If you’ve been thinking about buying Polkadot (DOT) in Indiana but don’t know where to start, you’ve come to the right place. Acquiring this cryptocurrency in any US state, including Indiana, is simple, and there are several ways of doing so.
In the following article, we’ll introduce you to Polkadot and give you a guide on how to buy it. You’ll also get a list of the best exchange platforms where you can easily convert fiat currency into DOT. Let’s begin!
What Is Polkadot (DOT)?
Even though Polkadot shares many similarities with other popular cryptocurrencies, it’s unique in many ways. At the moment, Polkadot is among the top ten most popular cryptos, right after Bitcoin, Ethereum and Litecoin.
Polkadot is a blockchain platform, while DOT is the native crypto coin of the platform. It was founded in 2017 as a sharded blockchain system, which means it can connect various chains to work in one network. These parachains can process different transactions at the same time and exchange information without compromising security.
The DOT coin has multiple purposes — it governs the network and serves as a bond that generates new blockchains. Owners can also stake DOT to ensure a better network operation.
The token allows the connection between various blockchains, regardless of their compatibility. This is possible thanks to the main chain, aka relay chain, which bonds other blockchains and facilitates any type of transfer.
As a result, the Polkadot network can be used for various transactions, including other coins, data, or assets.
It’s evident that Polkadot has enormous potential, which is why crypto enthusiasts often call it the Ethereum killer. Even though Ethereum is currently more stable and popular, Polkadot poses a real threat thanks to its unique operational model, features, and capabilities.
Polkadot in Numbers
Polkadot was launched in October 2017, with ten million coins issued as the initial offering. Five years later, over 1.14 billion DOT coins have been distributed, with just over one billion currently in circulation. The rest of the coins have been burned.
Despite its young age, the DOT’s price has grown immensely — from $3.9 in August 2020 to $53.8 in April 2021. At the moment, the value circles around $20, while the Polkadot network market cap reached a staggering $22 billion.
Unlike certain cryptos, Polkadot doesn’t have maximum supply, which means miners can generate as many new coins as they wish. Although this can decrease the coin’s value over time, it won’t happen anytime soon based on the current numbers.
The people behind Polkadot own around 30% of the coins, while 11.4% belong to the Web3 Foundation that operates Polkadot. The rest of the DOT (58.6%) is owned by various investors.
Why Acquire Polkadot?
The main reason why people buy Polkadot (and any other cryptocurrency) is that it offers a chance for a quick profit, especially if you partake in day trading. However, if you’re just getting started, we suggest investing in DOT and holding onto the coins for a while, thus giving yourself time to follow its price and see how it pans out in the long run.
Furthermore, Polkadot is unique in its business model. Thanks to the innovative parachains, users can use Polkadot for various transactions, such as data or assets. Also, investing in DOT can give you a chance to be a part of the platform’s governance and participate in significant decision-making. However, the power you hold directly depends on the amount you’ve staked.
Where to Buy Polkadot in Indiana?
Regardless of our location, you’ll have two options when buying Polkadot — using reliable cryptocurrency exchanges or purchasing directly from someone willing to sell it. In the following paragraphs, we’ll discuss both methods. However, we’ll focus more on the former, as a direct DOT purchase can be unreliable.
Centralized Cryptocurrency Exchanges
You can acquire, sell, exchange, or keep DOT on exchange platforms. The two types of exchanges are centralized and decentralized.
The first one is owned by a company or an organization and imposes its own rules and fees. Centralized exchanges also abide by the laws of a country they’re operating in. This means they hold valid licenses and can perform identity checks or require specific documents from their users. These websites are the most common choice for people purchasing Polkadot.
The most popular DOT exchange platforms are Binance, Coinbase, KuCoin, Huobi Global, Kraken, and Gemini.
On the other hand, decentralized exchange sites are much like cryptocurrencies — they operate outside of any government jurisdiction. These platforms don’t require you to register an account or share any sensitive information. While they can be a good choice, such sites are incredibly rare.
Therefore, we’ll focus on centralized exchange platforms, as they provide more security and are widely available to residents of Indiana.
Below, you can find the necessary elements to consider when choosing the right site for DOT acquisition:
- Availability in Indiana — Before starting any exchange process, make sure the platform is available to Indiana residents.
- Supported cryptocurrencies — See whether the chosen platform accepts Polkadot and any other cryptos you might be interested in.
- User interface — Check out the site’s navigation and see how easy it is to use.
- Security — Learn more about the security measures and encryption protocols. You don’t want to share sensitive information or leave the money unprotected.
- Transaction and conversion fees — Every exchange will charge trading fees, but some are more costly. Compare the prices and choose the best one.
- Deposit and withdrawal methods — Ensure the platform supports your preferred payment option for fiat transactions.
- Trading limits — Find out more about how much you can acquire or sell over a certain period.
- Overall reputation — Read more about the platform’s online reputation. Go through user reviews and feedback to ensure the site doesn’t have any security issues.
Buying Polkadot Directly
If using cryptocurrency exchanges sounds too complicated, you could opt for direct purchase. If you find a person willing to sell Polkadot, you can get in touch with them and efficiently carry out the transaction. That way, you won’t have to rely on third-party crypto exchange platforms.
What’s more, buying DOT directly won’t incur any additional costs, like conversion fees. However, you’ll have to look for a way to reach the desired price, which means your negotiation skills should be solid.
Finally, we must stress the importance of choosing a reliable person if you opt for direct acquisition. Many inexperienced people are easily scammed because they don’t perform the necessary security checks. Therefore, only purchase DOT if you have complete trust in the person selling it.
Detailed Guide to Buying Polkadot in Indiana
If you have experience with cryptocurrencies, you won’t have any trouble acquiring Polkadot in Indiana. The process is similar to buying any other digital currency.
Below, you can read a detailed guide on how to buy DOT in Indiana without a hitch:
- Select a crypto exchange — Choose one of the reliable cryptocurrency exchange platforms you can access from Indiana.
- Find a digital wallet — Before commencing the process of buying Polkadot, you’ll need a wallet to store your DOT.
- Become a member of an exchange platform — Register an account on the chosen Polkadot exchange site.
- Transfer the funds into your new exchange account — Use a payment method of choice to transfer fiat currency. You’ll later use the money to buy DOT.
- Acquire Polkadot — Choose the option to purchase Polkadot, insert the amount you’d like to get, and confirm the transaction.
- Transfer DOT from the exchange to your crypto wallet — If you want, you can keep DOT on your exchange account. However, if you wish for more security, you should transfer the coins to the digital wallet. Of course, if you plan to use Polkadot for other exchanges, then you could keep it in the exchange.
As you can see, purchasing Polkadot in Indiana is simple. As soon as you choose the right exchange platform, you just have to register an account and transfer fiat currency. Afterward, you can easily buy DOT. While it’s impossible to predict how the coin’s price will behave in the future, the DOT’s popularity is undeniable. So, if you’re thinking about investing in this cryptocurrency, there is no better time than now — you already know what to do.