Chainlink is an Ethereum-based Oracle network that helps transfer data between the outside world and the nodes on the blockchain. The system is different from others because it is mainly used to complete smart contacts. Smart contracts are automated contracts that help carry out operations after a condition has been verified. 

Chainlink was officially launched in 2019, and the official token of the system is called LINK. This article looks at the various ways you can acquire Chainlink.

1

What to Consider When Buying Chainlink?

Before you go and end up buying LINK tokens, there are numerous things to be considered. Take the following factors into account when you wish to purchase LINK:

The cost of buying LINK

The first thing you should consider is the price of LINK. Chainlink is a cryptocurrency, which means it is highly volatile. One day its prices might soar. The next day it might fall.

There is no need for spending large sums of money on getting your hands on LINK tokens. Set a budget, and stick to it when you are thinking of buying the tokens.

Finding a reputable exchange 

You constantly check your traditional money for wear and tear. Any damage to the currency would render it useless. This holds for cryptocurrencies too.

Cryptocurrencies are digital money, which increases the risk of counterfeits. You must get your LINK tokens from reputable exchanges only to avoid such circumstances. So before buying, look for an exchange that has established a trustworthy name for itself.

Bonuses at crypto platforms

Numerous cryptocurrencies are available in the market nowadays. In addition, some crypto networks offer frequent bonuses to encourage more people to invest in them.

For example, a crypto platform might offer a 10% discount on LINK transactions. So, look for the bonuses that crypto platforms offer for using LINK.

Is the platform user-friendly?

People hate to deal with complicated apparatuses. Digital currencies are known for their complex mechanics of working. But, just because they use complex technology does not mean that cryptocurrencies have to be difficult to use.

On the contrary, crypto platforms can offer an easy-to-use interface, which would appeal to the users. So before buying Chainlink, look into the platform, and decide whether it is user-friendly or not.

2

Where to Get Chainlink?

If you want to invest in Chainlink, you probably wonder where to get your hands on LINKs. Well, don’t worry; we got you covered. In this section, we list the various platforms which offer Chainlink:

Cryptocurrency exchanges

These platforms allow you to exchange other currencies for Chainlink. The platforms list trading pairs, like LINK/USD or BTC/LINK, which denote the currencies you can exchange your LINK for.

The range of options offered by these platforms is vast. You can even use other cryptocurrencies like Ethereum and Bitcoin to buy LINK.

Trading apps

Trading apps allow you to buy LINK in exchange for other cryptocurrencies. Basically, you trade the currencies you own for LINK.

Nowadays, most crypto exchanges function as trading apps too. Popular trading apps include Gemini, CoinBase, and Kraken, among others.

There are centralized and decentralized trading apps. Centralized trading apps have a third party presence which overlooks all transactions on the platform. Decentralized platforms, on the other hand, make way for peer-to-peer transactions. They allow buyers and sellers to communicate directly.

Chainlink ATMs

Chainlink ATMs are cryptocurrency ATMs that allow you to buy and sell LINK. These kiosks work in the same way as regular ATMs. You have to insert cash or use a debit/credit card to initiate the LINK buying process. Then, you transfer the funds directly into the buyer’s account, and the LINKs are transferred to your crypto wallet.

Brokerages

Brokerages are third party institutions that carry out the transactions on behalf of the buyers and the sellers. When a brokerage is present, you don’t need to analyse the market; the broker does that for you. As a result, the transactions are smoothly conducted, without any hassles.

3

The Steps of Acquiring Chainlink

The above sections let you know the places where you can get Chainlink. Now it is the very last step that is left. It would be best to learn how to acquire LINK tokens from the platforms mentioned above. Follow the steps listed below:

  1. Choose a platform to buy Chainlink from

As you probably saw, there multiple options for buying Chainlink. Look into all the platforms, and choose a Chainlink platform that you are comfortable using.

  1. Decide on a payment option to pay for LINK

The next step is to decide what payment option you want to use for buying LINK. The cryptocurrency platforms offer a myriad of payment options to their users. This encourages a large number of people to approach the platform.

Check the payment options that the platform provides, and select your favourite payment platform. Some platforms even offer you the opportunity to use other cryptocurrencies to pay for LINK.

  1. Place your order

Finally, place your order. Decide the number of tokens you wish to buy, and complete the order.

  1. Receive and safely store your LINK

Once your order is processed, you will receive the LINKs in your account. To obtain the tokens, you should have a cryptocurrency wallet. Make sure to store your cryptocurrency safely by keeping your private keys safe.

FAQ

When was Chainlink launched?

Chainlink was launched in 2019. The developers were Steve Ellis and Sergey Nazarov.

Is Chainlink safe to use?

Chainlink is a blockchain-based cryptocurrency, so it is a pretty secure currency. Blockchain is complicated to hack, which ensures safety.

Where do I get Chainlink?

Most popular cryptocurrency exchanges and trading apps like Gemini, Kraken, and Binance offer Chainlink.

Do I need a cryptocurrency wallet to deal with LINK? 

Yes, you need to be registered with a cryptocurrency wallet to acquire LINK. You cannot store or transfer your LINK tokens without a crypto wallet.

What is a Chainlink ATM?

A Chainlink ATM is a cryptocurrency ATM that allows you to buy and sell LINK tokens. These kiosks enable users to buy/sell LINKs for cash.

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