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Chainlink connects smart contracts on blockchain networks. These networks can include data providers, web APIs, enterprise systems, cloud services, IoT devices, payments systems and other blockchains.
Blockchain networks are highly secure and reliable. But they lack the ability to fetch external data or send data to off-chain systems. Chainlink connects smart contracts to real-world information, payments and events such as medical data, weather data, sports data, shipping data and asset prices.
What is Chainlink?
As a more recent addition to the blockchain network, Chainlink has several rich features:
- End-to-end decentralization: Chainlink uses decentralized oracle networks made up of independent and Sybil-resistant nodes to prevent data manipulation. It also helps to maintain high availability of the cryptocurrency.
- Secure nodes: With Chainlink, every piece of data is digitally signed by nodes and stored on-chain. It also provides cryptographic proof of the oracle networks’ overall security.
- High-quality data: You can access any password-protected or authenticated API data source on Chainlink. This process can prevent redundant validation by multiple nodes for any single point of failure.
- Crypto-economic security: Chainlink lets you leverage binding service agreements outlining the terms of an oracle service with monetary penalties for poor results.
- Defense in depth: You can apply multiple layers of security such as cryptographic signatures, trusted execution environments, zero-knowledge proofs and more.
- Open-source community: Chainlink has a thriving open community of node operators, developers, researchers and security auditors. It improves network security and accelerates development through frequent contributions.
- Blockchain agnostic: Chainlink connects to all leading public and private blockchain environments from a single framework. It also provides a universal abstraction level for cross-network connectivity.
Due to these robust features, Chainlink provides enterprises and governments with numerous ways to leverage the benefits of blockchain technology. The ease of use and its functionality make Chainlink an attractive investment opportunity for cryptocurrency traders.
How to Buy Chainlink
- Open an account.
Are you interested in learning how to trade Chainlink? Before you begin trading cryptocurrencies, you’ll need to sign-up for an account with an online broker. There are several cryptocurrency brokers available online.
Make sure the broker you sign up with has Chainlink listed on its exchange. The commission charged by the brokers can vary based on the type of cryptocurrency you want to trade. Compare the commission fees and the minimum balance needed to open an account to help you pick the broker that matches your financial goals.
Take a look at the top cryptocurrency brokers on the market.
- Buy a Wallet (optional)
As an emerging platform, trading cryptocurrencies can be a risky investment. The completely online experience of trading digital currencies can leave you prone to cyber-attacks. You should consider buying an e-wallet to help you secure your digital assets.
A cryptocurrency wallet or an e-wallet can store all of your private and public keys in a secure location. There are several types of e-wallets including desktop, web, mobile, paper and hardware. Based on your trading tactics, you can choose the digital wallet that fits your portfolio.
- Make Your Purchase
Once you’ve purchased a digital wallet, you can transfer funds to your account to start trading. Most digital wallets accept credit cards and wire transfers to fund your account. Chainlink is available for trading on major cryptocurrency exchanges such as Binance and Coinbase.
The varying commission rates on cryptocurrency brokers can be decisive for successful trading. Many cryptocurrency exchanges will offer a low commission fee of less than 1%. Be sure to evaluate the minimum balance required on the platform to start trading.
You can buy Chainlink tokens by browsing through the listed cryptocurrencies on the platform. You can select the number of tokens you want to purchase and click on the buy button to complete the transaction. The Chainlink tokens you’ve bought should reflect in your account shortly after your buy order is executed.
Recommended Exchanges for Chainlink
Founded in 2012, Coinbase is an online broker designed to make cryptocurrency accessible to anyone, anywhere. It serves 35 million verified users in over 100 countries and is a catalyst for creating an open financial system around the world. Coinbase has total assets worth $25 billion and a combined volume of $320 billion traded on the platform.
You can create your crypto portfolio within minutes on Coinbase. The online platform lets you buy and sell popular digital currencies such as Bitcoin, Ethereum, Chainlink and Monero. Its simple interface enables you to manage your account and schedule trades on a daily, weekly or monthly basis. Coinbase also has an app available on Apple and Android devices.
