How to Buy Link
Link, or ChainLink, is a type of digital currency similar to Bitcoin. To buy and store a currency like this one, first choose and set up a digital wallet to hold it securely, such as a desktop wallet, an online wallet, or a paper wallet. Then, buy another digital currency, such as Ethereum (ETH) or Litecoin (LTC), on an exchange like Coinbase or Cex.io. You can then use Binance to purchase Link with your currency.
Choosing a Wallet
Pick an ETH-compatible wallet.This currency is totally digital, so to store it, you must have a digital "wallet." ChainLink was built on ETH. Therefore, online wallets that are compatible with ETH will hold this currency.
- Any wallet you choose should have be easy to use, have private keys, be well developed, and have security measures in place. Backup/restore is also important.
- The private key is the way you access your currency. If you lose it, you lose your money. The public address or account address is basically like a bank account number, and you can use it to send digital currency to your account.
Choose a hardware wallet for security.Each wallet comes with advantages and disadvantages. A hardware wallet, such as the Ledger Nano S, is basically a USB drive built to store digital coin information. It's more secure than other wallets because it's not on your desktop constantly where it can be hacked. You can even lock it away in a safe. However, if you lose your wallet, you lose your currency.
- Hardware wallets can be anywhere from to 0 USD.
- To set up a hardware wallet, plug the wallet into your computer, and use the company-supplied software to generate your private keys and public address. This information is stored independently on the hardware wallet.
- For instance, when you want to send currency, use the software to set up the transaction. However, you must physically approve the transaction on the hardware, which will have a small screen and buttons for you to use.
Opt for a software or desktop wallet for ease of use.With this type of wallet, you download software on your computer, and you store the private keys to get into your wallet. However, you will need to update this wallet more often than other options, and it can be hacked. Plus, if your computer is stolen and you don't have a backup for your private keys, your currency disappears.
- Mist and MestaMask are common desktop wallets for ChainLink.
- With this type of wallet, download the software to your computer. Set up an account, and then the software will generate the private key and your public address. You can keep the private key on a USB drive to make it safer.
Go for a mobile wallet if you want to make purchases in shops.You can use ChainLink to make purchases at other places besides the internet, though it is rare. A mobile wallet lets you do that.However, this wallet is susceptible to the same issues as a desktop wallet, such as you can lose the money if your device is stolen. Plus, it can be hacked.
- Jaxx is a common mobile wallet.
- Download the app to your phone. Set up an account, and then the wallet will generate your private key and public address.
Choose an online or web wallet for easy access.An online wallet lets you access your currency from any computer because it's stored in the cloud. However, security is not as robust because your private keys can be hacked. You have to trust the security measures of the host.
- MyEtherWallet is a very popular web wallet. When you navigate to the main page of MyEtherWallet, , create a password, and then click on "Create a New Wallet."
- Download the Keystore file, where you will store your private key. The wallet will give you a private key, which is a long string of letters and numbers.
- Unlock your wallet so you can see your public address, also known as your account address. Click on the option "Keystore File" on the list. Down below, find your wallet. Copy your public address, and save it on your computer.
Pick a paper wallet for hacker prevention.If you're worried about hackers, a paper wallet is your safest bet. Essentially, this type of wallet is a piece of paper with your private and public keys on it. Think of it like a check, except the piece of paper is the only place the currency is held. Obviously, these are a bit more susceptible to being lost.
- You can use ETHAdress to set up and print a paper wallet.
- With a paper wallet, you use the service to generate a private key and a public address. Usually, these are generated both as a string of letters and numbers and a QR code. Then you can copy those codes to a document and print those addresses on a piece of paper, destroying the computer copy when you're done. Use the public address to send currency to the account.
Using Coinbase or Cex.io to Purchase ETH or LTC
Use Coinbase or Cex.io to buy another type of currency.You buy ChainLink on Binance. However, you can't use standard currency on Binance, so you first must buy another type of digital currency on another exchange, such as Coinbase or Cex.io.
- ETH is the most common currency to use, but you can also buy a currency like LTC. Then you purchase ChainLink with ETH or LTC.
Create a secure account.Enter your name (as it looks on your ID), an email, and a password. Upload a picture of your identification, as well. You must also give them a phone number, and a debit card, credit card, or bank account.
- A bank account is slower to get verified, but it doesn't come with the fees of the credit or debit card.
- Exchanges like Coinbase are known for their security, which is why you must verify yourself. It's regulated like a US bank.
Purchase ETH or LTC by clicking "Buy/Sell" at the top.ETH or LTC is the currency you will exchange for ChainLink. Decide how much you want to buy, which is just determined by how much you want to spend out of your own currency.
Exchanging ETH or LTC for ChainLink
Set up a Binance account.At Binance's website, click on "Register" in the top right-hand corner. Enter your email and a password, then click "Register" at the bottom.
- Click on the link that they send to your email address. That will verify the address and finish opening the account for you.
Login to your account.Once your account is verified, you'll be taken to a page to login. Enter your email and password to get into your account.
Download an app for 2-factor verification.This type of verification makes your account less susceptible to hackers. Basically, you download an app like Authy and then click to receive 2-factor verification code on Binance. Use the app to receive and hold the code.
- While this step isn't absolutely necessary, it increases the security of your account.
Deposit funds to the account.In the upper-right hand corner, place your mouse arrow over "Funds." The drop-down menu will show "Deposits and Withdrawals" and "History." Click on "Deposits and Withdrawals."
Find the deposit address for ETH or LTC.On the new page, put "ETH" or "LTC" in the search bar at the top, depending on what you bought. Click on "Deposits" on the ETH or LTC line when it shows up in the search results. That will bring up an address that you need to copy.
Send funds from your Coinbase account.In your Coinbase account, click "Accounts." Find the ETH wallet, and then click the "Send" button underneath it. When the next screen pops up, paste in the address you copied from your Binance account. Enter the amount of ETH or LTC you'd like to send, and click "Continue."
- Be patient, as sometimes these transactions are not instantaneous. You may have to wait 20 minutes to an hour.
Check for the balance in your Binance account.Refresh the "Deposits and Withdrawals" page. Eventually, your ETH or LTC coins will show up on this page as a single line.
Find the Exchange.Mouse over "Exchange" at the top of the page. In the drop-down menu, choose "Basic." Type in "Link" in the search box in the top right-hand corner.
Pick Market to trade right now.At the bottom of the page, choose the "Market" tab for "Buy Link." Put in the amount you want to buy. To make it easier, you can hit one of the percentage buttons, which will trade whatever percentage you choose of your ETH or LTC for Link.
- With this option, you exchange right now with the best price you can get.
Choose Limit to get the best deal.With Limit, you put in the price you'd like to pay for ChainLink. Binance will purchase it for you at a later date when ChainLink dips to that price. Like Market, type how much you want to buy of Link, or pick a the percentage of ETH of LTC you'd like to exchange to make it easier.
- This process is basically like buying stock.
Transfer your Link currency to your wallet.Under the "Withdrawals and Deposits" page, type "Link" in the search box. Hit the "Withdraw" button next to your Link coins. Put "My Wallet" as a label, and then copy in your public address from your wallet. Type in how much you want to withdraw or hit "Max." Click "Submit."
- Don't try to send Link coins to Coinbase, as it doesn't support this type of currency.
Check to make sure your ChainLink currency is in your wallet.In your wallet, look under your balances. The currency should show up. If it's not showing up, try clicking the "Show All Tokens" button or something similar.
- Always keep your private key safe. Back it up in multiple places. You can also write it down or print it, and put it somewhere safe. That way, if you lose the key on the computer for whatever reason, you have a backup.
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