Texas has long been a pro-business state with low business costs and zero state income tax. These, and many other benefits, are what get crypto investors to step forward.
It’s also one of the main reasons you can purchase Polkadot-alike cryptocurrencies in Texas and extremely advisable. However, you still need to learn how the coin works and decide for yourself if it’s a sound investment or not.
The guide we’ve prepared will explain all of this, but more importantly, it will tell you where to buy Polkadot and how to do it. So, keep reading to learn all you need to know about buying Polkadot in the Lone Star State.
What Is Polkadot (DOT)?
Polkadot (DOT) is not a regular cryptocurrency — it’s a crypto protocol and network that enables users to link completely different blockchains and thus transfer any type of data or asset. Naturally, it’s not wholly unique in this regard, but it has a lot of benefits that make it one of the best crypto networks for cross-transfer.
What’s more, it carries potential, often dubbed the Ethereum killer. People say that things that make Ethereum great are also represented in Polkadot. Additionally, Ethereum co-founder, Gavin Wood, has been instrumental to Polkadot’s creation and rise.
Polkadot has been on the scene since 2017, and in its short time, the token has managed to reach the list of the world’s top ten cryptocurrencies, which is certainly no small feat.
The founders of this cryptocurrency are Gavin Wood, the above-mentioned Ethereum co-founder, Peter Czaban, and Robert Habermeier. Czaban is the former Technology Director at the Web3 Foundation, the organization behind the Polkadot network, and his experience is primarily in fintech industries. Habermeier is a well-known cryptography and blockchain developer.
This network aims to create a fully decentralized web operated by its users, something many other cryptos are trying to achieve. However, Polkadot can do it as it enables numerous transactions on its network to run simultaneously through the use of parallel chains or parachains.
Plus, these transactions can be almost anything, from the DOT token to some entirely different piece of data or asset.
Due to this, the token and the Polkadot network represent more than a cryptocurrency protocol. They are almost an actual app.
And let’s not forget that Polkadot is not closed off like some cryptos are, but entirely open for everyone as it has an open-source code anyone can check.
What Do the Numbers Say?
As we’ve already mentioned, Polkadot is in the top 10 coins globally, more precisely ranked number 10 at the moment. However, the token’s value has changed drastically in the last year. It’s been rising and falling for the entire year, going as low as $6 and as high as $55.
However, it’s been slightly rising lately, and it’s expected to continue doing so in 2022. Naturally, there’s no way to know for sure, so you still need to consider other things if you decide to start buying Polkadot.
The DOT market cap is over $31 billion, and the circulating supply has almost reached 1 billion. It’s worth noting that the token has experienced redenomination in the middle of 2020, one of the few major cryptos to undergo such a significant change. However, the change was only technical to avoid using small decimals.
The total supply was also increased from 10 million by a factor of 100, and everyone’s share was proportionally increased as well. That’s precisely why the change was more cosmetic than influencing the token’s value. At the moment, the total supply is above 1.1 billion.
Why Should I Buy Polkadot?
Polkadot is highly volatile, often more so than other cryptocurrencies, as many factors determine its price. The value can change following other major cryptos, but that’s not always a given with Polkadot.
It’s also a very young network, which is why its price can change drastically very quickly.
Polkadot is extremely promising, unlike some other cryptocurrencies, primarily due to the problems it fixes and what it can do for the entire internet community. Hundreds of projects are already using the Polkadot network, so the chances are high that its popularity will continue rising, bringing the overall value of DOT with it.
Moreover, the makers of Polkadot are extraordinarily experienced and come with notable reputations, and their network now has a lot of big backers.
Naturally, nothing is set in stone here, and due to the extreme volatility of the price, you have to decide for yourself if buying the token is a sound investment.
Where to Buy Polkadot in Texas?
If you want to buy some DOT tokens, you can do so using two distinct options — crypto exchanges and directly from Polkadot owners. Let’s thoroughly explain both options.
