Cryptocurrencies are always at risk of severe volatility. This is especially true for the local currency Matic of Polygon. But some investors see this as an opportunity, especially since polygon is still one of the top cryptocurrencies with a market capitalization of $4.6 billion. Here are some common questions you need to know about purchasing Polygon (MATIC).
Want more than just to buy MATIC? Access dozens of different cryptocurrencies buying guides 2022 here.
What is Polygon (MATIC)?
While Ethereum is the go-to platform for smart contracts, its popularity means users may end up paying high gas fees.
That’s where Polygon comes into play. It’s an Ethereum Layer 2 scaling solution. For those new to the crypto lingo, a Layer 2 crypto is built on top of an existing blockchain. In this case, Ethereum is the Layer 1 crypto and Polygon is the Layer 2.
Polygon is designed to scale the Ethereum network and improve its functionality. And it has become popular among decentralized finance platforms, with a strong, rich DeFi and non-fungible token (NFT) ecosystem. The network also claims that it can handle thousands of transactions per second (TPS)—which is pretty quick in comparison to Ethereum’s TPS of around 15.
Polygon is also the name of the native cryptocurrency used on the Polygon network. The coins trade under the MATIC ticker.
The platform uses a proof-of-stake, or POS, consensus to secure the network, verify transactions and create new currency. Polygon has a market cap of $5.282 billion as of May 31, and there are 7.96 billion polygon coins in circulating supply.
Polygon goes by the ticker symbol MATIC. MATIC is the symbol associated with Polygon across the cryptocurrency exchanges globally.
Read More: What is Polygon (MATIC)?
How Does Polygon (MATIC) Work?
Anyone who has ever traded on the Ethereum blockchain would be familiar with the high transaction fees and slow fulfillment times on the network. Polygon solves these problems by providing a decentralized platform that facilitates low-cost transactions.
The network describes itself as a layer two scaling solution. Its unique transaction fulfillment technology allows up to 65,000 transactions per second on each side chain. The system uses proof-of-stake checkpoints that could, in the future, allow millions of transactions on the blockchain.
In addition, Polygon’s side chains have been designed to support decentralized finance protocols within the Ethereum ecosystem.
Polygon’s MATIC Sidechain functions like every other Proof-of-stake-based blockchains. Its structure, token, client nodes, local dapps, validator nodes, etc., are similar to other networks except the factor that exchanges are clustered and settled over the Ethereum mainchain. Fortunately, Polygon has fostered a layer-2 network for building interoperable, Ethereum-viable blockchain networks. Layer-2 scaling solutions allude to off-chain solutions. This includes lessening or eliminating components with evaluation power from the prime blockchain prior to their execution somewhere else, for example, on sidechains.
This builds throughput on the mainchain and spreads the evaluating proficiency across the network. Layer-2 solutions are receiving expanded fame as they play an essential role for the mass reception of cryptographic money. The modular system of Polygon for assembling custom networks permits developers to send preset blockchain networks with just one snap.
Besides, Polygon makes it simple for any blockchain to cooperate with another blockchain without any issues. You can think about the MATIC sidechain as a valuable section of the vast universe of Ethereum, which offers clients prevalent project implementation and good working experience. Each Ethereum-based decentralized app or some other Ethereum-viable blockchain can be converted to the Matic Sidechain to work in a considerably more improved climate.
Why Buy Polygon (MATIC)?
Since the Polygon platform has many uses — the NFL recently used it to release a non-fungible token themed around its upcoming draft, for example — the polygon coin has become popular among investors. But if you are a beginner or do not know much about polygon tokens, it is vital to be familiar with cryptocurrency before investing in it.
Polygon experienced incredible gains in 2021, increasing 13,000%, from less than 2 cents to $2.68, between January and May of that year. After a brief stumble, Polygon rose again, hitting an all-time high of $2.8768 in December 2021.
However, this higher price did not last for long. Polygon, like most popular cryptocurrencies, went into a freefall in late December 2021, and it appears to still be trending downward. As of May 31, polygon is trading for $0.664. Take this as an example of the market’s volatility and how careful you need to be when investing.
