Wednesday, April 24, 2024

Everything you need to know about Chainlink – A Guide in 2020

Imagine you are buying an aesthetic property online and the seller is sitting back at his house on the other side of the world! Under such circumstances, the smart agreement is the only option. Both of you have to sign a contract online and have to make sure that it stays safe. But the actual problem occurs when the smart contract connectivity takes place. To keep the smart agreement tamper-proof, the owner needs to keep it on a decentralized node that ensures that everything stays intact within a perimeter and nothing can go beyond that perimeter.

What is Chainlink?

When the payment procedure takes place, it is seen that none of the sides can connect to the payment browsers or links as the connectivity is blocked. This is a great problem. To solve this problem, chainlinks were invented. It is a middleware that works as a link between the smart contracts and the APIs or smart payment methods. This is also a decentralized system. So there are lesser chances that one can hack the payment gateway or the smart contracts. It also allows the smart contracts to use it as multiple input and output systems as per the requirement of the smart contract.

How do I buy a chainlink?

LINK tokens are available on a number of cryptocurrency exchanges around the world. To buy chainlink, one needs to have an account on any of the known cryptocurrency platforms. If you wish to buy a chainlink, you need to register on a cryptocurrency exchange providing your contact number, name, address details and of course Id proof. You need to own another cryptocurrency if you wish to trade that for the link. Now you need to deposit funds on your crypto account. Now you can buy the link with the help of the money you have already deposited. The exchange of money into cryptocurrency takes place according to the rules and regulations of the platform you chose. The process and the time varies with every company out there.

In India, you can buy LINK with INR from CoinDCX exchange and from international exchange Binance is a good option.

Is chainlink a good buy?

Cryptocurrencies are quite tough to invest in. It’s not that you have money and you have invested in the crypto field. You have to have sound knowledge in computer science, computer programming, psychology, cryptography, network technology, economics, etc. On the other hand, you need to have a clear view of the cryptography and the market associated with it. All kinds of investments are full of risks and investors know that. So if you are going to invest in this field, you also need to be sure that there are ups and downs. If you can persist through the down phase, the investment would be good for you.

How much will chainlink be worth?

The price is not fixed at all! If you are going to invest in the crypto market, you need to have a pretty good bank balance with you. Everything goes under-prediction in this field and you cannot understand the way the market changes abruptly. When you are going to invest in it, try to look for the price in the first place itself.

Must Read: Top 10 best Altcoins under $1 to invest in 2020

When it comes to Chain link price prediction 2020, things are getting more difficult to forecast. it can easily overcome the level of $5-10 during this year. The value is being accumulated, so is the price.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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