What is MATIC Coin?
MATIC is the native cryptocurrency of the Polygon protocol that allows users to interact with multiple dApps involved in the Polygon ecosystem. It is also used to secure the network through MATIC staking.
MATIC is also used to pay gas fees on Polygon PoS (proof-of-stake). When you carry out any transaction or use an application built on Polygon PoS, you'll pay a small transaction fee in MATIC tokens to use Polygon PoS. This fee serves as a reward for validators to process and verify your transactions within the Polygon blockchain.
Polygon (MATIC) utilizes a PoS mechanism that relies on staked MATIC to achieve consensus on the network. By staking MATIC, you can help secure the Polygon PoS system and receive crypto rewards. This setup ensures that validators have no motivation to participate in any harmful actions.
MATIC is also the project’s governance token. Validators on Polygon PoS enjoy special privileges. They play a crucial role by implementing Polygon Improvement Proposals (PIPs) and contributing to the decentralization of Polygon PoS.
Who Created Polygon (MATIC)?
The Polygon blockchain project was founded in India in 2017 by Jaynti Kanani, Anurag Arjun, Mihailo Bjelic, and Sandeep Nailwal. After two years, the team raised more than $5 million in ether through an Initial Coin Offering (ICO). With this funding, they could launch Matic Network, which later became known as Polygon, in 2020. Since then, the project has experienced significant growth and emerged as one of the top cryptocurrencies in terms of market cap.
What Are Use Cases of Polygon Network?
Polygon (MATIC) is mainly used to create decentralized applications that work well with Ethereum and enjoy its security. It also helps to reduce transfer costs on the Ethereum Blockchain.
With Polygon's blockchain technology, assets like ERC-20 tokens and NFTs can be transferred from Ethereum to Polygon's sidechain using their cross-chain bridge.
Another benefit is that since Polygon (MATIC) uses proof-of-stake consensus, holders of its native utility token, MATIC, can stake their tokens and become network validators. By doing so, they can earn crypto rewards in MATIC.
The Uniqueness of Polygon (MATIC)
Polygon (MATIC) is the main Ethereum scaling solution. It offers various products that enhance the reliability, security, speed, and transaction processing capabilities of Ethereum-based applications. One of these tools is the zkEVM, which is the first of its kind and helps increase transaction throughput by combining multiple transactions into a single one on the Ethereum blockchain. This not only improves efficiency, but also provides for cheaper transactions by splitting the fees among the participants of the bundled transaction.
How Is MATIC's Market Price Determined?
In a nutshell, Polygon (MATIC) is an Ethereum-based digital asset that fuels the Polygon Network, a scaling solution for Ethereum. Polygon (MATIC) looks to deliver cheaper and faster transactions on Ethereum using Layer-2 sidechains, which are chains that run alongside the Ethereum main chain. Users have the ability to transfer Ethereum tokens to a Polygon smart contract, engage with them on the Polygon platform, and subsequently retrieve them to the Ethereum main chain at a later time. The utilization of the MATIC token is necessary for covering transaction fees and engaging in proof-of-stake consensus.
The MATIC price is determined by several key factors:
Supply And Demand
Similar to traditional assets, the price of Polygon depends on the balance between supply and demand. When lots of people eagerly buy MATIC and its demand exceeds its available supply, the price of MATIC tends to increase. Conversely, if the supply surpasses the demand, the price may decline.
Utility and Adoption
The practical use and adoption of a cryptocurrency can greatly impact its value. If a cryptocurrency, like Polygon (MATIC), is widely used and adopted by various projects or users, it can drive up its value. Factors, such as faster transactions, scalability, interoperability, and the ability to build decentralized applications (dApps) on the network contribute to its utility.
Market Sentiment
The cryptocurrency market is heavily influenced by market sentiment, which is shaped by factors like investor confidence, news, trading volume, market capitalization, regulatory developments, and ongoing market trends. Positive news, partnerships, endorsem*nts, or any other favorable developments can boost market sentiment and potentially increase the current Polygon price.