Regardless of the cryptocurrency you want to invest in, it is imperative to note that these currencies are volatile investments. You should be comfortable with a dramatic swing in price without going into panic mode.
Polygon is just as volatile as you would expect any other cryptocurrency to be. Its developers might have bigger plans for the future, but there is no way to ensure that other blockchain networks or Ethereum itself would not cause a decline in the coin’s popularity and worth. Besides that, the coin has been unable to sustain its brief rallies so far this year, which means the price might still be falling.
How to Buy Polygon (MATIC) in 4 Simple Steps
- Step 1: Decide where to buy Polygon (MATIC).
- Step 2: Think about how to store your Polygon (MATIC).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy Polygon (MATIC) on a Crypto Exchange
1. Coinbase
- Step 1. Create a Coinbase account
Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
- Step 2. Add a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.
- Step 3. Start a trade
Press button then select “Buy” from the list of options.
- Step 4. Select Polygon (MATIC) from the list of assets
Search for Polygon (MATIC) by typing “Polygon (MATIC)” into the search bar. When you see Polygon (MATIC) show up in the results, tap it to open up the purchase screen.
- Step 5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Polygon (MATIC) amount.
- Step 6. Finalize your purchase
Tap “Preview buy” when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase. That’s it, you’ve bought Polygon (MATIC).
2. eToro
- Step 1: Find a crypto exchange or trading platform that offers Polygon (MATIC)
There are a number of exchanges that will let you trade your funds for Polygon (MATIC). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy Polygon (MATIC) through eToro, all you need to do is sign up, verify your account and make a deposit. From there, you’ll be able to buy and sell Polygon (MATIC) easily.
- Step 3: Buy Polygon (MATIC)
Polygon (MATIC) can be purchased fractionally, so you don’t need to buy a full Polygon (MATIC) to own some. For example, if Polygon (MATIC)’s price is $10,000, you can purchase 0.1 Polygon (MATIC) for $1,000.
3. Bitfinex
- Step 1. Log in to your account or sign up to Bitfinex.
- Step 2. Go to Deposit, choose Payment Cards.
- Step 3. Select the payment processors.
- Step 4. Choose the crypto and enter the amount.
- Step 5. Select the destination wallet and proceed payment
4. Binance
- Step 1: Create your Binance Account
Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.
- Step 2: Start Buying Polygon (MATIC)
There are two main ways to buy Polygon (MATIC) on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Polygon (MATIC). Through this method, you can buy Polygon (MATIC) for a minimum. (This amount varies depending on the currency you use.)
Buy Polygon (MATIC) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Polygon (MATIC) listings to shop the best offers on Polygon (MATIC) from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.
5. KuCoin
- Step 1. Sign Up for KuCoin Account
- Step 2. Secure Your KuCoin Account
- Step 3. Verify Your Identity
- Step 4. Connect Your Account to Funds Fund Your Account
- Step 5. Start Trading on KuCoin
How to Buy Polygon (MATIC) With PayPal
- Step 1. Login to Paypal and Select Cryptocurrency
In Paypal website, you should see the option for cryptocurrency in the top right of the dashboard, next to ‘Send’ and ‘Request’.
- Step 2. Select ‘Polygon (MATIC)’
Or choose any of the other coins listed.
- Step 3. Select ‘Buy’
- Step 4. Choose How Much You Want to Buy
Enter an amount of dollars you want to spend on Polygon (MATIC) or choose a pre-set amount below.
- Step 5. Select Payment Method
You likely already have you bank account linked to you Paypal account, but you can also hook up another method if you don’t want to use your bank account.
- Step 6. Hit the ‘Buy’ button
After finalizing your purchase, you will be taken to a confirmation screen and you should see your coins reflected in your Paypal account dashboard.
How to Buy Polygon (MATIC) With a Credit Card
Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.
- Cash Advance Fees: Some cards treat a cryptocurrency purchase as a cash advance. This means each crypto purchase is subject to a cash advance fee. A typical fee of either $10 or 5% (whichever is greater) would be charged. These fees are in addition to fees charged by the vendor or exchange.
