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

Polygon is a system for scaling at layer 2 that was once known by its previous name, the Matic Network. The major purpose of this component is to facilitate the connectivity of blockchain networks that are part of the Ethereum ecosystem. Check out how to sell Polygon on an app or through a wallet.

The Polygon protocol was developed with the intention of resolving a number of the challenges that are presently being faced by Ethereum, such as prohibitively expensive gas costs and slow transaction speeds.

It is scalable and secure, and it has already been implemented in over 3,000 distinct types of decentralized applications (DApps). The internal cryptocurrency of the Polygon network is represented by the symbol $MATIC, which is a dollar sign.

It is an ERC-20 token that can be used for staking on the Polygon platform as well as paying transaction fees on that platform.

Both of these functions may be performed using the Polygon platform. Polygon is a technique for scaling at the Layer 2 level that is supported by both Binance and Coinbase.

How To Sell Polygon - Comparewise

The project intends to hasten the acceptance of cryptocurrencies by the general public by focusing on a solution to the scalability problems that affect a variety of different blockchains.

Before you are able to sell bitcoin in Canada, you will first need to register for an account with a cryptocurrency exchange that is compatible with MATIC. Following the verification of your identity and the completion of your profile, you will be required to fund the account using traditional monetary units (Canadian or US dollars).

There are certain cryptocurrency exchanges that further allow deposits to be made via another exchange or through an external hardware wallet. These exchanges are known as “multi-exchange” exchanges.

If you wait until you have a substantial amount of money in your account, you won’t be able to strike a transaction to sell Polygon (MATIC). If you do not intend to make any other orders for cryptocurrencies once the present one has been carried out, you should deposit any leftover funds into a bank account as soon as possible.

Pros of Selling Polygon

Polygon has a fantastic future based on both the future of its network as well as the future of its revolutionary token, MATIC, according to the price estimates of several industry experts that are based on research that is both fundamental and technological.

The widespread belief that Polygon has a bright future serves as the foundation for these pricing projections. Now that that has been established, let’s take a look at the many reasons why investing in Polygon is a good idea (MATIC).

It has shown that it is independent from the price patterns of bitcoin

Polygon is represented by the ticker symbol MATIC while trading on cryptocurrency platforms. The market crash that took place in December 2021 is to blame for the negative attitude that currently prevails in the cryptocurrency market.

As a direct consequence of this pessimistic outlook, all of 2021’s previous gains in the market have been wiped out. In spite of the fact that the word cryptocurrency is used to refer to all digital assets together, other currencies, such as MATIC, are still referred to (altcoins).

During periods of bullish engulfing and bearish seasons, the price patterns of other cryptocurrencies often match those of Bitcoin. The behavior of cryptocurrencies is expected to look like this.

Polygon has a lot of collaborations

The auditing and assurance, tax, risk management, risk, and financial advising and consulting organization Deloitte stated in the fall of 2018 the five most critical conditions that need to occur before widespread adoption of blockchain technology can take place.

These considerations include: According to Deloitte, the blockchain technology might radically revolutionize the financial sector; nevertheless, it has limitations in terms of the transaction speed it offers.

In addition to the causes that were discussed before, the absence of consistency was another element that presented a threat to the growth of the sector. The consulting firm determined that the five most major problems are as follows: increased performance, increased interoperability, lowered complexity and cost, supportive regulation, and increased collaboration.

How To Sell Matic - Comparewise

Continues to reap the benefits of the boom in the decentralized financial system in Ethereum

There are times when people may refer to the cryptocurrency Ethereum as the “lord of decentralized finance” (DeFi). There are a total of 2,912 decentralized applications (DAPPS) on Ethereum, and the website stateofthedapps.com reports that these applications have more than 103,03K daily active users.

In addition to this, the DAPPS completed more than 228,75,000 transactions throughout the course of the preceding twenty-four hours. According to the data provided by DAPP Radar, Polygon was able to attract more than 75,000 active users in one week.

As a consequence of the emergence of decentralized financial applications, the platform is continuing to achieve new heights of success. Users are interested in Polygon not just because to the opportunities for yield farming it presents, but also due to the fact that it interacts with other firms such as Aave and Yearn Finance.

In addition to this, they are contributing a significant amount of value to the platform in the form of layer 2 solutions.

Validation acquired from prominent investors

Sandeep Nailwal, co-founder of Polygon and chief operating officer (COO), said on the Consensus by Coindesk 2021 that serial entrepreneur and investor Mark Cuban had invested an undisclosed quantity in Polygon.

The amount that Cuban invested was kept confidential during this process. When a notable person not only declares their vocal support for a project but actually displays this support by investing liquidity in the firm, the price of cryptocurrencies often skyrockets. This may be caused by a number of different factors.

Mark Cuban has established himself as one of the most well-known people in the field of digital investment since since he made the announcement in 2021 that Dogecoin (DOGE) would be the official cryptocurrency of the Dallas Mavericks.

