Frequently asked questions
Chainlink is a decentralized network that connects off-blockchain data with on-blockchain smart contracts. Smart contracts are agreements on the blockchain that evaluate information and execute when certain conditions are met.
On exchanges, Chainlink is often referred to with a four-letter abbreviation: LINK.
Chainlink's price is a market price determined by exchanges. It's actually pretty easy: if there are more buyers than sellers, Chalink's price will increaase.
That said, the value of the cryptocurrency also depends on the broader crypto market and the adoption of the Chainlink network: the more people use it, the more valuable it will get.
The easiest way to get Chainlink is to buy it on a crypto exchange.
A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.
Is now a good time to buy Chainlink? Frankly, we don’t know.
But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).
Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.
No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.
There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.
When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.
Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.
All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.
Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.
Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.
Certain exchanges will allow traders to buy Chainlink using a wide variety of payment methods. Others are more restrictive, and will insist on a direct bank transfer. Fortunately, there’s a tool that will help you to make a faster decision, and that’s Cryptoradar. Simply select your criteria, narrow down the search, then pick out an exchange that’s appropriate to your needs and location.
Getting started with crypto can be hard. Our detailed price comparisons and cryptocurrency guides have you covered.