach of the blockchains by connecting smart contracts to real-world actions/events. Similar to an escrow, Smart contracts self-executing contract with embedded computer code.

Containing terms of the agreement between buyer and seller. If the pre-defined terms of the agreement are met an action can then be executed.

No controlling parties are involved in order for the contract to be enacted. Smart contracts have a lot of use cases one being in crypto-financial products. The issue with Smart contracts is the reliance on external data sources to execute their terms.

Chainlink solves this by act as a link between blockchain smart contracts and external data sources.

Why Buy Chainlink?

The overall sentiment for Chainlink (LINK) is positive among crypto traders. Many traders see the future real-world use of LINK. Allowing smart contracts on various networks can simplify several financial procedures.

It can help sort out making payments, credit enforcement, release collateral, and many more financial situations. Altcoins like Chainlink can change existing financial services in a more open, fast, and transparent way.

This means Chainlink has wider adoption among blockchain developers and companies looking to enhance their current process.

Lots of traders look at Chainlink (LINK) as a great long-term investment because of the value it can provide to everyday financing. Experts are bullish on buying LINK and can see its price go up to $100 USD in years to come.

As of the writing of this article, Chainlink (LINK) 11th in MarketCap among cryptocurrencies. Currently coming in at a market cap of $11,043,267,278.08 and has a circulating supply of 414,509,556 LINK out of 1,000,000,000 coins. One LINK token equals $26.46/0.0005 BTC

Of course, these numbers are subject to change due to market trends, cryptos volatility, etc. Yet, Chainlink has come along way from 0.30-0.50 area it initially traded a few months after its ICO.

How Can I Trade Chainlink?

The cryptocurrency market is new to most and new traders know nothing about it. What makes it harder is the number of altcoins available. 

With so many altcoins to choose from it can be hard to find the best place to buy Chainlink (LINK).

Another concern when trading and purchasing Cryptocurrencies like Bitcoin is trying to find a secure way of doing so. 

If you intend on buying Chainlink (LINK), want to trade often, and are interested in exchange with simple ease of use. 

Then our walkthrough and the following exchanges listed below will help you out.

How To buy ChainLink (DOT)

Choose An Exchange

If you reached this part of the article you’re probably clamoring to get ahold of some Chainlink (LINK). 

One first decision needed to be made is which exchange should you send your fiat currencies (Dollars)  to? 

Further below we devised a list of the best exchanges to buy Chainlink (LINK). Once you’ve chosen one of the exchanges below it’s time to sign up for an Exchange.

Kraken

Kraken is a cryptocurrency exchange. It’s one of the best places to buy, sell, trade crypto. The exchange currently supports over 50 coins and is seen by many as a secure platform to make trades. Fees as low as 0% keep it competitive among other platforms.  

  • Affordable pricing –  Kraken has a low fee structure, making it investor-friendly for users with all backgrounds.
  • Security – Kraken has set forth safeguards ensuring users’ assets are protected. 95% of all deposits are kept offline and are distributed to cold storage. The team constantly undergoes penetration testing on their own systems. Supporting 2FA, SMS account recovery, Email confirmations for withdrawals, etc.

Why Kraken?

– Join Kraken & start trading with fees as low as 0%

– Wide range of fiat currencies accepted

Account Minimum

Depends on asset

Coinbase

Coinbase is one of the easiest places to buy and sell cryptocurrency. It’s fully regulated and licensed cryptocurrency exchange supporting a large array of cryptocurrencies. What started up as an exchange primarily centered around buying Bitcoin has grown to support a number of popular coins. An account can be made within minutes and the interface is user-friendly.

  • Easy-to-Use Interface – The clean design makes it easy to navigate and everything is few clicks away.
  • Accepts Fiat & has a variety of payment methods – Coinbase offers its users a number of ways to get their fiat money onto the platform. This includes debit/credit cards, bank transfers, PayPal, and SEPA. Coinbase also accepts some of the top fiats like EUR, GBP and USD.

Why Coinbase

Easy-to-Use Interface – The clean design makes it easy to navigate and everything is few clicks away

Account Minimum

$0

1. Sign Up For An Exchange

The best way to sign up for an exchange or crypto broker is to visit their website. 

Click the Sign-Up button which is typically on the upper right-hand corner.

Follow the on-screen instructions and provide necessary information like your email address, username, phone number, and password. 

If offered it’s always a great idea to take part in an exchanges two-factor authentication (2FA). It Helps secure your account from hackers or bad actors.

2. Verify your account

Once the sign-up has been completed, an email verification will be sent to your registered email. 

Check your inbox to confirm your registration. In some cases, an exchange will also prompt you to verify your phone number.  

In this case, input your phone number, and you’ll be sent an SMS verification code to enter further verification.

