MATIC can also be used for crypto staking and paying transaction fees. Unlike some other cryptocurrencies with unlimited supply, MATIC is limited, and there will never be more than 10 billion coins in circulation. Matic is the digital token used on Polygon, a protocol built on Ethereum. The organization behind it claims it can process transactions about 467 times faster than Ethereum at a fraction of the cost and that about 2.7 million people use it every month.
Polygon is not the only proof-of-stake technology advertising scalability as its primary advantage. Solana, for example, also touts high speeds and low cost and, as of July 2022, has a market cap nearly double that of Matic. Many or all of the products featured here are from our partners who compensate us.
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MATIC can be used to participate in DeFi applications on the Polygon network, at much quicker transaction speeds and lower gas fees than the Ethereum mainnet. After you buy Polygon MATIC, you can transfer it to anyone across the globe, as long as you know their %name% wallet address. MoonPay follows strict security measures to ensure you have a safe Polygon MATIC purchase.
These wallets, also called hot wallets, are convenient and easy to use. They’re generally safe but can be exposed to hacks or other security breaches because they are accessed online through third parties. Decentralized exchanges let you buy directly from others. While this route can be more technical, you won’t pay as much in fees.
- You’ll also pay transaction costs to users who verify transactions.
- MoonPay offers a fast and easy way to buy Polygon MATIC with credit card.
- PrePO’s mission is to democratize pre-public investing — transforming a world of financial exclusion into a world of permissionless access.
- Polygon’s MATIC is a token launched in 2017 to power the Polygon Network.
- Cryptocurrency is a new and quickly growing type of technology and investment.
Both centralized and decentralized exchanges typically allow payments using a bank transfer and, sometimes, a credit card. In addition, some exchanges accept mobile-friendly payment methods like Apple Pay or PayPal. The network uses staking, a process in which Matic owners can use their tokens to help validate new transactions in return for Matic tokens. The developers say that, compared to proof-of-work alternatives, Polygon’s proof-of-stake blockchain has much higher speeds and throughput — the number of transactions that can be confirmed in a set amount of time.
This influences which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. There is a growing number of charities that accept donations in Polygon MATIC and cryptocurrency.
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Proof-of-work validation relies on powerful computers to solve difficult cryptography problems, which is an energy-intensive process. Theoretically, the company states Matic should be capable of handling millions of transactions per second in the future. You can buy Matic on centralized exchanges, including Coinbase, Kraken and Binance.US. While cryptocurrency was designed with peer-to-peer transactions in mind, centralized exchanges are easier to set up and give quick access to many coins and tokens. However, you’ll likely pay a fee when you buy or sell.
Crypto exchanges act as marketplaces that facilitate buying and selling cryptocurrencies. Although some exchanges are fairly simple, others are intended for more advanced investors, offering features like crypto staking, margin accounts and futures trading. You’ll also pay transaction costs to users who verify transactions. These fees are in addition to fees you pay to an exchange, and you can’t avoid them on a decentralized exchange.
While you may purchase MATIC with a credit card, we strenuously advise against it. That’s because credit card transaction fees on crypto exchanges often run high. If you use a credit card to buy cryptocurrency, it generally will count as a cash advance and be subject to a higher interest rate than you pay on regular charges. The MATIC token can be used within the Polygon ecosystem. You can use MATIC to pay transaction fees, stake cryptocurrency, or participate in network governance.
As of Aug. 1, 2022, Matic was the 13th largest cryptocurrency, with a market cap of $7.2 billion. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.
Decide how to pay for Matic
As with any crypto asset, Polygon is risky and volatile. So only invest an amount that you are comfortable with, as cryptocurrencies are risk assets. When shopping for an exchange, evaluate the platform’s security, and look for one with low fees and low account minimums. A fiat on-ramp allows you to convert from fiat currencies (e.g. USD, EUR, GBP) into crypto in your wallet. Withdraw MATIC directly to your Polygon wallet from an exchange that supports withdrawals directly to Polygon (i.e. most major exchanges). Below is a comprehensive step-by-step guide for the easiest and fastest ways to get MATIC onto your MetaMask wallet on the Polygon network.
Buy Polygon MATIC instantly with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more. Purchase Polygon MATIC in more than 150 countries using the local currency of your bank account. Whether it makes sense to invest in MATIC is dependent on your finances, goals and overall investment portfolio. Connext allows you to bridge your tokens from a non-Polygon chain onto Polygon. Supported chains include Ethereum, BNB Smart Chain, Arbitrum, Optimism, Avalanche, Fantom, and more. Go to Ramp and follow the prompts.Make sure to search for and select “MATIC — Polygon on Polygon” in the “you get” dropdown list.
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Use your Polygon MATIC to purchase goods and services from any participating merchant that accepts Polygon MATIC and cryptocurrency. Polygon’s MATIC is a token launched in 2017 to power the Polygon Network. Polygon is a Layer 2 scaling solution for the Ethereum blockchain that allows users to transact quicker and more cheaply than on the Ethereum mainnet.
After you buy Polygon MATIC, you can transfer it to anyone across the globe, as long as you know their Polygon MATIC wallet address. For those new to the crypto lingo, a Layer 2 crypto is built on top of an existing blockchain. In this case, Ethereum is the Layer 1 crypto and Polygon is the Layer 2.
There are some cryptocurrency exchanges that offer trading pairs, allowing customers to trade and purchase MATIC with Tether (USDT), a popular stablecoin. Polygon is designed to scale the Ethereum network and improve its functionality. And it has become popular among decentralized finance platforms, with a strong, rich DeFi and non-fungible token (NFT) ecosystem. The network also claims that it can handle thousands of transactions per second (TPS)—which is pretty quick in comparison to Ethereum’s TPS of around 15.
Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. Our partners cannot pay us to guarantee favorable reviews of their products or services.
DeFi
We believe everyone should be able to make financial decisions with confidence. Store your newly purchased Polygon MATIC in your preferred wallet There are many custodial and non-custodial wallets to choose from. MoonPay offers a fast and easy way to buy Polygon MATIC with credit card. PrePO’s mission is to democratize pre-public investing — transforming a world of financial exclusion into a world of permissionless access. Convert your Polygon MATIC to another cryptocurrency directly in your wallet or by using a DeFi application.
Matic is a Layer-2 scaling system, a technology built on top of another blockchain — in this case, Ethereum — for faster transactions. There are about 8 billion coins in circulation with a maximum supply of 10 billion. Use your Polygon MATIC to purchase goods and services from any participating merchant that accepts %name% and cryptocurrency. A method that’s a bit clunkier but more secure is cold storage, which usually consists of a USB device that connects to the internet only when transacting. Cold storage also gives you more control, or custody, of your holdings than hot wallets, where a third-party company technically stores your crypto. Cryptocurrency is a new and quickly growing type of technology and investment.
Polygon has a complete ecoystem of DeFi and NFTs that take advantage of the Ethereum blockchain while improving transaction times and lowering gas fees for participants. If you open an account and connect it to a funding source—such as a bank account or debit card—you can place your first order for Polygon. Enter Polygon’s ticker symbol—MATIC— and the amount you want to invest, such as $50.
Most exchanges allow you to designate an order type. But some investors see that as an opportunity, especially because Polygon is still one of the top cryptocurrencies based on its market capitalization of $4.6 billion. PrePO is a decentralized trading platform allowing anyone to gain synthetic exposure to any pre-IPO stock or pre-IDO token. Matic can be stored in web-based wallets, including Coinbase and Bitski.