- Cash Advance Interest Rates: Most cards have a higher Annual Percentage Rate (APR) for cash advances—often over 25%. This is a variable interest that changes with the market. Interest will start to accrue on the day the purchase is made and will continue to accrue until the credit is paid off. By comparison, cardholders have up to 25 days to pay off a regular credit card charge before accruing any interest.
- No Credit Toward Rewards orBonuses: Credit used to purchase crypto (and thus make a cash advance) typically doesn’t qualify for any purchase rewards nor toward spending that would normally apply to a welcome bonus.
- Lower Credit Limits: Cash advances often have a lower credit limit than the cardholder’s overall credit limit that applies to the card itself. Cardholders hoping to make big crypto buys may find themselves limited by the cash advance terms and limitations.
Buying Polygon (MATIC) FAQs
What is a Polygon (MATIC) Wallet?
These are the best Polygon wallets to safely manage its native cryptocurrency MATIC and access Polygon network DApps and more.
This is the most comprehensive list and includes both software and hardware wallets that can be used for the Polygon (MATIC) network.
- Ledger Nano X (Hardware Wallet)
- SafePal S1 (Hardware Wallet)
- D’CENT (Hardware Wallet)
- MetaMask (Browser extension and Mobile)
- Trust Wallet (Mobile)
- Exodus (Desktop and Mobile)
- Coin98 (Browser Extension and Mobile)
- SimpleHold (Browser Extension, Mobile)
- TokenPocket (Mobile)
Can You Sell Polygon (MATIC)?
You can also buy and sell MATIC via Coinbase and other exchanges. Polygon’s MATIC token can be sold through decentralized exchanges like Uniswap, but it can also be purchased with U.S. dollars or other fiat currency through exchanges like:
- Coinbase
- Kraken
- Crypto.com
There are some cryptocurrency exchanges that offer trading pairs, allowing customers to trade and sell MATIC with Tether (USDT), a popular stablecoin.
Exchanges that pair MATIC and USDT include:
- KuCoin
- Binance.US
What is a Polygon (MATIC) Address?
Polygon Wallet is a wallet used to store MATIC and token standards supported on Polygon’s blockchain platform. You can send and receive MATIC and other tokens as well as interact with applications on this platform. In particular, this wallet is owned by you, no one has the right to influence or use the wallet other than you.
Polygon wallet has 2 extremely important information you must note:
- Wallet address: Is a sequence of numbers and characters used to send assets to the Polygon wallet. Others can transfer coins to you through the wallet address you provide. A Polygon (MATIC) wallet address will have the following format: 0x329CdCBBD82c934fe32322b423bD8fBd30b4EEB6.
- Note: MATIC wallet has the same format as ETH wallet and BSC wallet, so if you create a wallet Multi-chain, the addresses of these 3 wallets are exactly the same.
How to Accept Polygon (MATIC) Payments?
Polygon payment allows merchants to accept the MATIC cryptocurrency in exchange for providing customers with goods or services. Polygon is a scaling solution with several tools that increase speed and reduce fees and complexity of transactions. This is a Layer 2 network, and it works as an additional layer to Ethereum, which does not change the original structure of the blockchain. The platform helps Ethereum to expand, increases security, efficiency and usefulness, and also encourages developers to bring new products to market faster. This is a kind of new network to which developers can transfer their DApps from Ethereum.
Polygon is an extremely popular cryptocurrency, which is currently in the top 30 according to CoinMarketCap. Currently, more than 3000 decentralized applications are scaled via Polygon. The developers have made sure that the MATIC transactions are of high security. In addition, transactions on the Polygon network are completed almost instantly, so you don’t have to wait long, as well as worry about freezing funds or chargebacks. Moreover, MATIC is an ERC20 token, so its storage and use is possible in all Ethereum wallets.
- First, you need to sign up for a NOWPayments account. The process shouldn’t take more than a minute!
- Go to Store settings. Add your Polygon wallet and create a new API key.
- Choose the tool to add to your checkout.
- The integration will be active on your website, and you’re ready to accept payments in Polygon!
