When it comes to crypto trading, we can say that Nevada is pretty much open to it. Back in 2017, Nevada became the first state to prohibit local governments from imposing taxes on blockchain use through Senate Bill No. 398. This move encouraged crypto-based businesses and let Nevada take part in this decentralized system.
Later on, in 2019, the Silver State attempted to pass a crypto regulatory act, but to no avail. Ultimately, the regulations set by the Financial Institutions Division of Nevada related to crypto business came down to a single rule — all crypto businesses must obtain a money transmitter license.
As Polkadot belongs to the crypto world, it’s clear that these regulations apply to it as well. In this text, you’ll find out more about this cryptocurrency, its token DOT, and learn how to successfully purchase it in the state of Nevada.
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What Is Polkadot (DOT)?
So far, we’ve heard about many cryptocurrencies and the benefits of the entire blockchain technology and decentralized finance. However, in terms of Polkadot, this basic explanation of the way cryptocurrencies work wouldn’t suffice.
Polkadot developers didn’t want to create just another cryptocurrency to replicate the existing ones. They wanted to go the extra mile and come up with crypto that would do much more and enable a connection of different blockchains around the world.
Built as a project of a Swiss Foundation known as Web3 Foundation, Polkadot’s main goal is to establish a simple and functional decentralized web and help users complete different transactions, including data and assets aside from regular coin transfers. This futuristic operational plan has already attracted crypto buyers and made Polkadot’s coin DOT very desirable.
Polkadot (DOT) Token Features
As we already mentioned, Polkadot can function as every other cryptocurrency you’re familiar with. You can buy and sell DOT just like BTC and other crypto tokens. Nevertheless, you can also trade other things with Polkadot, including arbitrary data, which most other cryptos don’t support.
Firstly, anyone who invests in Polkadot can monitor and have a say on everything related to the platform’s development. Another great thing is the accumulation of passive income Polkadot owners can make by staking their tokens to support certain validator nodes.
Then, the introduction of parachains you can use after staking bonding tokens to Polkadot is an innovative feature that is yet to become a trend worldwide. Finally, one of the best Polkadot features is its processing power, which allows much faster transactions than other leading cryptocurrencies.
Top Reasons to Buy Polkadot?
Now that everyone knows how cryptocurrencies work, their volatile nature is the first reason to buy one. Since we’ve witnessed other cryptos grow in value after some time, many users hope the same thing will happen with Polkadot. Therefore, they’re already investing in DOT since its current price isn’t very high and plan to wait for it to increase in value, which is a good option for making a profit.
Another reason to buy Polkadot includes the crypto’s versatile features and endless possibilities in terms of transfer. You won’t only trade coins but also other assets and data that you may find valuable.
Last but not least, once you become a DOT owner, you get your seat at the platform’s governing table. Your influence in voting and control of the platform will be directly proportional to the amount of DOT you own, so if you feel like going deeper into the crypto universe, buying Polkadot is the perfect way to do it.
Where to Buy Polkadot in Nevada?
You can buy Polkadot in Nevada in two different ways, provided that you hold a money transmitter license. The first way is to buy crypto over trustworthy cryptocurrency exchanges, while the other includes purchasing from another person.
If you want a safe and sound transaction, we recommend the first method and will be glad to describe the whole process below. Although you can also go for the second option, bear in mind that it’s not a safe thing to do and that we vouch you avoid it if possible.
Centralized Cryptocurrency Exchanges
The best way to buy and sell cryptos, including Polkadot, is on specialized trading platforms called central crypto exchanges. These exchanges also allow users to complete transactions with other cryptocurrencies and even use fiat money to obtain crypto coins.
Still, you should pick your crypto exchange with utmost care to avoid any possible inconvenience. Here’s what you need to focus on when choosing the exchange for your transactions:
- Availability — Before anything else, you need to make sure that the exchange is available and operates legally in your state.
- Security — Secure transactions are a must, especially when the subject of exchange is as valuable as Polkadot. Therefore, the exchange should put in place cutting-edge security measures and protect your private information at all times.
- Liquidity — Your chosen exchange should be liquid enough so you can buy and sell DOT whenever you want.
- Simple interface — Even those trading crypto for quite some time don’t like a complicated exchange interface. That’s why you should go for an exchange that’s easy to use and doesn’t require a lot of your time for completing a simple DOT trade.
- Payment methods — The best exchanges will always offer many different payment methods to buy Polkadot coins. If the exchange only offers a few fiat and cryptocurrencies, and none of them suits your trading plans, forget about it and look for another one.
- Fees and limits — Almost all exchanges charge conversion fees, but not all of them charge the same amount. Therefore, check a few of them and pick the one with the lowest transaction fees. Also, exchanges have limits regarding how much DOT you can buy and sell per transaction, which is another thing to consider when choosing your exchange platform.
- Reputation — If an exchange does a good job, it’ll be known for it. So, prior to joining any crypto exchange, look it up and read the experience other users had with it. If many people say you can rely on that exchange, chances are you really can.
Buying Polkadot Directly in Nevada
As mentioned earlier, you can also buy Polkadot from another person. On one side, this can be great since you won’t have to pay any fees, and the transaction limits will be the ones you negotiate.
On the other hand, though, this isn’t the most reliable way to buy DOT as you can never know whether the person on the other side has good intentions and won’t pull a scam on you. If you still want to try this transaction method, find someone you trust or ask to sign some kind of agreement in advance.
Step-by-Step Guide to Buying Polkadot in Nevada
Buying Polkadot can be very tricky if you’re new and know nothing about the crypto world. If that’s the case, there’s no reason to worry, as we’ve prepared a detailed guide for purchasing Polkadot in the state of Nevada. Here’s what you need to do:
- Find a Polkadot wallet — Get a crypto wallet where you’ll keep your newly-acquired Polkadot coins.
- Find a reliable exchange — Follow our tips mentioned above and pick a trustworthy crypto exchange available to Nevada residents.
- Open an account — Complete the registration form in the exchange of your choice and open an account.
- Fund your account — Pick a payment method that suits you best and fund your exchange account with USD (or any other currency you prefer).
- Buy DOT — The time has come to get those coins! Hit the button for buying DOT, type in the desired amount, and confirm the purchase.
- Move DOT to your crypto wallet — Once you obtain DOT, move it to your wallet and keep it protected with a strong password.
To wrap the story up, Polkadot can be a great investment if you’re interested in joining the crypto industry or expanding your existing crypto wealth. The team that launched this crypto has vast experience in this sphere, especially Gavin Wood, the co-founder of Ethereum.
Along with his colleagues, he created Polkadot and added extra features to make it as useful, reliable, and secure as possible. The crypto already has a significant fanbase, and the residents of Nevada can join it and profit greatly from all the benefits it offers.