In addition to this, he has been extremely vocal about the use of cryptocurrencies in day-to-day life and has been an advocate for their widespread adoption.

His collaboration with Polygon and its revolutionary token MATIC gives the overall project with mileage across the world and encourages users to engage in independent research about the coin prior to making a choice regarding it.

How Polygon Works - Comprewise

Cons of Selling Polygon

It is difficult to think that there are any disadvantages to investing in MATIC due to its many advantages; nonetheless, these disadvantages do in fact exist.

Let’s take a more in-depth look at the issues that are associated with the MATIC cryptocurrency so that we can more correctly evaluate the advantages of investing in MATIC to the disadvantages of doing so.

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

The sole reason why a layer 2 scaling solution was required was because users of Ethereum’s decentralized financial applications were complaining about the slow processing speed of the network. This was the only reason why a solution was required.

As a direct consequence of this innovation, new businesses like as Binance and Tron, which had previously functioned as ERC20 tokens on the Ethereum network, moved their operations to independent blockchains. These particular blockchains were capable of expanding at a rate that was somewhat faster than that of Vitalik Buterin’s innovation.

Competitors come from different technologies that are based on blockchain

New cryptocurrency projects like as Polkadot and Chainlink are two examples of those that are now in development with the purpose of providing functionality that is comparable to that of Polygon.

Polkadot and Chainlink both provide the same scalability option as Polygon, which is also the aim that they are striving toward when it comes to making blockchains interoperable with one another. Cardano, whose operations are overseen by Charles Hoskinson, eagerly anticipates the day when it will be able to fully allow smart contracts on its blockchain.

A war on cryptocurrency begins around the world

It is possible that stringent regulation would render worthless any investments that have been made in MATIC. It is possible that issues with cryptocurrency mining in China are to blame for the current dismal view of the industry.

The new currency issued by Polygon, which now trades at a price that is not very high, has a fair probability of becoming one of the cryptocurrencies that is hit the hardest on an international scale.

How Much Does it Cost to Sell Polygon

The price at which you are able to sell Polygon will change according on the strategy or application for trading cryptocurrency that you use. Some systems may charge you a varying amount of money for their services depending on the number of polygons that you want to sell.

If this is the case, you should read the terms and conditions of the software carefully. On the cryptocurrency market in Canada, numerous programs charge trading fees on top of costs that are determined by the asset’s volatility. These fees are in addition to the fees that are levied.

Maker Fee

You will be forced to pay a maker fee in the event that a buyer does not match your order in the order book. In this scenario, the order will not be fulfilled. The market’s ability to transact is directly correlated to this pricing.

There will not be a maker fee assessed to you if you select the option to place an order after the limit has been reached.

Polygon Coin-Comparewise

Costs incurred by Spreading

The difference in price between the price at which you wish to sell Polygon and the price at which it is now trading on the market is referred to as the spread when you are selling Polygon.

A spread fee will be deducted from your total profit when you sell Polygon using the overwhelming majority of cryptocurrency trading tools or websites.

Deposit Fees

When you transfer money from your regular bank account into your cryptocurrency account, you will be asked to pay a fee to make the deposit. This fee will be deducted from the amount of money you move.

For example, if you make a deposit into your account by using a credit or debit card, you could be required to pay a charge equal to up to three percent of the total value of the deposit.

Fees for Withdrawals

Imagine that you have successfully sold your Polygon assets by using an app or website that allows cryptocurrency trades, and that you now wish to withdraw the money from the sale of your assets.

When you wish to transfer your cash or assets to your bank account or wallet, you will be forced to pay a certain withdrawal fee. This charge may vary depending on the method of withdrawal you choose.

How to Sell Polygon on an App

You will need to sign up for an account with a cryptocurrency exchange or service that is based in Canada if you want to buy Polygon inside the borders of Canada.

There are a few of them available, and all that is needed of you is to go through the verification process on the exchange that you choose, deposit Canadian dollars to your account, and then acquire MATIC. There are a few of them available.

The following is a list of the top cryptocurrency exchanges in Canada, rated according to how easy it is to use the exchange, how trustworthy the exchange is, and how much it costs to buy Polygon using the exchange (MATIC).

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Coinsmart

Coinsmart is the platform that a substantial amount of Canadians prefer to use for purchasing Polygon (MATIC). This preference can be attributed to a variety of factors, including low transaction fees, a streamlined buying and selling process, high levels of security, and many more.

If you deposit over $2000 you may avoid deposit fees. Coinsmart gives both inexperienced and seasoned investors access to high-quality trading tools that are powered by MATIC.

If you do not already have an account with them, there is absolutely no need for fear on your part. Putting it together is not a difficult task at all.

The most significant advantage is that you won’t have to wait anywhere from three to five days for your account to be validated, which means that you may start trading as soon as possible.

This may be the case if you were monitoring the price of Polygon and saw that it dropped while you were doing so, and you now want to buy it right now. If you utilize this link, Coinsmart will give you a free $20 to spend, which you can then trade in for Polygon credits.

