Polkadot is a database shard protocol that enables blockchain networks to communicate seamlessly. It is a new project that tries to bring all the different blockchains under one shed. DOT serves three purposes, governance over any network, stacking, and bonding, and there are four most critical parts of Polkadot, relay chain, para chain, part thread, and bridges.
HOW TO BUY POLKADOT?
Polkadot is provided by many exchanges, but not directly. Most exchanges do not offer direct fiat to dot trading.
Three steps to how to buy DOT coin are:
- Choose a dot exchange
- Deposit fiat or cryptocurrency
- Exchange it for Polkadot
There are several crypto brokers from where you can first load fiat currency and then transfer to exchange in the form of ETH or BTC, as these are some of the largest cryptocurrencies.
Steps of Polkadot Guide (buying DOT through Coinbase):
- Open a Coinbase account through email. Always use the real name as Coinbase will ask for account verification. Extra verification, such as mobile number and documents, are also required.
- Now, set up your funding source like a bank account or credit card to purchase BTC or ETH.
- After this, tap on the buys’ page and select the currency you wish to purchase.
- For example, if you choose to buy bitcoin currency, then you can easily purchase Polkadot.
- Then use your BTC or ETH investment to purchase Polkadot
- You can only purchase BTC, BTC Cash, Eth, and LC, from Coinbase, transfer your BTC or ETH investment to another cryptocurrency exchange such as Binance, Kraken, Bitfinix, Okex, Bithumb Globe, etc.
- Each exchange has its interface and process, but most have a similar approach to Coinbase.
- Once you have created a trading account on one of the exchanges, you need to transfer purchased ETH or BTC from Coinbase to the exchange wallet system. The exchange platform will provide you wallet ID. Be aware that a particular currency goes to a specific wallet; for example, Bitcoin goes to a Bitcoin wallet, or ETH goes to an ETH wallet.
- Click to portfolio page on the main navigation bar.
- Tap the send button for the cryptocurrency wallet.
- Wallet address must be selected before sending currency to a cryptocurrency wallet other than Coinbase.
- Enter the amount. Alternatively, you can specify the amount you would like to send in your local currency.
- Select Continue, confirm the details and click on send
- The transfer will take a few minutes to a few hours, depending on the traffic. You can track the transfer.
- Once transferred, you are ready to buy a DOT coin. Now example, if you purchased ETH currency, click on option DOT/ETH, for bitcoin, DOT/BTC.
- All set go, you are ready to trade.
Where to Buy DOT Coin?
Why to buy PolkaDOT?
Polkadot is an open source platform and provides a shared security umbrella. It solves three fundamental problems
- Interoperability: polkaot is designed to intract one blockchain to another in terms of data and assets.
- Polkadot is designed to remove bottleneckes such as limited transections. In this, several parachains runs simultenously on one relay chain and thus processing multiple transactions in parallel.
- Polkadot allows individual chains to leverage pre-existing collective security.
Conclusion
The cryptocurrency market is full of risks one must be aware of. You should know when to buy and sell the currency. Polkadot makes Interoperability and scaling in the blockchain industry and has revolutionized the way people think about curriencies and decentralization. It is creating a new era for blockchain, i.e., 3.0.
[crypto-donation-box]