Technological Advancements and Development Progress
The technical features, innovations, and ongoing development progress of the scaling solution of Polygon (MATIC) can have a significant impact on its value. Improvements, such as network upgrades, scalability enhancements, security measures, or the introduction of new functionalities, can attract attention and increase demand for MATIC.
Competition and Market Positioning
The competitive landscape within the cryptocurrency market can also affect the value of specific cryptocurrencies. Factors, such as the presence of similar projects, market share, partnerships, and community support, can influence investors' perception of MATIC’s value compared to its rivals.
Overall Market Conditions
Cryptocurrency markets are interconnected, and the general market conditions can have an impact on individual cryptocurrencies. Factors, such as the price movements of Bitcoin, general market volatility, macroeconomic trends, and investor sentiment towards cryptocurrencies as a whole, can influence the MATIC price.
Limited Supply
The maximum supply of 10.00B coins can affect the price of MATIC (Polygon). A limited supply can create a sense of scarcity, which can stimulate users to buy Polygon, potentially increasing the asset’s price. If there are fewer coins available, investors may perceive it as a valuable crypto asset and be willing to pay a higher price for it.
Why Buy Polygon (MATIC)?
If you're looking for a promising investment in the world of cryptocurrencies, then buying MATIC (Polygon) is definitely worth considering.
One reason to buy MATIC is its staking feature, which allows you to earn passive income by holding and staking your tokens. This not only incentivizes long-term holding, but also contributes to the security and stability of the network.
Polygon offers a secure framework for interconnected blockchains, enabling seamless transactions and communication between different platforms.
The scalability of Polygon is another advantage, as it can process thousands of transactions per second, making it an ideal choice for decentralized applications.
Polygon has established numerous partnerships with prominent companies and platforms, including Disney and Coca-Cola, along with over 400 dapps and decentralized exchanges utilizing Polygon's network. This adds credibility and opens up potential opportunities for the growth of MATIC.
For those concerned about the environmental impact of blockchain technology, Polygon is known for its eco-friendly approach as it utilizes a proof-of-stake consensus mechanism, consuming significantly less energy compared to traditional proof-of-work systems like Bitcoin.
Polygon is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily port their existing Ethereum projects onto the Polygon network.
Lastly, the Polygon Software Development Kit (SDK) offers developers a comprehensive toolkit to create and deploy their decentralized applications, simplifying the development process.
Do not treat the mentioned above as investment advice. Do your own research to decide if Polygon (MATIC) is a good investment for you.
Best Ways to Buy Polygon (MATIC) Safely
If you want a safe and reliable way to buy Polygon (MATIC), Changelly is the way to go. They're a well-known cryptocurrency exchange that makes it easy to purchase MATIC tokens using different payment methods, such as a debit/credit card, a bank transfer, and more.
At Changelly, we take security seriously. We use advanced encryption protocols to protect your transactions and keep your personal data secure. Meanwhile, our non-custodial service gives you complete control over your funds, adding an extra layer of security when you buy Polygon or other cryptocurrencies through us.
We also go the extra mile to ensure your safety. We have multi-factor authentication and regularly undergo third-party security audits. You can be sure that buying, selling, and swapping of cryptocurrencies will take place in a secure environment. You can relax knowing your crypto transactions are in good hands when you choose an ultimately secure crypto exchange platform like Changelly.
How to Buy Polygon (MATIC) With a Credit or Debit Card
When you’re ready to purchase Polygon (MATIC), using your credit or debit card is a convenient option. Many trusted cryptocurrency exchanges, like Changelly, make it easy for you to invest in digital assets with a regular bank card. Here’re a few steps to take to purchase MATIC with a credit/debit card:
Sign up for a free account on the exchange's website and complete the identity verification process by providing some personal information and uploading a photo of your ID document. Without identity verification, you generally cannot buy Polygon with fiat currency.
Once you're in the dashboard, select the "Buy Crypto" option and choose "Credit/Debit Card" as your preferred payment method.
