How to Buy Polygon (December 2022) - Comparewise
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How to Buy Polygon (December 2022)

Polygon is a protocol as well as a framework for the construction of blockchain networks that are compatible with Ethereum and not only that, but also for connecting such networks to one another. Polygon was developed by the Polymath Group.

The developers are given the open-source technology that accesses them to the tools necessary to quickly establish a stand-alone network. The latter has the potential to optionally exploit the security of the Ethereum network via the utilization of smart contracts.

Despite this, Polygon was designed with the intention of reducing costs and simplifying processes, all while simultaneously boosting the speed at which Ethereum transactions may be completed. Polygon is a layer-2 network, which indicates that it operates as an add-on layer to Ethereum and serves as the network’s self-description.

This is the technical stance that the firm takes towards itself. Throughout the Polygon network, participants who interact with one another use MATIC as the standard for the unit of payment and settlement amongst themselves.

The Ethereum main chain will be subjected to checkpoint operations that will be carried out at regular intervals by polygon validators. This approach creates a tool for mediating any transaction conflicts that may develop on the sidechain by making use of a cryptographic proof.

The disagreements may concern transactions. Because of this protocol, users are able to transfer tokens between Matic without having to worry about the risks presented by third parties or the limitations imposed by market liquidity. This is because the protocol was developed by Matic.

How To Buy Matic - Comparewise

How to Buy Polygon Background Info

After being moved from the Ethereum network to the Matic network, a token is instantly frozen and shown as a newly created pegged token (1:1). When an Ethereum user logs back into the network, all tokens that were previously associated with a currency are subsequently destroyed.

What makes Polygon such an intriguing technology is the fact that it can maintain its level of security while at the same time allowing for increased scalability.

The degree of safety provided by the Ethereum network is a critical factor in determining how well Polygon will perform its intended functions. Polygon already uses the proof-of-stake mechanism, which is the goal that Ethereum 2.0 hopes to achieve somewhere between the late years of 2022 and the early years of 2023.

In contrast to this, Ethereum’s current consensus mechanism, known as proof-of-work, which demands a significant investment in terms of the computing resources it needs, is prohibitively costly. Polygon employs a consensus method called proof-of-stake in addition to an architecture called Heimdall, which was made popular by Cosmos.

Cosmos is responsible for the development of both of these technologies. In contrast to traditional proof-of-work blockchains, which are actually enabling any participant (miner) to validate transactions and also produce blocks, the block producers for Heimdall’s blockchain are chosen at random from among the network’s proof-of-stake validators.

This is in contrast to proof-of-work blockchains, which allow miners to validate transactions and produce blocks. This is how block producers are chosen for Heimdall’s blockchain. Only miners may verify transactions and build new blocks in a blockchain that uses the proof-of-work consensus method.

How Polygon Works - Comprewise

The Process of How to Buy Polygon

The use of a dual-consensus architecture not only permits decentralization but also supports a high transaction throughput, which eventually results in the network’s capacity to scale.

The throughput of the Ethernet mainnet, which is now at 14 TPS, has been dwarfed by the throughput of internal test networks, which have reached as high as 7,000 transactions per second (TPS) on a single sidechain.

Under the name Matic, a group of developers who had previously worked on a range of projects tied to the Ethereum ecosystem presented Polygon to the general public for the first time in October of 2017. Polygon had been developed at that time.

Vitalik Buterin, one of the co-founders of Ethereum, was the first person to demonstrate the Plasma framework to the public. The initial version of Plasma, which is the version that is now being used by the Polygon Network, was implemented thanks to the efforts of the Polygon team.

After a name change in February of 2021, the business that was originally known as the Matic Network is now referred to just as Polygon (MATIC).

During this time period, the price of the ERC-20 token experienced a meteoric climb from the beginning of the year, skyrocketing from $0.0175 to $0.446 on March 12th, which is equivalent to a value gain of 2,548 percent.

During this time period, the price of the token began the year at $0.0175 and reached its highest point on March 12th. The reason for this price hike is that there has been an increase in demand.

The local high that was reached on March 12th coincided with a recent listing that had taken place on Coinbase two days earlier, on March 10th. This listing had taken place two days earlier.

At the beginning of the month of April, a number of cryptocurrency projects made public statements that they were migrating to, or planned to add support for smart contract execution on the Polygon network. These announcements happened as the month of March drew to a close.

This would make it possible for their apps to scale beyond the constraints that are now enforced by the Ethereum main net. CoinSmart is the first cryptocurrency exchange in Canada that is subject to the country’s extensive regulatory framework.

Investors may use Canadian dollars to acquire MATIC on CoinSmart. CoinSmart is one of only two platforms that presently have marketplace registration status. It offers consumers a transparent fee structure, an intuitive user interface, and support around the clock.

