Buy Chainlink in Canada

Chainlink is blockchain middleware that validates off-chain information (such as price feeds or event results), and links to payment systems on-chain without sacrificing decentralization or security.

LINK is the official token of the Chainlink network.

There are 1 billion Chainlink tokens in existence.

Chainlink sold 35% of these for $32 million in a token sale in 2017. An additional 35% are earmarked for node operators who do the verification work, and 30% is kept by the Chainlink company to pay staff and develop the protocol. As of September 2021, 45% of all the tokens are in public circulation.

LINK is built into the Chainlink network itself, meaning you can’t really spend it anywhere else. The reason for this is to incentivize key operations for the network — like paying node operators for doing proper validation work. And since some data is in higher demand than others, the payout in LINK may be higher depending on the request. The value of LINK as a cryptocurrency is tied to Chainlink’s ability to successfully execute smart contracts. Most people outside of the Chainlink network who hold LINK do so because they believe the value will increase over time.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any Chainlink transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Chainlink’s current market cap is $27,272,694,084.00.

The current price for Chainlink in Canadian dollars is $33.70.

Buying Chainlink with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps:

1. Tap the magnifying glass icon in the top right corner of your screen
2. Type in Chainlink
3. Tap Buy
4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue
5. Review the order details and tap Confirm order

You can choose between two different order types when buying Chainlink. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.