Specify how much Polygon (MATIC) you want to acquire and input your card details. Keep in mind that both the trading platform and your card issuer may charge commissions for buying cryptocurrency with a credit or debit card. Also, there may be gas fees for processing your transaction on the Polygon blockchain.
After your payment is successfully executed, you'll receive MATIC in your account. If you're using a non-custodial crypto exchange like Changelly, your digital assets will be sent to the wallet address you provided during the purchase setup.
So, you can buy Polygon instantly with your credit or debit card through a user-friendly cryptocurrency exchange like Changelly!
How to Buy Polygon (MATIC) with a Bank Transfer?
Wire transfers are a great way to buy Polygon because such a payment scheme allows you to send money from your bank account to that of a digital asset company. While bank transfers are secure and have some of the lowest fees on MATIC purchases, they do take a few working days to process, so instant investments may not be possible.
To buy MATIC tokens using a wire transfer, you'll need to sign up with a reputable cryptocurrency exchange like Changelly, which accepts bank transfers as a payment method. After completing the necessary identity verifications, you can launch a MATIC purchase just like you would do with a debit or credit card.
You'll need to select which fiat currency you want to deposit, such as USD or EUR, to cover the purchase. Then, choose "Bank Transfer" as your payment option and indicate the amount of MATIC coins you wish to get.
Enter your bank account details as requested and follow the platform's instructions to deposit funds through a wire transfer and buy MATIC.
Once the transaction is successfully done, you'll officially join the community of MATIC holders.
How to Buy Polygon (MATIC) with Apple Pay or Google Pay?
You can buy Polygon (MATIC) with extreme ease thanks to Apple Pay or Google Pay. Large cryptocurrency exchanges like Changelly often support these contactless payment methods, allowing you to buy and sell digital assets effortlessly while on the move.
To reap this benefit, you should just download a mobile app of your selected exchange platform onto your Android or iOS mobile phone and ensure you have Apple Pay or Google Pay wallet up and running. Then, log in to your exchange account and launch a MATIC purchase.
The exchange app will automatically identify the available payment tools on your smartphone and recommend using them to conduct your purchase. The both systems generally do not request you to pay transaction fees on online purchases, however, gas fees may involve in case of buying Polygon.
How to Buy Polygon (MATIC) with PayPal?
PayPal has a nifty mobile app that lets you do all sorts of things with cryptocurrencies. You can buy, sell, trade, send, and store popular digital currencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, all safely and securely.
The snag is that right now, PayPal doesn't offer the option to trade MATIC (Polygon). So if you're into that cryptocurrency, it might disappoint you a bit. Plus, only investors from the United States can buy, sell, and trade cryptocurrencies on PayPal.
If you want to use your PayPal funds for buying Polygon (MATIC), there are still some solutions. You can check out peer-to-peer marketplaces, different crypto trading platforms, cryptocurrency brokers, or centralized crypto exchanges that accept PayPal as a way to fund your MATIC investment.
How to Buy Polygon (MATIC) from an ATM?
Crypto ATMs are like vending machines where you can easily buy and sell cryptocurrencies using cash or debit cards. They usually support a host of cryptocurrencies, like Bitcoin, Ethereum, Litecoin, and Ripple.
There are a few crypto ATMs that also support buying and selling MATIC (Polygon). However, the availability of MATIC cryptocurrency on crypto ATMs may vary depending on the region and specific operators. It is recommended to check with local crypto ATM operators or use online directories to find ATMs that support MATIC transactions.
Popular providers of MATIC-friendly ATMs include CoinFlip, CoinCloud, and Coinme. Their machines will let you buy and sell different crypto assets, using traditional cash or debit cards.
Just equip yourself with a crypto wallet before using an ATM. Some machines may supply you with a paper wallet, but it's safer to have your own personal storage tool with strong security that only you can access.
How to Buy Polygon (MATIC) with Cash
If you want to purchase MATIC (Polygon) using actual cash, there are a few different ways you can do it.
One scheme is to use crypto exchanges that accept fiat payments. For example, Changelly is a cryptocurrency exchange where you can purchase cryptos using traditional payment methods like credit cards or wire transfers.
