How to Buy Chainlink (LINK)

How to Buy Chainlink (LINK)

An ultimate guide on how to buy Chainlink (LINK) with a debit card, bank wire, or with other cryptocurrencies even if you have never dealt with crypto trading before

How to Buy Chainlink (LINK)

In the last few years, Chainlink has become one of the most promising projects in the entire crypto industry, with a large community of followers that hodl the native LINK token, expecting the price to be going up. What is the mystery behind LINK that makes it one of the most desirable investment choices with crypto traders? Is it a good idea to buy Chainlink and can you use this crypto as a valid payment method? Let’s get a closer look at one of the best performing cryptos ever and give answers to all these questions, in particular, how to buy Chainlink safely.

What is Chainlink Project?

Arguably the most revolutionary innovation in the crypto space, after the creation of Bitcoin, is the appearance of smart contracts. Smart contracts were originally proposed by Ethereum’s legendary establisher and programmer Vitalik Buterin and are basically lines of code that allow two parties to execute an agreement without the need of a third party. So imagine selling your expensive vintage car to somebody that you’ve never met, without brokers in the middle, just a trusty algorithm that both parties can fully rely on.

But most smart contract platforms are isolated on individual Blockchains and cannot connect with external data feeds. This will prevent smart contracts from reacting to real-world events, for example, when the world’s USD price has spiked but this change does not appear on the information board in your local bank, leading to much confusion and conflicts.

Chainlink purports to disrupt this issue with its network of decentralized data providers, also known as oracles. Chainlink bridges smart contracts to real world information, such as transactions and events like medical data, weather forecasts, sports data, flight data, or asset rates. The continuous feed of real-time information comes from multiple sources that are spread all around the world, making it more up-to-date and accurate.

To take part in the network, the data providers (oracles) need to stake the platform’s native token LINK, and from that point, they can earn rewards by providing reliable and precise information or have their stake fined if they send false or misleading information. This keeps the network secure from bad actors.

The popularity of the project among investors comes from the huge amount of working partners that Chainlink has already amassed. Almost every Ethereum-based DeFi project, from Aave to Yearn Finance, relies on Chainlink’s provision of live prices to do things like adjusting their lending and borrowing rates.

Chainlink is also the pillar of many blockchain platforms, including industry influencers Binance and Polkadot. Chainlink prevalence also extends outside the blockchain world, as the project has established business relationships with such hi-tech titans as Swift, Google Cloud, and Intel. Chainlink is focused on providing data solutions for large-scale corporations that want a guarantee of protection for potential confidential data. With this in mind, Chainlink is going to be one of the first blockchain start-ups that achieve true mainstream adoption in the corporate space.

In a nutshell, Chainlink is a blockchain-powered middleware working on the Ethereum blockchain. The Chainlink network consists of special nodes called oracles. For the network to function seamlessly, it is necessary to ensure not only the correct operation of smart contracts but also the reliability of the data sent to them. A decentralized oracle network verifies the incoming data from different sources and then sends it to a smart contract. This allows achieving an input of highly accurate data and also eliminates data manipulation. Chainlink oracles serve as a reliable bridge between data providers and their final consumers. The project’s cryptocurrency is LINK, an ERC20 token, and it is used to incentivize oracles for performing operations with data on the network.

Since the LINK altcoin has jumped by nearly 250% in the last year, there is little surprise that you may want to buy Chainlink right now. We will tell you how to do so.

How to Buy Chainlink from scratch

If you are a rookie crypto trader and have never dealt with electronic funds then buying Chainlink may be quite a big deal for you. Don’t worry. To buy Chainlink is as easy as buying any other thing or service. It just takes money and a few preparations.

You can purchase digital coins like Bitcoin Ethereum, or Chainlink with your debit card, bank transfer, and sometimes via an ATM. It is also possible to trade LINK for other altcoins or stablecoins on appropriate exchanges like Coinbase or Binance. Do the following to purchase LINK officially and without any stress.

Step 1: Get a crypto wallet 

An ultimate guide on how to buy Chainlink (LINK) with a debit card

“How do I buy Chainlink with fiat currency?” is a typical question for everyone not very familiar with the crypto trading craft. Your journey to the world of crypto trading starts with obtaining a personal wallet where you will keep your virtual funds. The market is teeming with various solutions for such purposes. Your options include cold storage, desktop, web, and mobile wallets to store LINK.

