Polkadot has seen a massive rise in popularity throughout the planet. It’s one of the most promising cryptocurrencies worldwide, and countless investors, crypto fans, and other interested parties have not been immune to it. The number of people buying Polkadot is rising, and it’s clear that the coin is here to stay.
If you’re interested in joining the party, you’re probably wondering how to do that in the Sooner State. You’ll be glad to know that buying Polkadot in Oklahoma is as simple as it is anywhere else in the US. We’ll explain how in detail in this guide, but before we begin, let’s talk more about how Polkadot works and what makes it so special.
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Polkadot (DOT) Explained
Polkadot (DOT) is the world’s first fully-sharded blockchain. In plain terms, the network is divided into smaller groups named shards, which work in parallel. The importance of this is simple — it enables Polkadot to solve the scalability problem other cryptos, most notably Bitcoin, have.
Polkadot improves scalability by letting these shards, or in this case, specialized blockchains (parachains), talk to each other within a safe environment. It’s what makes it so unique — you can connect any individual blockchain to this network and consequently make it better while the blockchain benefits from Polkadot’s incredible security based on NPoS, or Nominated Proof-of-Stake.
The Polkadot network is a living network and works on two core principles — upgradability and governance. It features an advanced suite of governance features and can deploy upgrades to the whole network.
We could continue about this, but the main point is that all of this allows Polkadot to be completely decentralized. Moreover, it allows users to connect other blockchains to it, no matter their underlying technology. They can also send any type of data or asset through the network, and thanks to its speed and reliability, Polkadot can serve as the basis for a new decentralized web.
What Is DOT and What Can You Do With It?
DOT is the native token of the Polkadot blockchain. The two share the name, and both are used interchangeably. But, when talking about the token, you should know that it’s used like any other cryptocurrency. In other words, besides buying things with it or trading it for other crypto or fiat currency, you can also use it for:
- Transaction fees
- Enabling some crucial functionalities of the network
- Acquisition of parachain slots
If you want to become a part of the network with an active account, all you need is 1 DOT. The price of a single DOT changes all the time, but it’s been between $17 and $20 as of late (the time of writing is the middle of March 2022).
You need varying amounts of DOT, but there’s usually a minimal amount, and then you can go over it as much as you want.
The most important thing you can do with DOT is take part in the network’s governance. This lets you have a say in how the blockchain improves and where the whole project goes, as Polkadot is an entirely decentralized system where the network decides what happens, not the creators and developers.
Besides that, you can stake your DOT tokens and become a validator or nominator, yielding rewards in the form of additional tokens.
Polkadot (DOT) in Numbers
Polkadot is constantly in the top 20 cryptos on the planet and has been like that for a while. At the time of writing (middle of March 2022), it was priced around $19, while its market cap was around $18.7 billion.
The total number of tokens is 1.1 billion, while the actual circulating supply is around 987 million. There is no max supply, but the network has a predetermined inflation rate, so the tokens never lose their value entirely. The annual inflation rate is set at around 10%.
Where to Buy Polkadot in Oklahoma
In Oklahoma, just like in most other states, you get to buy Polkadot using two methods:
- Cryptocurrency exchange
- Direct purchase
Let’s cover both methods in greater detail.
Centralized Cryptocurrency Exchanges
The most popular method for buying Polkadot or any other crypto is through a cryptocurrency exchange.
This is an online marketplace where you get to trade crypto for crypto, fiat currency for crypto, and crypto for fiat currency.
An exchange can either be centralized or decentralized. The latter is more in the spirit of crypto as it doesn’t require you to register using personal information and documentation. At the same time, the former is always owned by a specific organization or business and thus has to abide by the law and require complete KYC registration.
Even though decentralized exchanges sound like a better option, they are very rare, and it’s hard to find a safe one. On top of that, they don’t let you use fiat currency, so you’d have to buy DOT using another crypto. With centralized exchanges, you can always be certain of what you’re getting.
However, there are still a few things you need to look into before picking an exchange, a couple of aspects a good crypto exchange needs to have:
- Availability in Oklahoma — Even though most regulated crypto exchanges in the US work throughout the country, it’s still vital to check that they have a proper license to operate in Oklahoma.
- Accepted cryptocurrencies — Polkadot needs to be available on the exchange for you to buy it, but it’s also preferable that the platform has many other cryptos. The more coins it supports, the more valuable it is in the long run, especially if you decide to become an active trader.
- Reputation — Read online reviews and customer feedback to better understand the platform’s reputation. It’s also good to check its history and its founders.
- User interface — Most popular exchanges are relatively easy to use, but some are more beginner-friendly than others. It’s best to choose one that has a simple and easy-to-understand user interface so you can start buying in no time.
- Security and privacy — Both matter considerably in the world of crypto. So make sure you check the platform’s security features and how it handles privacy concerns. It’s vital that the exchange keeps your data safe and doesn’t share it with various third parties.
- Liquidity — Even though the exchange features DOT, it doesn’t mean there’s enough of it. The trading volume needs to be sufficiently high, or you’ll have problems completing a single trade in due time.
- Fees — Every centralized exchange features various fees, most notably trading, deposit, and withdrawal fees. You should pick exchanges that come with the lowest fees so to lose less money while trading. Note that there will also always be an exchange margin.
- Payment methods — Exchanges feature various payment methods, most notably credit and debit cards, bank transfers, and e-wallets. Check that the exchange you’re opting for has the methods you typically use.
- Limits — Every exchange limits the amounts you can trade, deposit, or withdraw. There might be some other limits, so make sure that all of them work for your needs before you commit.
If trading via exchanges is not your thing, you can always purchase DOTs directly from a person willing to sell them. Trading crypto like this is incredibly simple, as you only need to send that person the money or give them cash, and they need to send the crypto to your wallet.
However, as you can imagine, this method can be very tricky if you don’t know the person and can’t trust them. It’s thus best to make the trade publicly to ensure you don’t get scammed. If that’s not an option, you should consider finding a mediator to ensure both of you get what you agreed on.
How to Buy Polkadot in Oklahoma — Step-by-Step Guide
If you want to start buying Polkadot on an exchange in Oklahoma, you should start with a few things. Thankfully, it’s all very simple, and the process is pretty much the same across the board, no matter the exchange you’re using. Here’s how it goes:
- Set up a wallet — The first step is to find a good crypto wallet that supports Polkadot. Then you need to register and set it up to begin using it.
- Choose an exchange — Pick an exchange we recommend or find one you have thoroughly researched.
- Register an account — Head over to the exchange’s official website and follow the process for registering an account. It’s effectively the same as on most regular sites, albeit you have to use more personal information. Once that’s done, make sure you verify your account so you can begin using it.
- Make a deposit — Choose a payment method from the ones available and follow the instructions to complete a successful deposit. Make sure you deposit enough money for both the tokens and the trading margins and fees.
- Buy DOT — Once you have the money, all you need to do is find the right trading pair, USD to DOT in this case and buy the desired number of tokens. The assets should reach you fairly quickly, but the speed depends on the speed of the network and the exchange at the time of buying.
- Transfer DOT to your wallet — If you want to continue trading your DOTs, it’s best to leave them in the exchange. But if you want to keep them long-term, it’s safer to transfer them to your wallet.
As you can see, buying Polkadot in Oklahoma is incredibly simple, and you can get started relatively quickly. That technical part is straightforward, but you still have to ensure you are ready to buy the token. Like every other investment, this one is risky, so you need to learn all you can and start your investment journey ready for all the risks.