CoinSmart is one of only two platforms that currently have marketplace registration status. The use of offline cold storage and the deployment of a two-factor authentication system are both a part of its security features.

The establishment of a CoinSmart account is a very straightforward procedure, and once it is done, investors may have instant access to any cash they deposit on the same day it was made.

Pros and Cons of Buying Polygon

How To Buy Polygon (Matic) - Comparewise

Pros of buying Polygon

In contrast to Ethereum, which serves as Polygon’s parent chain, this cryptocurrency offers a substantial number of advantages. One of these advantages is the faster transaction speeds, which are available at a lower cost compared to Ethereum’s.

Because of this, it is a chain that can be used for decentralized financial applications, which is popular due to the appealing mix of speed and cost that it offers. You also have the option to stake Matic in order to obtain rewards for contributing to the overall network security.

This may be done by staking Matic. Even while it is feasible to stake Ethereum, getting in takes a lot more work and there are stricter rules than there are for Polygon.

Two of Polygon’s most major advantages are that it is designed to expand in response to an increase in the number of users that make use of it and that it currently offers a broad range of options for usage in a variety of contexts.

This lends credence to the notion that the platform may be put to use in the process of wide-scale dissemination. The shift of projects to Polygon, which shows a movement in users’ preferences toward the newcomer, has begun. This implies that people are beginning to favor the newcomer.

Polygon seems independent from the price patterns of Bitcoin

MATIC and Cardano (ADA), which was established by Charles Hoskinson, were two of the few cryptocurrencies that were able to endure the pessimistic outlook of the market and did not follow the downward trends of Bitcoin and Ethereum.

Both of these cryptocurrencies were created by Hoskinson. When trading began on Saturday, May 1st, 2021, one unit of MATIC was available for the price of $0.82. The price of MATIC surged to $1.88 after establishing an intraday high on the same day, May 31st, 2021, as a consequence of increased investor interest, which was indicated by the trading volumes recorded.

This interest was shown via the trading volumes recorded. In the end, MATIC was successful in defying expectations and delivering a return on investment of 129 percent to its backers.

The vast majority of industry watchers are of the opinion that MATIC’s survival may be attributable to the increased usage rates as well as the constant expansion of the network during the period of time when congestion and exorbitant gas prices hampered the most dominant DeFi implementation on the Ethereum blockchain.

This shows that Polygon has uncovered independent and active customers who continue to use the network, which has benefited the firm in weathering the bigger market sell-off. This is the primary reason why Coin Price Forecast has predicted that the price of Polygon (MATIC) would continue to increase far beyond the year 2022.

Polygon investment products are under consideration at Grayscale

Grayscale, the largest digital asset management business in the world, made the statement that it has added 13 additional tokens to the pool of cryptocurrencies that are being examined for inclusion in investment products in 2021. The great majority of these assets are linked to decentralized financial systems in some fashion.

The announcement of new firms accepting cryptocurrency payments, new exchange listings, and new substantial investments have been the largest and most consistent drivers of price movement, according to David Z. Morris, who works for Coindesk.

“Since the early days of cryptocurrency, these announcements have been the most important drivers of price movement.” MATIC might be in line for some big new investments in the event that Grayscale decides to add the cryptocurrency on the ever-expanding list of digital asset Trusts that it maintains.

Cons of Polygon

The polygon, by itself, does not have any substantial downsides that need to be considered. The most significant disadvantage would be the creation of more rivals in the form of other scaling solutions, which may be created for Ethereum or for other blockchains.

These alternatives might be used for scaling purposes. If they decide to focus their efforts on helping grow Ethereum rather than any other blockchain project, it is feasible that they may experience a considerable rise in earnings as a result of this decision.

On the other hand, it is feasible that another project may develop that will achieve the same aims that Polygon accomplished while it was still known as Matic Network. This is something that is a distinct possibility.

The ratio of the market capitalization to the total value locked is fairly high at the moment (over 1), which indicates that the value of the asset significantly exceeds the value of the assets that are locked into the network. In other words, the value of the asset significantly outweighs the value of the assets that are locked into the network.

Even though this does not signal anything at this point in Polygon’s history, if the ratio continues to be greater than 1, it is probable that the firm is being overvalued. This is true even if it does not indicate anything at this point in Polygon’s history.

The rate of progress will begin to slow down as soon as the Proof-of-Stake protocol for Ethereum is completely deployed

When Ethereum is able to grow at a comparable rate, decentralized applications, both those that are already in existence and those that are still in the planning stages, will have total trust in Ethereum 2.0 as a platform on which to house their inventions.

The challenges of network congestion and comparatively higher transaction costs will both be alleviated as a result of this. As a consequence of this, the overall number of users that log in to Polygon on a regular basis will drop by around fifty percent over the course of time.

