Cryptocurrency usage has seen a significant rise, bringing with it a surge in cryptocurrency scams and unlawful activities.The Clay County Prosecutor’s Office has raised alarm over drug dealers’ use of hardware wallets to mask their funds. Furthermore, there is apprehension about the growing prevalence of cryptocurrency mining operations in residential areas. The introduction of cryptocurrency bitcoin ATMs in Clay County has also heightened concerns about potential exploitation within the community.“Last year, in 2023, people lost $4 billion in cryptocurrency- related scams,” said Clay County Prosecuting Attorney Zach Thompson. “Now it’s up from 2.5 billion the year before, so it’s a growing problem and it’s a consistent problem.”Recognizing the growing prevalence of cryptocurrency and the concerning trend of criminal exploitation, Thompson secured a valuable opportunity for law enforcement in Clay County. Extending an invitation to area law enforcement, officers were able to partake…

Former President Donald Trump promoted his family’s upcoming cryptocurrency platform called “The DeFiant Ones” in a Truth Social post on Thursday. 

Trump shared the post with his 7.5 million followers Thursday morning, which son Donald Trump Jr. shared with his 12 million followers on X less than half an hour later. 

“For too long, the average American has been squeezed by the big banks and financial elites,” the presidential candidate wrote. “It’s time we take a stand — together.”

The Truth Social post links to a Telegram messaging channel with nearly 34,000 subscribers and more streaming in. 

A post calls the Telegram group chat “the only official Telegram channel for the Trump DeFi project” which is building “the future of finance.”

The former president’s sons, Trump Jr. and Eric Trump, have been hinting at the Trump Organization crypto platform for weeks.

Rumors swirled earlier this month when Eric posted on X that he had “fallen in love” with “Crypto / DeFi” and told his followers to “stay tuned.”

“It’s digital real estate,” he previously told The Post in an exclusive interview.

“It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shake up that is for the world of banking and finance. I hope we can help change that.”

He told The Post that the new crypto platform will allow more Americans to be approved or denied for loans “based on math, not policy. Money could be in their account in minutes, not months.”

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Trump Jr. previously said the family is not launching a memecoin, but a digital bank prepared to take on the traditional US banking system.

The Trumps’ social media promotion of their new crypto platform landed on the final day of the Democratic National Convention as the race between Trump and Vice President Kamala Harris heats up.

As voters consistently rank the economy top of mind ahead of the 2024 presidential election, Trump and Harris have been vying to win over inflation-battered Americans.

Trump has backed tariff hikes while Harris has proposed a price gouging ban on grocery and food suppliers.

Both candidates are trying to woo crypto bigwigs, who hope the next administration will relax industry regulations. 

Trump has tried to stake his claim as the crypto candidate, reversing his skeptic stance on crypto from 2019.

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So far this year, Trump launched a non-fungible token collection on the Solana blockchain, became the first major presidential nominee to accept donations in cryptocurrency and headlined the Bitcoin Conference in Nashville, Tenn.

The Republican nominee said he had raised $25 million in crypto donations as of the end of July.

Crypto investors seem to have placed their bets on Trump, as Bitcoin and crypto platform shares soared after he was shot in an assassination attempt – which voters assumed would help his odds of winning the presidency.

Bitcoin shares spiked again after Trump spoke at the Bitcoin Conference and pledged to make the US the “crypto capital of the planet.”

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Cryptocurrency is an extremely high-risk and complex investment. Don’t invest unless you’re prepared to lose all the money you invest. You are unlikely to be protected if something goes wrong.

Forbes Advisor has provided this content for educational reasons only and not to help you decide whether or not to invest in cryptocurrency. Should you decide to invest in cryptocurrency or in any other investment, you should always obtain appropriate financial advice and only invest what you can afford to lose.

Chainlink, a household name for the crypto industry, serves as a vital bridge connecting off-chain data to on-chain smart contracts. Its innovative approach has reshaped how blockchain applications interact with the real world.

In 2021, Chainlink’s LINK token surged to an all-time high of $52.88. However, as of August 9, 2024, the token has fallen to $10.57. Considering the evolving dynamics of the crypto market and Chainlink’s strong product, many Indians are keen to understand LINK’s investment potential.

This guide offers insights and steps for those considering a venture into LINK.

What is Chainlink?

Imagine blockchains as digital ledgers that record online transactions securely. On the other hand, we have real-world information like weather updates, stock prices, and sports scores. But here’s a challenge: how do we let these two worlds communicate?

This is where Chainlink comes in.

Chainlink acts as a translator between blockchains and real-world data. This is especially important for “smart contracts.” Think of these as digital deals: if one thing happens, another automatically occurs.

