Polkadot (DOT) is one of the most attractive cryptocurrencies today. It’s constantly in the top 20 cryptos globally with a high-enough price that makes it worthwhile to many investors.
What’s more, the technology it’s based on promises to make Web3 a reality, so it’s a favorable coin one should consider.
If you’re on the same path, you probably wonder how to get your hands on some DOT tokens in Arkansas. Fear not, because it is pretty easy, and you can do it in pretty much the same places as any other person from most other states in the US.
However, there are still some nuances and plenty of important information you first need to understand, starting with a detailed explanation of the coin itself.
What Is Polkadot and How Does It Work?
Polkadot is an open-source blockchain system and cryptocurrency that lets users create various applications on it, trade all types of assets, and most notably, the DOT token itself.
Gavin Wood, the famous Ethereum co-founder, adapted the protocol and developed it with the help of the Web3 Foundation. Their goal is to help make the next decentralized version of the internet a reality. Thanks to the vastly useful technology behind this cryptocurrency and blockchain, they can actually do so.
However, it all depends on the users and how many are willing to join this growing network. Naturally, this is a long shot as it truly sounds revolutionary, and for now, we need to keep ourselves in the present.
Polkadot is highly scalable and very secure, and the DOT token acts as the governance token of the whole Polkadot network. It is available for staking purposes, which further secures and expands the network, or even for bonding new chains. This is where the Polkadot platform truly shines — it allows users to connect entirely new blockchains to the Polkadot network.
Ethereum is quite similar, and Polkadot’s origins come from the second-most used cryptocurrency worldwide. However, Polkadot is more scalable and offers users the chance to connect entirely different blockchains, which is precisely why this crypto can create a truly decentralized web.
Thanks to the proof-of-stake mechanism used and the staking ability, users can easily, and without a fault, accomplish several things:
- Secure the Polkadot network
- Verify transactions
- Create and distribute new DOT tokens
It all depends on how much time and technical knowledge you have to spend, but the more you invest yourself, the better rewards you’ll get. That’s because staking DOT tokens includes an inherent rewards system that incentivizes users to create more tokens.
Polkadot and the DOT Token in Numbers
The DOT token is not limited to how many coins the miners can collectively create. Unless the users agree to change this system, the network can expand indefinitely. At the moment, there are almost a trillion tokens in circulation, with a collective market cap of more than $18 trillion.
The price of each has been around $20 as of late, but it can be quite volatile. That’s why you could buy a DOT token for as little as $10 and as much as $55 in the last year.
It’s worth mentioning that the network has already changed the system in the past. After deciding to redenominate the whole system, everyone’s DOT balance was increased by 100. That happened to avoid using small decimals and make most calculations with the crypto much easier, while nothing else has changed and the value of DOT balances hasn’t changed.
Why Should One Buy DOT Tokens?
The main reason is that the Polkadot is certainly worthwhile crypto due to its price, market cap, and of course, the fact that it’s in the top 20 and recently in the top 10 cryptocurrencies on the planet.
This makes Polkadot an interesting choice for every crypto investor, while everyone new to the world of cryptocurrency should certainly at least consider it.
Moreover, the platform is quite unique and offers many benefits and possibilities for future growth. This is especially true with Polkadot’s rewards and staking system. It allows you to become a part of the governance of the coin, and the more involved you get, the bigger the rewards you’ll get from the tokens you’ve staked.
This makes this crypto a perfect choice for anyone looking to make some passive income in the crypto world.
Where Can I Buy Polkadot in Arkansas?
As is usually the case with Polkadot and most other cryptocurrencies in the US, you can buy the tokens in two places in Arkansas — centralized crypto exchanges and in-person.
Centralized Cryptocurrency Exchanges
Exchanges are the most popular and most secure method of buying cryptocurrency in Arkansas and anywhere else in the world, for that matter.
That’s because each exchange is effectively a marketplace that lets people trade various cryptocurrencies. You get to use many popular payment methods to deposit US dollars, and then you can simply choose an offer and buy the amount of DOT tokens you want. It’s as simple as that.
However, there are still a few things you need to consider when you’re deciding which cryptocurrency exchange to use:
- Covered cryptocurrencies — Naturally, you want the exchange to have DOT tokens, but you also want it to cover as many other notable coins as possible. You can trade DOT for them or vice versa.
- Availability in Arkansas — Most notable crypto exchanges that work in the US work in Arkansas as well. However, it’s important to check to make sure.
- Liquidity — You need to make sure that the exchange has enough DOT tokens, or in other words, that enough people are willing to trade it. This will reduce waiting times and let you trade more frequently and quickly.
- Ease of use — User-friendliness shows a lot about a platform. It tells you that it cares for its users and makes getting used to it easier.
- Licensing — Many exchanges will allow you to use them, but that doesn’t mean you should. They have to be licensed by the right authority for the US and Arkansas. Without a license, you could be risking your funds.
- Security — Make sure you check the security features of the exchange and how they deal with breaches, as many exchanges have had at least one in the past. Also, look for insurance, as you want your funds protected in case of a breach.
- Payment options — The more options you have, the better. Most exchanges will feature a few dozen payment methods, but make sure the ones you usually use are among them.
- Fees — Every exchange has fees as that’s how they make a profit. However, some have higher and some lower fees, so make sure to check the pricing before joining.
- Limits — Exchanges tend to place limits on how much you can deposit, withdraw, and trade.
Buying From a Person
If you want to avoid the fees and limits exchanges tend to place, you can always buy directly from a person willing to sell Polkadot.
However, remember that this can be complicated, as you first have to find someone willing to sell, make sure you can trust them, and make a deal that benefits both.
It’s best to do this in public or look for a mediator to ensure you don’t get scammed.
How to Buy DOT Tokens in Only a Few Easy Steps
As most people choose to buy at an exchange, we have prepared a list of steps with explanations and what you need to do to reach the result you’re looking for — becoming an owner of DOT tokens.
Remember that there will be slight differences depending on the site you choose, as each exchange has something unique about its method of buying crypto. In general, this is what you’ll need to do:
- Get a crypto wallet — Choose one of the most popular ones, check that it supports Polkadot, and set it up.
- Pick a crypto exchange — Pick one of the exchanges we recommend or find one on your own. Make sure it covers Polkadot and that it has the necessary features we’ve described.
- Create an account — Follow the registration procedure to create and verify an account at the exchange.
- Make a deposit — Visit the dedicated area, pick a payment method, and follow the process to deposit the amount you want to.
- Buy Polkadot — Now that you have the funds for it, just pick the right pair and buy the desired number of DOT tokens.
Buying Polkadot in Arkansas is relatively easy. Once you’ve learned what you can about crypto and made sure you are ready to invest, all you need to do is register at an exchange.
You can choose any of the sites we recommend, and once your account is ready and verified, all it takes is a quick deposit, and you can buy your first DOT tokens.