Buy Chainlink [LINK]
LINK is a native token to the Chainlink project. It is designed as a connecting link between the blockchain and the external world (off-chain). The technology behind Chainlink contributes to the development of both DeFi and the crypto ecosystem as a whole. How it works, what role does the LINK token play, where and how to buy it – we got this covered in the article.
What is Chainlink?
Chainllink is a decentralized network of oracles – special programs that allow Ethereum smart contracts to receive authentic information off-chain. Oracles check the data coming from different sources and send it to a smart contract. This ensures the accuracy of the incoming information and prevents data fraud.
When a smart contract needs information from external sources, it sends a request to Chainlink. The blockchain protocol registers it as an “event” and sends it to nodes in the network. Nodes reach consensus and return aggregated information for the smart contract.
LINK use cases
Smart contracts use LINK tokens to pay node operators for the provided information. Operators, in turn, stake LINK to increase their chances to become a data provider (the more tokens staked, the more chances). The operator who gets on top must provide the requested information.
Thus, LINK serves different purposes in the network: it contributes to the authenticity of data, maintains the stable work of contracts, and serves as a reward to node operators for their validation work.
On WhiteBIT you can trade LINK with low fees (0.1%) or deposit it to Smart Staking and get up to 28% of passive income.
LINK initial offering and launch
The LINK ICO was launched in 2017. 35% of the maximum supply of 1,000,000,000 tokens was sold. LINK is an ERC-20 token with additional ERC-233 functionality based on Ethereum.
How to buy a Chainlink?
Where to buy Chainlink (LINK)?
You can purchase LINK on WhiteBIT, a P2P platform, or on exchangers. Besides, you can refer to banks that operate with crypto or purchase tokens with cash.
Centralized exchange. Traders can buy LINK via placing an order on WhiteBIT. This method of buying has several advantages:
- variety of purchasing options;
- security (only on credible platforms);
- possibility to use assets for trading or staking right away.
P2P platforms allow you to buy crypto directly from other users. It takes only placing a request, specifying the amount and means of payment. The main advantage of such platforms is the elimination of a 3rd party. Bitcoin Global is a great example of a P2P platform.
Crypto exchangers. These platforms allow users to buy digital currencies via electronic payment systems, credit cards, or cash. The main advantage is the elimination of formalities. The disadvantages include high fees and limited amounts of crypto to operate with. Therefore, it’s crucial to check the availability of the needed sum before proceeding with exchangers.
How to buy LINK on WhiteBIT?
On the exchange, users can get LINK via trading LINK/USDT and LINK/BTC pairs. First, they have to deposit BTC or USDT. Next steps:
- Go to the “Spot balance” page.
- Click the “Deposit” button near the required asset.
- Copy the address or create a new one.
- Paste the copied address into the corresponding field In your wallet interface.
Ready! Every deposit on WhiteBIT is shown in the Main balance column. Please consider that the minimum deposit amount and fees may differ depending on the asset.
How to place an order?
As soon as assets are on the exchange platform, users can proceed to orders.
Transfer the required amount from the Main to Trade balance:
- Click “Account” in the top right corner and choose Spot balance.
- Click “transfer” near the needed asset.
- Enter a sum and confirm the transfer.
Place an order:
- On the trading page, choose a pair in the “Market” frame.
- Choose an order type.
- Enter the amount of LINK and the price.
- Click “Buy”.
To cancel or manage the request, go to the “Active orders” page. You can sell LINK in the same way.
On WhiteBIT, there are no fees for LINK deposits. Withdrawals will cost users 0.35 LINK. The minimum deposit amount is 0.33 LINK, and the minimum withdrawal amount is 1.25 LINK.