An introduction to the best places to buy Chainlink cryptocurrency. Also, this guide gives you a deeper insight into the project.
The blockchain ecosystem has witnessed enormous growth in the past few years. First, there was Bitcoin a brand new technology that is able to send value(BTC) across borders in a trustless way. After the definite breakthrough of Bitcoin in 2013, it didn’t take long before blockchain technology really took off with the birth of Ethereum. In fact, Ethereum took this interesting technology to another level by introducing smart contracts in a decentralized way.
Moreover, Ethereum is the second-largest blockchain project in the world currently worth about 19 Billion USD. Ethereum, famous for being an open platform(open source), is designed to have countless uses cases and solutions in a digital and decentralized world. One of these interesting solutions is Chainlink which is closely related to Ethereum. In 2019, Chainlink(LINK) is the best performing asset among cryptocurrencies currently ranked 15th at Coinmarketcap. In this guide, the best places to buy Chainlink(LINK) in the easiest way.
Chainlink was launched from an ICO back in 2017. This launch had some complications and one of the reasons was that investors had to invest 100 ETH to get the LINK tokens. In 2017, ETH was trading at 300 USD and to invest 100 ETH wasn’t for everybody. Also not long after launch, the price dropped dramatically and the project seemed to be doomed. Although price action went south and investors leaving the ship, it didn’t demotivate CEO Sergey Nazarov to continue with the project. One of the remarkable facts of this Chainlink project is that it doesn’t spend money on marketing and has its focus fully on software development. For example, Justin Sun the CEO of TRON uses media attention for every single software update. The Chainlink team rather keeps quiet and has its focus on delivering a new innovative blockchain concept.
Chainlink is a decentralized network of nodes with the aim to deliver electronic data that isn’t available on the Ethereum blockchain. In other words, smart contracts on the Ethereum very often need data that comes from electronic devices like security cams or other external devices. Chainlike acts as a second layer on the Ethereum blockchain and uses ‘Oracles’ to collect this electronic data.
What is the problem
The Ethereum blockchain uses smartcontracts that are available in a decentralized way which removes the need for a third party and is trustless. Currently, when a smartcontract needs external data it uses an API from an ‘Oracle’ to collect it. However, these oracles are centralized services that invalidate the nature of a decentralized smartcontract. Moreover, this dependency on getting external data introduces the single point of failure problem.
To fill this gap, Chainlink was developed as the first decentralized oracle that can provide external data to smart contracts. As a result, the security and determinism of smart contracts can be combined with the knowledge and breadth of real-world external events. Chainlink will provide a decentralized smart contract with access to any external API needed.
Chainlink(LINK) is one of the fastest climbers among cryptocurrencies currently listed in 15th place of all cryptocurrencies at the time of writing. To buy such a cryptocurrency there are several options possible. The most common place to buy LINK is at a cryptocurrency exchange.
Exchanges to Buy Chainlink(LINK)
How to Buy Chainlink cryptocurrency
The process of buying cryptocurrency at a common exchange could vary, but the basic principles of buying remain the same:
- Register at an exchange which sells LINK(*See list above*)
- Complete KYC/AML checks if any
- Chose the preferred method for a deposit(Wire transfer/credit card/crypto)
- Make the deposit in any currency(USD/EUR/GBP etc)
- Buy Chainlink with these funds
Next in this guide, a list of the most popular exchanges to buy Chainlink cryptocurrency.
Coinbase is a USA-based cryptocurrency exchange. Based on daily trading volumes it’s one of the biggest and most popular exchanges in the world. They also support the instant purchase of LINK via Visa/MasterCard credit and debit card.
To purchase Chainlink(LINK) with credit card, your card should support ‘3D Secure’. To find out if your card supports this, you can just try adding your card to Coinbase and it will give you an error if it doesn’t.
Furthermore, you can buy Chainlink at this exchange, provided that they serve your country. At present, they serve more than 100 countries, but unfortunately, not all countries are able to buy and sell.
You can check if their service is available in your country here.
How to acquire LINK on Coinbase?
Steps to add credit card to Coinbase
- Register at Coinbase
- Complete ID verification with photo
- Go to the payment methods page.
- Click on +Add Payment Method on the right-hand side.
- Choose Card and add the credit/debit card.
- Accept and allow Coinbase to make two small transactions.
- Coinbase will make two very small test transactions between 1.01 and 1.99 in your local currency. Log in to your card statement account and note the amount of those transactions.
- Enter the amounts transacted in the Coinbase app / website
You should now see a window that says “Credit/Debit Card Added” and a Buy Digital Currency button.
