The Polkadot network is a next-generation blockchain platform that enables multiple blockchains to interoperate with each other. DOT, the native cryptocurrency of the Polkadot network, can be used for staking and voting on validators, participating in governance, and paying transaction fees.
In this guide, we will show you how to buy Polkadot cryptocurrency on popular exchanges, as well as how to store and trade your DOT tokens.
What is polkadot cryptocurrency and how does it work
Polkadot is a blockchain platform designed to enable multiple blockchains to interoperate with each other. In order to do this, Polkadot uses a system of “parachains”, which are interlinked by a “relay chain”. The native cryptocurrency of the Polkadot network, known as DOT, can be used for staking and voting on validators, participating in governance, and paying transaction fees.
The Polkadot network is still in its early stages of development, and as such, there are currently only a handful of exchanges that list DOT tokens. However, this is likely to change in the near future as the platform continues to gain traction.
where can i buy polkadot crypto
You can purchase Polkadot tokens on a number of popular crypto exchanges, including Coinbase, Binance, and Huobi. Once you have acquired some DOT, you will need to store them in a secure wallet which supports the ERC20 token standard, such as MyEtherWallet or MetaMask.
To learn more about how to buy DOT, as well as where to store and trade your tokens, read our full guide below.
How to buy Polkadot (DOT)
If you’re looking to buy DOT tokens, you’ll need to do so on a cryptocurrency exchange. As DOT is an ERC20 token, it can be stored in any wallet that supports this standard. To buy DOT on Coinbase, you will first need to create an account and verify your identity. Once your account is verified, you can link your bank account or credit card and deposit funds.
Once you have deposited your fiat currency of choice, you can then exchange it for DOT tokens. To do this, simply navigate to the “Buy/Sell” tab and select DOT from the list of available cryptocurrencies. Enter the amount of DOT you wish to purchase and click “Buy DOT”. Your DOT tokens will then be deposited into your Coinbase wallet. If you don’t want to use Coinbase, you can also purchase DOT on Binance or Huobi Global.
The benefits of owning polkadot cryptocurrency
There are a number of benefits to owning DOT tokens. First and foremost, DOT holders can participate in the governance of the Polkadot network. This includes voting on validators, proposing changes to the network, and participating in debates. Secondly, DOT can be used to pay for transaction fees on the network.
Thirdly, as DOT is an ERC20 token, it can be stored in any wallet that supports this standard. This means that you have complete control over your DOT tokens and no one else can access them without your permission. Finally, as the Polkadot network is still in its early stages of development, owning DOT tokens gives you the opportunity to be an early adopter and potentially benefit from future price appreciation.
How to store your polkadot cryptocurrency securely
If you plan to hold your DOT tokens for an extended period of time, it is important to store them in a secure wallet. ERC20 tokens are stored on the Ethereum blockchain and can be accessed using any wallet that supports this standard, such as MyEtherWallet or MetaMask.
To keep your tokens safe from hackers and other online threats, we recommend using a hardware wallet. Hardware wallets are physical devices that allow you to store your crypto assets offline in a secure, digital environment. Some of the most popular options include the Ledger Nano S and Trezor One. Regardless of which wallet you choose, it is essential to remember your private key or recovery phrase. These are the only way to access your DOT tokens if you lose or forget your wallet password. For this reason, we recommend storing your recovery phrase in a safe place, such as a physical note or an encrypted file.