HomePolkadotHow and where to buy Polkadot in 3 steps
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How and where to buy Polkadot (DOT) in 3 steps

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Polkadot (DOT)
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The brainchild of former Ethereum co-founder, Dr Gavin Wood, the Polkadot network aims to be the king of blockchain interoperability, bringing together siloed ecosystems in a secure and trustless way. Enter what has been credibly dubbed: ‘The Internet of blockchains’.

Through its Substrate layer, Polkadot aims to provide fertile ground for the building of dApps, with projects being built in parallel. This means that, in addition to increased speed and scalability, projects built on Polkadot can work together seamlessly and collaboratively. 

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For example, oracles that gather real-world data can transmit that data via the Polkadot ecosystem to dozens of different blockchains that need the information. Equally, sequenced events can occur between multiple blockchains to perform complex tasks without third-party intervention. In short, Polkadot is a cracking project with a bright future. Read on to learn how you can easily buy Polkadot.

3 steps to buy DOT

Step 1: Sign up to a broker or exchange

Register an account with one of our recommended trading platforms. This feels a bit like opening a bank account in that you’ll need to provide contact details, a recent utility bill with your name and address on it, and a passport or driver's licence to prove where you live and who you are.

Step 2: Deposit funds

Fund your account with a credit or debit card. This is similar to making any online purchase, and your money should quickly appear in your chosen cryptocurrency exchange. However, if you decide to make a bank transfer, be aware that it could take a few days for your funds to appear.

Step 3: Buy Polkadot

With your funds ready to use, search for DOT in your trading platform’s search bar. The name and ticker should appear paired with another crypto, such as BTC or USDT. Choose the trading pair with the lowest fees and select how many tokens you’d like to buy. Remember that most exchanges are denominated in USD, so be sure to calculate the right amount of Polkadot you will get if you use a different currency. Then simply hit the ‘b

Where to buy Polkadot 

DOT has been around for a few years and is a popular token available on most exchanges. Because it’s so widely available it makes sense to choose a well-established broker. Below are some of our recommended trading platforms from which to buy Polkadot instantly.

Why buy Polkadot (DOT)?

In his own words, Gavin Wood said that: ‘what we currently have is a patchwork…of independent and isolated legal systems of the internet…creating borders when borders don’t need to be there.’ 

The solution? Wood’s pet project, Polkadot, is a sort of technological fabric upon which dApps can more easily be built and where they can coexist and interact. In Wood’s opinion, these independent algorithms will become businesses in their own right, changing the way people work, play and interact with one another through technology. 

The key takeaway is, the Polkadot network has gone beyond the idea of a single blockchain running smart contracts that suffer from congestion and bloat to parachains that operate side by side, and are greater than the sum of their parts. Wood sees the world as belonging to coders who deploy and monetise their knowledge on the blockchain.

Web3 is becoming more real and more usable each year and Polkadot is at the heart of this movement. Above all, Wood proposes there is an element of every economic transaction that can now be automated, something that is central to human emotion, and that is trust. By having so-called trustless systems in place, where flawed human intervention can interfere with transactions, Wood envisages a future in which technology removes this point of friction.

This approach has led to the blooming of a vibrant and committed community that believes Polkadot has a good chance of not only shaping the future but being part of it. So, whether you take an idealistic stance and want to be a part of Polkadot’s community and vision, or you just want to own some DOT as an investor because you think the underlying business is sound, you will need to have some DOT in your portfolio.

Where to store your DOT

A lot of people keep their assets on an exchange, which is okay for the short term. However, for added security, it's worth transferring your tokens to a non-custodial wallet such as Metamask. Better still, hardware wallets such as the Ledger Nano S provide even more security. Below are some recommended hardware wallets to consider.

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Frequently Asked Questions

  1. As with many other cryptos, you can stake your DOT and earn rewards. Staking is where you lock your DOT tokens up for a period of time in order to earn interest. This interest accumulates as DOT, which gets added to your initial balance. For faster growth, look for staking opportunities that offer APY and flexible staking options. That way, you can benefit from the marvel of compound growth, and if it seems like the markets are going to crash, you can withdraw your DOT and convert it into a stablecoin until things settle down.

  2. It depends on what you want to achieve. If you believe in Polkadot and want to be part of its community and have a say in its future roadmap, then you’ll want to Stake directly on Polkadot. To do this you can stake directly as a validator. But if that sounds way too complicated—which if you’re a beginner, it is—just nominate another validator that is already set up. The simplest route if you just want to see a decent ROI is to stake on an exchange such as Binance or a lending platform like NEXO. This is the easiest way to go about things.

  3. At the time of writing Polkadot alone is more than 70 times faster than Ethereum, with the ability to handle more than 1000 transactions per second. But when you bring parachains and multithreading into the equation, the capacity could reach many multiples of this. This aggregate effect is part of the impetus behind projects like Polkadot.

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