How to Buy & Store Chainlink by Using Coinbase

Chainlink is secure blockchain middleware that enables smart contracts on various networks to connect with the critical resources they need to become useful for 90% of use cases.The link network is the first decentralized oracle network that allows everyone to securely provide smart contracts with access to key external data,  off-chain payments, and any other API capabilities. Chainlink works with SWIFT, Partnered with Cornell’s IC3.

How to Buy Chainlink

You can choose the easiest and most convenient wallet option for storing your chainlink coins provided by MyEtherWallet, and it can store any coin on the Ethereum blockchain.

  1. First of all, you have to go to the official website of MyEtherWallet, then mention a password that would be hard to guess, but remember don’t forget the password. Once you forget the password, then you can’t access your coins. Then press ‘Create New Wallets.’
  2. Then click ‘Download Keystore File.’ Then you must read and understand the warnings. It is important to back this file up somewhere safe. After that, Click ‘I understand.’ Continue.
  3. Now you will be presented a powerful unencrypted private key to your wallet. Then print out your private key and store it somewhere safe, once you have done that, delete all references to it from your computer. It is because sometime in the future you might get a virus or malware, or in case visit a website with an advert that has malicious code.If someone gets your private key, then they can easily open your wallet and steal your coins. Print out your private key is insecure but it is necessary when you lose your keystore file or if you lose your keystore file. With the help of your private key, you can access your account as a last resort. You can see an option to print a paper wallet which will show you everything you would need to access your wallet. Once you have done that, treat it just like the Keystore file you just downloaded – and make sure the file is hidden and safe. Then press’save your address.’

  1. Now we are going to open your new wallet. Then select the ‘Keystore File’ option, then upload the keystore file that you have saved in step 2, and then enter your password. After that scroll down the page to get your opened wallet.
  2. Now you can see a long string of letters and numbers named ‘Your Address.’ This is your wallet address and its where we are going to sending your Chainlinkcoins.
  3. Copy this address and keep it somewhere safe because we need it soon.
  4. Now we can purchase the popular cryptocurrency Ethereum so that we can exchange it for Chainlink (If you have Ethereum already, then you can skip ahead). Now select which Ethereum exchange you would like to use.

How to Buy Chainlink by Using Coinbase

  1. Coinbase operates in 32 countries, and it accepts debit and credit cards and bank transfers. It requires ID verification for some payment methods. Coinbase can have low buy limits at first, increase with use.You can also choose other exchanges.
  2. First of all, you need to sign up to Coinbase; then we will both get ten dollars of free coins when you spend over $ 100.
  3. Then press the ‘sign up’ button and fill your required details such as name (the name should be same as in your photo ID), email, password, and location. Just like a US bank, Coinbase is regulated by the US government, and it has strict financial rules. So the take verifying your identity very seriously. It is what makes Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.
  4. For verifying your account, you must give a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
  5. It is so expensive using a credit/debit card on Coinbase, but it gives instant purchasing. You can save more money by using a bank transfer. But it takes time to get your coins. After your payment details are verified, press ‘buy/sell’ from the top menu. Then choose ‘Ethereum’ and at the and the bottom of the page and select how many coins you want to buy.  If you are comfortable with the amount, click the ‘Buy button.
  6. In the next step, you will be asked to confirm your purchase, click the ‘Confirm Buy’ button.
  7. Congrats! You now own some Ethereum. But do not close Coinbase as we are going to need it again in a few minutes.
  8. To exchange your Ethereum for Chainlink, you have to use the site named Binance. Go to the site and click ‘Register’ at the top right menu. Then enter your email and strong password (make sure that you won’t forget the password). Click ‘Register’.
  9. Then you will be given an email to confirm the email address. Then click the link in the email.  You will be taken back to Binance as your email is confirmed. Then press ‘Login.’At The login form. Enter the email and password that you have used to sign up, then click ‘Login.’
  10. A pop-up will advise you to set up 2FA (two-factor authentication) on your account; it is useful when a hacker manages to get hold of your password, this second level security makes it very unlikely they will be able to get into your Binance account.
  11. Then click  ‘FUNDS’ on the top menu and press on ‘Deposits Withdrawals.’ This screen shows the coins that you have stored on Binance – obviously none at the moment. Then type ‘Ethereum’ in the search box. This will narrow the wallets exposed to just a few-in those, notice Ethereum. After that press ‘Deposit.’ Then you will get an Ethereum deposit address which will be a long string of numbers and letters. Do copy this address and keep it somewhere safe as we need it again.
  12. Now, wait a few minutes for the coins to move across the network. The coins will take some time to display in your Binance wallet. There is no need to refresh the page as Binance will update automatically.
  13. If the Ethereum shows in your ‘available balance,’ then we are ready to trade for Chainlink. Then click here to jump straight to the LINK/ETH exchange market on Binance.

  1. There are two ways of buying coins: A ‘Limit’ order which allows you to set the rate at which you want to buy, A ‘Market’ buy, which fulfills your order automatically at the best price available.
  2. In this options, we will go to market buy as it is the simplest option to buy coins. Then find the big green ‘Buy LINK’ button, above it press the ‘Market’ option. In the input box marked ‘Amount,’ you have to fill how many LINK you would like to buy. Choosing the percentage buttons below the input box is easy. If you are comfortable with the amount, then press the buy button. Then soon your order will be filled immediately.

  1. Then press ‘Funds’ along the top menu, after that, ‘Deposit Withdrawals.’ Then type LINK in the search box. Soon you will be able to see your LINK in your LINK wallet.
  2. Now let’s move these coins to your wallet. Then click the ‘Withdrawal button.
  3. In the boxes that appear, fill in this information Label: Write ‘My wallet,’ Address: Add the wallet address that you copied from MyEtherWallet (in step 5), Amount: Click the ‘Max’ button for sending all your LINK.
  4. Please check the details you have mentioned are correct or not. Then press ‘Submit.’
  5. Once you have set up two-factor authentication, then you will be asked for a code from your phone. Enter it, and press Submit button. Then you will get an email to confirm the withdrawal. Open the email and click the link that has been sent to you.
  6. Go back to MyEtherWallet. Now you could see the Chainlink in your wallet under ‘Token Balances.’ Not all newer tokens automatically display in your token balance list. If its so, follow this tutorial to have them show up.
  7. Chainlink coins exist as a token on the Ethereum network. For moving Chainlink coins across that network costs ‘gas’, which are in the form of Ether coins. If you want to move Chainlink coins to another address, you need some of those ether coins to power the translation.
  8. What about when you’re ready to sell your Chainlink? You simply turn the tasks you have done in this guide. how to buy Chainlink, where to buy Chainlink, history of Chainlink, features of Chainlink,

Jesicca Author

Leave a Reply

Your email address will not be published. Required fields are marked *