Another method to buy Polygon is to make a bank deposit into the seller's account. This usually involves finding a trustworthy seller who is open to accepting cash transactions. You visit a local bank office and send money to the seller’s bank account over the counter.
You can also arrange to meet the seller in person in real life and trade your cash for MATIC (Polygon) directly. This way, you can have a face-to-face transaction if that's something you prefer.
Some retailers offer MATIC crypto vouchers that you can buy with cash. These vouchers can then be redeemed for Polygon coins. Crypto Voucher.io, Bitnovo, CoinGate, and Neosurf are companies that offer this service.
Lastly, there are electronic payment systems like Skrill or Neteller, which allow you to fund your account with cash. Once you have a sufficient balance in your account, you can use it to purchase MATIC.
How to Buy Polygon (MATIC) with a Prepaid Card
Prepaid cards also offer a way to buy MATIC. It works just like a regular debit or credit card, but with a predetermined balance that you add beforehand.
To purchase Polygon (MATIC) with a prepaid card, you'll first need to ensure that your prepaid card can be used for cryptocurrency transactions. Once confirmed, visit a trusted cryptocurrency exchange website that accepts prepaid card payments.
Start buying Polygon by entering the amount of crypto you wish to receive and your card details. After reviewing the transaction order and agreeing to the terms (including all the fees involved), you can complete the investment.
What Can You Buy with MATIC Tokens?
You can buy a variety of goods and services with MATIC tokens, both offline and online. Many online merchants accept MATIC cryptocurrency as a payment method. For example, you can use MATIC to shop at online stores like Overstock, a popular e-commerce platform that offers a wide range of products, including furniture, electronics, and clothing.
Travala, a leading travel booking platform, accepts MATIC as payment for hotel reservations worldwide. This allows you to book your accommodation using MATIC tokens for a hassle-free travel experience.
If you prefer offline shopping, you can also spend your MATIC coins at select brick-and-mortar establishments. For instance, some physical stores that accept MATIC include DoGoodNow, a charitable organization that allows you to make donations using cryptocurrency.
Luxury car dealership Post Oak Motor Cars in Houston, Texas, accepts the Polygon cryptocurrency for its high-end vehicles.
Eateries like Burger King and KFC are well-known adopters of cryptocurrency payments, so you can try to spend your MATIC wealth on their yummy meals, as well.
Where to Store Your MATIC Crypto?
The official Polygon wallet is called "Metamask". It is a popular digital wallet that supports the Polygon network. You can download the Metamask extension for your web browser or install the mobile app version on your smartphone. Once installed, you can create a new wallet or import an existing one to start using the Polygon network and manage your Polygon tokens (MATIC) securely.
Another option is the Coinbase wallet, which also supports MATIC and provides a user-friendly interface. Additionally, you might want to explore hardware wallets, such as Ledger or Trezor, which offer an extra layer of security by storing your private keys offline.
Software wallets, like Exodus or Trust Wallet, are other alternatives that give you control over your MATIC tokens through mobile or desktop applications. Ultimately, the choice depends on your preferences and the level of security you desire for your MATIC holdings.
How to Cash Out MATIC?
Looking to sell MATIC Coins? Here are ways to make it happen:
Crypto Exchange. Explore platforms like Changelly for easy conversion from fiat to crypto and trade MATIC for local currencies. Withdraw funds to your card or bank account, though withdrawal fees may apply.
P2P Marketplace. Sell Polygon coins directly to individuals for cash on peer-to-peer marketplaces.
Crypto ATM. Use a Bitcoin ATM to quickly convert your cryptocurrencies into traditional money.
Crypto Card. Spend MATIC like regular money with specialized crypto debit cards accepted at retailers that take Mastercard or VISA. Recommended providers include Wirex, Crypto com, and Coinbase.
Crypto Gift Card. Transform your Polygon holdings into tangible goods with digital or physical crypto gift cards. Use them to pay for products or services at popular retailers like Amazon, Uber, and Walmart. Popular service providers include Bitrefill, Gyft, and eGifter.
