The Polkadot (DOT) token has come a long way since Polkadot’s first public initial coin offering (ICO) in October 2017. From $0.29 per token on the first ICO and its opening price of $2.79 in August 2020, DOT reached an all-time high price of $54.98 on November 4, 2021
As of April 2023, DOT is the 11th largest cryptocurrency by market capitalization, and several merchants have also started accepting DOT as a payment method.
That said, if you’re looking for an easy way to send DOT to other users, this blog post can help.
What Is the Polkadot Crypto?
DOT is the native token of the Polkadot network, a blockchain platform that enables the creation and interoperability of multiple blockchain networks, also known as parachains.
Polkadot has a unique architecture that allows for greater flexibility and scalability in the network. As a meta protocol, Polkadot also has the ability to update its own codebase through on-chain governance, which is determined by the community of token holders
3 Functions of DOT within the Polkadot Network
DOT has three main functions within the Polkadot network: staking, governance, and bonding.
1. Staking
Staking DOT helps maintain the security and operations of the network. You can stake your DOT tokens to become a validator, which will allow you to participate in the consensus process and earn rewards for verifying transactions on the network.
2. Governance
DOT token holders have the ability to vote on proposed changes to the network, such as upgrades or modifications to the protocol. This helps ensure that the network is being developed in a way that aligns with the interests of the community.
3. Bonding
Parachains are connected to the Polkadot network by bonding a certain amount of DOT tokens, which helps to ensure the security and reliability of the overall network.
Polkadot Crypto as a Payment Method
Due to its popularity and widespread use, Polkadot has become a payment method in its own right. Nowadays, people use DOT to send crypto to other users, facilitate cross-border transactions, pay bills, shop for items online, convert crypto to fiat, and more.
What Network Can I Use to Send Polkadot?
DOT is a standalone cryptocurrency that operates on its own blockchain network. Therefore, you cannot send it directly using other crypto networks. However, you can trade, send, receive, or swap DOT for other cryptocurrencies on various exchanges and blockchain money transfer apps like Ka.app.
How to Send Polkadot
With Ka.app, you can send DOT quickly and easily to other users. Here are two ways to do it:
1. To another Ka.app user
- Log in to the app.
- Once you’re on the home screen, tap the send icon.
- Scan the crypto wallet QR code or enter the mobile number of the recipient.
- Choose Polkadot
- Enter the amount of DOT you want to send.
- Enter your passcode to confirm.
- That’s it! The recipient will receive the assets within a few seconds.
Note: Sending DOT to another Ka.app user is free if the recipient accepts the payment in DOT. Ka.app users have the option to accept payments in a different currency through the Easy Swap Engine.
2. To an external wallet
- Log in to the app.
- Once you’re on the home screen, tap Polkadot.
- Tap the withdraw icon.
- Paste the recipient’s external wallet address or scan their wallet QR code.
- Enter how much DOT you want to send.
- Enter your pin code to confirm the DOT transfer.
Final Thoughts
DOT makes a quick, secure, and convenient payment option for daily transactions. This token operates on its own blockchain network, but as mentioned, you can easily trade or swap it for another crypto on Ka.app. Sending DOT to other Ka.app users is free and only takes a few seconds.
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FAQ
Why was Polkadot referred to as the Ethereum Killer?
Some enthusiasts call Polkadot the "Ethereum killer" because they believe it has the potential to compete with Ethereum in the decentralized application (dApp) market. Polkadot's architecture enables it to address some of the scalability and exchange of data issues that some users have experienced with Ethereum.
How do I get a Polkadot wallet address?
You can get a DOT wallet address by signing up on a platform that accepts the DOT token. In the Ka.app, for instance, you’ll get wallet addresses for all the available currencies in the app as soon as you’ve created a Ka.app account.
Can I swap Polkadot for other currencies in the Ka.app?
Yes. You can swap DOT for the available cryptocurrencies in the app. These include Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Cardano (ADA), KASTA, Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Binance (BUSD), etc.