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Anyone who’s followed cryptocurrencies and blockchain for a long time definitely might know about the Polkadot network. The network has the potential to bring the revolution in already revolutionary blockchain tech.
The Polkadot network was founded by Gavin Wood, co-founder and former CTO of the Ethereum blockchain network.
In a nutshell, the Polkadot blockchain network created an interoperable blockchain system. The network consists of a primary Relay Chain that gets the security layer and standardizes all the networks connected via its Parachains. Those Parachains can modify their consensus mechanism, which is Proof of stakes for now by default.
Parachains can also run Decentralization Applications on their own, mint new tokens, and are also able to create their own network rules. More importantly, the number of Prachains is limited, and they only can be distributed via auction.
Talking about the utility cryptocurrency that the Polkadot network uses is DOT. It holds the capabilities of being a governance token and is also used for various utilities on the network such as payments, exchange, transferring values, etc.
DOT is considered an inflationary cryptocurrency as there would be an unlimited supply of coins. However, there is a current supply of around 1.1 billion DOT coins, out of which more than 987 million are in circulation all over.
DOT coin has seen immense growth in the past couple of years. The reasons were the popularity of the Polkadot network and its problem-solving revolutions bringing in blockchain tech. DOT was trading at its lowest price of $2.69 in Aug 2020, which showed outstanding growth and reached up to $55 till Nov 2021.
At the time of writing, the current price on which DOT is trading is $18.5.
Do this to buy Polkadot networks DOT coin
Since cryptocurrencies are not real money, they are in digital form. Although crypto is decentralized and not under the control of any intermediary authority, you still need an exchange or trading platform to buy them.
Get a suitable exchange platform
When you make up your mind entirely to get into the Polkadot network, you need to buy its native cryptocurrency DOT. To purchase or trade DOT coins, you need an exchange platform. You can choose the exchange of your choice out of numerous options available; consider some factors while opting out for yourself.
The exchange must be secure after all, and it will handle your capital; it needs to be easy to use, trading fees on the platform, availability in your region, etc., should be kept in mind.
Although Polkadot is available and listed on almost every top and leading cryptocurrency exchange, be it Binance, Coinbase, Bitfinex, FTX, Kraken, and a lot more. You have a variety of exchanges to choose from and do it according to your convenience.
Create your account on the exchange platform
When you are done with the exchange platform selection, now is the time that you make an official presence on it. The process may vary for different exchanges, but more or less, it’s all the same.
For that, you need to sign up and make your account by providing some personal information, in some cases KYC formalities, adding bank details so that the exchange would directly deduct the amount whenever you make a cryptocurrency purchase.
Everything has been set up for you to buy DOT coins
Now when you make an account on the exchange platform and add your bank details, either bank account directly, debit or credit card, anything, you are good to go and make purchases of your preferred cryptocurrency.
When you buy DOT coins, you might get different options to choose from assets in exchange if you want to get Polkadot coins. If you are new to crypto and have only fiat currency such as the US dollar, you can easily choose the option and proceed further.
Once the process is done, the amount from your bank account will be deducted, and DOT coins of the exact amount will be added to your exchange account. Now, if you want to keep it with yourself for more security and, of course, your authority, you can go with crypto wallets that allow you to keep your cryptocurrency just like you keep your money in your wallet.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