  • Cold storage aka hardware wallets store the private keys to your crypto capital offline, so no one, but you, has access to your virtual capital. However, hardware tools do come at a price, making them not the most affordable option to store LINK. Hardware services get connected to computers and smartphones by USB to manage the digital assets. Users must always press the “OK” button on the physical device before allowing any transaction within their hardware storage.
  • Desktop wallet is essentially a software program that you download on your PC. Such a solution functions as an address, so you can transfer and receive tokens and have the ultimate control over your digital holdings.
  • Web wallet does not differ much from other crypto wallets, except that it exists in your browser. It allows you to store, transfer, and receive assets like any other wallet. However, while they are very convenient (as there is nothing to download, install, and set up), these solutions are managed by third parties – they hold users’ private and public keys on their own servers, which leaves you vulnerable to losing money if the servers are attacked or fail.
  • Mobile wallet goes with you on your smartphone or tablet and offers sufficient functionality to manage your crypto values on the go. Mobile crypto wallets often come with such nifty features as “touch-to-pay” and QR-code scanning, allowing you to pay with crypto in physical stores.

Crypterium is a cutting-edge example of a secure, all-in-one mobile cryptocurrency wallet. Optimized for both Android and iOS screens, Crypterium boasts unprecedentedly rich functionality to trade, sell, buy, invest, spend, and withdraw your virtual money, while ensuring their rock-solid security. Crypterium also exists as a website, if you prefer to do things through a desktop browser.

Step 2: How to Buy Chainlink with fiat

how to buy chainlink

If you have never purchased cryptocurrencies before and do not currently own any digital assets, you will first want to register and set up an account with a reliable crypto wallet,  trading platform, broker, or cryptocurrency exchange that allows a user to buy LINK with a debit card or bank transfer. A trusted name in the market is Crypterium.

Crypterium can address all your crypto-related needs. Traveling with you in your iOS or Android mobile device, this robust app allows you to harness your digital assets to the full. Buying LINK via Crypterium is as easy as ABC. Just follow these simple steps to buy LINK for fiat:

  • Launch the Crypterium Wallet on your mobile device or go to the Crypterium website and click «Buy crypto». You can discover this feature in the «Money Transfer» tab.
  • Pick the preferred crypto asset from the list of supported cryptocurrencies. It can be LINK or any other altcoin or stablecoin like Bitcoin.
  • Type the amount of fiat money you want to spend on Chainlink assets. Alternatively, you can input the amount of tokens you want to obtain. The entire math will be done automatically, and at the lowest quote available on the market. Crypterium is loaded with an innovative AI-powered bid-offer matching system that integrates with the world’s TOP 10 crypto exchanges, allowing you to enjoy the best rate for your transaction.
  • If everything is correct, press “Buy”.
  • Continue with providing card details (card number, cardholder’s name, expiration date, a secret code).
  • Confirm the transfer and see how your first LINK instantly drops in your Crypterium balance.

Crypterium accepts Visa, Maestro, and MasterCard debit cards. The minimum purchase is as tiny as 2 EUR – this is the smallest amount on the market allowing you to become a crypto trader without huge investments. Purchases below 250 EUR come with a 2% transaction fee, but you will pay only 1% on crypto purchases is you spend more. As an inspiring, no-obligation bonus, Crypterium charges no commissions for your very first crypto purchase.

There are other ways how you can buy Chainlink (LINK) on the Internet. For instance, through Coinbase, a global cryptocurrency exchange.

At Coinbase, you can buy LINK with USD or another fiat like EUR or GBR as this trading platform permits bank transfers. Bear in mind that bank transfers may be processed within several business days before the bought coins will be credited to your Coinbase account. This online cryptocurrency exchange also accepts debit card payments, allowing you to buy your first LINK tokens with your national money.

If you are wondering whether it is possible to buy LINK with a credit card, the answer may upset you. It is not always possible to purchase Chainlink directly with your credit card (paying with a credit card is sometimes possible if the card supports overdraft). Also, certain operators like Binance allow for purchasing certain popular cryptos with a credit card and then trade these tokens for Chainlink.

Many other lauded online exchanges allow you to buy LINK for fiat or trade other cryptos for Chainlink. The well-touted exchanges are Gemini, CEX.IO, Kraken.

Surely, if you already possess some virtual coins like BTC or ETH, you can trade them for LINK on a cryptocurrency exchange of your choice.

You must realize that buying LINK or any other cryptocurrency is a business and it must be compliant with national and international anti-money laundering and anti-fraud regulations. It means that in the majority of cases, you will not be able to buy Chainlink on an official exchange platform until you complete an identity verification procedure. You may be required to upload a photo of your ID document, a selfie with such a document, or pay utility bills before you can trade LINK.

