Cryptocurrencies are widely popular all over US states, including Missouri. The state has recently introduced a bill that would exempt cryptocurrencies from securities regulation and property taxes.
What’s more, HB 2672, sponsored by Rep. Phil Cristofanelli, would exempt the sale or use of cryptos from the money transmitter licensing requirements, thus creating a friendly environment for virtual currencies, including Polkadot.
According to Cristofanelli, the crypto industry has enormous potential to create bigger economic and political freedom in the state. The bill was introduced on February 10 and has yet to be assigned to a committee for a hearing.
If you’re looking to get your hands on some DOT coins, you’re in the right place. We’ll introduce you to the trending cryptocurrency and explain the best way to buy or sell DOT in Missouri. Stay tuned!
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What Is Polkadot (DOT)?
Saying that Polkadot is merely a cryptocurrency wouldn’t be true. In the blockchain universe, Polkadot is a protocol that follows decentralized technology, just like ETH. However, the creators took Polkadot a step further. Unlike Ethereum, Polkadot’s goal is to connect various blockchains worldwide.
Essentially, the idea is to bring Web 3.0 closer to reality by allowing people to use different blockchains (parachains) to perform transactions of various things, such as assets or data — not just coins. Although several other projects with the same idea are in the works, Polkadot is the most advanced one, attracting numerous investors into buying its native coin, DOT.
Another thing that makes Polkadot different from other cryptocurrencies is its vast processing power. Thanks to advanced technologies, Polkadot can process transactions much faster than Bitcoin or Ethereum.
Overall, Polkadot is a great innovation, mainly because the people behind it have tremendous experience. One of its creators is Gavin Wood, the person who co-founded Ethereum.
Thanks to its fast processing potential and easy scaling, Polkadot is quickly becoming one of the top cryptocurrencies that attract new investors every day, including those from Missouri.
Polkadot in Numbers
Polkadot has been among the top 20 most popular cryptocurrencies for quite some time. Despite not being as large as Ethereum or Bitcoin, Polkadot has managed to attract a fair share of investors.
In 2020, Polkadot went through redenomination, where its coin value was redefined. You won’t find many cryptocurrencies that have gone through it, mainly because it makes abrupt changes in the coin’s price. As a result, the Polkadot value oscillated between $6 and $55 during one year. The current supply of Polkadot exceeds one billion, with over 900 million coins in circulation.
Currently, the DOT price is $17.30, with a market cap exceeding $17 billion.
Why Buy Polkadot?
The main reason people buy cryptocurrencies is the same, regardless of the coin in question — their volatile nature allows you to make a quick profit, especially if you get involved in day trading. Since the overall Polkadot predictions are good, many investors are buying the coin now and playing the long game — waiting for the DOT value to grow.
Polkadot attracts users thanks to its many features, including parachains and the possibility to transfer various data and assets, not only coins. What’s more, since its price is low compared to other cryptocurrencies, an entire coin can be bought, which is enticing to many investors.
Finally, as a DOT owner, you’ll be involved in the platform’s governance. The amount of coins you own is equal to the power you have. So, the more coins, the bigger your influence in decision-making and control.
Where to Buy Polkadot in Missouri?
Missouri residents have the same options as crypto enthusiasts in other US states. Two main options are available in MO — reliable exchange platforms or in-person purchase. The following guide will focus primarily on the first option, as the second is unsafe, and we don’t recommend it.
Centralized Cryptocurrency Exchanges
As mentioned, crypto exchanges are the best and safest option to buy Polkadot in Missouri. There are two main types of exchange platforms — centralized and decentralized.
The former ones are run by a company or an organization operating within a country. They abide by all the laws and have the necessary licenses. This allows them to perform security and identity checks, enabling users to buy, sell, or trade crypto safely. The most well-known centralized Polkadot exchanges are Coinbase, Binance, Kraken, and Gemini.
Their decentralized counterparts are more challenging to find. As the name suggests, these platforms operate outside of any government jurisdiction, much like cryptocurrencies. Many crypto enthusiasts consider them a safer option, mainly because they don’t require users to share any sensitive information. However, you’ll rarely encounter decentralized exchange platforms.
Since centralized platforms are more accessible to the residents of Missouri, we’ll discuss them in greater detail. Although you’ll have many options at your disposal, you should know how to choose the right one. Here’s what you should consider:
- Availability in Missouri — First of all, you should check whether the chosen exchange operates in Missouri.
- Supported cryptocurrencies — See if DOT is one of the accepted cryptocurrencies. Moreover, if you wish to use other crypto coins to purchase DOT, you must make sure it’s available on the exchange.
- Security — You want to ensure your data and coins will be kept safe, so check the security measures before registering an account.
- User interface — You should be able to navigate the platform easily, so a user-centric design is essential.
- Fees and transaction costs — Regardless of the exchange, you’ll still have to pay fees and additional costs. Just make sure you find a platform that’s not overly expensive.
- Available payment methods — Check out which fiat currency payment methods are available to you.
- Limits — Ensure you’re satisfied with the trading limits imposed by the exchange.
- General reputation — See what other people are saying about the chosen platform. Read the reviews before making a decision.
Buying Polkadot Directly in Missouri
Another option to purchase Polkadot in Missouri is to find a person willing to sell it. That way, you’ll be able to buy it directly without involving a third party. You won’t have to pay additional costs or conversion fees, and the price will depend on your negotiation skills.
While it all sounds great, buying from a random person can be extremely unsafe, as you can easily get scammed. Therefore, before buying DOT directly, make sure to perform the necessary security checks or find someone you trust.
Step-by-Step Guide to Buying Polkadot in Missouri
If you’ve previously bought other cryptocurrencies, you’ll know what to do. However, if the entire crypto world is new to you, you’ll find the following guide helpful. Here’s how you can buy DOT in Missouri using centralized exchanges:
- Choose an exchange — Pick one of the exchanges available to the residents of Missouri.
- Get a Polkadot wallet — Before you acquire Polkadot, make sure to find a suitable crypto wallet where you’ll store coins.
- Create an account — Join the exchange you find most suitable by registering an account.
- Fund your exchange account — Use one of the available payment options to top up your account with enough USD to purchase Polkadot.
- Buy DOT — Find the option to get DOT, enter the amount you wish to buy, and complete the purchase.
- Send DOT to the wallet of your choice — Once DOT appears on your account, transfer it to the wallet. Of course, you can keep it in the exchange, but it will be more secure if it’s in the specialized crypto wallet. However, if you want to transfer it further or exchange it, you shouldn’t go through the trouble of sending it to the wallet.
As you can see, buying Polkadot in Missouri is a piece of cake. Although you might need more time to understand how Polkadot and other cryptocurrencies work, you won’t regret investing in it now, especially when its price is stable.
Therefore, if you’re ready to become the proud owner of DOT, you need to choose an exchange, become a member, and use USD to buy Polkadot. Afterward, you can stake it, move it to the wallet, or purchase other cryptocurrencies — the possibilities are endless.