Chainlink (LINK) has established itself in the top ten largest crypto currencies by market capitalization in 2020. The de fi boom in the crypto industry is helping to boost Chainlink’s positive price development. Why this is so, where you can buy LINK and what else you need to know – you can find out all this here. With our link to Binance you save another 10% in fees.
Chainlink began raising venture capital through an ICO in September 2017, raising over $30 million. Early investors were attracted by Chainlink’s ability to feed data from all kinds of sources into smart contracts in real time. LINK is the native currency used to pay for such services.
Chainlink really took off in 2019 when major companies such as Oracle and Google announced cooperation with Chainlink. The exchange rate exploded and rose to over 2 US dollars. In the fall of 2020, however, LINK was quoted at a stable level well above 10 US dollars and thus proved to be one of the most successful old coins in recent times.
The basis for this positive trend is the broad applicability of Chainlink. One example: A betting transaction is agreed in a Smart Contract. But where does the reliable information come from to determine the outcome of the bet? Chainlink’s automated contract (Smart Contract) obtains this information from recognized sources and then initiates the consequences such as payout.
Whether economic data from classic stock exchanges, weather forecasts or election results – Chainlink can link real-time data with Smart Contracts in block chains and thus has a unique selling point. This is further supported by the rapidly growing DeFi sector in the crypto industry.
This is because DeFi projects need reliable price data from independent sources in their protocols. Chainlink collects this data and passes it on automatically. For this, LINK is paid. This explains the growing number of Chainlink customers and the increasing importance of LINK.
You as an investor can participate in the success of Chainlink by buying LINK and selling it again when prices rise. It is important that the selected crypto exchange is easy to use, guarantees low fees and has high liquidity. Because only where LINK is traded constantly and frequently can realistic market prices be formed. We therefore recommend Binance as the world’s leading crypto exchange for trading with Chainlink, because Binance fulfils all three criteria mentioned.
The first step in purchasing LINK from Binance is to open a customer account there. Binance wants to know your e-mail address and you define a password. Then you will immediately receive an e-mail with a confirmation link – and you’ll have a customer account with Binance.
Important: In order to be able to use euros or other Fiat currencies with Binance, you must confirm the identity of your customer account. This also applies if you wish to withdraw more than 2 Bitcoin (BTC) per day. The identity check (KYC, Know Your Customer) is also carried out online at Binance. You will have your passport or identity card ready and will upload this document and proof of your residence (bank statement, current invoice, etc.). Normally Binance will send you the confirmation within a few hours.
With Visa or Mastercard credit cards, you can immediately deposit euros at Binance and then use them for further trading. For this time advantage you also pay a steep three percent fee.
Who as an a riser does not hold any credit balances in Bitcoin or other crypto currencies yet, fills its customer account with Binance most favorably with euro by bank transfer. This costs only 0.50 euros in fees - but you will have to wait one or two banking days until the money is credited to your account with Binance.
Anyone who already calls Bitcoin or other crypto currencies their own can transfer them from their wallet to their customer account with Binance. It is sufficient to scan the QR code of the destination address and initiate the transaction of the desired amount. Usually Binance will inform you about the receipt after a few minutes. Another advantage: When depositing Bitcoin and Co. you save yourself the trouble of identity verification.
As soon as your account has credit on Binance, you can already buy LINK. Start under the menu item “Markets” in the top line at Binance and enter “LINK” in the search field. Then you can see which currency pairs Binance quotes for Chainlink. As of September 2020, LINK cannot be bought directly from Binance against Euro.
So you need for example Bitcoin (BTC) or the stablecoin USDT (Tether) to buy Chainlink. You can get these for Euro in seconds by clicking on “Fiat Markets”.
Now go to the currency pair of your choice for Chainlink (LINK) as described above and click “Trade”. Now the actual trading platform at Binance appears, with the price curve at its center. To the left of it are the order books, to the right are the trades that have been executed, and price information on other crypto currencies.
The relevant order field is placed below the price curve. There you enter under “Buy” how much link you want to buy. With the option “Market” you buy LINK immediately at the current market price. At “Limit” you set the price if you want to wait for a target price.
Selling Chainlink at Binance is just as easy. For the desired currency pair, you enter the number of LINKs you wish to sell, either at the market price (“Market”) or only when a target price is reached (“Limit”). You can then convert the USDT or BTC you have received back into Euros and have it paid out to your bank account.
In the crypto year 2020, LINK achieved an impressive price increase and at times even increased its price tenfold. In autumn 2020, LINK is still well in the black with prices above 10 US dollars and is on everyone’s lips in the wake of the DeFi boom.
Chainlink gives you the chance not to bet on DeFi. This division needs Chainlink services and can contribute to further growth. However, Chainlink has a broader base and LINK is not only dependent on DeFi.
Critics of Chainlink criticize that LINK is organized via a modified block chain from Ethereum (ETH) and thus does not act technologically independently. They are also less optimistic about the customer group targeted by Chainlink. However, these sceptics, such as Zeus Capital, have published misguided forecasts en masse regarding the price development of LINK.
Confusion was also caused by the fact that the founders and developers of Chainlink have already partially sold and silvered their shares in LINK. However, critical reporting on this ignores the fact that the volumes of these LINK in relation to the total volume of daily trading do not play a relevant role and that the team behind Chainlink continues to hold LINK – a commitment to Chainlink’s future.
Overall, Chainlink does not yet seem to have fully developed its potential applications. With topics such as self-propelled cars, the Internet of Things and tokenization, many areas are still coming up for Chainlink where the linking of real-time data from the real world with block chain solutions is in demand. LINK has therefore already demonstrated its upward price potential and its position as a link between data service providers and the crypto industry.
Chainlink can be stored as ERC-677 token on all common wallets. Binance recommends its Trust Wallet as a software wallet for LINK and thus a serious and proven option is available to you. An alternative among the software wallets is MetaMask, where you can also seamlessly use a browser optimized for DApps.
But the safest option for storing your LINK remains the Hardware Wallet. Here your chainlinks are protected from the internet on a small piece of hardware and attacks by cyber criminals are basically impossible. The two leading manufacturers of hardware wallets are called Trezor and Ledger and their products are compatible with LINK. We see the Ledger Nano S as an entry level model and the Ledger Nano X as a hardware wallet for professionals as the best solutions to secure your chainlink because of their easy user interface.
Chainlink embodies in its fascinating idea the linking of data from the real world with the rapidly developing online solutions from the crypto industry. The project is long out of beta status and has won well-known customers from both worlds. With LINK as a native token, Chainlink has a model that allows the services to be paid for. And LINK is your opportunity to realize profits with further successes of Chainlink. Considering the still untapped application areas of Chainlink, the chances are good that LINK will continue to develop positively in price.
Here you can find the current LINK price and see how the price has developed.
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