The easiest way to buy Chainlink online

If you decide to register with any of the above-mentioned cryptocurrency exchanges, get ready that it may take you weeks or even months from the moment you upload your documents to the moment you can officially trade Chainlink. And there is no guarantee that your application will not be denied due to some non-compliance issues.

Don’t waste your precious time agog for your identity verification results, start trading LINK today, without tiresome bureaucracy longstops.

Crypterium is your headache-free entry to the exciting world of cryptocurrencies. An all-inclusive and highly secure crypto storage tool, Crypterium comes with all the bells and whistles you may need to trade and manage your digital funds. The registration process requires only the entry of your valid phone number before you get unrestrained access to over 200 crypto trading pairs and start purchasing LINK.

Unbeatable in terms of functionality, Crypterium allows you to buy Chainlink with a debit card and enjoy an immediate deposit on your wallet balance. Crypterium functions not only as a means to store your LINK but as a cryptocurrency exchange where you can buy, sell, and withdraw your virtual savings, all within the app.

A truly feature-packed multi-currency wallet with your ease-of-use in mind, Crypterium also includes a slew of other critical features, not to be found with other similar products, including:

  • Price predictions – to empower your crypto investment decisions
  • AI-powered bid-ask system – to let you pick compare quotes across TOP 10 exchanges and pick the lowest rate for your crypto transactions
  • Crypterium VISA – to pay with your electronic funds for real world goods and services and turn your electronic assets into cash in any VISA-compatible ATM
  • Crypto loans – to let you earn lucrative interests on your cryptocurrency savings

Safety is often an issue with cryptocurrency exchanges and wallets, but it is never with Crypterium. Holdings on your LINK (or any other) wallet will be insured by BitGo, a top-tier custody provider in the cryptocurrency space.

How to buy Chainlink with another cryptocurrency

If you already possess some stablecoins or altcoins, you, perhaps, already know how to buy and sell LINK. You can trade your current tokens for LINK virtually on any cryptocurrency exchange on the Web. Remember that such operations generally come with fees.

Another way to buy LINK

If you do not want to purchase Chainlink online through platforms or suitable wallets like Crypterium, you can trade LINK Contracts for Difference (CDF) without actually buying LINK tokens.

A Contract for Difference (CFD) is a financial instrument in which you speculate on the movement of the price of a specific asset. This asset can be digital or traditional, such as forex.

Many online brokers offer LINK CFDs, including eToro and Robinhood. The only thing you need to understand is that you will not receive LINK to your crypto wallet or exchange account. This means that you do not actually own LINK tokens and, therefore, cannot use them as a payment method. However, trading CFDs allows you to earn on fluctuations in the LINK price.

Moving tokens to your wallet

Once you have purchased Chainlink with a debit card, bank transfer, or another cryptocurrency, you need to send your tokes to your wallet. For that, you want to copy the address from your wallet and insert it in the “destination” field of the platform or exchange from where you want to transfer your LINK values.

As easy as that. Now you are an official owner of LINK and can trade Chainlink or use your values as you wish. Crypterium gets you covered in this respect as it is the only wallet on the market that allows you to send, spend, invest, trade, and cash out your digital capital, all within a small yet powerful app.

Final Thoughts

Chainlink acts as a fully decentralized oracle blockchain network, helping to connect smart contracts with external resources, off-chain payments, and APIs. The potential uses for this platform are numerous and extremely diversified, and they include connecting smart contracts with all sorts of crucially important information such as:

  • Bank interest and currency rates
  • Crypto exchange rates
  • Shipping data
  • Medical /insurance data
  • Sports betting
  • Weather predictions

Chainlink is currently not a viable payment method to make purchases from retailers, however, you can trade LINK for other cryptocurrencies that are accepted by merchants and e-commerce stores. You can also opt for holding it if you believe that currency’s price will surge in the future.

Since you are using a third-party service to purchase Chainlink, expect to pay different fees for mediation. You will face certain charges to trade Chainlink on a broker platform. These fees will depend on many factors including your location, your preferred payment mode (card or wire transfer), the broker’s own rules and commissions, whether you are depositing or withdrawing LINK, and other possible expenses. Crypterium is famed for offering the lowest fees in the industry for crypto transactions. Check it out.

As giant corporations like Google Cloud and IBM see the true value of Chainlink and adopt its smart contracts to their businesses, it makes sense to consider buying LINK tokens today while they are relatively cheap (nearly $14 per token at the time of writing). Still, do not use this supposition as investment advice and do your own research before pouring your hard-earned money into cryptocurrency.

How to Buy Chainlink (LINK)
How to Buy Chainlink (LINK)