How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase LINK on BYDFi. We'll guide you through it
Choose how to purchase LINK on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (LINK). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store LINK in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your LINK to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy LINK on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive LINK
Trade
Answers
Is Chainlink (LINK) a Good Investment?
Chainlink has been one of the strong performers among digital assets over the past several years, posting a positive ROI in 2017, 2019, 2020, and 2021. The growth of the DeFi market through 2020 and 2021 also made it one of the best performing cryptocurrencies in 2021, with the LINK price registering new all-time highs multiple times.
Looking ahead, Chainlink and its decentralized oracle network are poised for greater adoption amid the continued expansion of the DeFi and NFT markets. Chainlink's oracles have numerous applications across sectors and can play a vital role in driving up commercial adoption of blockchain technology and blockchain-based dApps. A higher adoption of its technology can send the LINK price and market cap higher and make Chainlink even more valuable to invest in.
As Web 3.0 goes mainstream, more applications would look for services like what Chainlink offers to tap into a wider range of real-world, off-chain data. This, in turn, could drive up Chainlink's value as an investment and support the LINK crypto price.
What Can Chainlinks LINK be Used for?
Chainlinks LINK token is a highly versatile cryptocurrency with several key uses, including:
Currency for Transactions in Chainlink Ecosystem
LINKs primary use is to pay for transactions between smart contracts and Chainlinks node operators. dApps that require Chainlinks services to access off-chain data pay their fees in LINK crypto.
Staking by Node Operators
While nodes can run without any LINK contributions, a node can participate in requests for data that require a deposit only after they have earned some LINK to start with. Within the Chainlink ecosystem, data requesters can specify that node operators deposit a certain number of LINK tokens as penalty fees which will be forfeited if the nodes dont provide accurate off-chain data.
Trade Against Other Digital Assets
The LINK token is one of the most popularly traded and liquid digital assets in the crypto market. You can buy, hold or sell Chainlink against other cryptocurrencies, stablecoins, and even fiat currencies as you trade to grow your portfolio. We recommend that you check the latest Chainlink price, market cap, 24-hour trading volume and perform fundamental and technical analysis before trading LINK.
Lend Liquidity in LINK
BYDFi lets LINK holders generate passive income and grow their investment. Head to our Crypto Lending section and look for LINK from the list of cryptos. Enter the amount of crypto you wish to lend as liquidity to our platform, select the number of days - choose from 7 days, 14 days, and 28 days.
Assess the daily interest rate on offer and verify the estimated profit you can earn. You can then confirm the transaction and lock up your LINK tokens to earn attractive interest.
How is Chainlink Different From Ethereum?
Ethereum is the largest blockchain ecosystem to support decentralized applications using smart contract functionality. On the other hand, Chainlink is designed primarily as an infrastructure to provide these decentralized applications access to external data sources in a tamper-proof, blockchain agnostic, and secure manner.
Here are some of the key differences between Chainlink and Ethereum:
Ethereum Blockchain vs. Chainlink Platform
Ethereum is a Layer 1 blockchain that hosts decentralized apps. It supports smart contracts and has ETH as its native digital asset or cryptocurrency.
Chainlink is a platform that can support communication between different smart contracts and can supply real-world data to smart contracts in a format they can understand and use. Chainlink has limited functionalities in comparison with Ethereum. The Chainlink ecosystem is powered by LINK which serves as its native digital asset.
ETH Coin vs. LINK Token
Ethereums ETH or Ether is a cryptocurrency or a coin that is minted, as the blockchain leverages a proof of work consensus mechanism. As of May 2022, Ethereum has not yet migrated to the proof of stake consensus algorithm.
Meanwhile, LINK is an ERC-20 token designed on the Ethereum blockchain. Forming a part of a PoS network, the LINK crypto cannot be mined but has to be staked or traded if you wish to obtain it.
ETH vs. LINK Market Cap Difference
Ethereum is the worlds second-largest cryptocurrency by market cap and enjoys extremely high trading volume, liquidity, and demand among investors worldwide. Chainlink has a far smaller market cap, although it is among the top 30 cryptocurrencies in terms of size and popularity.
What is Chainlink's Role in DeFi?
The Chainlink decentralized oracle network plays a crucial role in supporting the global DeFi ecosystem through its price feeds. Chainlink's oracles enable leading DeFi applications to access secure, tamper-proof, reliable, and timely pricing updates without any downtime or corruption.
As of 2022, Chainlink's Decentralized Oracle Network (DON) is the most widely used oracle service in the DeFi industry, giving it a competitive advantage. Apart from Price Feeds, Chainlink also offers other essential services for the DeFi market, including Proof of Reserve, Keepers, Verifiable Randomness Function (VRF), and Cross-chain Interoperability.
Chainlink allows DeFi protocols to receive off-chain, real-world data and computation. With the introduction of Chainlink 2.0, the platform aims to enhance scalability and capability by supporting multi-chain DeFi environments.
