Chainlink is probably best known as a company that has taken “smart contracts” to the next level. Originally introduced into the crypto-verse by Ethereum smart contracts are a way to ensure that contracts to buy and sell anything with cryptocurrencies (including other cryptocurrencies) are handled fairly and equitably each and every time.
In the case of Ethereum, they’re integrated directly into the Ethereum blockchain and do away with the need for a middleman to enforce the contract. It’s an exciting development with all kinds of implications for the larger economy, where nearly 50% of all civil lawsuits are contract related.
- 1 What is Chainlink (LINK)
- 2 Where to Buy Chainlink (LINK) Coin
- 2.1 Best Exchange to Buy Chainlink (LINK) Coin
- 3 How to Buy Chainlink (LINK) Token
- 3.1 Buy Chainlink Token With Credit or Debit Card
- 3.2 Buy Chainlink Coin using BTC/ETH
- 3.3 Buy Chainlink Cryptocurrency on Binance
- 4 How to Store Chainlink Coin
- 4.1 Storing LINK Using a Trezor Wallet
- 4.1 Storing LINK Using a Ledger Wallet
Realizing the potential of the Ethereum smart contract but eager to broaden its application, Chainlink took the Ethereum model and expanded on it. The result is that Chainlink smart contracts are not only integrated into the Chainlink blockchain, they also allow users to access relevant data outside the blockchain. It’s the kind of development that may well ensure the longevity of blockchain technology, regardless of whether cryptocurrencies turn out to have real legs or are exposed as paper tigers.
But Chainlink is more than just the next level of smart contracts. A couple of years back, the people behind Chainlink also launched their own Chainlink (LINK) crypto coin. Like a lot of crypto coins, it went on something of a roller coaster ride during 2018 and early 2019. But it emerged intact and has slowly but steadily risen to prominence. In fact, it’s now inside the top 10 cryptocurrencies in total market cap.
In spite of its success, the Chainlink coin is still overshadowed by the company’s smart contracts operation. To the degree that even those aware of LINK are largely in the dark about where to get it and how. And that’s what we’re going to address here.
Where to Buy Chainlink (LINK) Coin
Best Cryptocurrency Exchange to Buy Chainlink (LINK) Coin
Perhaps one of the reasons LINK has mostly grown like a mushroom in the dark is because it’s not widely available. In fact, the vast majority of market action on the Chainlink coin takes place on a single cryptocurrency exchange: Binance.
Binance, of course, is the largest altcoin exchange in the world. This distinguishes it from competitors like Bitmex, which is a derivatives platform. Binance typically operates in a mode of what can only be called “cautious aggression,” keeping their fingers to the crypto wind, always ready to try something new. As such, they have grown at an impressive rate.
Because of their size and prominence, it should be no surprise that most LINK action takes place on the Binance exchange. And maybe the folks over at Chainlink are just fine with that as well. After all, Binance will soon open a fully regulated arm in the US that will bring legal and above-board trading of cryptocurrencies to the world’s largest economy. That can only be a good thing for low profile coins like Chainlink.
Beyond Binance however, you’ll be hard-pressed to find other cryptocurrency exchanges where you can buy, sell or trade LINK. Coinmama and Coinbase don’t offer it. The only other exchanges besides Binance where it’s available as of this writing are OKEx and Huobi. Both of which are Chinese based exchanges that move only tiny amounts of LINK and have something less than 5-star reputations.
How to Buy Chainlink (LINK) Token
How To Buy Chainlink Token With Credit or Debit Card?
Unfortunately, as of this writing, there is no way to purchase LINK from any reputable source using a credit or debit card. Nor is there anywhere you can purchase LINK using Paypal. But given the sometimes frantic rate of growth and adaptation within the crypto-verse that is likely to change in the not-too-distant future. For now though, no credit or debit cards and no Paypal based purchases of the Chainlink coin.
That said, if you want to purchase LINK through Binance, you’ll have to first purchase the Bitcoins or Ethereum coins that will get you in the door. To do that, go to Coinmama where you can easily purchase either with your debit or credit card. Or go to Coinbase which no longer accepts credit cards but still allows you to purchase BTC or ETC with a debit card. Once you have your BTC or ETC it’s time to head over to Binance to purchase some LINK.
