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What is Chainlink (LINK)?

Before you buy chainlink coins or LINK, you will first want to know what Chainlink and LINK are. Chainlink itself is a decentralised blockchain oracle network that is built on top of the Ethereum structure. Ethereum was the first network to introduce smart contract technology — i.e. decentralised digital contracts that are executed once all necessary preconditions are met. The team behind Chainlink wanted to take this a step further, bringing in external sources of data to enhance smart contracts.

LINK is the Chainlink coin. This cryptocurrency is similar to many others, whose value rises and falls according to market forces. What makes it unique is that it is the only native coin of the Chainlink platform, and it is designed to power the enhanced smart contracts created via Chainlink.

What is Chainlink used for?

The Chainlink network was intended to take smart contracts to the next level. Rather than simply inputting conditions that must be met to complete the contract, these enhanced smart contracts draw upon external data sources and feed this data into the contract's conditions. For example, if two traders agreed to execute a deal once a particular commodities market had exceeded a specified value, this would not be possible with a standard smart contract, as this data is external to the crypto network. With Chainlink, however, this external data can form one of the smart contract conditions, so this would become possible. The underlying Chainlink coin — or LINK — powers these smart contracts. Supporting enhanced smart contracts is the main use case for LINK, but it can also be used in other ways. For instance, traders can buy Chainlink coins to use as an alternative currency, or they may decide to hold the coins to speculate on future value movements.

How is the price of Chainlink determined?

The Chainlink price in AUD is determined by the coin’s level of supply and demand.

A supply cap is attached to LINK tokens, meaning the currency is finite. As of September 2022, just under half of the total supply has been generated. This limit helps to ensure that supply does not outstrip demand, keeping the currency's value relatively stable.

Two important aspects govern the demand for the Chainlink coin. The first is the general desire among traders to buy Chainlink LINK tokens. The second is the usability of the Chainlink network itself. The Chainlink network was designed to enhance the capability of Ethereum-based smart contracts, integrating with external data sources to revolutionise this technology. If users and organisations believe this is a viable technological advance, adoption of the network will increase, and the currency's value will trend upward. Of course, there are no guarantees that this will be the case, and traders will always need to assume some risk when they enter the cryptocurrency market.

Buy and sell Chainlink (LINK) with BTC Markets

Chainlink is a very interesting development in crypto, modernising the already exciting Ethereum smart contract technology. With this in mind, many Australian investors are interested in buying and selling LINK tokens. This is where the BTC Markets platform comes in — our convenient, secure and reliable set of features can help beginners and more experienced traders achieve their market goals. Reach out to our team to discover more, or sign up for a BTC account today to get started with trading.

Frequently asked questions

Is it safe to buy Chainlink?

Traders naturally want to know about the safety and security of their investment when they buy Chainlink tokens or when investing in any other type of cryptocurrency. This has become one of the most frequently asked questions among traders who contact the BTC Markets team.

The Chainlink network is reputable, and LINK is a similarly reputable cryptocurrency token, so traders can be assured that they are buying into something legitimate. The technology that backs the network is also valuable to the ongoing development of cryptocurrency, which may provide further peace of mind for investors. Working with a trustworthy crypto exchange platform, like BTC Markets, is also important for ensuring safety and security.

However, traders are always encouraged to develop trading strategies they are comfortable with, as the LINK coin is subject to volatility due to its exposure to market forces.

How do I store Chainlink?

The usual way to store your chainlink LINK tokens, or any other cryptocurrency, will be in your crypto wallet. Here at BTC Markets, we offer a crypto wallet built into our platform. With this wallet, you can store any Chainlink coins (LINK) you buy from the exchange or receive as part of a transaction conducted with another trader. It's very difficult to trade crypto without one of these crypto wallets — the wallet itself will be connected to your bank account, and you can add or withdraw fiat funds via a secure payment gateway.

Traders often wonder how to buy Chainlink LINK tokens. They can do this using their crypto wallet and the crypto exchange. Enter the exchange and search for the Chainlink LINK currency. Select how many you wish to purchase and pay with an equivalent amount of any currencies you already hold within your wallet. The transaction is now completed, and the LINK tokens are delivered automatically to your wallet. As of early September 2022, the Chainlink to AUD price was 1 Chainlink coin to around 11.38 AUD.

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Litecoin (LTC), Chainlink (LINK), & Algorand (ALGO) now available as recurring transactions

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