The number of cryptocurrencies that are floating around in the market these days is uncountable. Every day we see newer cryptos making their way into the market – some making a mark while others, fizzling out. One such cryptocurrency that is gaining more popularity with each passing day is Polygon (MATIC). Formerly known as Matic Network, this platform is a scaling solution that seeks to provide its users with the necessary tools they require to improve the speed of transactions and reduce the costs and complexities.
About MATIC: Essentially, it is an Ethereum coin that is utilized to power the Polygon network efficiently and sustainably. Since it has been operative, the Ethereum blockchain and its compatible networks have seen a significant rise in traffic. This framework aims to improve the interoperability between the networks that run in tandem to increase the functional aspect. Not only this but the MATIC coin may also turn out to be a rewarding investment in the near future and even beyond. According to certain calculations conducted by the company, the coins are estimated to reach a price of $5.5 in 2025 and $9.41 in 2028. From Feb to June 2021, the Matic Network saw a surge of more than 10 times owing to the increased use of blockchains, gaming, NFTs, and DeFi – related schemes.
Why invest in this coin: There are several advantages associated with investing in this token.
- Unlike Bitcoin and Ethereum, this coin is known to be more or less unaffected by high transfer fees upon congestion.
- The technology is an open-source one that provides its creators the required tools that they would need to be able to create a stand-alone network and a safe and secure sidechain by using smart contracts and the network security by Ethereum.
- Created by three Indian brains, the market cap of Polygon surpassed 10 billion dollars in June 2021. It soon made its way into the top 20 crypto tokens all across the globe with an even further increase in market cap.
- Several companies are backing up the MATIC token. Coinbase began trading Polygon in March which further re-instated the faith of the users in this brand.
- The overall supply of this coin is limited to 10 billion. This means that there is a strict upper limit to the number of MATIC coins that could be in circulation. The demand for aspects that are limited increases as the scarcity increases. 67% of these coins are already in the market.
Where to buy Polygon: Just like any other cryptocurrency, one can buy this token by registering on the online exchange platforms that would allow the users to trade these coins. By following a few simple steps, one can have this coin in their wallet.
- Look for a suitable platform: First and foremost, one would have to research and narrow down their options for a suitable platform or a medium wherein they can deal in these coins. Websites like CoinSwitch offer seamless and hassle-free trading of MATIC. Ensure the safety of the platform, check for the lowest trading fees, and the friendly nature of the interface.
- Register: The second step would be to register on the chosen platform. The most important step here would be to complete the KYC verification. Post that, filling in the bank details, providing ID proof and other information would happen almost instantaneously.
- Choose the crypto: Analyze the trends and patterns and decide upon the cryptocurrency that one would like to invest in. If the currency is already decided, check the current rate of the crypto in the denomination of the country before making a purchase. For example, the MATIC coin price in INR is currently about 163 Rupees. Depending on the amount one wants to spend, or the number of coins one prefers to buy, the transfer can be made.
When to buy this coin: Experts suggest that there is no right time to buy or invest in cryptos. However, if one is eyeing the MATIC token, they are in a good place to purchase them at the earliest. This is because this crypto is said to be the front runner in the Layer 2 space that is related to the Ethereum-led project. This aspect has made it a good potential investment opportunity. Furthermore, the prices for this coin are not as high as the others but are destined to grow. Buying this coin would lead to more growth with a lower rate of investment.
With the several benefits and lower costs that this ecosystem offers, it is soon becoming one of the most desirable tokens to invest in and use for trades. The developers are constantly investing in the research and development of this coin to make sure that the trend regarding the value of the coin sees a steady growth. They are working on a broader mission to partner with more players in the crypto game. As it receives more backing from organizations and influencers, the hype would increase. This would lead to a surge in buying the coin. Understanding the fundamentals before buying any cryptocurrency would be a step in the right direction. Get a thorough understanding of the different cryptos and carry-on investing!