For example, two friends might each bet INR 100 on whether or not it will rain in Mumbai tomorrow. They use a smart contract to make the bet so that it holds INR 200. To decide the winner, the contract needs accurate weather data. Chainlink ensures the contract gets this information from trustworthy sources. Once the data is received, the contract automatically pays the person who guessed right.

In short, Chainlink helps digital agreements make decisions using real-world data, making online deals smarter and more trustworthy for everyone.

Chainlink’s ability to connect real-world data to smart contracts has been particularly transformative in Decentralized Finance, commonly known as DeFi. DeFi platforms allow people to borrow, lend, and earn interest without traditional banks or financial middlemen. For these platforms to work effectively, they need accurate and current financial data like exchange rates, asset prices, and interest rates.

Chainlink ensures that the smart contracts that power these platforms receive reliable data, ensuring the contracts can execute transactions using a reliable data feed. This also provides a level of trust for users placing money in these contracts as they know that a rogue data feed could cause an incorrect execution of a contract.

As DeFi grows and redefines the financial landscape, Chainlink’s role as a dependable bridge between the digital and real-world becomes even more pivotal.

How To Buy Chainlink (LINK)

If you understand and accept cryptocurrency’s risks, here’s how to buy it.

1. Choose a Reputable Cryptocurrency Exchange:

Select a trusted cryptocurrency exchange in India that offers Chainlink (LINK). Options might include platforms such as CoinDCX, Mudrex, or CoinSwitch. Register on the platform using your email address and create a secure password. Choose a cryptocurrency exchange that is FIU-registered. 

2. Verify Your Identity:

Indian regulations mandate that individuals verify their identity before purchasing cryptocurrency. This typically involves uploading a photo ID like an Aadhar or PAN card. Some exchanges require additional verification, such as a recent utility bill, to confirm your address.

3. Set Up a Secure Crypto Wallet:

To ensure the safety of your investments, store your Chainlink tokens in a dedicated crypto wallet rather than keeping them on the exchange. There are various crypto wallet options available that support Chainlink. Research and choose one that aligns with your security preferences and usability needs.

4. Fund Your Exchange Account:

Log into your chosen exchange and navigate to the deposit section. Deposit Indian Rupees (INR) using bank transfers or other accepted payment methods. Many exchanges also accept UPI. If your chosen platform doesn’t directly support INR/LINK trading pairs, you may first need to purchase a primary cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH).

5. Purchase Chainlink (LINK):

Navigate to the trading area of the exchange. Locate the appropriate trading pair, such as LINK/BTC or LINK/ETH. If there’s an option for a direct INR/LINK trade, it simplifies the process. Specify the number of Chainlink tokens you’d like to buy, review the transaction details, and confirm the purchase.

6. Transfer Chainlink to Your Secure Wallet:

For an additional layer of security, it’s advisable to move your Chainlink tokens from the exchange to your private wallet. On the exchange, find the ‘withdraw’ or ‘transfer’ option, enter your wallet receiving address, confirm the details, and complete the transfer.

7. Monitor Your Investment:

After purchasing Chainlink, regularly check its value. Use apps or platforms that provide cryptocurrency prices and set up alerts for significant LINK price changes. Given crypto’s volatility, staying informed helps guide future decisions regarding your Chainlink holdings. Adjust your strategy based on both market trends and your financial goals.

Is Chainlink a Good Investment?

Investment decisions, especially in the dynamic world of cryptocurrency, require understanding both the specific project’s fundamentals and the broader economic environment. Chainlink stands out for its innovative approach to bridging off-chain data with on-chain intelligent contracts. However, some investors are concerned that the current token mechanics don’t seem to translate Chainlink’s product’s success into accurate value accrual for the LINK token.

Recognizing these concerns, the Chainlink team has unveiled plans for Chainlink 2.0. This anticipated update is set to improve the project across many areas, including refinement of the token mechanics, with the hope of more effectively capturing the project’s success in the token’s value. If executed correctly and the project continues to be the preferred oracle for connecting real-world data with blockchain contracts, LINK may perform better after the update.

Yet, it’s essential to view Chainlink’s potential within the context of the broader macroeconomic landscape. High interest rates are impacting the financial market, making traditional returns more attractive and causing a retreat from riskier assets, such as cryptocurrencies and stocks. This overarching trend can dampen the immediate growth prospects for tokens, including LINK. 

However, financial climates are dynamic, and a shift back to risk assets could usher in renewed interest in the crypto market and LINK.

Nevertheless, potential investors should remain aware of the interplay between a potential investment and external economic influences when assessing whether to invest.

This article does not endorse any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class. 

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