Buy Polkadot (DOT) - how to invest in Polkadot in Kenya

What is Polkadot?

At the moment, Polkadot aims to solve the problem of slow data transfer between public and private blockchains, as well as develop a network without forking and reducing scalability. As we know, interoperability and interoperability issues are significant within the current blockchain situation. Polkadot offers many technical solutions to overcome this problem. The project interacts with Ethereum applications and assets to expand and integrate other blockchain platforms. The unique design of the project maintains the security and accuracy of transactions, it uses only the computing resources needed to launch the main chain. But this is not all the benefits of Polkadot, users can also customize many Parachains for different purposes.In general, the Polkadot blockchain allows users to conduct transactions with high privacy and efficiency.This is because the blockchains they create do not expose user data to the public network. They handle a larger number of transactions, which could theoretically be over a million transactions per second (TPS), Gavin Wood said. It was first released as an ICO by Polkadot in 2017, when the project raised about $ 140 million. The company then pursued two private sales in 2019 and 2020 and raised an additional $ 100 million. Parachains can create their own tokens, transfer them and use them to settle transactions. Thus, the main cryptocurrency of Polkadot is the DOT token. 

In August 2020, Polkadot began to allow investors to trade the remaining tokens. As a result, DOT can be bought on many major exchanges. The Polkadot network is very flexible and adaptable, allowing members to exchange information and functions just like through a smartphone app.

Polkadot cryptocurrency
Polkadot cryptocurrency

How to invest in Polkadot?

The cryptocurrency began in 2008 as an interesting, but dubious technological experiment, and today - many are interested in whether investments in cryptocurrency can provide passive income for institutional traders and investors. Many people are interested in the topic of cryptocurrencies mainly in terms of investments and the possibility of making "easy money". So how you can start investing your capital in the Polkadot crypto in Kenya, below are the most relevant ways.

Crypto exchange and crypto wallets

Cryptocurrency exchanges provide many opportunities for beginners to make money on cryptocurrency. It remains only to decide which strategy and tool is right for you, and a combination of several methods at once can bring more tangible income. To start investing in a completely unfamiliar market means to waste money. A smart investor always starts by studying the investment market and assets. Fundamental and technical analysis is used to study the virtual money market.

The cryptocurrency exchange is a special platform that offers a wide range of functions to the users of the crypto network.

Today, every member of the cryptocurrency community knows about the existence of cryptocurrency exchanges, what it is, and what are the features. In simple words, this is a place for a profitable conversion of virtual coins in different directions. At the same time, the functionality directly depends on the exchange platform and its type. Crypto-exchanges come in different formats and types to satisfy the needs of all users, be it a beginner who purchases cryptocurrency for the first time, or a professional who has been trading for many years. The process does not stop and we see new ones the emergence of cryptoexchange models. The types include decentralized and centralized:

  • There are many types of decentralized exchanges, but they have one thing in common: they provide the ability to trade on the P2P (Peer-to-Peer) principle. This is a scheme in which a trade transaction is carried out directly between users' wallets, without the participation of an intermediary in the form of an exchange wallet. In this chain, the cryptocurrency belongs to you, as well as the private keys from the wallet. Instead of transferring money to an exchange wallet, you transfer it to a smart contract.
  • When working with centralized sites, you must completely trust them in matters of security of funds and the safety of your personal data. In fact, the cryptocurrency belongs to you only when you own the private key from the wallet, which is impossible in the case of centralized exchanges. In the case of working on a decentralized exchange, the private keys to the wallet are only with you, which means that the cryptocurrency on this wallet is also under yours. complete control. The same cannot be said for ordinary centralized exchanges, where you have to rely on the honesty and competence of the administration and ordinary technical support staff.

When working on a crypto exchange, you will need to have a crypto wallet.

A crypto wallet is just a way to store a secret key to access your cryptocurrency.

A crypto wallet consists of two parts: a public and a private key.

Keys are long sequences of characters. A crypto wallet consists of two parts: a public key and a private key.

The public key is the identifier of your wallet, in other words, its address in the blockchain.

The public key is known to all participants in the system, it is transmitted when you want to ask someone to send you cryptocurrency.

The private (private) key is already used to confirm transactions, in other words, it is the password that you enter to conduct a transaction.

A seed phrase is a sequence of random 12-24 words that will help to recover the private key if it is lost.

If you have forgotten both the private key and the seed phrase, then you will not see your money again.

