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How to Buy Chainlink (LINK) in 3 Simple Steps

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Chainlink (LINK)
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Chainlink provides an important service by making external data available on blockchains so that they can interact with the real world. In this guide, we will explore how you can buy LINK, the project’s token, and why real-world data is so valuable on the blockchain.

3 Steps to Buy Chainlink

1. Choose a broker or exchange

In order to purchase LINK, you will need to start by finding a broker or crypto exchange that supports it. A regulated and reputable platform will be the best option if you want to keep your funds safe. You can find more on this in the next section or simply register with our top recommendation to get started immediately.

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2. Create and fund your account 

Click the “Register” button to join your chosen platform by filling in your name and contact details where prompted. You may need to provide documentation such as a photo ID or proof of address before your account can be verified. Go to the deposit page to see the payment options available and choose one to fund your account.

3. Buy Chainlink

The final step is to find the relevant trading pair on your platform (if you’ve just deposited the fiat currently US Dollars, this will be LINK/USD). Enter how much you want to purchase in a buy order. A market order will execute immediately at the current price, while a limit order will execute in the future once your specified Chainlink price is reached.

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What Is Chainlink?

Chainlink is a decentralised network of oracles, which are entities that provide blockchains with internal and external data. They find, query, and verify information from the real world before making it available on the blockchain so that it can be used in smart contracts (blockchain-based computer programs) for decentralised applications (dApps). 

For example, Chainlink provides access to price feeds for decentralised finance (DeFi) applications such as Synthetix, weather data for weather risk solutions provider Arbol, and viewership data for blockchain-powered video streaming network Theta. It also automates smart contracts for projects such as Bancor and provides randomness on the blockchain for distributing rewards, minting non-fungible tokens (NFTs), and powering games.

Oracles are therefore vital to a wide array of blockchain-based applications and services—and Chainlink is one of the most popular providers. The Chainlink network is kept secure as oracle nodes must stake the project’s token, LINK. This token is also used to pay fees and reward contributors on the Chainlink network.

Take a look at the Chainlink Whitepaper for a full breakdown

Ways to Invest in Chainlink

Every investor is different, which is reflected in the way they invest. Some prefer to buy LINK for the short term and others for the long term. Both of these options have their pros and cons and we will explore these below.

Buy and hold Chainlink

This is the simplest strategy you will find and is pretty self-explanatory, purchase LINK and keep it. The advantage is that anyone can do it and potentially profit from it, regardless of experience, skills, and time commitment.

One small consideration you may wish to make is whether you buy Chainlink LINK with fiat currency or another cryptocurrency. Additional thought should also be made as to the current Chainlink Price as well as Trading fees.

Long-term investors hope that the value of the LINK they hold will appreciate over time. If they have the skills and resources to operate a node, they can even stake their LINK to earn fees.

Best Chainlink wallets

Private wallets are a popular place to store tokens for long-term investors as only the owner of a private wallet has the keys to access it. This can make private wallets a more secure storage option.

The most user-friendly private wallets are free software wallets that can be downloaded onto your desktop or mobile device. Those willing to pay for the best possible security may opt for hardware wallets instead, like Trezor, BitBox, and Ledger.

Trade Chainlink

As the Chainlink price is volatile, like the rest of the crypto market, traders can also benefit by buying and selling tokens more often for more frequent returns. This will take much more time and effort than investing for the long-term and skills such as technical analysis will be useful.

Private wallets are less convenient for traders as they regularly need to access their tokens on exchanges. This is why many traders prefer to use free web wallets provided by the crypto exchanges.

Should I Buy Chainlink Now?

Only you can decide how to invest your money but we can provide information about Chainlink’s fundamentals and potential. The maximum supply of LINK is capped at 1 billion, making it a scarce asset and therefore potentially a good long-term store of value.

Demand for LINK comes from Chainlink nodes, who must stake LINK to participate, as well as those who use Chainlink’s services and therefore need LINK to pay fees on the network. This means that LINK is likely to become more valuable as the network grows and more applications and projects leverage Chainlink’s solutions.

Chainlink is already one of the most popular oracle providers and powers a large number of dApps and services across many industries. Given the breadth and usefulness of Chainlink solutions and the dedication of its community of “LINK Marines”, the project and its cryptocurrency may still have significant growth potential.

Frequently Asked Questions

  1. Smart contracts are computer programs on the blockchain, but unlike ordinary contracts, they execute automatically when predetermined conditions are met. If the conditions are based on events in the real world, an oracle provider such as Chainlink will be required to tell the smart contract when to execute.
  2. Of the total supply of 1 billion LINK, 35% were sold in public sales, 30% went to the company for developing the ecosystem, and the rest is being used for incentives within the ecosystem such as paying node operators.
  3. The Chainlink network retrieves data from leading data providers in a range of industries, including Binance, Kraken, CoinGecko, and Everipedia.

  4. LINK is staked by Chainlink nodes and their stake can be “slashed” (confiscated) if they misbehave. Nodes fetch real-world data and make it accessible on the blockchain.
  5. Chainlink Keepers are automation bots that continuously perform upkeep jobs to trigger smart contract executions. The service can be used to automate functions within applications such as yield harvesting, rebasing, trading, and asset distribution.
  6. You can find a full list of buying guides here or alternatively check out our how-to purchase cryptocurrency guide here.

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