Polkadot (DOT) is an open-source multichain protocol that aims to connect and secure multiple blockchains on a single network. Polkadot was established in 2020 by founder Gavin Wood who is an original co-founder of Ethereum. The overall goal of the Polkadot protocol is to solve issues that currently plague blockchain technology such as; interoperability, scalability, governance, and data privacy.
Polkadot allows individual blockchain networks to connect with other blockchains making them interoperable. This multi-chain functionality makes it easier for developers, start-ups, and enterprises to build and operate blockchain technology.
The Polkadot protocol has 4 main components. These are the relay chain, parachain, parathreads and bridges. The main Polkadot network is known as the relay chain; this creates interoperability and secures the networks. The parachain is a user-created specialised network designed to run on the main blockchain. Parathreads act similarly to parachains but with more flexible connectivity. Lastly, bridges are the connectors between parachains and parathreads that allow for communication with external blockchain-based platforms like Ethereum.
To buy DOT token, simply create and account with Swyftx with a few simple details such as your phone number, email and identification. Once your account has been verified you can log into the Swyftx crypto exchange and deposit funds via bank transfer, POLi, PayID, or debit card. When the funds have landed in your account you can instantly buy Polkadot (DOT) and hundreds of other cryptocurrencies. Your polkadot (DOT) will then be securely stored in your Swyftx exchange wallet and can be accessed anytime. You can track the price movements of your assets via the dashboard in the Swyftx mobile app and web trading platform.
The best place to buy Polkadot is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Polkadot (DOT). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of DOT is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Polkadot with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy DOT instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
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