Invest in Polkadot
Invest in Polkadot

Mining

Mining is a process that allows you to verify transactions, add new information to the database and release new coins into circulation.

This is a complex and time-consuming process that can be very profitable. There are several types of coin mining. Among them, cryptocurrency mining on a processor, video cards and special devices - ASICs. The choice of the method depends on the nuances of the digital asset that the user plans to mine. The current mining system helps to protect the network from attacks, but the process of mining digital tokens itself requires expensive and, importantly, energy-intensive computer equipment.

Mining Polkadot is currently not possible.

Polkadot mining is impossible, you can only buy it
Polkadot mining is impossible, you can only buy it

Stacking

Staking is the process of deliberately holding cryptocurrencies in an account in order to generate income.

Here, the main actors are validators - network users with the largest reserves of tokens. Among the validators, participants are periodically selected who will be entrusted with the confirmation of transactions and block generation. Please note that the more coins on the account, the higher the likelihood of getting the right to confirm transactions and a well-deserved reward.

Recently, a new staking method has appeared on the market called “cold staking.” This means that you no longer need to use a hot wallet (which is always connected to the Internet) to stake. This has been one of the main obstacles keeping people from staking their coins. Most people find it difficult to find another computer. However, it must be running all the time, and it is not as secure as cold wallets. Cold staking allows you to earn cryptocurrencies by storing them in a secure wallet that is not connected to the Internet around the clock. Which is much easier and safer, which means there will be new cold staking options for more cryptocurrencies in the future.

Benefits of cold stacking:

  • One of the easiest ways to make money on cryptocurrency staking.
  • Your cryptocurrencies are stored in a secure hardware wallet, avoiding hacks, fraud and other risks.
  • No need to keep computers or other devices connected to the network all the time, less energy costs, devices and better for the environment.
Buy DOT. The DOT cryptocurrency is Polkadot's own token
Buy DOT. The DOT cryptocurrency is Polkadot's own token

CFD agreement and demo account on online platforms

There are many online investment platforms that really pay. And you can start Investing in Polkadot with generally small amounts.

An investment platform is an information system that allows you to conclude agreements between investors and owners. These are intermediary platforms that help people from different parts of the world find each other in order to bring a common idea to life.

You can invest in Polkadot in Kenya right now. The advantages of an investment business include:

  • the conclusion of contracts and transactions does not require the personal presence of the participants;
  • you do not need to monitor the movement of funds on the account every second;
  • no time, national or other restrictions;
  • deposits and withdrawals are carried out remotely online;
  • you can start with a small investment (a great option for those who want to experiment, try their hand at investing).

Online platforms use CFD trading.

CFD is a contract between an investor / trader and a seller, which demonstrates that the trader will have to pay the difference in price between the current value of the asset and its value at the time of the conclusion of the contract with the seller. It is important to remember that instead of accounting for the value of the asset, the trader only deals with the difference in price between the points of entry and exit from the trade. Both parties work to profit from the difference between the price at different points in time. Trading CFDs can be profitable for you.

Exchange trading provides an excellent opportunity to increase your capital. Some nuances need to be studied before plunging into the financial world. Mastering some specialties requires practicing and consolidating knowledge on simulators. There is also a safe way to work with exchange instruments - a demo account, where the difference from a real account is that the profit and loss are virtual. In other words, trading on a demo account is completely devoid of financial risks, as well as the opportunity to make money.

How to buy Polkadot in Kenya through an online trading platform?
How to buy Polkadot in Kenya through an online trading platform?

Polkadot perspectives

Polkadot is not just a digital currency, but a unique platform with extensive functionality and a wide range of applications. According to most experts and crypto traders, good growth should be expected from DOT, as developers will actively develop their platform. 

Given its versatility and the scale of its possible application, Polkadot has prospects for a significant rise in price.

Among the advantages of the crypto DOT over its competitors, it is necessary to highlight:

  • High level of security.
  • High throughput of the blockchain and the speed it provides.
  • Experienced development team.
  • High demand for blockchain among dApps developers, achieved due to the ease of integration of existing applications.
  • Complete decentralization of the project.
  • The ability to eliminate errors and make global changes to the network without a fork (forking, in which 2 new chains are formed).

Now the project has not been fully implemented, but if the creators of Polkadot manage to implement all the conceived functions into it, then such a project opens up great opportunities for the entire sphere of blockchain technologies. That is why you should pay attention to the Polkadot cryptocurrency, you can buy DOT right now, because it looks like a promising tool for making money on the course.

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