There is a chance that Polygon won’t continue to experience the same steadily increasing rates of usage that it has been enjoying in recent times. It’s possible that in the long term, this will have an impact on the price of its native token, which is known as MATIC.

How Much Does it Cost to Buy Polygon

If you want to learn how to buy Polygon, you will unquestionably need to be familiar with its pricing first and foremost. At the time that this article was written, the cost of purchasing one token of Polygon was $0.87.

In spite of this, you are obligated to take into consideration a wide range of extra factors in addition to the cost of each coin. It is necessary to take into consideration the charges that are linked with the transactions. The range is typically between 0.2 and 4.5 percent, with sellers being accountable for a lesser fraction of the transaction expenses than buyers do.

After that, there are the “gas charges,” as they are called in Polygon’s explanation. These are tagged onto almost every transaction that takes place on the network and might look extremely different depending on the myriad of different factors that are taken into account.

They are, in effect, a fee that serves the aim of rewarding Polygon miners for the work they perform verifying transactions and guaranteeing the network’s security.

How to Buy Polygon on an App

There is one more thing that you really need to be aware of if you want to learn how to buy Polygon, and that thing is the fact that you have to pay for it. If you are making use of an application that facilitates the trading of cryptocurrencies, the following steps need to be taken in order for you to be able to obtain some Polygon:

  • Sign up for the service and complete the necessary verification procedures. The completion of this activity can take a few days’ worth of time.
  • Link your current financial institution’s account to the marketplace. It is necessary to be aware that certain banks may examine or even block transactions that are made to websites that trade cryptocurrencies, and it is important to be informed that they may do any of these things. As a result of this, it is strongly suggested that you inquire about the policies that are in place at your bank.
  • Arrange the items in your order. First, choose the virtual currency that you would want to obtain (in this case, Polygon), and then make a decision about the kind of payment that you will use. In many cases, you will be able to proceed with the purchase and finish it at this point. You will also typically have the opportunity to decide whether or not to establish recurring transactions of the same sort.
  • After selecting a wallet, relocate your Polygon to that particular wallet. In the event that the integrity of the exchange itself is compromised, this prevents any of your assets from being stolen by cybercriminals.

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CoinSmart comes highly recommended if you are a Canadian resident who is interested in trading Polygon for one of the many other cryptocurrencies now available.

This cryptocurrency platform is managed by a company that is traded on a public stock exchange, and it gives users access to a wide range of cryptocurrencies including MATIC, SOL, BTC, ETH, UNI, DOT, LTC, AVAX, USDC, BCH, ADA, and others.

Your CoinSmart account may also be funded through Interac e-Transfer, wire transfer, or SEPA transfers, in addition to bitcoin deposits. Trading fiat cash for cryptocurrencies incurs costs of just 0.20 percent, and you have access to a wide range of sophisticated trading instruments.

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Newton

One of the cryptocurrencies that may be purchased via the digital asset trading platform known as Newton is denoted by the ticker symbol “Polygon MATIC.” It gives you the ability to fund your account using a number of different ways, such as wire transfers and Interac e-Transfers, among others.

Deposits made using cryptocurrencies may also be accessed. The whole cost of trading charges, which may exceed 0.70 percent, is already included into the bid and ask prices on the Newton platform.

Both deposits and withdrawals of fiat money are fully free of charge, and the exchange is responsible for paying the first $5 worth of network expenses incurred while withdrawing cryptocurrencies.

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Coinberry

Customers in Canada may acquire Polygon via Coinberry if they are interested in doing so. This exchange supports more than ninety different currencies, including MATIC as well as a large selection of other well-known tokens.

Among them are also a variety of additional tokens. Coinberry gives its users the option of financing their accounts using either a credit card or a debit card, or they may transfer money directly from their bank account into their Coinberry wallet.

There is a possibility that trading expenses might reach up to 0.5 percent, and there is also the possibility that there could be fees linked with deposits and withdrawals.

How to Buy Polygon with a Credit Card

The usage of a credit card provides consumers in Canada with the flexibility to make purchases from a number of online businesses while postponing payment for such transactions.

You are able to use this kind of payment to acquire Polygon if you are utilizing a website that facilitates the trading of cryptocurrencies. As a first stage in the procedure, you need to pick an online exchange to use and then sign up for an account with that particular business.

After you have finished the exchange’s registration procedure and your account has been verified, you will be able to choose the Polygon that you wish to buy. After then, you will be obligated to make the payment for them using your credit card, which is a must.

When you are thinking about how to buy Polygon with a credit card, it is critical that you always have the qualities of the credit card in the back of your mind at all times. You are able to make purchases without using cash owing to the use of a credit card, with the goal of paying for such things at a later point.

How to Buy Polygon with PayPal

You should be conscious of another means of acquiring known as PayPal if you are studying how to buy Polygon. It is necessary for you to provide them with information such as your name, address, date of birth, and taxpayer identification number.

