Table of Contents
The layer-2 scaling solution Polygon, formerly known as MATIC network, was developed in 2019 to overcome a number of Ethereum blockchain restrictions, including transaction speed, throughput, and gas costs. It was initially intended to be a scaling solution, but it quickly became a multifunctional ecosystem that has drawn much interest. In the midst of the Initial Exchange Offerings (IEO) boom in 2019, MATIC, its native token, made its Binance Launchpad debut.
Let’s start with the basic introduction of the Polygon Network Coin (MATIC) coin and a step-by-step process for buying MATIC tokens in India.
Polygon uses a proof-of-stake consensus process, which means that one way you may make money on MATIC you own is by staking. This mechanism is used to create new MATIC and protect the network.
The heavy work is done by validators, who check new transactions before adding them to the blockchain. In return, they might get a portion of the fees and the newly developed MATIC. Running a full-time node (or computer) and staking your own MATIC are requirements for being a validator. You can lose some of your staked MATIC if you commit a mistake or act deliberately (or even if your internet connection is unreliable).
Delegators use a dependable validator to stake their MATIC indirectly. Staking has never been this low commitment. However, research is still necessary since if the validator you choose engages in harmful behavior or commits errors, you could lose some or all of your staked MATIC.
By following a few simple steps, you can buy MATIC tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.
Now, you can buy MATIC tokens using P2P trade. Here are all your questions answered about P2P.
Step 1 – Sign-Up on WazirX
To start trading the MATIC token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2- Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on your email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5 – Buy MATIC on WazirX
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy MATIC” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at the price will be notified and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the MATIC coins you purchased in your WazirX wallet. Happy Trading!
Frequently Asked Questions
Matic is a layer-2 scaling solution for Ethereum designed to provide faster and cheaper transactions.
Polygon (MATIC) is a good choice for investment. Market experts believe that the Ethereum blockchain will expand quickly; as MATIC is built upon this blockchain, it'll also grow. Additionally, MATIC has historically generated higher earnings for investors and is expected to keep expanding consistently in the years to come.
Yes, MATIC is still worth buying. All the hype around the Merge has a great and direct impact on MATIC for the upcoming future. Ever since it has been on fire, there has been no sign of it cooling down anytime soon. A rise in ETH prices will cause a surge in MATIC as well. Also, with new technological upgrades rolling out every now and then, MATIC continues to establish itself as a significant market leader.
If you're looking to buy Polygon (MATIC) crypto in India, you can visit - https://wazirx.com/exchange/MATIC-USDTTo learn how to buy a Polygon Network Coin (MATIC) in India, read this blog - https://wazirx.com/blog/how-to-buy-polygon-network-coin-matic-in-india/
MATIC token can be purchased through any popular Crypto platform. In order to buy MATIC, you've to choose a reputable and secure Crypto exchange like WazirX which has the token listed. You can buy MATIC tokens once you sign up on a platform and deposit some fiat. in addition to that, some exchanges provide trading pairs where you can trade any Crypto for MATIC tokens. Click here for more details: https://rb.gy/vmvkxr
While it is difficult to predict prices of tokens and their long term value, following the current pattern of 20% yearly growth, it would take more than 30 years for MATIC to reach $1000. Overall Polygon has seen steady innovation and funding rounds over the years which indicates a promising future. It should be noted that price predictions of Crypto might not be accurate and investing should only be done based on proper market research by individual investors from time to time.
You can buy Matic by registering on a crypto exchange that supports Matic, such as WazirX, and purchasing it with fiat currency or other cryptocurrencies.
Polygon is a Layer 2 scaling solution meant for scaling the Ethereum network by allowing for swifter and more cost-effective transactions while enhancing scalability. Polygon's network of sidechains operate in parallel to the Ethereum mainchain, thus allowing several transactions without creating traffic on the main network. Polygon network's native Crypto is MATIC, which is used to cover transaction fees, staking, and other network services.
If you're looking to buy Polygon (MATIC) crypto in India, you can visit - https://wazirx.com/exchange/MATIC-USDT To learn how to buy a Polygon Network Coin (MATIC) in India, read this blog - https://wazirx.com/blog/how-to-buy-polygon-network-coin-matic-in-india/