Blockchain interoperability and scalability are two things that are plaguing crypto today. Pokadot has ambitions to solve these problem.
Launched in 2020, Polkadot is just one of a number of competing protocols that aims to foster an ecosystem of custom blockchains designed for a range of use cases. However, it is among the newest and it boasts a team with no shortage of experience in cryptocurrency.
Why Should I Buy Polkadot (DOT?
By owning and staking DOT, users gain the ability to vote on upgrades to the Polkadot network, with each vote being proportional to the amount of DOT they stake.
Users can also delegate their tokens to stakers, allocating votes to other users in order to earn a percentage of new DOTs minted by the protocol.
Where Do I Store My Polkadot (DOT)?
Storing your Pokadot (DOT) once you acquire is going to be important like any other cryptocurrency.
Most popular exchanges that sell it also have web wallets that you can use. Like with any other cryptocurrency if you want full control of your Polkadot then make sure that you have access to private keys. Sometimes exchanges provide the private keys to you but they are actually exchange private keys which are pretty worthless if full control is what you are after.
If you are looking to have full access to your crypto then there are a variety of wallets that support DOT. For smaller amounts of DOT you can consider using a mobile wallet or even a web wallet. For larger amounts it’s always a good idea to consider cold wallets like Ledger or Trezor.
There are some options to earn rewards by staking your Polkadot. This is pretty attractive but does not come without a risk. For returns of up to 12% it could be something to consider, so check if you have a way to do this with the wallet that you choose.
Where Do I Buy Polkadot (DOT)?
Most reputable exchanges are able to sell Polkadot so that is an option. Just like with some other altcoins you might be required to purchase some crypto asset like USDT first and then convert it to DOT. This ends up costing a bit extra in fees, but it’s still negligible in most cases.
If you want full control of your DOT then installing the wallet yourself and doing a peer to peer trade is also an option. It’s also a way to prevent your ID and personal info leaking around internet at some point. Binance is pretty notorious for this. If you’re wondering how to get rid of all personal info that’s sitting in exchanges, it’s impossible. Thankfully there are some contenders in peer-to-peer trading at your rescue 🚀🚀🚀