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How to buy cryptocurrency and store it safely?
Cryptocurrency is a new class of digital assets popularized by Bitcoin (BTC). While cryptocurrencies or digital/virtual currencies work much like their traditional fiat counterparts, the biggest difference between the two is the lack of centralized infrastructure and banks.Where fiat currencies are issued by and kept in banks, digital currencies are issued via distributed mechanisms that follow strict consensus protocols. This translates into cryptocurrencies being stored on blockchains which are largely immutable, much more transparent and globally accessible.Given their utility and growing list of use cases, cryptocurrencies are gaining popularity and one way to buy cryptocurrency is to use a reliable crypto exchange like OKX. On OKX, users can sign up, verify their identities and start buying Bitcoin and other cryptocurrencies instantly using credit cards, debit cards, bank transfers and other supported payment methods.Typically, when you buy cryptocurrency, you have to store it in a dedicated wallet, but the security of your digital assets depends on how safely your private key is kept. Every cryptocurrency wallet has a private key which allows complete access to the stored digital assets. If you lose your private key, you effectively lose your funds.Using an exchange like OKX also facilitates users because their newly purchased or traded digital assets are kept securely on the platform and are credited into users' accounts, available to be sold or transferred as required.Ultimately, users should always buy cryptocurrency from a reliable exchange, and if they withdraw their digital assets to a personal wallet, they should keep their private keys safe and backed up to ensure the security of their funds.
Why buy Chainlink with OKX?
What is Ethereum?
Ethereum is a global, decentralized blockchain network that is primarily used as an electronic database, or ledger, for applications and services to store transaction information and execute smart contracts. Due its smart contract capabilities, the blockchain is frequently used by DeFi lending and borrowing platforms. LINK, the utility Chainlink coin, is an Ethereum-based ERC-20 token that can be bought, sold and traded on exchanges such as OKEx.
What is a smart contract?
A smart contract is a set of instructions deployed in a manner such that it automatically executes once certain conditions are met. The terms of the agreement are coded directly into the contract itself, meaning that they cannot be altered or falsified. Chainlink serves as a middleman between smart contracts and outside data sources, such as price feeds. The demand for LINK, Chainlink's utility token that is required to connect its oracles with smart contracts, has helped to drive Chainlink price movements upward since the start of 2020.
How do I invest in Chainlink?
OKEx offers an easy, convenient, secure platform to invest in LINK, the utility token for Chainlink. If you are already signed up with OKEx, it's as easy as selecting the amount of LINK you want to buy, confirming the purchase and receiving the token in your account. If you are not yet signed up, it only takes a few clicks to get set up and start trading LINK.
What is DeFi?
Decentralized finance, or DeFi, is an umbrella term for systems that seek to provide financial services such as borrowing and lending without the need for a central intermediary like a bank. One of the most common uses of Chainlink is to feed real-world price data to smart contracts used by DeFi platforms. The success that DeFi has experienced has helped drive Chainlink price increases into the triple digits in terms of percentage points.
What are LINK tokens used for?
LINK is the utility token for Chainlink used to pay for the network's oracle services. Node operators receive LINK in exchange for their work, and they must stake LINK themselves as collateral in order to participate. LINK tokens are also bought, sold and traded as digital assets on exchanges such as OKEx.
Want to learn more before you buy Chainlink?
Get detailed information about cryptocurrencies listed on OKX, including their tech, founders and price history.