Centralized Cryptocurrency Exchanges
Centralized cryptocurrency exchanges are likely the most popular option for buying any crypto anywhere in the world. They are easy to use, offer a wide range of trading options for beginners and veteran investors, and are usually a host to hundreds of different coins.
Moreover, exchanges are the most widely spread sites for buying and selling cryptos, which is usually the main reason for their popularity.
In the US, specifically Texas, many exchanges are available, including the most popular crypto marketplaces like Kraken, Coinbase, Crypto.com, Gemini, and many others.
With so many options available, you need to learn how to find the best ones for your needs. Here’s a list of criteria that will help you find the top exchanges in Texas:
- Available coins — If you only want to buy Polkadot for US Dollars, you need to check that DOT is available. However, it’s much better to go for platforms with a whole slew of cryptocurrencies as that shows the site is high-quality. Moreover, you might want to buy other coins in the future or exchange DOT for Ethereum or Bitcoin.
- Availability in Texas — It’s not a given that every state in the US accepts the same exchanges, nor is it a given that every business operates in every state. For instance, Binance doesn’t work in Texas, so it’s essential to check that the exchange you’re choosing operates in your state.
- Ease of use — If you’re new to the crypto world, it’s best to look for a platform known for its ease of use. Thankfully, most major exchanges like Kraken and Coinbase are very easy to manage.
- Security and privacy — A crypto exchange can’t possibly be any good if it doesn’t have top-notch security standards and high privacy measures. Remember to check these before you start, including the history of past security issues or breaches.
- Fees — Every exchange charges fees on transactions, withdrawals, and many other services it renders, and it’s just the way things are. But even though you can’t avoid them, you can certainly look for platforms with the lowest fees for the quality of services they provide.
- Payment methods — Most exchanges support numerous payment methods, including credit cards, bank transfers, and e-wallets like PayPal. Look for the ones that support the methods you tend to use the most.
- Reputation — Prestige is everything in the crypto world, so you must look for platforms with high standings in the crypto community.
- Limits — Most exchanges come with various limitations to how much you can deposit, withdraw, buy, and sell. Check these limits before you sign up for a specific platform.
Buying Directly
Besides exchanges, you can always opt for buying Polkadot directly from a person who has this crypto asset and is willing to sell.
Naturally, you will have to make a lucrative deal for both of you, and you can often achieve much better terms than you can on online marketplaces.
However, direct buying can be dangerous. Since scammers are everywhere, you should ensure that the trader is someone you trust. If not possible, complete the transaction in public and exchange your funds simultaneously.
How to Buy Polkadot in Texas? Step-by-Step Guide
Since the best option for buying Polkadot in Texas is through a centralized crypto exchange, we’ll focus on purchasing the token on such a platform. In most cases, the steps are the same or very similar, so here’s a step-by-step explanation of what you need to do:
- Pick an exchange — Find a good Polkadot exchange or pick one we recommend and visit the official site.
- Create an account — Register an account by following the instructions. Expect to use various personal information and some documents as that’s all part of the KYC procedure required by the law.
- Get a crypto wallet — As you need a place to store your assets, you’ll have to get a crypto wallet. You can also keep the tokens on the exchange, but getting your own wallet is better and safer.
- Deposit funds — Use one of the available payment methods at the exchange and deposit funds, the ones you’ll use for buying Polkadot. Make sure you deposit more than you’ll spend, as you’ll have to pay transaction and deposit/withdrawal fees.
- Buy Polkadot — Find DOT and complete a purchase for the desired number of DOT tokens.
Final Thoughts
As you can see, buying Polkadot in Texas is incredibly easy. Naturally, the how-to part is not everything, and you’ll have to carefully think if buying DOT is something you should do.
Once you’re sure, you’ll only need to pick a good exchange and buy the amount you need. Then, in a very short period, you’ll become a proud Polkadot owner.