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Newton

The Canadian-based cryptocurrency exchange known as Newton makes it straightforward to purchase Polygon (MATIC) coins inside the nation. Newton is just one of several such exchanges.

If you are interested in buying MATIC, you should think about buying Newton instead due of its nice user interface. Because Newton is a cryptocurrency exchange that does not charge any fees, the process of depositing and withdrawing money is totally free of charge.

However, the spread at Newton is bigger than it is at other exchanges, which means that your transaction costs will be higher if you choose to trade there.

Even yet, its fees are far lower than those of the vast majority of bitcoin exchanges. Newton is a wonderful choice for beginners who are interested in obtaining MATIC.

Not only is it one of the most user-friendly cryptocurrency exchanges in Canada, but it is also widely regarded as one of the most trustworthy cryptocurrency exchanges in the country.

How to Sell Polygon with a Wallet

When you sell bitcoin via a wallet, what you’re really doing is selling cryptocurrency from your own wallet. The great majority of wallets, if not all of them, now make it possible to sell a range of cryptocurrencies, and Polygon is one of such cryptocurrencies.

Using Bitbuy to make your purchase of Polygon should not provide you with any difficulties. On the Canadian market, Bitbuy has established a strong reputation for being a trustworthy and well-regulated cryptocurrency exchange and wallet. In addition, its trading expenses are very low, coming in at either 0.1 percent or 0.2 percent, although its deposit fees are somewhat expensive, coming in at 1.5 percent.

Bitbuy provides its customers with two distinct trading platforms: Express, which is intended for users with little to no prior trading knowledge, and Pro, which is intended for traders with extensive trading expertise who are looking for order book data and more advanced trading tools.

Making a deposit of Canadian dollars into your Bitbuy account with the use of an Interac e-Transfer is one of the easiest ways to acquire Polygon if you are just beginning your venture into the world of cryptocurrencies.

Bitbuy is regarded as one of the most respectable cryptocurrency exchanges and wallets in Canada due to its user-friendly interface, moderate fees, and top-tier security, as well as its standing as one of the most popular cryptocurrency exchanges in Canada.

How to Sell Polygon Conclusion

The main purpose of the Polygon project is to provide a layer-2 solution for the Ethereum network. This will be the project’s core focus. The development of a blockchain-based infrastructure is one of Polygon’s long-term priorities and objectives.

A more user-friendly digital environment will be the consequence of giving developers the power to create their very own blockchains, replete with the developer’s very own one-of-a-kind modifications, and then linking those blockchains together.

It is anticipated that the value of Polygon will increase over the long run after these kinds of strategic activities have been put into action.

In the meantime that they wait for Polygon to continue its expansion and gain in value, investors now have the possibility to stake their MATIC tokens and earn more cryptocurrency by doing so.

In contrast to the Ethereum blockchain, which can only handle around 15 transactions per second, Polygon sidechains have the potential to execute up to 65,000 transactions in a single second.

As a direct result of this, Polygon has been recognized as being among the most effective remedies to the scalability challenges that Ethereum is experiencing.

Additionally, not only do all of Polygon’s sidechains connect directly with the Ethereum blockchain, but they also engage with one other and with one another, in addition to interacting with the Ethereum blockchain.

At the end of the day, this paves the way for shared and interoperable smart contracts as well as apps that are decentralized (dApps). It did not seem possible until very recently that users of various blockchains would be able to swap bitcoins and other assets in a smooth way.

Thanks for checking out how to sell Polygon.

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November 9, 2022
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FAQs about How to Sell Polygon

Can you purchase Polygon (MATIC) in Canada?

Yes, you can purchase MATIC in Canada. Canadians are increasingly putting their money into Polygon as an investment.

What are the procedures for trading Polygon (MATIC) in Canada?

You won't have any trouble trading Polygon in Canada. Simply choose the cryptocurrency exchange of your choice and click the "trade" button. Trading MATIC with any of the aforementioned trading pairs will be available to you.

Is it wise for Canadians to put their money into Polygon (MATIC)?

Layer 2 solutions are required in order to resolve Ethereum's scalability concerns because of the high cost of gas and the network congestion. Polygon is a layer 2 solution that is gaining more and more traction among developers and consumers of cryptographic currencies. The scaling of Ethereum will continue in 2022, making Polygon an excellent investment opportunity for Canadians.

What precisely is a Polygon?

Polygon, formerly known as Matic Network, is the first Ethereum scaling and infrastructure development platform that is well-structured and simple to use. Polygon was once known as Matic Network. The Polygon Software Development Kit (SDK), which is a modular and adaptable framework that enables the creation of a wide variety of applications, serves as its primary component.

Where can you go to purchase Polygon (MATIC) in Canada?

It is strongly suggested that you make your purchase of MATIC on one of the cryptocurrency exchanges like Bitbuy, Binance, Newton, or Coinberry.

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