Anyone who has followed cryptocurrencies and the blockchain for a long time could definitely know about the Polkadot network. The network has the potential to bring revolution in the already revolutionary blockchain technology.
The Polkadot network was founded by Gavin Wood, co-founder and former CTO of the Ethereum blockchain network.
In a nutshell, the Polkadot blockchain network created an interoperable blockchain system. The network consists of a primary relay chain that obtains the security layer and standardizes all connected networks through their Parachains. Those Parachains can modify their consensus mechanism, which is Proof of Stake for now by default.
Parachains can also run decentralization applications on their own, create new tokens, and can also create their own network rules. More importantly, the number of Prachains is limited and can only be distributed through auction.
Talking about the utility cryptocurrency that the Polkadot network uses is DOT. It has the ability to be a government token and is also used for various utilities on the network, such as payments, exchange, value transfer, etc.
DOT is considered an inflationary cryptocurrency as there would be an unlimited supply of coins. However, there is a current supply of around 1.1 billion DOT coins, of which over 987 million are in circulation everywhere.
The DOT coin has seen immense growth in recent years. The reasons were the popularity of the Polkadot network and its problem-solving revolutions that introduced blockchain technology. DOT was trading at its lowest price of $2.69 in August 2020, showing outstanding growth and reaching as high as $55 through November 2021.
At the time of this writing, the current price at which DOT is trading is $18.5.
Do this to buy DOT coins from Polkadot networks
Since cryptocurrencies are not real money, they are in digital form. Although cryptocurrencies are decentralized and not under the control of any intermediary authority, you still need an exchange or trading platform to buy them.
Get a suitable exchange platform
When you fully decide to enter the Polkadot network, you need to buy your native DOT cryptocurrency. To buy or trade DOT coins, you need an exchange platform. You can choose the exchange you prefer from the many options available; Please consider a few factors as you opt out.
After all, the exchange must be safe and will handle your capital; it should be easy to use, trading rates on the platform, availability in your region, etc. should be taken into account.
Although Polkadot is available and listed on almost all major cryptocurrency exchanges be it Binance, Coinbase, Bitfinex, FTX, Kraken and many more. You have a variety of exchanges to choose from and do it according to your convenience.
Create your account on the exchange platform
When you are done with the selection of the exchange platform, now is the time to make an official presence on it. The process may vary for different exchanges, but more or less, it’s all the same.
For that, you must register and create your account by providing personal information, in some cases KYC procedures, adding bank details so that the exchange directly deducts the amount each time you make a cryptocurrency purchase.
Everything has been set up so you can buy DOT coins
Now, when you create an account on the exchange platform and add your bank details, be it direct bank account, debit or credit card, anything, you are ready to make purchases of your preferred cryptocurrency.
When you buy DOT coins, you can get different options to choose assets in exchange if you want to get Polkadot coins. If you are new to crypto and only have fiat currency, such as the US dollar, you can easily choose the option and continue.
Once the process is done, the amount will be deducted from your bank account and DOT coins of the exact amount will be added to your exchange account. Now, if you want to keep it with yourself for added security and of course your authority, you can opt for crypto wallets that allow you to keep your cryptocurrency just like you keep your money in your wallet.
The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries a risk of financial loss.