3. Deposit fiat currency.

Before you can buy Chainlink (LINK) on an exchange, you’ll need to deposit funds into your account. 

Every exchange can vary as far as deposit options, minimums, and processing times. Once fiat arrives in your account you’re ready to trade.

Purchase Chainlink (LINK)

When everything is all said and done. You’ll notice certain buy and sell buttons. 

Click the buy button, fill out the buy field and select the asset (LINK)  you’d like to purchase. 

Preview your buy, confirm your purchase, and you’ve officially purchased Chainlink. 

If you plan on holding your LINK long-term, then you can transfer your LINK to a wallet. Be sure to have the correct wallet address when transferring. 

The best way to do that is to send a small amount before transferring 100% of your LINK.

Storing Your Chainlink (LINK)

As we mentioned earlier, long-term investors in Chainlink (LINK) should store it in a hardware wallet

A hardware wallet is a special type of crypto wallet which stores the user’s private keys. 

The private key is required to prove the ownership of your crypto. A great cold wallet should be based on factors such as security. 

So choosing a wallet, as safe storage is key. Below we listed the best wallets to store Chainlink.

Ledger Nano

  • Ledger Nano comes in either Ledger Nano S or Ledger Nano X.
  • Supports over 1,500 cryptocurrencies and a wide range of ERC20 tokens
  • Lightweight and Portable
  • Access to Ledger Live
  • Open-source software
  • Ledger wallets are sturdy and secure

Ledger Nano X resembles a USB drive. As it can connect your computer via USB or Bluetooth. 

It’s a great hardware wallet that is built for holding and managing cryptocurrency. 

You’ll enjoy Ledger Live, its software that provides a user interface to see all your coins. 

You can also add new wallets for different crypto. Ledger Live is available for both desktop and mobile apps. 

Another perk of the Ledger Nano X is its bigger screen,  improving the hardware wallets’ usability. 

Bluetooth compatibility makes managing your funds much easier. Ledger Nano X is one of the more reliable hardware wallets for storing crypto. 

Trezor Wallet

  • Top-of-the-line security with open-source software. 
  • Supports over 1300 cryptocurrency coins
  • The web-based user interface has an exchanges built-in
  • Ease of use buttons for Trezor one and a touch screen for Trezor Model T
  • Lightweight and Portable
  • Trezor One is budget-friendly 

Trezor wallet is a small key-shaped hardware wallet. It allows crypto holders to store their cryptocurrency in a secure manner. 

Currently, there are two different products offered. The original Trezor One and Trezor Model T, a second-generation Hardware wallet.

Trezor Model T features a bigger screen with touchscreen capabilities. 

The screen allows for confidential data, including PIN and recovery seed. Combined this with a modern look and intuitive interface. 

Trezor T upgrades in most areas the original one lacks. Overall this hard wallet is perfect for advance and beginners alike.

Other Ways To Exchange Chainlink (LINK)?

There are a few popular crypto exchanges where Chainlink is available. Most have high trade volumes and provide a great user experience. 

Obviously, an exchange isn’t the only way users can buy LINK.  

If you’re looking for other ways to trade Chainlink, Peer to peer trading could be a good option. 

Peer-To-Peer Crypto Trading?

There two different types of places you can trade for digital assets via regular crypto exchange or  Peer-To-Peer. 

In a peer-to-peer exchange are distributed in a network. Here buyers and sellers execute trades without the need for intermediaries. 

Typically the buyer nor the seller has no idea who the other is, so you can maintain some anonymity and privacy.

Chainlink isn’t readily available on most peer-to-peer exchanges like Paxful or Localbitcoins.  

P2P exchange prices are usually higher for buying crypto so remember to scope the market for the best deal.

Frequently Asked Question

Can I Buy Chainlink On Binance?

One of the crypto exchanges that sell ChainLink is Binance, Binance is an exchange that provides a platform for trading various cryptocurrencies. 

The biggest caveat with this exchange is the lack of coverage for the US. Binance is currently available in 41 US states through its US domain Binance.US.

Summary

Readers looking to buy Chainlink can expect to receive a coin with loads of upside. LINK has major use cases as it already assisted large companies such as Gartner and Google. LINK is a viable option with respect to how we see the future of money.

A negative or concern with Chainlink increased adoption is a portion of its functionality is native to the blockchain it resides on. ChainLink is an ERC20 token that is a part of the Ethereum blockchain. This is seemingly by design as most smart contracts are on Ethereum.

This also means developers looking to integrate Chainlink with other Blockchains will need to adapt its core contract functionality to that other chain. A miner challenge but can cause a slow down in overall adoption of LINK.

With that being said LINK has true potential to bring legacy data to the blockchain. We hope this article shines some light on the question of how to buy Chainlink. As well as give you more information on why someone would want to invest in it.