Buy Polkadot with a Credit Card
You can buy DOT for USD and other fiat currencies here at SwapSpace! We provide an easy way to do that via one of our partners, such as Mercuryo, Guardarian, or Simplex, with a few simple steps right on this page. You can also look at Polkadot price dynamics and history, get some answers to your questions, and find some useful links to read more about what is DOT.
Buy Crypto with Fiat Now
Polkadot Live Price Chart
DOT price can be volatile. You can see the history of price changes in the cryptocurrency price chart below to help you make the best decision while considering buying crypto.
As you can see, the current Polkadot price is 6.77738918163716. In any case, whether you want to buy the dip or just want to buy DOT for your personal needs - we got you!
What is Polkadot?
Polkadot is a multi-chain blockchain platform that enables different blockchains to transfer messages and value in a trust-free fashion. It was created by Dr. Gavin Wood, one of the co-founders of Ethereum.
The concept of Polkadot was introduced in a white paper titled "Polkadot: Vision for a Heterogeneous Multi-Chain Framework" published by Dr. Gavin Wood in 2016. The paper outlined the vision for a platform that could facilitate interoperability between different blockchains.
The development of Polkadot was supported by the Web3 Foundation, a Swiss foundation dedicated to fostering the development and adoption of decentralized web technologies. The foundation provided financial support and resources for the project.
Parity Technologies, a blockchain infrastructure company co-founded by Gavin Wood, developed Substrate, a blockchain development framework. Substrate allows developers to easily create custom blockchains and parachains (parallel blockchains) that can connect to the Polkadot network.
The first proof-of-concept of Polkadot was released in 2017. This early version demonstrated the basic functionality of the network, showcasing the ability to connect and relay information between different blockchains.
Polkadot underwent extensive testing through various testnets to identify and address potential issues. The Kusama network, often referred to as Polkadot's "canary network" or experimental network, was launched as a real-world, early-stage deployment to test features and gather feedback from the community.
Polkadot employs a proof-of-stake consensus mechanism, contrasting with Bitcoin's proof-of-work system, to secure the network, validate transactions, and generate new DOT tokens. DOT holders have various options for engaging with the staking system, depending on their time, technical expertise, and financial commitment.
Validators play a pivotal role, requiring a substantial commitment and technical proficiency. To become a validator, one must operate a node (a network-contributing computer) with minimal downtime and stake a significant amount of personal DOT. In return, validators gain the authority to validate legitimate transactions, append new transaction "blocks" to the relay chain, and potentially receive newly minted DOT, a share of transaction fees, and tips. However, validators may risk forfeiting some or all of their staked DOT for acting maliciously, making errors, or encountering technical difficulties.
Nominators offer a means for regular investors to engage in staking indirectly. By delegating a portion of their DOT to a trusted validator, nominators receive a share of the DOT earned by their chosen validators. Careful consideration is essential when selecting a validator, as nominators may also risk forfeiting some of their stake if the validator violates the rules.
Two specialized roles exist that typically demand less commitment than becoming a full validator but more technical expertise than being a nominator. Collators monitor valid parachain transactions and submit them to relay chain validators. Fishermen contribute to identifying and reporting instances of misconduct within the network.
Polkadot consists of a relay chain and multiple parachains. The relay chain is the main chain that coordinates communication between different parachains. Parachains are individual blockchains connected to the relay chain, each with its own purpose and consensus mechanism.
The network employs a shared security model, where the security of the entire network is maintained by the relay chain. Parachains benefit from the security provided by the relay chain, making it more difficult for individual parachains to be compromised.
One of Polkadot's primary goals is to enable interoperability between different blockchains. Parachains can communicate and share information with each other through the relay chain, fostering a more connected and collaborative blockchain ecosystem.
XCMP is a feature of Polkadot that allows different parachains to send messages and transactions to each other. This enables various use cases, such as asset transfers, decentralized finance (DeFi) activities, and more.
In October 2017, Polkadot conducted a token sale, raising significant funds to support the project's development. The native token of the Polkadot network is called DOT.
The Polkadot mainnet was officially launched on May 26, 2020. This marked the release of the network for production use, allowing users to transfer and stake DOT tokens and connect with parachains.
The Polkadot ecosystem has grown with various projects developing parachains, bridges, decentralized applications (DApps), and more. Substrate, a blockchain development framework also created by Parity Technologies (founded by Gavin Wood), facilitates the building of custom blockchains and parachains within the Polkadot ecosystem.
In late 2021, Polkadot successfully concluded its inaugural Parachain auctions, utilizing an un-permissioned candle auction system. The winning bid is determined as the highest bid at the random moment when the auction concludes.
The first five slots were allocated to the following auction winners: Acala, Moonbeam, Astar, Parallel, and Clover. These projects secure their parachain slots for 96 weeks, with assurance provided by the DOT bidders who committed collateral. Before their inclusion in the Polkadot network, all projects underwent rigorous testing on the Kusama testnet, which serves as the de facto testing ground for projects within the Polkadot ecosystem.
Polkadot has a decentralized governance system where DOT token holders can participate in decision-making processes. This includes proposing and voting on protocol upgrades and changes to the network.
DOT holders can stake their tokens to secure the network, and in return, they may receive rewards in the form of additional DOT tokens. DOT tokens are used for bonding parachains (individual blockchains that connect to the Polkadot relay chain) to secure their slots in the relay chain. DOT can act as a bridge currency between different blockchains within the Polkadot network.
The DOT token has a total supply of 1,398,982,538 DOT, and as of January 12, 2024, the circulating supply is 1,313,149,972 DOT.
The average Fees on the Polkadot Network
The fees on the Polkadot network can vary based on the network activity and specific transactions. Polkadot uses a mechanism called transaction fees, which are denominated in DOT (the native token of the Polkadot network). These fees are generally associated with activities like transferring DOT, interacting with smart contracts, or utilizing other functionalities within the network.
Transaction fees on Polkadot are influenced by factors such as the complexity of the transaction, the current network congestion, and the priority set by the user for their transaction. Users can choose to set a higher fee if they want their transaction to be processed more quickly.
The DOT Token Wallets
DOT (Polkadot) tokens can be held in various types of wallets, including Polkadot.js Extension Wallet, the official browser extension wallet, Ledger, Trezor, Parity Signer, Trust Wallet, Atomic Wallet, Coinbase, Bitpie, MyEtherWallet.
How to Buy DOT on SwapSpace
On this page, we put USD in the “You send” and DOT in the “You get” sections in the widget. USD is the default, but you can choose your preferred fiat currency. Put in the amount of fiat you want to spend. Next, press the ”View offers” button and choose a provider.
Fill in the “Enter the recipient address” field with the destination Polkadot address. Check the information carefully and click the “Next” button. After reading the special terms and conditions in the next window, click “Next” again.
At this point, you will either see our partner’s widget or be redirected to another page, depending on the chosen provider. You will be asked to verify your identity, as this is standard practice for the services that work with fiat money. Follow the provider’s instructions on the screen.
After completing the KYC procedure, fill in your credit card information. At this point, everything is in place and your transaction will start.
Wait for the transaction to process. You’ll see a message when it’s completed. A window with your transaction details will also appear; from there, you can also create another crypto-fiat exchange.