How To Buy Chainlink Coin using BTC/ETH
Those with a healthy sense of protecting the integrity of their financial assets will confine their LINK buying and selling activity to the well-regarded Binance exchange. The thing about Binance though is that is that you can only deposit Bitcoin (BTC), Ethereum (ETC) or the company’s own Binance Coin BNB. They do not accept any type of fiat currency, and they don’t allow you to purchase Bitcoin at the door to gain admittance.
n order to purchase CHAINLINK tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for CHAINLINK. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Just a note about BNB: if you use the Binance BNB coin you can receive a discount on transactions fees. This is one tactic of theirs that has helped bolster the viability of the BNB coin and enhance its long term prospects. Basically, the bigger Binance gets, the more useful and valuable BNB gets. In theory anyway.
How to Buy the Chainlink Cryptocurrency on Binance
In order to deposit your BTC or ETC on Binance, you will need to open an account. Keep in mind that Binance is one of the few major exchanges that does not require you to provide extensive identification on deposits of less than 2 BTC. If you decide to deposit more than that, you will need to. But for now, we’re going to assume 2 BTC will be sufficient for the LINK purchase you have in mind. So:
- Go to the Binance homepage.
- At the top right of the homepage screen, you’ll see a button that says “register.” Click it.
- Enter your email address and choose a password. Then click “register.” (Yes, a second “register” button.)
- At this point, you’ll be asked to perform an action to confirm you are a human. Do what they ask.
- Once you’ve completed the human verification, you’ll be told that a confirmation email has been sent to the email address you provided.
- Open that email and click on the account confirmation link.
That’s it. You now have a Binance account. Now it’s time to transfer the BTC or ETC you purchased at Coinbase or Coinmama to Binance. To do that:
- Hover your mouse over the “Funds” link on the Binance homepage.
- A drop down menu will appear. Click on “balances.”
- Here you will see the Bitcoin and Ethereum.
- Click the “deposit” button next to the currency you purchased; either BTC or ETC.
- At this point, you’ll see your unique Binance wallet address. Copy it.
- Go back to Coinbase or Coinmama and log in.
- On your account page, you’ll be provided a space to paste your Binance wallet address.
- Paste the address in the space and hit “transfer.”
- The BTC or ETC should appear in your Binance account in a few minutes.
Now that your BTC or ETC is available in your Binance account it’s time to purchase your LINK coins.
- On the top of the page, you’ll see a link for “Exchange.”
- When you hover over it, you’ll see several options. Choose “basic.”
- On the screen that appears click on either BTC or ETC.
- Then enter “LINK” into the search field.
- When LINK comes up, click on it.
- You’ll then be at the page for the BTC/LINK or ETC/LINK pairing.
- There will be a large chart showing recent action for this pairing.
- Below it, you’ll see an option to “Buy LINK.”
- Enter the number of LINK coins you want to buy and click the “Buy LINK” button.
That’s it. You are now the proud owner of your very own LINK coins.
How to Store Chainlink Coin
Now that you have the LINK coins you wanted you’ll need a safe place to store them. Some people will choose to leave them on Binance, but others will want to move them into a third party wallet. There are quite a few erc20 compatible web wallets available such as MyEtherWallet. Or you can use a desktop wallet such as the Atomic wallet. Both are easy to use but vulnerable to hacking. A safer solution is to choose a removable USB wallet. There are two that stand above the rest for safety and security. Trezor and Ledger.
Storing LINK Using a Trezor Wallet
A Trezor wallet is one of the safest places you can keep your crypto keys. It’s a self-contained piece of hardware about the size of a matchbook that can be removed after use, so it is invulnerable to hacking. To set it up:
- Attach the Trezor wallet to your computer using the USB cord.
- Enter trezor.io/start into your browser then select your Trezor device.
- You’ll be prompted to install firmware. Follow the directions to do so.
- Follow the prompts to unplug and replug the device.
- After plugging back in choose “create a new wallet.”
- In a few minutes, you will be notified your Trezor wallet has been set up.
- You can now go back to Binance and follow the prompts to transfer your LINK.
Storing LINK Using a Ledger Wallet
The Ledger Nano is also a secure USB storage device. Setting it up is similar to setting up the Trezor.
- Go to ledger.com/start.
- Download and install “Ledger Live.”
- Once installed, follow the prompts to choose a PIN.
- Write down your recovery phrase.
- Install any necessary apps on your computer.
- Transfer your LINK from Binance.
Your LINK coins are now secured in an offline wallet and will be ready to move about, reinvest or buy things with as you see fit.