How to avoid being stuck when buying Polkadot coin on Binance

Are you looking for where to buy Polkadot (DOT) coin, look no more, for your answer is here.

In this article I will share with you the following:

  • Polkadot (DOT) coin?
  • Why invest in Polkadot coin?
  • A guide on how to buy Polkadot (DOT) coin
  • FAQS

Stay tuned to get the most out of this article.

What is polkadot (DOT) coin

The Polkadot coin is a Blockchain network and a cryptocurrency just like Bitcoin

It is a main mother network that allows other mini networks to build and interact with its own existing features.

It is a sort of decentralism where different Blockchain networks interact with it and get to enjoy the  security that it has.

The polkadot coin was established in 2006 by Gavin Wood, a co-founder and the former CTO of the Ethereum blockchain network.

The Blockchain network makes it easier for other networks to spring up.

By allowing developers to create a customizable parachain, the parachain created interacts with the main chain and are able to enjoy the mainnet’

But why invest in Polkadot coin?

Find out!

Why Polkadot (DOT) coin?

Sometimes it can be very difficult to decide why you should invest in a particular coin due to the fact that there are thousands of coins and tokens in the crypto space.

Confusing enough, each one of them has a fancy website sugar coated with mesmerizing words.

So how can we differentiate?

I created a short list of reasons why the Polkadot coin is unique.

This is not to convince you but to at least give you an helping hand in your decision

They include:

1 Ranking

If this sounds good to you, then let me tell you.

Polkadot (DOT) coin is the 11th most popular coin by market cap as listed on the Binance exchange.

With a circulating volume of over $987.58 million, it has a current market cap of $8.92B.

So if you are bull-beaded about the listings of coins by market cap then this might convince you a little.

2 Unlimited supply

I don’t know whether to call this a blessing or a big risk.

Unlike many other coins, the Polkadot coin does not have a maximum number that’s available, it is unlimited and so cannot be exhausted.

Which means there’ll forever be a circulating supply.

3 Parachains

It also has a head up in the area of parachains.

If you have ever thought of creating your own token, then this is also nice

Their Blockchain network is the main chain on which many other parachain interacts with to get protection and other unique features.

This is good news for anyone who wants to venture into creating his or her own token.

Other use cases include:

  •  it can be staked to help generate network consensus.
  • It gives token holders governance rights.
  • You can also use it to pay some network fees.

A guide on how to buy polkadot (DOT) coin on Binance

Below is a step by step guide on how to buy polkadot coin on Binance:

Step 1: Open the Binance app

Once you’re ready to buy Polkadot coin, the first thing is to open the Binance app.

Next, log in using your login details i.e your password and your username.

Note: You can also use the website, while following the same instructions.

Step 2: Click on “buy-crypto”

Look for buy, you should find it under the trade button

The trade button is the center button at the lower part of your screen.  Click on it, then on buy.

For desktop users that want to buy via their website, you’ll find the “buy-crypto” link at the top-left section of the page.

While for Android users that want to buy via their website, you will find a navigation button at the top-right, click on it and you’ll find a list of buttons of which buy is part.

Step 3: Choose the coin you want

After clicking on “buy”, you’ll be directed to another page where you will choose your preferred coin

In this case, choose Polkadot coin (DOT), since we’re planning on buying it.

Also input the quantity of DOT that you are willing to purchase.

Step 4: Decide your payment method

After choosing DOT as the coin that you want to purchase.

You are required to choose your payment method. Luckily, you are permitted to purchase Polkadot with a credit/debit card, so if your card have been added as a payment option, then you can use that option

And for those, who do not want to use a card to make the purchase, you can consider buying a stablecoin (e.g BUSD) then use that stablecoin to buy your Polkadot coin.

Alternatively, for those who possess some compatible cryptocurrencies like BTC, ETH e.t.c can also use them to purchase Polkadot coin.

Step 5: Click on “continue”

After deciding the payment method, click on “continue”.

Confirm the purchase by clicking on “confirm “.

Note: Binance has one of the fastest and cheapest transaction rates amongst other exchanges.

Wait for a few seconds for your transaction to reflect in your wallet depending on how busy their network is.

If you don’t see your money appearing after hours, then contact their support for help.

Frequently asked questions

Below are some FAQS:

Where can I get Polkadot coin?

You can get Polkadot coin on the following platforms:

  1. Binance
  2. Coinbase

Note: These are the two main platforms that we know are safe for buying Polkadot.

How much is Polkadot (DOT) coin?

According to Binance live price data, one Polkadot coin is valued at about $9.032938 per (DOT / USD) today which is due to a decline in price of about -0.75% in the last 24 hours.

With a circulating supply of about $987.58 million, it has a current market cap of $8.92B.

Where can I store my Polkadot coin?

After buying your Polkadot coin, you can decide to store it on your Binance wallet or move it to a safer outer wallet.

There’re a lot of options when it comes to external wallet, including superb wallets like Trust wallet that keeps your money safe

You can use other wallets, whether a cold or a hot wallet, decide for yourself.

  • A hot wallet is a wallet that is always connected to the internet at all times e.g.
  • A good example is the wallets that crypto exchange platforms provide.
  • While a cold wallet is a wallet that’s only connected to the internet when the owner wants to transfer crypto either out or into their wallet.

A good example is the ledger that is in the form of a USB which is only plugged into the system whenever the owner wants to transfer funds out or into the wallet.

A wallet that is always connected to the internet has a higher risk of experiencing hacks and thefts.

While on the other hand, a wallet that’s only connected to the internet once in a while has a lower chance of being hacked or stolen

Though a cold storage wallet is not fully immune to hacks, it’s less obvious to coin stealers.

Who is the founder of Polkadot (DOT) coin?

Polkadot was founded by Gavin Wood, a co-founder and someone who worked as chief technology officer for the Ethereum Blockchain network.

DISCLAIMER: No information on this site should be perceived as investing advice.

No matter what, you should always invest only what you can afford to lose.

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