Chainlink is a leading decentralized protocol that provides oracles for blockchain networks. In simple terms, this means that the project connects smart contract technology with data from the real world.
Chainlink is also behind its very own Defi coin – LINK, which is now a multi-billion dollar digital asset. In this guide, we show you how to buy Chainlink from the comfort of your home.
The best way to buy Chainlink is to use a decentralized exchange like Pancakeswap. In doing so, you can obtain LINK tokens without needing to use a third-party intermediary.
Follow the steps outlined below to learn how to buy Chainlink in less than 10 minutes!
Once you have completed the swap, your newly purchased Chainlink tokens will appear in your Trust Wallet. You can keep them there until you decide to cash out – which you can also do via the Trust Wallet app.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
Make no mistake about it – if you’re a complete newbie in the world of decentralized exchanges and Defi coins – the investment process can be somewhat daunting. In other words, the quickfire guide above might not be sufficient if this is your first time buying Chainlink via Pancakeswap.
As such, in the sections below, we provide a more comprehensive step-by-step guide on how to buy Chainlink.
Although Pancakeawap is compatible with several cryptocurrency storage options, the best option for beginners and experienced traders alike is the Trust Wallet. As noted above, the wallet is backed by Binance and is now used by millions of digital currency investors.
As such, the first step is to download the Trust Wallet app via Google Play or the Apple Store. Once installed, open the app and set up your Trust Wallet logging credentials.
This will require you to write down a 12-word passphrase, which you will need in the event you lose your mobile phone or forget your login details. You are also advised to set up a memorable PIN.
Now that you have completed the initial setup process, you will need to add some funds to your Trust Wallet. In doing so, this will allow you to buy Chainlink with ease. In this respect, you have two options.
First, if you already have an allocation of digital currency tokens in an external wallet, you can transfer the coins into Trust Wallet.
The coins should appear in your Trust Wallet within 10-20 minutes.
If you are learning how to buy Chainlink for the first time, then you might not have any cryptocurrency to hand. If this is the case, the good news is that Trust Wallet allows you to add funds to your account via a debit/credit card.
The coins should appear in your Trust Wallet instantly.
At this stage of your walkthrough, you should now have digital tokens in your Trust Wallet. If so, you can now proceed to buy Chainlink by completing a direct swap.
Based on the number of tokens you entered underneath the ‘You Pay’ tab, you will now see how many LINK tokens you will get. Finally, click on the ‘Swap’ button to buy Chainlink!
And that’s it – you’ve just bought Chainlink tokens via Pancakeswap!
At some point in the future, you will likely want to sell your LINK tokens to realize any financial gains that you have made. There are two options that you might consider depending on what your end strategy is.
For this, you might consider using the main Binance platform. All you need to do is transfer the coins into Binance, sell them into fiat currency, and proceed to request a bank account withdrawal. You will, however, need to go through a KYC process with Binance to access fiat withdrawal facilities – as per anti-money laundering laws.
Chainlink is now a multi-billion dollar digital asset – so you’ve got plenty of options when it comes to making a purchase. With that said – and as we explained in our how to buy Chainlink walkthrough above, Pancakeswap is arguably the best option on the table.
Perhaps the main benefit of choosing Pancakeswap is because the platform offers decentralized exchanges services. In a nutshell, this means that you can buy Chainlink without needing to through a centralized entity. On the contrary, you will be swapping your chosen digital currency into LINK tokens directly.
In terms of getting started, you will first need to obtain a cryptocurrency wallet that is compatible with the Pancakeswap network. There are plenty of options in this respect, albeit─ Trust Wallet is arguably the best. Other popular wallets that you can connect to Pancakeswap include TokenPocket, Metamask, MathWallet, and SafePay Wallet.
Once you have connected your chosen wallet, you can easily add funds to pay for your Chainlink purchase. The fastest way is to transfer digital coins from an external wallet. You can, however, also use a debit or credit card – if you elected for Trust Wallet. This allows you to buy a cryptocurrency with fiat money and then swap it into Pancakeswap. If using a debit/credit card, you will need to upload a copy of your government-issued ID.
On top of Chainlink, Pancakeswap supports a significant number of other digital tokens. Not only does this include major cryptocurrencies like Bitcoin and Ethereum, but heaps of Defi coins. We also like the fact that Pancakeswap allows you to earn interest on your idle digital tokens. This is because you will be providing the exchange with liquidity and thus – will earn staking rewards.
There are several ways in which you can buy Chainlink. The method you opt for will depend on several factors – such as your preferred payment method and whether you prefer to use a decentralized or centralized exchange.
To help clear the mist, below we discuss the best ways to buy Chainlink in 2021.
If you want to buy Chainlink with a debit card, you will first need to obtain a popular cryptocurrency like Bitcoin or Ethereum. Then, it’s a case of swapping the cryptocurrency into Chainlink via the Pancakeswap DEX.
Take note, irrespective of which platform you use to buy Chainlink with a debit/credit, you will need to go through a KYC process. As we noted earlier, this means that you must upload a clear copy of your government-issued ID – which can usually be a passport or driver’s license. This means that you won’t be able to buy Chainlink anonymously.
If you already have some crypto to hand, then buying Chainlink is not easier – but you can do so without needing to go through a KYC process. Instead, you simply need to swap the digital asset into Chainlink via the Pancakeswap DEX.
