how to buy link

The Chainlink network provides highly secured and tamper-proof smart contracts for blockchains and apps. Due to the rising demand for Chainlink, many crypto users have started asking questions like “how to buy Chainlink” and “where to buy Chainlink.”

If you want to buy LINK but don’t know where to start, you will learn a lot from this article. We’ll cover the fundamental steps of buying LINK, as well as some essential topics about the token.

Chainlink (LINK) Buying Guide

Step 1: Find An Exchange That Supports LINK

To start buying LINK, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support LINK.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
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  • Available in Europe, Asia, Oceania, Africa
  • 300+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.020%*-0.070%*
  • Sign-up bonus: 5% reduced trading fees*
  • Available in Europe, Asia, Oceania, Africa
  • 1500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying LINK, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy LINK Officially?

Learning how to buy LINK is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the LINK ticker. You can also look directly for LINK trading pairs to save time. Afterwards, just enter the amount of the LINK tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About Chainlink (LINK)

Chainlink is an advanced oracle network that serves as a ‘data bridge’ among different blockchains. Through Chainlink’s high-quality features and efficient smart contract developments, any blockchain or DeFi app can scale remarkably within a short time frame.

These are some of the key features of the Chainlink network:

  • Tamper-proof network – Blockchain creators can build their projects without worrying about security issues or data leaks.
  • Seamless API connection – Chainlink’s API integration is seamless, allowing fast results for any decentralized app.
  • Off-chain computing nodes – By using powerful Decentralized Oracle Networks (DONs), Chainlink achieved a truly reliable off-chain automation process.
  • Customizable solutions – Chainlink offers customizable oracle solutions to any blockchain creator or DApp developer.

Currently, Chainlink maintains its position as the fifth-largest cryptocurrency in the world. As the cryptoverse keeps growing, Chainlink will gain more utilities and evident use cases.

How Does LINK Work?

LINK, the native token of Chainlink, is primarily used for paying fees within the network. Users can also stake their LINK tokens to participate in network governance. However, staking in Chainlink works differently. Chainlink staking is not built around securing block creation and validation. Rather, the activity is meant to secure the process of generating stable oracle reports necessary for all blockchains.

What Makes Chainlink (LINK) Unique?

While blockchains formulate big solutions to big problems, Chainlink focused on a major blockchain component: smart contracts. Chainlink’s architectural framework is wrapped around the improvement of smart contract implementation, resulting in better features and more stable chains.

Chainlink’s Decentralized Oracle Networks (DONs) are the keys to better smart contract implementation or integration. These oracles are powered by nodes linked to the Chainlink network, providing crucial services like networking, storage, and computation.

The dynamics of Chainlink opened many use cases divided across multiple industries. Asset-creating blockchains, for example, can use Chainlink’s hybrid smart contracts to achieve boundless scaling. Yield pools can also rely on Chainlink’s features to generate real-time data about token value, transfers, and asset volatility.

Who Are the Founders of Chainlink (LINK)?

The founders of Chainlink are Sergey Nazarov and Steve Ellis. These co-founders have collective experience in the fields of P2P market development, DeFi, and cryptocurrency. Aside from building the general framework of Chainlink, the founders have established a core team that will ensure the platform’s continuous growth.

What Are the Use Cases of Chainlink (LINK)?

Chainlink is a highly advanced network that allows the implementation of powerful smart contracts. Understanding these use cases will help you determine the long-term value and potential of Chainlink.

Here are the common use cases of LINK:

  • Speculative trading
  • Payment for Chainlink network services
  • Smart contract implementation
  • Liquidity asset
  • Token price setting and adjustment in exchanges
  • Predictive markets
  • Wrapped asset creation
  • Gaming and DeFi contract implementation
  • Off-chain functions
  • Asset management options
  • Stability setup for yield pools
  • Verification systems

Who Builds on Chainlink (LINK)?

Blockchain creators and project builders who are looking for deeper security and scaling solutions can build on Chainlink. The network offers advanced oracle systems for smart contracts, guaranteeing a more flexible infrastructure. Simply put, Chainlink is the future of smart contracts.

Official website: https://chain.link/

Essential Points of the Chainlink (LINK) Whitepaper

The Chainlink Whitepaper emphasized the importance and innovation of the Decentralized Oracle Networks (DONs). Additionally, the paper covered the technical aspects of DONs and the additional features of the Chainlink network.

These are the strong points of the Chainlink (LINK) Whitepaper:

  • Hybrid smart contracts
  • Decentralized Oracle Networks (DONs)
  • Chainlink scaling solutions
  • High integrity systems for better confidentiality
  • Fair transaction ordering
  • Cryptoeconomic security (better node incentives)
  • LINK tokenomics and governance

The Best Cryptocurrency Wallet for LINK

After knowing how to buy LINK, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for LINK?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of LINK wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade LINK right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy LINK, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for Chainlink (LINK)

Do you want to learn more about Chainlink (LINK) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about Chainlink (LINK)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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