How To Buy Chainlink In The USA

A Beginner’s Guide to Buying Chainlink Cryptocurrency in the USA

Last Updated July 23rd 2021
5 Min Read

Chainlink is a blockchain middleware that connects smart contracts on blockchain networks. It connects these smart contracts to real-world information, including data such as asset prices, shipping data, sports data, weather data, and medical data.

This enables smart contracts to access data feeds, traditional bank systems, and application programming interfaces (API).

The popularity of Chainlink has grown alongside other cryptocurrencies within the past year as crypto prices surge to record high levels. If you are looking to buy the Chainlink (LINK) token in the USA, the guide below will provide all the information your need.

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY CHAINLINK IN THE USA
  2. A step-by-step guide to buying Chainlink in the USA
  3. How to Sell LINK
  4. How Chainlink Works
  5. Key things to consider When buying Chainlink in the USA
  6. Conclusion

QUICK GUIDE: HOW TO BUY CHAINLINK IN THE USA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select Chainlink.
  5. Enter how many Chainlink coins you want to buy.
  6. Check the details and confirm your purchase.

A step-by-step guide to buying Chainlink in the USA

Set up an account with an exchange that supports Chainlink in three steps:

Step 1. Open an Online Account

LINK is not as popular as Bitcoin (BTC) or Ethereum (ETH), so you may probably not find it listed on many exchanges. But some exchanges still offer the token. If you don’t have any other crypto assets, the obvious option for you is to buy LINK using fiat currency.

Again, few exchanges offer the opportunity to load your account with USD. Select such an exchange and proceed to the registration section. You may be required to provide your email address, proof of ID, and employment details to register. Also, remember to use enable two-factor authentication (2FA) when registering with the exchange to offer more protection to your account.

When you provide the necessary details, a verification email is sent to you. Once you verify, an account will be created for you on the exchange.

Step 2. Deposit funds into your account

After registering on the exchange, the next step is to deposit funds into the exchange. The process of depositing funds into your account varies depending on the exchange.

But most of them will have different deposit options, especially for those accepting USD deposits. You can deposit using a credit card, debit card, PayPal, or through direct bank transfer.

On the deposit page, enter the number of funds you are sending. Once your deposit is approved, a confirmation email will be sent to you while the amount deposited will reflect in your account.

Step 3. Buy Chainlink

The final step is to proceed to the order section to buy LINK tokens with your deposited funds. You can go to the market section of the portal and select the right LINK pair you want to buy.

Since you are buying with USD, you need to choose the LINK/USD pair on the portal. Enter the amount of LINK you are buying and the order type.

Generally, there are different order types in exchanges, but the most common are the market order and limit order. The former is used when buying LINK at current market price while the latter is vital when purchasing when the price has fallen to a specific level. Select the order type you want and review before clicking the purchase link. An email notification will be sent to you when the order is executed.

Step 4: Store LINK in a wallet

After buying Chainlink from the exchange, you may need to store the tokens in a crypto wallet. Your crypto exchange can indeed provide custody services for the LINK tokens, but it’s safer to store them in a wallet where you can control the funds.

Basically, you can get either a software (online) wallet or hardware (offline wallet) the online or hot wallet is used if you want to be accessing your LINK tokens regularly. However, the hardware wallet is safer if you are looking to store the link for a long time.

How to sell Chainlink LINK

Okay, so your LINK token has increased in price and you’re looking to sell it?

Selling your Chainlink tokens is pretty simple and straightforward. All you need to do is follow the process in step three to convert your Chainlink tokens into fiat currency or another cryptocurrency.

Go to the market section of the exchange platform where the LINK pair is listed. Select the right pair you are exchanging with LINK and enter the number of tokens you are selling. The amount it will be sold will be displayed on the screen, depending on the type of order. Once the sell order is executed, you will receive a confirmation message.

Don't Miss: Chainlink Price Predictions

How Chainlink works

Chainlink was launched as an intermediate blockchain. It connects blockchains with other off-chain applications. Its cryptocurrency token LINK has become increasingly popular over the past year due to increased adoption.

Chainlink aims to create new standards for an open-source smart contract ecosystem. It also wants to solve a lot of problems in smart contracts, paving the way for real-world blockchain adoption.

Key things to consider When buying Chainlink in the USA

Before you consider investing in Chainlink in the USA, there are certain things you need to consider.

Consider Chainlink usage

The LINK token is useful for any company operating payment services, data feed, and other useful off-chain API. When any of these companies use the chainlink network to connect through smart contracts, they are awarded the LINK token. Its usability within the blockchain space is increasing, which can impact its price.

Market volatility

The crypto market is one of the most volatile markets in the world. This makes it very risky to invest in. Chainlink (LINK) and other crypto assets are very speculative as price movements fluctuate a lot. So, when investing in LINK, you should understand the risk of volatility.

Competition

Chainlink was the first to offer intermediate smart contract connections to the blockchain. However, other similar services have sprung up since it was introduced in 2017. Bridge Oracle, Augur, and Band Protocol are some of the networks that provide similar services. And as it is with increased competition, it can impact the adoption of Chainlink and the LINK token.

Check Out: Should You Buy Chainlink?

Conclusion

Chainlink (LINK) is increasingly getting popular among crypto traders and investors because of its high performance over the past months. The token may not be offered on all crypto exchanges in the USA, but you can find few exchanges that accept the use of USD to purchase LINK. If you’re looking to buy the LINK token, the guide above provides all the details you need.

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