New Hampshire is known for being a progressive state regarding finance and technological innovation. Despite being small, a sizable interest in cryptocurrencies exists, so it’s not surprising that the governor of the Granite State has signed an executive order in early 2022 to create a commission that will deal with cryptocurrencies and other digital assets.
If you’re interested in entering this sphere or are looking for new cryptos to invest in, Polkadot is a good option. In this guide, we will learn more about it as we cover all the essential details and discuss where you can buy these tokens. When you’re done reading, you’ll have everything you need to start your Polkadot journey.
Polkadot (DOT) — What Is It and How Does It Work?
Polkadot is an open-source protocol based on blockchain technology, and Polkadot or DOT is the native cryptocurrency that operates on it. The main goal of this novel cryptocurrency and protocol is to improve interoperability with other blockchains and bring us a step closer to a decentralized, blockchain-based internet.
The core features of Polkadot include several unique features that make it incredibly scalable, safe, and revolutionary in the world of digital currencies:
- Relay Chain — This is the main chain of Polkadot. Unlike other cryptocurrencies, Polkadot has one main chain responsible for security and interoperability, while also supporting the creation of chains.
- Parachains — The other chains on the Polkadot network are called parachains. They only benefit from Polkadot’s security while they work entirely independently. Developers can create entire chains with the help of Polkadot and connect already existing ones. Their importance for the network lies in how they improve the overall growth of Polkadot.
- Bridges — These are used to connect Polkadot to other chains and to enable communication with external chains.
The DOT token is like many other cryptocurrencies. Apart from providing value to the Polkadot network and allowing it to grow and develop, it also serves as a regular payment method and asset you can purchase like any other crypto.
However, its unique security system with nominators, validators, collators, and fishermen, sets it apart from other cryptos.
Every DOT holder can assume one of these positions and get a specific role in the network. You get to be part of the governance of the network, check transactions, and so much more. Most importantly, you get to stake your tokens and consequently gain more as a reward for your service.
Naturally, many of these features exist in other cryptocurrencies, but they rarely come together as they do in Polkadot. It’s just another reason that makes this crypto attractive to investors and crypto enthusiasts.
Polkadot’s main appeal is its price, market cap, and scale. The price of DOT is quite volatile, but it was as high as $55 at one point. The market cap is ever-changing. However, it’s worth noting that it always keeps Polkadot in the top 20 cryptos on the planet. The number of tokens also increases rapidly, at a predetermined rate, as there is no cap to how many tokens exist in the network.
Where to Buy DOT Tokens in New Hampshire
Every person who wants to buy Polkadot in New Hampshire has two choices:
- Centralized cryptocurrency exchanges
- Buying DOT directly from an individual
Let’s explain both methods in greater detail.
Centralized Cryptocurrency Exchanges
Centralized crypto exchanges are marketplaces for trading cryptocurrency. They are all operated by specific organizations, so they have to adhere to regulations imposed by the US government.
This means you need an ID or some other documents to register. Once you do, you know you’re using a safe and trustworthy site. Naturally, some exchanges are still better than others, so it’s essential to learn some of their important characteristics before you finally settle on one.
- Accepted cryptocurrencies — Check that the exchange you like deals with Polkadot and other cryptocurrencies you’re interested in. The more, the better, even if you don’t want to use them at the moment.
- Availability in Minnesota — The majority of US exchanges work in most states, but it’s essential to check, as some might not operate in New Hampshire.
- Reputation — Check online reviews and feedback on any given crypto exchange to learn more about its standing. The more reputable, the more trustworthy it is.
- Safety — Most known platforms are very safe, but breaches still happen even to the best of them. It’s thus essential to check what security protocols are in place.
- Privacy — Some exchanges have more complicated KYC procedures, which means you have to divulge more information than usual.
- User interface — Most crypto exchanges have a great user interface. However, it’s worth checking, as some tend to be more complex and suited to experienced users.
- Liquidity — Every exchange is just a trading facilitator, so the amount of DOTs available depends entirely on how popular and widely used the exchange is.
- Payment methods — Crypto exchanges usually support a plethora of payment options, including bank transfer, credit and debit cards, various e-wallets, and more. It’s a good idea to see which ones are there before you join, as the methods you typically use might not be available.
- Fees — Every exchange has a pricing system that includes various fees. Using one is free, but you have to pay for small yet diverse costs, including trading, deposit, and withdrawal fees. You also have to account for the exchange margins. The fees you pay to the Polkadot network are minimal, so you needn’t worry about them.
Buying Polkadot Directly
Instead of using cryptocurrency exchanges, you can always buy DOT tokens directly if that’s what you prefer. You only need to find a willing seller and make a deal with them.
However, bear in mind that this type of trading is not recommended, as nothing is stopping that person from tricking you and walking away with your funds. You either need to make the trade public or use a mediator both you and the seller can trust.
How to Buy DOT in New Hampshire (Step-by-Step Instructions)
To buy Polkadot in New Hampshire using any recommended crypto exchange, you need to go through these simple steps:
- Create a crypto wallet account — Find a good crypto wallet that supports Polkadot and create an account. If you opt for a hardware wallet, you’ll have to buy and set it up once the device arrives. Alternatively, you can choose a software wallet that operates on the web like any other app.
- Pick a crypto exchange — Choose one of the recommended crypto exchanges. Ensure it’s safe, reputable, operational in New Hampshire, and supports DOT.
- Create an account — Visit the exchange’s official website and follow the instructions to create and verify your account.
- Make a deposit — Once the account is ready for use, select one of the available payment methods and deposit funds that will cover the price of DOTs you want to buy, the fees, and the exchange margins.
- Buy Polkadot — Find a USD to DOT trading pair and buy the desired number of tokens. They should arrive shortly, depending on how clogged the network is at that moment.
- Transfer DOT to the wallet — Once you have your tokens, you can continue trading them on the exchange. However, if you want to store them long-term, it’s best to withdraw them to your wallet, as it’s much safer than the exchange.
Bottom Line
So, there you have it, folks — everything you need to know to start buying Polkadot in New Hampshire.
Naturally, it’s best to research crypto to learn more about it if you’re a beginner. Once you’re ready to begin investing, you can use any of the recommended crypto exchanges and get started in no time. As you’ve seen, buying Polkadot in New Hampshire is incredibly easy and, more importantly, entirely safe on a regulated exchange.