Next in the procedure of buying LINK on Coinbase is submitting a buy order on their platform. To buy LINK on Coinbase you have the following trading pairs available:
Binance is founded by Changpeng Zhao and is a well-known blockchain industries expert and expert in setting up trading systems. In the past, he also founded BijieTech and was head of development at Blockchain.info. Furthermore, Binance can be considered as the best altcoin trading platform, if you consider trading volume and the number of coins listed on the exchange.
Binance which is originally a company from China, recently moved it’s headquarters to Malta because the China government banned cryptocurrency trading. Despite this ban, this crypto platform managed to grown to the biggest altcoin trading platform as it is today.
US residents on Binance
If you are a USA resident, then I have to warn you. Recently, the main trading platform at Binance didn’t allow US residents at their platform anymore. This due to regulations by USA government. But don’t worry too much about that, within no time the trading company opened doors to Binance.us.
Trading at this domain is allowed for US customers, because it meets US regulations and compliance standards based on its Digital Asset Risk Assessment Framework.
For buying and trading the LINK cryptocurrency the following trading pairs are available:
Compared with the crypto exchanges above, Kucoin is probably a modern platform for trading any cryptocurrency. In addition, this platform was founded by a group of cryptocurrency enthusiasts from Asia aiming to offer comfort and security of your mighty assets. Kucoin which was launched in May 2017, has its headquarters in China despite the difficult climate towards cryptocurrencies performed by the local government.
This difficult climate towards cryptocurrency exchanges doesn’t affect the business model of KuCoin much because they’re aiming at foreign markets. Back in 2013, the founders started with setting up the foundation by making a technical implementation of the trading platform.
Later on, in 2017, the founders finished this work and made the platform available for the public. As of writing the platform ranks at position 70 on the list of exchanges which is based on trading volume for the past 24 hours.
One of the remarkable policies this online trading platform has is its liberal sign up policy for new users. As a result, signing up at this platform can be done with just e-mail and mobile phone which speeds up the process of buying Chainlink in a fast way.
What pairs of LINK has this cryptocurrency exchange to offer? Check the pairs below:
Before diving more into these exchanges for buying cryptocurrency, I want to make things clear first. If you want to buy Chainlink at these places remember that you have to own a crypto wallet already. In short, there are two options:
- Software wallets
- Hardware wallets
If you don’t know how this works, read my post about offline hardware wallets or download and install a software wallet on your local device.
Next, continue reading about the best places to buy Chainlink online.
Coinswitch is another place that offers the possibility to buy or sell cryptocurrency. Buying Chainlink is possible without going to exchange first. Firstly, the idea is that they will get your crypto from the exchanges against the lowest exchange rate. Secondly, it doesn’t matter where you are located in the world, because their platform offers you to trade from anywhere. Trading crypto can be done in more than 300 different cryptocurrencies and tokens. Like any other centralized crypto exchange out there, data about volumes, market cap & supply is also available on their platform.
When trading on their platform, the ordering process is different compared to traditional exchanges. When setting up a trade three things are very important in the trading process:
Compare rates across exchanges and find the best exchange rate.
Follow simple steps to exchange your cryptocurrency.
It’s very easy to track orders when an order is set up.
Fees for transactions
Coinswitch offers a fee for every transaction or converts you try to make. In fact, this depends on the exchange you choose for buying.
Note: This fee does not include any amount charged by the exchange itself and the network fee.
It’s very good to know that you don’t store any crypto on their exchange when trying to buy it. As a result, you just give the public key of your wallet address and after transaction completion, the funds will directly be transferred to your wallet.
Changelly is an instant cryptocurrency exchange that allows to exchange crypto fast and buy Chainlink for USD and EUR. The service mechanism searches for the best crypto-to-crypto rates and supports over 130 cryptocurrencies available for exchanging one to another.
Changelly offers a trusted service to almost 2 Million users worldwide and without revealing user identities. Also, they offer good security service and after you have set up an account at their platform you have to enable 2FA(2 step verification). I think this is a good thing and makes Changelly trustworthy.
Fixed rates are not offered on their platform, this is because of the volatile nature of cryptocurrency. Instead, rates are tied to the latest transactions and the lowest at that time of date. Also, the commission fee is charged at a rate of 0,5% for crypto-to-crypto swaps.
For bank transfers, they have a partnership with Simplex and Indacoin. In addition, Simplex offers services for direct payment with ETH, BTC, and BCH. When buying crypto this way you don’t need the double conversion which is very usual at other crypto exchanges.
If your intention is to buy Chainlink instantly, then the fastest way should be with BTC, ETH or BCH as explained above. Also, if you don’t own any crypto yet, buying LINK with a credit card is another option.
Buying crypto like Chainlink has become easier these days if you compare it with trading cryptocurrency a few years back. It totally depends on you what your intentions are with this newly acquired crypto. By showing you the several possibilities in this guide, I hope you have given you a clear view of what Chainlink is all about and what the best places are to buy this cryptocurrency.