Buy Polkadot in Canada

DOT is the native token of the Polkadot blockchain ecosystem. Specifically, it’s the token used to process transactions on the main relay chain, meaning it’s the most important coin within the Polkadot network. You can stake it in the Polkadot network to earn rewards, use it as a governance token to vote on how the network should be run, or trade it for speculative purposes.

As of January 5, 2022, there are 987 million DOT tokens in circulation, out of a total supply of 1.1 billion DOT. In August 2020, Polkadot redonominated DOT, such that 1 DOT was equal to 100 DOT. This did not alter the market capitalization of the network. The token’s supply rises at an inflation rate of about 10% a year; most of this goes to validators, while some goes to the community treasury. How much DOT is staked to validators determines the percentages of these allocations.

You can spend DOT within applications on the Polkadot network. Certain parachain networks, for instance, support DOT. Since Polkadot is decentralized and open-source, you could also use DOT as a governance token to determine the future of the protocol. This is accomplished by using your DOT to participate in governance votes; in the land of crypto, voters speak with their money. You can also stake DOT within the blockchain’s proof-of-stake consensus mechanism to earn rewards. Lastly, you can simply hold DOT for speculative purposes.

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 Polkadot transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Polkadot’s current market cap is $18,554,485,540.00.

The current price for Polkadot in Canadian dollars is $12.83.

Buying Polkadot 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 Polkadot
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 Polkadot. 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.