How to Buy Polygon MATIC Using Trust Wallet: A Visual Guide

how to buy polygon crypto

Furthermore, its continuous investigations and growing regulatory difficulties cause concern. 74% of retail investor accounts lose money when trading CFDs with this provider…. MATIC can be used to secure the Polygon network and earn rewards by staking the token. Polygon functions primarily through commit chains, which are transaction networks that operate adjacent to a main chain layer-1 network — in this case, Ethereum. The commit chains group together batches of transactions and confirm them simultaneously before returning data back to the main chain. This fixed supply model is common among many cryptocurrencies and is designed to create scarcity and potentially drive up demand over time.

However, if the market moves against your trade, it can result in considerable losses that wipe out your trading cash. If you give Bitcoin to someone, say a younger relative, to pique their interest, your present will be treated the same as any other such gift. As a result, it may be subject to gift tax if cyberghost vpn it exceeds $15,000 in 2021 (or $16,000 in 2022). However, if the recipient decides to sell the present, the cost basis stays the same as the giver’s cost basis.

Risk Reduction in Polygon (MATIC) Investment

Currently, there is a maximum supply of MATIC tokens that can be mined, capped at 10 billion — as of the time of writing this, nearly 80% of which are currently in circulation. Polygon uses a variety of technologies to create this speedy parallel blockchain and link it to the main Ethereum blockchain. Hopefully, this makes it easier to refer to each component with the correct name. As we mentioned, there’s Polygon (the network) and there’s MATIC (the token). Learn more about Polygon (MATIC) and other cryptoassets on the eToro Academy.

Polygon (formerly Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains. Cue Polygon, a Layer 2 scaling solution that runs parallel to the Ethereum blockchain. Many cryptocurrency apps that used to be exclusive to Ethereum can be interacted with in the Polygon blockchain.

Tools & Features

Bybit is a trading opportunity and education in the world of cryptocurrency platform for cryptocurrency derivatives situated in Singapore. These contracts offer you the right to buy or sell crypto assets at specific prices in the future. But before we get any further, there are a few things we need to clarify.

Choose a Crypto Exchange

KuCoin’s long-term goal is to deliver long-term, increasing value to its more than 20 million registered users in over 200 countries. ‘The People’s Exchange’ formally collaborated with IDG Capital and Matrix Partners in November 2018. With its robust security measures, dedicated customer support, and various other enticing features, MEXC unequivocally positions itself as an excellent platform for acquiring MATIC tokens.

how to buy polygon crypto

The gist of the procedure is now complete; you have confirmed your order and got (or are about to get) the tokens. The purchased MATIC can be held in your BYDFi account or kept in a personal crypto wallet. The BYDFi platform will show the fees, costs, and number of Polygon altcoins you get once you confirm the order and execute the transaction.

  1. Coinbase and other exchanges don’t provide the IRS with good reporting.
  2. Polygon successfully converts Ethereum into a complete multi-chain ecosystem (Internet of Blockchains).
  3. Trust Wallet is available as a mobile app on Apple iOS and Android, and also as the Trust Wallet Chrome Extension for desktops.
  4. Utilizing the Polygon framework makes gaining access to the Ethereum blockchain feasible while avoiding some of its existing drawbacks, such as high transaction fees and limited processing capacity.

The tokens can be used for network participation via governance voting on Polygon Improvement Proposals. In early 2021, the project went through a rebrand, switching its name from the Matic Network to Polygon. However, even with the network’s name change, the original namesake continues to live on  — the symbol of information technology challenges in the manufacturing industry the network’s native currency is still MATIC. You should seek advice from an independent and suitably licensed financial advisor and ensure that you have the risk appetite, relevant experience and knowledge before you decide to trade. Consider your personal investment goals and risk tolerance, and only invest what you can afford to lose.


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