Polkadot (DOT) is one of the most promising projects in the blockchain space and Dot Finance (PINK) hopes to be a major provider of decentralized finance (Defi) related features for the Polkadot ecosystem. If you believe in the future of both Polkadot, and Defi, you should consider looking at PINK as an investment option.
In this easy step-by-step guide, we will show you exactly how you can buy and store PINK in no time.
What is PINK?
Dot Finance is a decentralized finance (Defi) platform focused on growing the Polkadot ecosystem. Polkadot (DOT) is an innovative blockchain and cryptocurrency founded by Gavin Wood, a co-creator of Ethereum.
As a decentralized finance platform, Dot Finance provides several financial instruments using decentralized blockchain technology. These instruments include an aggregator of decentralized exchanges which allows you to swap between different tokens on the Polkadot blockchain, an index to help discover various projects being built on Polkadot, and a liquidity mining protocol that allows you to lend out your Polkadot tokens in exchange for interest.
The native token of the Dot Finance ecosystem is PINK, currently available on the Binance Smart Chain (BSC) blockchain and with future plans to run on Polkadot once the chain is further along in development. PINK will be used by participants to pay for future features on Dot Finance and is also currently used to receive interest payments for those who stake other tokens on the liquidity mining platform.
If this sounds interesting to you, read on to learn the easiest and safest way for you to buy and hold PINK.
How to Buy PINK
Unlike other popular cryptocurrencies, it isn’t currently possible to buy PINK crypto directly with fiat money. However, you can still easily buy PINK by first buying another crypto like BTC from any fiat-to-crypto exchanges and then sending it to the exchange that supports the trading of PINK. In this section, we will walk you through in detail the steps to buy PINK.
Step 1: Register on Fiat-to-Crypto Exchange
Your first step to buying Dot Finance (PINK) is to register on a fiat-to-crypto exchange. These exchanges are your onramp to the crypto economy, allowing you to move from fiat money (such as dollars) into a crypto asset. Once you have purchased a crypto asset it will be much easier to swap that crypto for any other cryptocurrency (including PINK) later, which will be covered later on in this guide.
We recommend CryptoWallet as a crypto-to-fiat exchange since it offers an easy and intuitive registration process for beginners.
Step 2: Buy BTC with Fiat Money
CryptoWallet supports five of the major large-cap cryptocurrencies in the form of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). CryptoWallet even allows you to buy these cryptocurrencies with your credit or debit card, making buying crypto as easy and fast as regular online shopping.
We generally recommend that you purchase Bitcoin (BTC) to begin with (you will trade this BTC for PINK in the following step). This is because BTC is the most widely accepted cryptocurrency which will make it easier for you to find an exchange that allows you to trade it for PINK.
Once you have purchased BTC with your debit or credit card you are ready to move on to the next step below.
Step 3: Transfer BTC to an Altcoin Exchange
It is now time to find an altcoin exchange where you can trade your newly acquired BTC for PINK. MEXC Global is an altcoin exchange that supports PINK and will be used for our purposes in this guide. MEXC is based in Singapore and was established in 2018.
You will need to sign up on MEXC as well, however, this process should be simple since you are only trading crypto-to-crypto and not involving fiat. Once you’re registered you can find your BTC receive address on MEXC and copy and paste that address into the ‘Send To’ option on CryptoWallet. It will usually take 15-45 minutes for your BTC to arrive on the new exchange.
When your BTC has arrived on MEXC you will simply need to search for the BTC/MEXC trading pair and execute your trade. Now that you have purchased MEXC you are ready to store it, which will be covered in the last step below.
Last Step: Store PINK Securely
It is very important to consider security when storing cryptocurrencies. Even relatively small amounts today could be worth considerably more in the future so the best time to focus on security is now and not later.
There are generally two major options when it comes to storing cryptocurrencies like PINK: software (hot) wallets and hardware (cold) wallets.
Software wallets are generally easy-to-use, convenient, and free. They are an excellent option if you are looking to access and use your crypto regularly since they keep your crypto readily available online. Just be sure that your wallet provider is reputable and secure before you send any funds.
An example of a reputable and secure software wallet is CryptoWallet. CryptoWallet also allows you to spend your supported cryptocurrencies anywhere that accepts debit payments via their crypto debit card. Unfortunately, CryptoWallet is focused on providing the best experience for large-cap cryptocurrencies and does not currently support smaller niche currencies like PINK, so you will have to find another option in this case.
If you are storing large amounts of money, or do not require regular access to your crypto, you may want to consider purchasing a hardware wallet such as a Ledger or a Trezor (both of which are generally good and reputable options). Hardware wallets store your keys offline providing the most secure option. The trade-off is that you will have to purchase the hardware wallet itself and that the process of using it can be cumbersome if you need regular access to your crypto.
Other Useful Tools for Trading PINK
If you prefer, you can also trade PINK on a decentralized exchange such as PancakeSwap, which runs on the Binance Smart Chain (BSC) where PINK is also currently supported. Decentralized exchanges allow you to execute trades directly from your chosen wallet without needing to rely on and give up custody to an exchange.
Price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like PINK. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading PINK as well as the trading pairs they support.
Can I buy PINK with cash?
The short answer is no. It is not currently possible to buy smaller cryptocurrencies such as PINK directly with cash. The most cash-like way to purchase PINK would be to use CryptoWallet to purchase BTC with your debit or credit card, then trade that BTC for PINK on an altcoin exchange.
Are there any quick ways to buy PINK in Europe?
For users located in Europe, the quickest and easiest way to buy PINK would be to follow the steps outlined below and use a combination of CryptoWallet and MEXC (purchasing BTC on CryptoWallet and trading that BTC for PINK on MEXC).
Are there any alternative platforms to buy PINK or Bitcoin with credit cards?
Alternative platforms likely do exist, although they will come with their own trade-offs and risks which you should take the time to research. We firmly believe your best option will be to follow the steps we have outlined for you above using CryptoWallet and MEXC.