How to Buy Polygon(MATIC) in India in 2023?

A layer-2 scaling solution for Ethereum, Polygon enables developers to build and connect Ethereum-compatible blockchain networks. As developers can conveniently deploy and manage their own blockchains on this platform, this helps in promoting faster and more secure transactions on the Ethereum network.  

The Polygon network allows developers to quickly and easily create decentralized applications (dApps) on top of Ethereum. Most importantly, it provides a safe and reliable platform for developers to store, deploy, and manage their tokens and assets.

Looking to buy Polygon MATIC crypto in India in 2023? Read on to understand more about the platform and its influencing aspects.

Key Takeaways 

• Polygon launched its Web3 Accelerator Beacon, a new program designed to help developers build decentralized applications (DApps) on its platform. 
• The Beacon program is open to any developer who is building on the Polygon platform, with a focus on supporting teams building on the Ethereum network. 
• It aims to provide developers with access to a range of resources, including educational materials, technical support, and access to funding. 
• The program is free and serves Polygon’s larger goal of becoming the go-to platform for the development of Web3 applications. 

What Is Polygon MATIC?

MATIC is the official Polygon crypto. It was produced on the Ethereum blockchain and is an ERC-20 token. The asset was employed to control, protect, and cover the transaction costs of the Polygon network. It has gained such a huge popularity because of its low gas fees, great user experience and great throughput.

The quantity of MATIC is finite, with only about $7.4 billion in circulation. This is in contrast with other cryptos that have an unlimited supply.  

Proof-of-Stake Consensus Mechanism

Polygon uses the proof-of-stake consensus mechanism. As part of this mechanism, Polygon   awards token holders for maintaining the network and validating transactions. To be qualified for staking rewards, people must stake their tokens, locking them up. 

Simply 1 MATIC can be staked to begin earning interest. Instead of attempting to gather enough MATIC and operate the validator themselves, most people prefer to assign their staking to a validator. Validators might take a tiny commission. The commission typically ranges between 1% and 10% of the staking earnings. 

How does Polygon Work? 

The Polygon platform is powered by its native token, MATIC, which is used to pay for transaction fees and rewards users for staking. Polygon’s MATIC Sidechain works similar to every other Proof-of-stake-based blockchains. Its structure, token, client nodes, local dapps, validator nodes, are similar to that of various different networks available except the factor that the exchanges are clustered and nested over the Ethereum blockchain.

Read More: How to Buy Ethereum in India 2023?

Steps To Buy Polygon in India  

No more wondering as to how one can buy Polygon crypto in India! The process is described in detail in the following pointers. 

Step 1: Choose a Safe Crypto Exchange  

There are numerous ways to purchase Polygon crypto in INR. The most convenient method is using peer-to-peer lending platforms or a reputable crypto exchange. 

Centralized and decentralised exchanges are the two major types of crypto exchanges. Decentralized exchanges let users retain their anonymity as they are not governed by a single entity. Conversely, centralised platforms like CoinDCX adheres to regulations like the need for KYC and the submission of supporting documents. 

Step 2: Add INR Funds to your Crypto Exchange Account  

The next stage post selecting an exchange platform is to complete the KYC process and set up a payment method so one can fund their wallet to purchase Polygon token.

Once the identity has been confirmed by the exchange, the platform can be linked to the bank account, preferred credit/debit card, or IMPS. 

Bank transfers on crypto exchanges are subject to a range of fees, based on the platform.

Note: CoinDCX does not charge any fees for bank transfers or UPI but does levy a 0.5% commission for net banking. 

Step 3: Buy Polygon in India  

The next stage is to place a “Buy” order of Polygon cryptos with the funds loaded in the wallet. 

Step 4: How to Store Polygon  

It is extremely important to safeguard the purchased assets. The Polygon cryptos must be stored in a secure place to avoid fraud or loss. The crypto exchange provides an integrated wallet for the storage of assets upon completion of purchase.  

With CoinDCX’s industry best security measures, the customer’s funds are of utmost priority to us. 

Additional Read: Can Polygon outperform Solana in 2023

Should You Invest in Polygon MATIC?  

The crypto space is governed by value fluctuation. Being a volatile market, an asset that is performing badly today, could reach great highs tomorrow. 

Seasoned crypto traders think that Polygon MATIC carries potential for a better valued position in the near future, given all the partnerships that they have been working on. Besides, the new introduction of Polygon zkEVM, set to be launched on March 27, 2023 and its joined operation with Immutable labs, Immutable zkEVM, is surely to have some impact on the value of the crypto. 

Additional Read: What is the Polygon Matic Price Prediction for 2023?

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