Blockchain offers a huge amount of possibilities, especially when it comes to smart contracts. However, the smart contracts on the Ethereum network, for example, come with disadvantages. ChainLink aims to solve those problems with the help of so-called oracles. On this page, you can read what ChainLink is and you will get tips for when you want to buy or sell ChainLink (LINK).
To understand what ChainLink and oracles are, it is first useful to understand what smart contracts are. Smart contracts are pieces of computer code that are stored on a blockchain. The most famous and largest smart contract platform is Ethereum. These “smart contracts” perform a certain task as soon as specific requirements are met.
An example: The tenant pays €500 in rent to the landlord every second day of the month up to and including the year 2025.
Such simple contracts are perfect for smart contracts because they are not too complicated assignments. On every second day of the month, the amount of €500 will be automatically transferred to the landlord. However, the problem with Ethereum's smart contracts is that it can only use the information available within the blockchain.
ChainLink changes this with its oracles. Thanks to ChainLink's software, smart contracts can use data from sources other than the Ethereum blockchain. Think of the weather forecast of a certain city or the result of a football match. This makes it possible to have much more complicated tasks performed by smart contracts, such as micro-insurances for farmers in poor countries.
If you want to know more about how ChainLink works, you can consult the official website of the project here.
Buy ChainLink (LINK) safely and easily via Knaken+
You can buy ChainLink from most known cryptocurrency exchanges such as Binance, Coinbase, and Kraken. To be able to do this you first have to create an account after which you can buy ChainLink, in short LINK, for the most current spot market price. The LINK will then be placed in your exchange account.
You can also buy ChainLink from an over-the-counter (OTC) platform. These are companies that sell LINK directly to its customers. After payment, you will receive the cryptocurrency almost immediately in your own crypto wallet, which is an advantage in terms of security and privacy.
Sell ChainLink (LINK) safely and easily via Knaken+
Do you want to sell ChainLink? This can be done via the same platforms as mentioned above. Do you want to sell your LINK to a different party than where you bought it from? Then pay extra attention. You will find tips for selling ChainLink further down this page.
Knaken helps you buy or sell ChainLink safely and easily. It doesn't matter if you are a beginner or a veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via payment methods such as IDEAL
• Receive and manage your crypto in your Knaken dashboard or your own wallet
Why people buy/sell ChainLink (LINK)+
Once you have properly read the documentation of the ChainLink project, you may have become very interested in the project. In that case, you could invest in it by buying LINK. Should the project become more successful there is a chance that the value of the cryptocurrency will rise. Thus, ChainLink can be a long-term investment.
However, you can also choose to actively trade with ChainLink. This means that you buy ChainLink based on technical analysis, among other factors, when you expect the price to rise, and sell again when you expect ChainLink to decrease in value. This carries many risks, as is the case with other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Why choose Knaken?+
• Safe & Easy.
• No extra costs.
• Manage crypto via your Knaken Dashboard or your wallet.
• Knaken has its own exchange.
Important tips when buying/selling ChainLink+
First, it is important to create a good ChainLink wallet. This is the place where you will store your LINK. Wallets come in all shapes and sizes. There are online, software and hardware wallets. Online wallets are often seen as unsafe because you can only use your wallet with an internet connection and web browser. The safest option is a hardware wallet, a kind of USB stick that is not connected to the internet.
Do you want to buy ChainLink via an exchange or OTC platform? In both cases, it is important to do good research into the parties that offer ChainLink. Unfortunately, scams are common in the cryptocurrency world, so it's important to look for reviews on Trustpilot, for example, and ask for experiences from others.
In case you buy your ChainLink via an exchange, it is always wise to send your LINK to your own wallet. With exchanges, you often do not have access to your private key, which means that when an exchange would disappear, your LINK also disappears.
Only put money in ChainLink that you can really miss. Because of the volatile changes in price, the value of your investment can diminish or increase in a matter of hours.