Buy Polkadot (DOT) Token in India — Step by Step Guide For Beginners
How to Buy Polkadot (DOT) token in India? Complete Guide For Beginners.

Buy Polkadot (DOT) Token in India — Step by Step Guide For Beginners

By rinkeshjha | Crypto Coin News | 1 Mar 2021


What is Polkadot?

Polkadot is a sharded protocol that enables blockchain networks to operate in synergy. The DOT token serves three distinct purposes: governance over the network, staking, and bonding. Like Ethereum, Polkadot has an active ecosystem.

Polkadot’s combination of an active community, plenty of excitement being generated on social media and YouTube, a growing number of projects in its ecosystem, the involvement of a developer of Wood’s caliber, and the fact that it is one of the projects riding the decentralized finance (DeFi) wave may provide the impetus for Ethereum-like price action at the top of the next cycle.

Key elements of Polkadot include:

1. Relay Chain
The heart of Polkadot, responsible for the network’s shared security, consensus, and cross-chain interoperability.

2. Parachains
Sovereign blockchains that can have their own tokens and optimize their functionality for specific use cases.

3. Parathreads
Similar to parachains but with a pay-as-you-go model. More economical for blockchains that don’t need continuous connectivity to the network.

4. Bridges
Allow parachains and parathreads to connect and communicate with external networks like Ethereum and Bitcoin.

How to Buy Polkadot?

Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.

Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.

BuyUcoin is one of the best cryptocurrency exchange platforms that provide users with a wide variety of cryptocurrencies to choose from and offers minimum trading fees to encourage users to benefit from the cryptocurrency market.

Buy Polkadot (DOT) in India for funds from your bank requires a 2-step process. You’re going to buy some BTC or ETH from an exchange that accepts deposits from a debit card or bank account, and then you’re going to transfer your newly bought crypto to a marketplace that sells DOT in exchange for bitcoin or Ether. This is also similar to the process to sell Polkadot (DOT) in India.

Buy Polkadot in India — Step by Step Guide For Beginners

BuyUcoin is an exchange that provides buying and selling Polkadot in India as well as other cryptocurrencies. Below is a step by step guide to Polkadot via BuyUcoin:

Step 1 — Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is BuyUcoin.

Step 2 — Register & Open an Account

Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree on the terms and conditions to register your account for crypto trading.

Image for post Image for post Open a buyucoin crypto wallet.

Step 3-KYC

KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.

Step 4-Google 2 step Verification

To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you login to your BF account. This works only when signing in with email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.

Image for post Image for post BuyUcoin Google 2 Step Verification.

Step 5-Add Bank details

Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.

Image for post Add Bank account in BuyUcoin. Trade Polkadot

Dotcoin is a cryptocurrency that is identified by the symbol DOT. Currently, on Poloniex, XDOT represents Polkadot OLD [IOU] which is a tradable IOU token that entitles the users who hold XDOT at a specified time in the future to receive mainnet DOT once we list this asset. Polkadot OLD [IOU] (XDOT) has not yet gone through the upcoming Polkadot 100x split.

That means that 1 Polkadot OLD [IOU] token will be equal to 100 Polkadot NEW [IOU] tokens once the stock split happens. While the token ratio will be 1:100, the price of Polkadot NEW [IOU] will be 100x lower than Polkadot OLD [IOU] following the split.

Polkadot aims to enable a completely decentralized web where they put their users in control. Polkadot is being built to connect private and consortium chains, public and permissionless networks, oracles, and they aim to support future technologies that have not yet been created.

Polkadot hopes to facilitate an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain while enabling users to create and connect decentralized applications, services, and institutions.IOUs allows users to buy, sell, and hold the native token of a blockchain that has not yet gone live with its final public network (“mainnet”).

By creating markets for IOU tokens, price discovery for the underlying asset can occur before that asset becomes transferable over a live network. Once the underlying asset’s mainnet launches, users will be distributed an amount of the new asset corresponding to the number of IOU tokens they hold at a specified point after the mainnet launch date.

Can I Use Regular Money to Buy Polkadot?

By creating markets for Polkadot tokens, price discovery for the underlying asset can occur before that asset becomes transferable over a live network. Once the underlying asset’s mainnet launches, users will be distributed an amount of the new asset corresponding to the number of IOU tokens they hold at a specified point after the mainnet launch date. Investment in Polkadot (DOT) can be effective using IOU token trading.

Getting a Polkadot Wallet

DotWallet is a lightweight non-custodial wallet built on the Bitcoin SV protocol. It provides quick registration and login using mobile phone numbers, email, and third-party providers like Google, Facebook, and WeChat. It supports the sending, receiving, and storage of multiple digital currencies including BSV, BTC, and ETH.

Powered by BSV’s tokenization technology, users can send BTC, BSV, and ETH instantly using 0 confirmation transactions.DotWallet is a safe, stable, and convenient blockchain wallet. With a simple shareable link, users can transfer funds through any application that can open URLs, including WeChat, Twitter, Facebook, or a web browser.

With DotWallet, users can authorize automatic micropayments, enabling new breakthrough use cases. With one click, users can export their private key, giving users confidence in the wallet security and providing total control of their digital assets.

Polkadot Exchanges

Polkadot aims to enable a decentralized web where users, rather than internet monopolies, are in control of applications, services, and institutions DOT token. The DOT token is used for governance, staking, and bonding on the Polkadot network. After two weeks of voting, the community decided on a “redenomination” of the DOT token to take place on Aug. 21.

The redenomination is a tactic similar to a stock split in traditional equity markets. In this case, all DOT tokens exchanged for 100 new DOT tokens would be at a ratio of 1:100. According to Gavin’s post, the move “would result in a much more ergonomic DOT value.”While the redenomination of the DOT token was clearly explained, some leading centralized exchanges like Binance and Kraken listed Polkadot’s DOT token on Aug. 18, three days before the agreed-upon redenomination.

Polkadot Mining

As mentioned before, DOT holders have the right to govern the platform. When we say ‘right’ it doesn’t mean that they are given privileges by someone. But rather, it is embedded in the protocol of Polkadot that DOT holders inherently have governance capabilities. These capabilities include changing the network fees, auctions, as well as the schedule for adding parachains — parallelized chains that execute parallel to Polkadot’s Relay Chain.

Furthermore, holders also have influence over upgrades, bug fixes, and other system maintenance. Decentralized networks require consensus mechanisms to ensure that only valid transactions are confirmed. Polkadot utilizes NPoS (Nominated Proof of Stake) as its algorithm for validation. And, DOT holders have the option to participate in this essential network operation.

Conclusion

Polkadot’s combination of an active community, plenty of excitement being generated on social media and YouTube, a growing number of projects in its ecosystem, the involvement of a developer of Wood’s caliber, and the fact that it is one of the projects riding the decentralized finance (DeFi) wave may provide the impetus for Ethereum-like price action at the top of the next cycle. However, it remains to be seen whether it has the stamina can go all the way. Also, BuyUcoin provides 60+ Cryptocurrency (like Buy bitcoinethereunrippleeoscompound, etc.) which can buy/sell & trade directly with INR.


rinkeshjha
rinkeshjha

I have always been writing about what is going to happen in the future and what will happen in the future. And I am very fond of blockchain and cryptocurrency. I have traded on a lot of cryptocurrency exchanges in these 5 years.


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