How to Buy Polkadot (DOT) in 2021: A Simple Guide

Polkadot (DOT)In this guide you’ll get information about where to buy Polkadot, if you are planning to buy DOT – You’re in the right place!

Polkadot is a decentralized platform that is designed for cross chain transfer of assets and data, so it isn’t limited to tokens only. It is a sharding (multichain) protocol with open source mechanism that is meant to boost interoperability between one another. The main core of the platform is about interoperability, which is designed to establish a full private and decentralized web with users having full control over it. It will also support new services, new institutions, and new applications’ creation.

The protocol would connect private and public chains, future technologies, oracles, and permissionless networks so these (independent) blockchains can share information (as well as transactions) in a strustlessly manner. The native DOT token serves as parallel chains creation through bonding and for governance network. Staking is also offered, providing positive reward and transparent environment for users.

Polkadot (DOT) Features

  • True and solid interoperability. As it was mentioned before, Polkadot allows cross blockchain transfer that gives users great versatility and freedom. With Polkadot network, users are able to interoperate with blockchain wide variety easily.
  • Transactional and economic scalability. Economic scalability is one of the things that crypto users seek. Polkadot is able to deliver transactional scalability by spreading transactions within multiple, different, and even parallel blockchains.
  • Easy innovation on the blockchain. Users can access Substrate framework to make its own custom blockchain – and they can do it within minutes only. It is super easy to make use of the development section so the network can grow and flourish.
  • Future proof and forkless. The platform is able to upgrade without had forks in order to fix bugs or new features integration. Thanks to this feature, Polkadot has easy adaption to the upgrade and change as soon as better (and more sophisticated) technologies are available.
  • Trusted security. The new data validity and availability scheme enable chains to connect, integrate, and interact with one another. Although chains are independent within their governance, they are united in terms of security.

Where to Buy, Sell and Trade Polkadot aka DOT

You can basically use debit card, credit card, or even PayPal to buy the Polkadot (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Polkadot as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy  Tether first. After you get the ETH or BTC or USDT, you can convert it to Polkadot. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports Polkadot currency and exchange your Ethereum / Bitcoin / Tether with the Polkadot
  3. Store your Polkadot to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying Polkadot, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Polkadot:

GATE.io
gate.ioGate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
  • Trading Pairs: 1801+
KUCOIN
kucoinKucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.

  • Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
  • Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
  • Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
  • Trading Pairs: 1044+

IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the DOT/BTC or DOT/ETH or DOT/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you DOT/USDTso you need to convert your BTC or ETH to USDT first in order to buy Polkadot (DOT)

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your Polkadot (DOT) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy Polkadot (DOT) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Polkadot. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Polkadot (DOT) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy Polkadot (DOT) with Skrill?

You can’t buy DOT directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Polkadot. You can buy BTC/ETH with skrill by using these exchanges::

Can I Buy Polkadot (DOT) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair DOT/BTC and begin the transactions.

Can I Buy Polkadot (DOT) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support DOT/ETH trading pair.

What Is the Best Payment Method to Buy Polkadot (DOT)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Polkadot right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Polkadot (DOT)?

Once you have purchased the Polkadot, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell Polkadot (DOT)?

Find a crypto exchange which allow pairing DOT with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Polkadot (DOT) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Polkadot is to buy it from a reliable exchange.

Conclusion

Polkadot is about promoting interoperability that isn’t only functional for the entire operation, but also advantageous for the users. As an open source platform, it understands the needs of users in terms of functionality, profit, and seamless operation. Basically, crypto transactions are made easy and even convenient with this platform without compromising features. The only way to get into the platform is to buy Polkadot (DOT) token for direct access to the network, so be sure to do it.

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