Polkadot is the internet of blockchains. It connects all kinds of assets and can click many chains to interact with each other at little cost. Polkadot has been solving an important problem for years now by providing solutions as they emerge. If you are thinking about How to Buy DOT Right Now then this article is for you.
When it comes to buying Polkadot, there are a few options. The easiest way is probably Poloniex trading for Ethereum and then using Shapeshift or ShapeShift API with an address that accepts ETH as a deposit method to get hold of the DOT token. This process takes about 30 minutes on average.
Another option is Kraken trading Bitcoin for Ether and then swap BCH (Bitcoin Cash) or LTC (Litecoin) altcoins for DOTS tokens at Changelly service – this also takes around 30-40 minutes but requires more complicated steps like purchasing BTC from fiat currency first via Coinbase exchange and then sending funds to your account on Kraken either through SEPA bank transfer or by depositing money straight into the platform.
The last but least convenient way is to buy DOTs directly from the ICO and then use an Ethereum wallet address or Shapeshift account to convert them into a preferred token (ETH, BTC) which can be traded for any other altcoin at Poloniex.
This process takes around two hours on average because of the waiting period after purchasing DOTS tokens – you need to wait for Polkadot’s platform activation before doing anything with your coins outside of their native ecosystem. The advantage here is that you get more than one try. ICO gives individual rounds bound by limited time, if you make good and fast moves, you can get another round.
So, should I buy Polkadot?
The easiest way to get hold of DOT tokens is via Poloniex trading, Changelly service, or buying directly from the ICO. The last option might work best if you’re impatient and don’t mind waiting a bit longer for your coins to be delivered (you need Polkadot’s platform activation before being able to do anything with them outside of their native ecosystem).
Otherwise, it’s recommended that those looking for Polkadot buy some Ethereum through Poloniex and then send ETH funds over to Shapeshift account to swap Ether into any other token they like better. This process takes around 30 minutes on average. Still, it requires more complicated steps like purchasing BTC first via Coinbase exchange and sending funds either through SEPA.
What to do?
Ensure that you have an Ethereum wallet. The recommended way to do this is by creating a new one from your ETH account in MyEtherWallet or the Ledger Nano S hardware device. Go to Poloniex and exchange ETH for DOT, then send to your newly created address. (The amount of Polkadot available on exchanges varies.)
Problems and precautions
The main problem with Poloniex trading is that you’ll need to use a different exchange (ShapeShift or Changelly) to trade assets other than Ethereum. And while this process might take around 30 minutes, it’s not exactly as convenient as buying the token directly from its official website, where there are no intermediaries involved, and people have more control over their funds.
Poloniex has been hacked before – so keep in mind that your coins will be vulnerable if you store them on this platform without any additional protection like cold storage wallets, for example. The last but least convenient way of getting hold of DOTs tokens is by purchasing DOTS during ICO rounds which takes about two hours on average because of the waiting period after buying the coin – you need to wait for Polkadot’s platform activation before being able to do anything with your coins outside of their native ecosystem.
Purchasing DOTS directly from the ICO and then using an Ethereum wallet address or Shapeshift account to convert them into a preferred token (ETH, BTC) can be traded for any other altcoin at Poloniex. The good thing about this approach is that it offers one more opportunity: since ICO rounds are limited by time, there might be another round starting soon if you’re quick enough!
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