Chainlink (LINK) solves an inherent problem of blockchain technology. It connects smart contracts on blockchain networks. This helps the networks to include everything from data providers, payments systems, IoT devices, cloud services, enterprise systems, web APIs, and other blockchains.
What is Chainlink (LINK)?
Blockchains are not able to fetch external data or send data to off-chain systems. This problem in these blockchain networks is that they are highly secure and reliable. Chainlink solves this problem by connecting smart contracts to payments, real-world information, and events. The events can be anything, be it asset prices, shipping data, sports data, weather data, or others.
What’s so Special about Chainlink (LINK)?
Chainlink has a wide array of rich features that made this network so special:
Chainlink network uses decentralized oracle networks that are made up of independent and Sybil-resistant nodes. They prevent any kind of data manipulation. This feature also helps in maintaining high cryptocurrency availability.
Nodes digitally sign all data in a Chainlink network. These signed data are then stored on-chain. This process also provides cryptographic proof of the oracle networks’ overall security.
On this network, you can access any password-protected or authenticated API data source. This process ensures that redundant validation by multiple nodes is prevented for any single failure point.
You can leverage the system to bind service agreements. They outline the terms of service of an oracle with monetary penalties for poor results.
Defense In Depth
Users can apply multiple security layers. These security layers may include cryptographic signatures, zero-knowledge proofs, trusted execution environments, and others.
There is a thriving open community of Chainlink. This community includes developers, node operators, security auditors, and researchers. As the participants contribute frequently in this community, this helps in improving the network security and at the same time accelerates development.
From a single framework, this network connects to all leading public and private blockchain environments. This helps in providing a universal abstraction level for cross-network connectivity.
Chainlink network helps both governments and enterprises across the globe in leveraging blockchain technology’s benefits by doing away with the obstacles with its robust features. Chainlink has come up as an attractive investment opportunity for crypto investors and traders.
How to Buy Chainlink (LINK)?
Step 1: Open an Online Account with an Exchange
If you want to buy and sell LINK, the best way in which you can do it is through a cryptocurrency broker. It will allow you to convert your fiat currency or any other digital currency into Chainlink online with just a few clicks.
You have to select a broker that will allow you to buy or sell LINK easily and securely.
How to Select Broker/Exchange for Buying/Selling Chainlink (LINK)?
Almost all the crypto brokers offer LINK for purchase. To choose any one of them, you have to look for certain characteristic features such as:
- The range of cryptocurrencies that you are able to buy from the platform. More the better.
- A reliable and easy-to-use platform of the broker is preferred. If you are a beginner, you may want to use a more intuitive broker such as Coinbase. However, if you are an advanced trader/investor, you may want more charts to make the next move. In that case, you may choose Coinbase Pro.
- The assets offered by the broker are another important feature you should look into. While some brokers offer only cryptocurrencies, others provide a combination of both cryptos and stock accounts.
- Fees structure should be looked into. It includes both commissions and maintenance fees.
- Availability of two-factor authentication, encryption, and security features must also be there.
Once you have compared the services offered and fees charged by the different crypto brokers offering LINK trade, you should choose the one that matches your financial goals.
Top 3 Best Exchanges to Buy Chainlink (LINK)
Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States and also one of the biggest in the entire world. This leading most exchange makes it exceptionally easy and simple to buy almost any digital currency including Chainlink. Almost all major cryptocurrency pairs are available for buying and selling.
Coinbase provides you with the unique feature of earning crypto rewards. If you are an advanced trader, the Coinbase Pro platform is best suited to your needs. It offers enhanced functionalities such as more order types, advanced charts, and many more.
It doesn’t have the most affordable fee structure but provides you with an easy enough platform where even a beginner can trade and invest easily.
It is one of the most popular digital currency exchanges. Kraken, established in 2011, offers you access to both major projects as well as small and new offerings.
The majority of the digital coins are held by this exchange in offline cold storage. The servers of Kraken remain under constant, military-grade surveillance. Any possibility of hacking or malware attack gets reduced significantly with this commitment to safety.
Kraken has a maker-taker fee schedule, which is based on the level of activity of the user. The fees are lowest for the traders and investors who are most active. If you are an investor or trader who invests/trades frequently, Kraken is definitely one of the best choices.
The minimum order size of Chainlink in Kraken is 0.5 LINK. This means that you can start investing in Chainlink at just US$18-19 (as per the current price as of April 29, 2021).
In addition to these, the other benefits include the availability of a complete suite of tokens as well as round-the-clock customer service.
Gemini is one of the leading most names in the cryptocurrency market in the United States. Their products are known to set a standard on multiple aspects including investor protection, overall broker experience, compliance, and security.
Gemini crypto exchange is available on the web and also provides mobile (app), ActiveTrader platform, and Gemini Wallet. It also offers Gemini Clearing, Gemini Custody, Gemini dollar, and Gemini Pay.
Step 2: Buy a Wallet to Store LINK (Optional)
Once you have opened a brokerage account with a cryptocurrency exchange, it is now time to make arrangements for securely storing the LINK digital coins you have purchased. If you are holding Chainlink for a longer period of time, hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
You can either go for a cold wallet (including hardware wallet) or a hot wallet (including mobile/desktop wallet). It is not recommended to keep LINK on your exchange because you may lose all your funds in case of a hack.
Wallets safely store your coins with a private set of keys. Cold wallets, especially the hardware ones, are the best because they provide you the highest possible level of security. You can purchase hard wallets from anywhere, even from sites such as Amazon. These wallets work like a flash drive that allows you to connect to a computer or laptop for transferring coins into a securer wallet. The best part is that you can store coins offline, ensuring you’ve access to the coins all the time.
Top 3 Best Wallets for Storing Chainlink (LINK)
- Trezor Model T
This is the most affordable cold wallet available. It costs less than US$30 and also offers high security. You can store all the ERC-20 tokens (including Chainlink) and other major cryptos such as BTC, ETH, LTC, and others. It is simple and straightforward to use. You simply need to connect it to your computer by using a USB.
This is primarily a web-based wallet that supports all digital coins including LINK, ETH, BTC, etc. Secure Enclave and biometric authentication technology protect the Coinbase wallet. An extensive collection of digital art is featured by Coinbase wallets. They can be unlocked so that you can use them on your profile and marketplaces.
Trezor Model T
It is the most popular cold storage option available. It provides you with top-of-the-line security as well as an easy setup process. Even a beginner can use it easily. You simply need to connect Trezor T to your mobile device or computer either with the help of USB or Bluetooth. The device gets ready for use in just a few minutes so that you can transfer investments to your wallet quickly.
This Model T of Trezor comes with a full-color LCD touchscreen that helps in managing cryptos more effectively. It is a great choice as it provides the highest degree of security coupled with a wide range of compatible digital coins and tokens, availability of large storage size, and simple process of setup. No matter whether you are a seasoned professional or a newbie, everyone can use Trezor T with ease.
Step 3: Fund Your Account
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account.
Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to few days for linking the payment source with the account.
Step 5: Buy Chainlink
You can place orders for buying Chainlink (LINK) through your account with the exchange. You can place an order of 0.5 LINK coins. Check the current price and place an order. To purchase Chainlink, you can place a wide array of orders such as Market Orders, Limit orders, Recurring orders, Stop-limit orders, and others.
Step 6: Transfer LINK to a Wallet
Once an order is fulfilled, the Chainlink is transferred to your account. If you want to hold, you can secure the coins in a wallet by using your private keys. For long-term holding, storing LINK on a hardware wallet is recommended.
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Why Choose NapBots?
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: