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How to buy ChainLink and how it works

How to get started buying and selling ChainLink (LINK) in Poland.

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ChainLink is blockchain middleware that aims to connect smart contracts with real-time information from off-chain resources, for example, banks and stock exchanges. This allows smart contracts to access data feeds, application programming interfaces (APIs) and traditional bank payment systems that operate outside the blockchain infrastructure.

ChainLink’s ecosystem revolves around the LINK token and the LINK network. How do LINK tokens work and how can you buy or trade them in Poland? Read on to find out.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

LINK tokens are available on a number of cryptocurrency exchanges around the world, such as the following:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitpanda Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Neteller, Bank transfer (SEPA), SOFORT
EUR, GBP, CHF, USD

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eToro Cryptocurrency Trading
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

41
cryptocurrencies

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Kriptomat Cryptocurrency Exchange
Credit card, Neteller, SOFORT, Skrill, SEPA
EUR, USD, GBP, BGN, HRK, CZK, HUF, PLN, SEK, TRY

236
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Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

958
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Bitstamp Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Credit or Debit Card, SEPA, Faster Payments (FPS)
USD, EUR, GBP

45
cryptocurrencies

A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins.
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There are many ways to buy LINK tokens directly with fiat currency (EUR, for example). Alternatively, you can buy a widely traded cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) and then trade that currency for LINK tokens. The basic process you’ll need to follow is outlined below:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade LINK

You’ll need to provide your name, email address, phone number and proof of ID to register for an account. It’s also a good idea to setup two-factor authorisation to provide an extra level of security.

Step 2. Deposit funds into your account

The process you’ll have to follow to deposit funds into your account varies depending on the cryptocurrency exchange you choose. For example, Binance users can click on “Funds” and then “Deposit” in the menu at the top right of the screen.

Step 3. Buy LINK

The last step is to exchange fiat currency such as EUR, or cryptocurrency such as BTC or ETH, for LINK on your chosen exchange. Once again, the process varies depending on the exchange you choose, but when trading on Binance you’ll need to do the following:

Find the currency pair you want, such as LINK/BTC. Enter the amount of LINK you want to buy in the box provided and choose to purchase as market price or set your own limit order. You can then review the total cost of the transaction and if you’re happy to proceed, click “Buy LINK”.

ChainLink coins are ERC20 tokens that exist on the Ethereum network. As a result, they can be stored on any Ethereum-friendly wallet, such as the following:

Launched in 2017, ChainLink is an intermediate blockchain that aims to connect blockchains with other off-chain applications. One drawback of smart contracts is that because they’re based on information secured on a blockchain and because of the way miners reach consensus around blockchain-based transaction data, they can’t interact with external resources such as data feeds and payment systems.

Smart contracts

Smart contracts are self-executing contracts executed on decentralised infrastructures and with the terms of the agreement written into cryptographic code. Because they exist on decentralised networks, such as a blockchain, smart contracts cannot be altered and therefore create a relationship that doesn’t rely on trust.

ChainLink acts as a fully decentralised oracle network to help connect smart contracts with external resources, off-chain payments and APIs. The potential applications for this are many and varied, and include connecting smart contracts with all manner of essential information, such as the following:

  • Central bank interest rates
  • Current exchange rates
  • Off-chain payment methods
  • Shipment and customs data
  • Sports scores
  • Weather forecasts

For example, let’s assume that there’s an Ethereum smart contract that needs to make a payment through PayPal. There’s currently no compatibility between Ethereum and the PayPal API, which is where ChainLink comes in. By linking the smart contract with the PayPal API, it can ensure fast and secure payment.

  • LINK availability. The total supply of LINK tokens is one billion, and at the time of writing, there were 365 million tokens in circulation.
  • Use. LINK tokens are the cryptocurrency of the ChainLink network. When any company that operates a data feed, payment service or other useful off-chain API connects them to smart contracts through the ChainLink network, that company will receive LINK tokens in exchange.
  • Potential. The value of the LINK token depends on the takeup and popularity of the ChainLink network. Take a look through the company’s whitepaper and consider the real-world applications for ChainLink to help you decide whether it could be a worthwhile purchase.
  • Competition. While ChainLink was the first to announce a service of this kind, other platforms have launched similar technology and may compete for market share.
  • Future developments. ChainLink aims to help create new standards for an open source smart contract ecosystem, solve many of the problems inherent to smart contracts and help pave the way for real world blockchain adoption. It is an ongoing process without a fixed end goal, so ChainLink doesn’t publish roadmaps the way other cryptocurrency projects do.
  • Partnerships. It’s worth checking for news of any commercial partnerships ChainLink has in place. For example, it’s already established a partnership with global financial messaging service provider SWIFT to develop the SWIFT Smart Oracle.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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