What is Polkadot (DOT)?
Created by a former co-founder of Ethereum, Polkadot is a platform that seeks to connect multiple blockchain networks into an 'Internet of Blockchains'. It accomplishes this with its unique use of a main 'Relay Chain' where transactions are agreed upon, plus user-generated 'Parachains'. Unlike Bitcoin’s proof-of-work system, Polkadot uses a proof-of-stake consensus mechanism to secure the network, verify transactions, and create and distribute new DOT. You can buy and sell DOT for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade DOT for BTC the same way you trade CAD for USD. You can also trade DOT to CAD based on the DOT price. To learn how to buy Polkadot / DOT, scroll down to see how to buy Polkadot.
How to buy Polkadot (DOT)?
Here's how to buy Polkadot on Coinsquare
To buy Polkadot, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying DOT. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select DOT from the list on the trade section
Coinsquare lets you trade DOT without leaving the app. You can also check the Polkadot price and convert DOT to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the DOT price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Polkadot (DOT)
Congratulations! You’re now the proud owner of DOT. You can either HODL or use it to exchange DOT to CAD.
Where do I keep my Polkadot (DOT)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. We’re constantly organizing funds to ensure our customers trade instantly and securely. There are different storage options available for your cryptocurrency, your choice should ultimately be the one that suits your needs. Mobile and web wallets can make transactions easy as the currencies are accessible directly from your phone or device, whereas hardware wallets are best suited for secure, long-term storage as they eliminate the vulnerability found in online environments.
Ready to add Polkadot (DOT) to your portfolio?
Create your account, fund it with spare change and get a little bit of DOT.
