Buy Polkadot (DOT)

Compare Live DOT Prices at Top 5 Exchanges as of June 22, 2024
Published: June 9, 2023   |   Last Updated: May 3, 2024
Written By:
George Hristov
George Hristov
Contributor
Edited By:
Shannon Ullman
Shannon Ullman
Managing Editor

How To Buy Polkadot (DOT)

DOT is the cryptocurrency token of the Polkadot blockchain.

Polkadot is an innovative blockchain project developing an ecosystem of blockchains, known as parachains, that work together to make transactions faster and cheaper than other chains.

Step 1: Choose An Exchange Or Wallet

DOT can be purchased either through an exchange or through a wallet application that supports Polkadot assets.

Step 2: Decide On The Amount You Want To Purchase

Once you’ve signed up to your exchange of choice, decide how much DOT you would like to purchase. Fund your account using a credit card, bank account, or other wallet, and complete your purchase.

Step 3: Store, Transfer, Or Use Your DOT

Once you have secured some DOT, you can keep it in the exchange wallet for safekeeping, transfer it to your own non-custodial wallet, or use DOT for trading, staking, or anything else on the Polkadot blockchain.

Where To Buy DOT

DOT is a well-supported cryptocurrency and can be purchased through a variety of exchanges:

DOT Crypto Overview

TokenNetworkFoundersKey IndividualsYear FoundedInvestors
DOTPolkadotRobert Habermeier
Gavin Wood
Peter Czaban
Robert Habermeier
Gavin Wood
Peter Czaban
Björn Wagner
2016Apollo Capital Management
BlockAsset Ventures
MetaStone Group
Polychain Capital
+ more

Why Does Anyone Buy DOT?

DOT derives its value from the innovative Polkadot blockchain. In addition to powering the Polkadot blockchain, DOT is considered a reliable store of value. DOT benefits include:

  • DOT is one of the top 20 cryptocurrencies by market-cap.
  • The Polkadot blockchain was created by Gavin Wood who is also the co-founder of the Ethereum blockchain.
  • Polkadot is one of the first blockchains to achieve significant interoperability between individual chains.
  • Polkadot has one of the largest developer communities of any blockchain. This further contributes to the value of DOT.
  • Compared to Ethereum, Polkadot transactions are much faster and cheaper, leading some to call Polkadot the “Ethereum killer.”

Is DOT Being Used?

Daily trading volume for DOT: $398 million (as of 01/2023)

A large part of the confidence in the DOT token comes from the adoption of the Polkadot blockchain and the large developer community. Polkadot powers an ecosystem of blockchains known as “parachains.” Developers have to compete to win an auction in order to be able to build their apps using a parachain.

  • You can stake DOT and receive staking rewards up to 18%.
  • DOT is used to settle transaction fees on the Polkadot blockchain.
  • Lend DOT for up to 18% annual percentage yield.
  • In 2022, Polkadot had close to 15,000 developer contributions in just one month — making it one of the most active blockchains.
  • The Polkadot community treasury has put over $10 million to work funding projects for their blockchain.

Key Events For DOT

Discover Similar Tokens

  • Cosmos (ATOM): Cosmos is a crypto protocol building a network of interoperable blockchains with a vision similar to that of Polkadot.
  • Avalanche (AVAX)Avalanche is another innovative multi-chain project that scales protocols through their Avalanche “subnets”.
  • Osmosis (OSMO): Osmosis is a decentralized exchange built using the Cosmos blockchain. While its DeFi use-case is different from that of Polkadot, Osmosis is similar to Polkadot in that both protocols allow financial asset swaps between blockchains that would otherwise be incompatible.

Frequently Asked Questions

DOT reached an all-time high of $55.13 on November 3rd, 2021.

The price peaked in large part due to the broader bull market at the time, but also because there was demand for DOT leading up to Polkadot’s first parachain auction on November 11th.

Yes, the exchanges that support DOT, such as Uphold.com, eToro, Coinbase, and others, allow you to fund your account with a credit card.

After funding your account, you can buy any cryptocurrency that the exchange supports, including DOT.

Polkadot does not have special restrictions in the USA. Exchanges that support DOT, such as Uphold.com, eToro, Coinbase, and others, allow US residents to freely purchase the token.

No, DOT is not supported by PayPal.

At this time, PayPal only supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Polkadot has been dubbed the “Ethereum killer” by some optimistic investors.

The parachain nature of the Polkadot blockchain allows for faster and cheaper transactions than Ethereum. Polkadot was also co-founded by Gavin Wood, who helped create Ethereum.

While Polkadot is an innovative chain, there is a lot of room to go before it overtakes Ethereum, but, in crypto, anything is possible.

Polkadot has a strong developer community which indicates that many apps will rely on the chain in the future.

As one of the largest cryptocurrencies by market cap, Polkadot is considered a reliable investment by many investors. However, there is no way to tell if Polkadot will be a good investment longterm.

George Hristov
George Hristov
Contributor
George is a tech writer interested in web3 startups and communities. In the dynamic world of crypto, he stays plugged into the day-to-day headlines, deep dives, and industry commentary.
Shannon Ullman
Shannon Ullman
Managing Editor
Managing editor working to make crypto easier to understand. Pairing editorial integrity with crypto curiosity for content that makes readers feel like they finally “get it.”

Skip Ahead