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how to buy chainlink

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How To Buy Chainlink (LINK)?

You can buy Chainlink (LINK) safely and easily from Binance. Before purchasing Chainlink, you must complete the account verification process and deposit funds into your Binance account.

Chainlink is a decentralized oracle network and cryptocurrency that aims to bridge the gap between smart contracts on the blockchain and real-world data, services, and applications. Due to several factors that positively impact its potential value, Chainlink has garnered significant attention as an investment. The safest way to hold your Chainlink (LINK) is to use a cold wallet, a hardware device resembling a USB drive.

How to Buy Chainlink (LINK): A Quick Guide

You can buy Chainlink (LINK) safely and easily from Binance. Binance is the leading cryptocurrency exchange and serves over 100 million customers globally. The process is simple, and you can choose from different currency options, such as USDT, BTC, EUR, and BNB.  Even though we’ll use euros as an example, the steps are the same for other fiat currencies.

How to buy Chainlink from Binance:

  1. Click here to register a new Binance account.
  2. Complete the KYC (Know Your Customer) process by confirming your details.
  3. Deposit euros into your Binance account using a bank transfer or debit card.
  4. Use the money in your Binance account to buy Chainlink (LINK)
  5. You can store your LINK tokens on Binance or transfer them to your wallet.

For your reference, look at the picture below to see what Binance’s homepage looks like.

binance

Chainlink is a popular cryptocurrency widely supported by various crypto exchanges and wallet services. If you’re interested in buying LINK, you have several reputable options to consider. Two trusted exchanges based in the US are Kraken and Coinbase. To learn more about them and Binance, go to the “Reviews” section on the main menu, where you’ll find detailed information and helpful guides about these exchanges.

How to Buy Chainlink (LINK): A Detailed Guide

Before purchasing Chainlink, you must complete the account verification process and deposit funds into your Binance account. To help you with this, we have a thorough beginner’s guide for Binance that provides step-by-step instructions for account validation and depositing money. We recommend reading the article for guidance if you’re new to Binance and unsure about its features.

Once you’re set up on Binance, we’ll guide you through buying Chainlink using the Binance mobile app. If you have an iOS device, you can download the app from the Apple Store, while Android users can find it on the Google Play Store.

For this guide, we’ll use the Lite mode of the Binance app, the default setting.

Open the trading menu

Open the Binance mobile app and locate the main menu. Look for the yellow trading symbol, which represents the page for trading cryptocurrencies. Tap the symbol to enter the trading page (see the image below for reference).

binance trading mobile app

Select the Buy option from the menu that pops up on your display.

Select Chainlink (LINK)

At this point, you’ll see a list of various cryptocurrencies on your display. You can browse the list to find Chainlink or directly type “LINK” into the search bar, as shown in the supplied image.

select chainlink

Choose Chainlink from the list to proceed to the “Buy Crypto” form.

Buy Chainlink (LINK)

The “Buy LINK” page should now be visible on your display. Here, you can type in the amount you want in euros or tap on the “By Quantity” icon. This will change the unit from EUR to LINK. This feature is handy if you want to purchase a specific volume of Chainlink, such as precisely 10 LINK.

buy chainlink

To finalize your purchase, tap on the yellow “Buy” button. This will guide you to the confirmation page, where you can opt for your preferred payment method.

Decide the payment method

Now, it’s time to decide on the payment method. This is the concluding step in buying Chainlink. If you have previously made a deposit using fiat currency, you can use the funds in your cash balance to cover the purchase. Alternatively, you have the liberty to explore other payment options.

chainlink payment method

Complete your purchase by tapping the “Confirm” button. Please remember that the price of LINK tokens will stay valid for 45 seconds. If you need additional time, you’ll have to navigate to the “Buy LINK” form to obtain a fresh quote.

What is Chainlink?

Chainlink is a decentralized oracle network and cryptocurrency that aims to bridge the gap between smart contracts on the blockchain and real-world data, services, and applications. In simpler terms, Chainlink is a middleware that enables smart contracts to interact with data and systems outside the blockchain.

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They run on blockchain platforms like Ethereum. However, one limitation of smart contracts is that they are isolated from external data sources. They cannot access information from the internet or real-world events on their own.

This is where Chainlink comes in. It provides a secure and decentralized network of oracles, essentially data feeds that fetch and verify external information. Oracles play a crucial role in connecting smart contracts to real-world data. When a smart contract needs specific data, it can be requested from Chainlink’s network of Oracles.

The image below is from the official website chain.link.

chainlink

Chainlink ensures the integrity and reliability of the data by using a unique consensus mechanism and reputation system. Multiple oracles provide the same data, and the system cross-validates the information to ensure accuracy and prevent manipulation.

The native cryptocurrency of the Chainlink network is LINK. LINK tokens are used to incentivize and reward node operators (those providing data to the network) and to pay for the network’s services.

In summary, Chainlink is a decentralized oracle network that enables smart contracts to access and interact with external data, making them more versatile and applicable to a wide range of real-world use cases. Read more about the project from our in-depth Chainlink Beginner’s Guide.

Chainlink as an investment

Due to several factors that positively impact its potential value, Chainlink has garnered significant attention as an investment. One of the key drivers is the extensive list of DeFi (Decentralized Finance) partnerships that Chainlink has secured. Chainlink is a decentralized oracle network that provides critical data to various DeFi applications, enhancing their efficiency and reliability. These partnerships create a strong demand for LINK tokens, as they are used to pay for the oracle services.

Moreover, Chainlink offers a staking mechanism that allows token holders to lock up their LINK in a smart contract to secure the network and earn staking rewards. Staking provides an additional incentive for investors, who can generate passive income from their holdings.

The CCIP technology, launched in 2023, is also expected to create more organic demand for Chainlink.

However, despite these positive aspects, it’s essential to consider the relative performance of the LINK token compared to other cryptocurrencies. The price of LINK has experienced fluctuations, and, at times, it has not performed as well as some of its counterparts.

Many consider Chainlink to be one of the most important crypto projects. Yet, Chainlink has struggled to even make it to the top 15 ranking list of cryptocurrencies. Its importance has not been translated into a good price performance of its LINK token.

In summary, Chainlink’s extensive DeFi partnerships and staking opportunities present promising factors that contribute positively to its investment appeal. However, investors should be aware of the potential volatility in its price compared to other cryptocurrencies and conduct thorough research before making investment decisions.

Follow the price of the LINK token from this page: Chainlink price.

How to store Chainlink safely?

The safest way to hold your Chainlink (LINK) is to use a cold wallet, a hardware device resembling a USB drive. It connects to your computer or smartphone only for transaction authentication, providing the highest level of protection for your LINK tokens.

Among the most reputable cold wallets available is the Ledger Nano X, priced at approximately 150 euros. You can purchase the Ledger Nano X directly from the manufacturer’s website using this link.

While there are free wallet options for storing LINK, they may not offer the same level of security as a cold wallet. For beginners, storing Chainlink on the cryptocurrency exchange where it was purchased is common. However, this approach is not recommended for long-term storage.

Some well-known free wallets suitable for Chainlink include MetaMask, Trust Wallet, Exodus, and Coinomi. While they offer convenience and accessibility, weighing their security features against the added protection provided by a dedicated cold wallet like the Ledger Nano X is essential.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.