It is essential to bear in mind that you can’t use a credit card to pay for goods made using PayPal, since this option is not available. You are able to make a payment using either the money that is now stored in your PayPal account or the money from a bank account that is linked to your PayPal account.

“The spread” refers to the difference between the current market price of the product and the exchange rate for US dollars. This difference is how PayPal gets income for itself. In addition to this, they levy a one-time flat fee on each and every transaction.

In addition, they charge a fee that is calculated as a percentage of the total transaction amount for any financial dealings that are more than $200.

How to Buy Polygon Conclusion

Polygon is a framework that was developed with the intention of offering scaling solutions for blockchains that are compatible with Ethereum. Its name comes from the word “polygon,” which refers to a kind of blockchain.

The EVM compatibility has been improved as a direct consequence of the work done by the Polygon Network and the PoS sidechain. As a direct result of this improvement, transaction fees have decreased, confirmation times have decreased, and total costs have decreased.

Stand-alone blockchains, optimistic rollups, and ZK rollups are all going to be a part of Polygon’s plans for greater scalability in the not-too-distant future. Stand-alone blockchains are also going to be a part of Polygon’s plans for extra scalability.

Aside from that, the development of these essential characteristics contributes to the growth of a Layer 2 Ethereum Ecosystem that is much more integrated and effective.

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November 9, 2022
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FAQs about How to Buy Polygon

What is Polygon?

Polygon is an interoperability layer two scaling solution that can be used to build blockchains that are compatible with Ethereum. These blockchains may be constructed using Polygon. Through the use of Polygon, Ethereum is essentially transformed into a fully functional multi-chain infrastructure. This multi-chain solution is analogous to others such as Polkadot, Cosmos, and Avalanche, among others; yet, it has the advantages of Ethereum's security, robust ecosystem, and openness.

Where can I buy MATIC?

A purchase of MATIC may be made on any of the several exchanges that are now available, making it simple to acquire the cryptocurrency. When you use a Polygon faucet, there is a small possibility that you may be rewarded with a very little quantity of MATIC.

Can you use Ethereum to buy items on Polygon?

No. Any and all transactions that take place on the Polygon Network are subject to the requirement that MATIC pay the gas expenses associated with such transactions. In the event that you change your mind and decide you want to transfer your tokens back to the Ethereum mainnet, you will need some ETH in order to complete the transaction.

What do you consider to be the most significant benefits of making use of polygons?

In addition to the fact that it facilitates transactions far more quickly and at a significantly lower cost, Polygon has a number of extra characteristics that are incredibly exciting in and of itself. In addition to this, developers are granted the opportunity to build programs that run directly on top of the Polygon platform. This suggests that developers have the potential to extend the functionality of Polygon in a manner that is comparable to how people may create new programs for an app store. Specifically, the analogy is with the way in which Polygon users may construct new applications.

Is Matic available for purchase in Canada?

There are a number of cryptocurrency exchanges in Canada that support MATIC, including CoinSmart, Newton, Coinberry, and Bitbuy.

What is the Polygon bridge?

The implementation of a technological solution that is referred to as the "Polygon Bridge" is what enables Polygon to establish a connection to the Ethereum network. In addition to this, it enables the transfer of NFTs and ERC-20 tokens from the MATIC network to the ETH blockchain via the ETH ledger. The Plasma Bridge and the Proof-of-Stake Bridge are considered to be the two most significant bridges in all of Polygon. Despite the fact that they both perform the same function moving digital assets from one blockchain to another, their respective security methods are different, even if they both attempt to transfer digital assets from one blockchain to another.

What is a Polygon Protocol?

The Polygon network is propelled forward by the Polygon Protocol, which is made up of a number of smart contracts that are executed on the Ethereum blockchain. This protocol is the engine that propels the Polygon network. Users will have access to a wide range of benefits as a result of the architecture of the protocol. These benefits include (but are not limited to) gas-free withdrawals, lightning-fast transactions, low transaction fees, and compatibility with a variety of computer languages.

Would it be a good idea to invest money in Polygon?

Polygon may have a prosperous future as a result of the fact that the firm has a lot going for it and is relatively future-proof. However, in the end, the method in which it fits into your portfolio will decide whether or not it is an investment that is right for you.

Does the Polygon cryptocurrency seem to have any potential?

In spite of the fact that the cryptocurrency market is very unpredictable, Polygon has a lot of features that might facilitate the booking of a one-way ticket to the moon for a crypto asset. A big market capitalization, innovative functionality, promising future, and a thriving community are some of these elements.

Is there a direct correlation between Polygon and Ethereum?

Despite the fact that Polygon and Ethereum both fall under the category of cryptocurrencies, it is important to note that the two are not interchangeable despite their fundamental similarities.

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