You can buy, sell, and store your bitcoin and crypto with Gemini. Gemini’s products set the standard for security, compliance, experience, and investor protection and include a mobile app, web exchange, Gemini ActiveTrader platform, Gemini Wallet and more:
- Gemini Clearing: Acts as a confirming third party in prearranged transactions and helps ensure timely settlement while mitigating risk.
- Gemini Custody: Stores and manages your digital assets using the most secure, compliant and user-friendly custody solution on the market.
- Gemini dollar: The world’s first regulated stablecoin designed for scalability and usability in all kinds of transactions. Gemini dollar (GUSD) brings the value of the U.S. dollar into the modern digital era.
- Gemini Pay: Can pay for everyday purchases using Gemini Pay.
Get started with Gemini crypto today.
Crypto futures traders
Established in 2011, Kraken is among the largest and oldest cryptocurrency exchanges in the world. The trusted online broker is renowned for its excellent service, low fees, versatile funding options and rigorous security standards.
Whether you’re new to crypto or an advanced trader, Kraken provides the tools to chart your financial course and grow your digital assets. You can trade over 50 cryptocurrencies on the platform including Chainlink, Lumen, TRON and Cosmos. The trading platform also has around the clock customer service and a live chat feature for extended support.
Recommended Crypto Wallets
You can choose between a hardware wallet and software wallet.
Best for Hardware: KeepKey
KeepKey is a pioneer in manufacturing highly secure digital wallets. Its range of products can help you protect your cryptocurrencies and store all your private keys offline. KeepKey wallets give you protection against unauthorized use and passphrase protection. It also has customizable transaction speeds and limitless wallet addresses on a single device.
It supports more than 40 leading cryptocurrencies that include Chainlink, Dash, Dogecoin and Bitcoin. With KeepKey, you can backup and restore your keys at any moment. It also features a large display to give you clarity over every digital asset sent and received on your device.
Best Software Wallet: Coinbase
Coinbase is an online broker widely used to trade cryptocurrencies. It has a web wallet that lets you buy, sell and store cryptocurrencies. It supports many cryptocurrencies such as Bitcoin, Ethereum and Chainlink. Your wallet is protected with Secure Enclave and biometric authentication technology.
It lets you use decentralized cryptocurrency exchanges to buy and sell tokens anywhere, anytime. You can also earn cryptocurrencies by doing tasks and contributing to the Coinbase community. Coinbase wallets feature an extensive collection of digital art that you can unlock to use on your profile and marketplaces.
Best for Converting Cash to Crypto: Dharma.io
If you’re planning to invest in LINK, using Dharma.io gives you a few more options than other crypto wallets. First, you can convert cash into crypto in a few easy steps.
Next, aside from turning your cash into cryptocurrency, your token are staked through Compound for up to 6.98% as soon as you make your purchase.
Finally, Dharma.io gives you access to:
- Easy to manage support via ZenDesk
- Nearly 74,000 tokens
- 2 networks
- 55 DeFi exchanges
- A host of Ethereum dApps
Trade or Sell Your Cryptocurrency
Chainlink has had rapid price movements compared to other cryptocurrencies this year. The price of a Chainlink token had risen by 1,000% at the start of 2020. The price gradually reduced over the following months.
The price of a Chainlink token rose by 10% in October 2020 and started trading above $10 per token. The positive price movement came weeks after Chainlink was trading at $7.2 in September 2020. According to market forecasts, the price of Chainlink can go up by a massive 33% in the coming months and reach a target of $18 per token.
If you’re new to trading Chainlinks, it could potentially be the right time for you to invest and earn big profits.
Current Crypto Prices
Chainlink has more than 395 tokens in circulation and trades more than 1.1 billion tokens per day. Take a look at our table for current crypto prices.
Chainlink: The Future of Cryptocurrency?
The steady growth of Chainlink has urged eager crypto traders to invest. Don’t miss your chance to grow your digital assets by putting your money behind Chainlink.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.