You will, however, first need to connect Pancakeswap to your a supported wallet. Once again, Trust Wallet is the best option here. As such, transfer the cryptocurrency you wish to use into Trust Wallet, connect to the Pancakeswap DEX, and complete the swap.
If you’re still unsure whether you should buy Chainlink – it’s best to take a step back and perform some independent research.
This will allow you to consider both the pros and cons of LINK and ultimately – make an informed decision as to whether or not you should add this Defi coin to your crypto portfolio.
To help you along the way, below we discuss some of the main considerations that you need to make when thinking about how to buy Chainlink.
The LINK token first hit public cryptocurrency exchanges in late 2017 – which makes it one of the most established Defi coin projects in this industry. Back then, you would have paid just under $0.17 per LINK token. Although the project had a somewhat slow and steady start to life as a tradable financial instrument – things really began to take off in 2021.
In fact, in May 2021, Chainlink breached all-time highs by hitting a price of just over $52 per token. To put this price increase into perspective, this means that had you purchased LINK tokens when they were first launched in late 2017 – you would have been looking at gains of over 30,000%.
This means that an initial investment of just $500 would have been worth over $150,000 when Chainlink hit its all-time high price earlier this year.
The Defi and wider cryptocurrency markets have cooled off somewhat since the parabolic bull run we saw in the first half of 2021. This is great news for those of you that want to buy Chainlink, not least because you can now enter the market at a much more favorable price.
This also gives you a short-to-medium Chainlink price target to consider. For example, if you believe in the long-term prospects of this decentralized finance project and think that LINK will eventually surpass a price of $52, then this would require an upside of almost 190%.
Smart contract technology is a hugely impressive phenomenon – as the framework allows people to enter into agreements without needing to trust each other.
The leading provider of smart contract oracles is undeniably Chainlink. After all, the project got a huge head start on its competitors, not least because Chainlink has been operational since 2017. Therefore, as more and more blockchains elect to use its oracle technology, this can only be a good thing for the long-term value of LINK tokens.
Chainlink – like the vast bulk of digital currencies, is highly speculative. This means that the value of your LINK investment will largely be driven by market speculation and FOMO (Fear of Missing Out). With this in mind, attempting to make a Chainlink price prediction is no easy feat.
You will no doubt come across a number of so-called experts in the online space that make bold and wild predictions – but rarely can this be backed up by tangible data. As such, take Chainlink price predictions with a pinch of salt.
Like all cryptocurrency investments, you need to consider the risks before you proceed to buy Chainlink. The main risk is, of course, that the value of LINK tokens declines in the open marketplace. If this does happen and you decide to cash out – you will get less than what you originally invested.
All in all, just make sure you perform lots of independent homework before you buy Chainlink.
Once you have obtained LINK tokens, you need to think about how you intend keeping your digital assets safe and secure. To do this, you’ll want to choose a suitable wallet that offers the perfect blend between security and convenience.
Below you will find a selection of the best Chainlink wallets in the market right now.
We found that the Trust Wallet is the overall best Chainlink wallet in the market. Backed by leading cryptocurrency exchange Binance, this wallet can be downloaded onto your iOS and Android device free of charge. On top of offering a number of key security features, the Trust Wallet is also super-convenient.
For example, you can send and receive funds at the click of a button, as well as buy crypto with a debit or credit. You can also connect your Trust Wallet to the Pancakeswap DEX. This allows you to swap digital currencies in a decentralized and low-cost manner.
If you are a long-term investor or you are buying a large number of tokens, then the best Chainlink wallet for you could be Ledger Nano. Crucially, this hardware wallet offers institutional-grade security of your crypto funds.
This can be achieved through the backup passphrase you were given when you first set the wallet up.
This informative guide has explained the step-by-step of how to buy Chainlink from the comfort of your home. We concluded that the best way of doing this is to use a decentralized exchange like Pancakeswap.
In doing so, you can buy LINK tokens without needing to use a centralized intermediary. Plus, the end-to-end investment process should take you no more than a few minutes to complete.
The price of LINK tokens will vary throughout the day – much like all digital tokens. At the time if writing in early July 2021, Chainlink is trading at just over $18 per token.
Chainlink is one of the most prominent digital tokens in the wider Defi coin arena. After all, it provides real-world data to blockchains and smart contracts via its oracle technology. Although Chainlink is already carrying a multi-billion dollar market capitalization, there is arguably still plenty of upside potential on the table. On the other hand, there is no guarantee that you will make money when buying Chainlink, so always consider the risks.
Chainlink can be fractionated, so you can normally buy any amount that you like. For example, if Chainlink is priced at $18 and you only invest $9 – this means that you will own 50% of one LINK token.
Chainlink last hit an all-time high in May 2021 – whereby the tokens breached a price of $52.
It’s best to buy Chainlink via a decentralized exchange like Pancakeswap. If, however, you don’t currently hold any digital tokens, you can purchase some with a debit/credit card through the Trust Wallet. Then, after connecting your Trust Wallet to Pancakeswap, you can proceed to buy Chainlink.
There is a maximum supply of 100 billion LINK tokens. At the time of writing in July 2021, there are just over 437 million LINK tokens in circulation.
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