Blockchain is good, it is the next future or at the maximum, one of the most pressing sales pitches, banking the unbanked via decentralization. I would personally say enough of that rhetoric until it matures to the next level, as I recall one of my friends wishing to buy a shoe through a blockchain-powered e-commerce store. However, at the time of check-out, he thought it would be better to buy from Amazon. Obsessions are not always cheap, especially when it is powered by Ethereum for fulfillment. Perplexed, right! Try buying an NFT powered by Ethereum in 2017, you will understand the irony. In this article, we’re going to explain why Polygon MATIC is an important project, and a step-by-step guide on how to buy MATIC on Binance.
What is Polygon MATIC?
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Polygon acts as a layer 2 scaling solution which has been primarily powering up the Ethereum ecosystem to resolve the scalability issues. As a result, all the applications built on top of the Ethereum blockchain need not have to shift to a different blockchain due to network congestion. On the contrary, they can simply connect to the Polygon chain via an Ethereum-Polygon asset bridge and transact within a gas-efficient, secure, and scalable Polygon ecosystem, meanwhile, enjoying the safety and security of the Ethereum network.
Which is Better: Ethereum or Polygon?
When others say ETH to the moon, most of the users on the Ethereum blockchain intend to admit gas prices to the moon. Ironically, that’s the story of the Ethereum blockchain when you claim it to be the father of smart-contract blockchain. However, Ethereum’s latest countermeasures by adopting Polygon as a scaling solution should be the point of focus at the moment to mitigate the odds. The upside of Polygon is scalability, security, and decentralization all occurring at once. In case, if you think that it is some utopia, read on to know why it could be the next preferred portfolio to pick during the recent bloodbath in the crypto market.
Why does Polygon have Great Potential in 2022?
Before we jump to Polygon, we have to understand the DeFi and NFT marketplace. These are two of the most important subsets to drive massive crypto and blockchain adoption. Owing to the next level of innovation through staking, yield farming, introducing derivatives and insurance to crypto, establishing ownership and identification in the gaming ecosystem, they have brought the next revolution.
With just a niche audience, if $100 billion and $8 billion respectively seem like attainable targets, one cannot stop but think sky being the limit when metaverse and other such upcoming future concepts roll on. However, one thing plaguing their mighty run is the existence of a non-scalable blockchain ecosystem on which they stand.
Hence, the need arises where the best of both: security of Ethereum and scalability of side-chains occur in succession. Polygon ends up as an amenable choice for the same since Ethereum Network currently holds 50% to 60% of all NFT and DeFi activities on their ecosystem.
On top of this, even institutional drive is providing good momentum to the Polygon network with its social media dominance reaching an unprecedented 636% in the last three months. Thus paving the way for more good days ahead. At the same time, Polygon is also eyeing a lot of collaborations with stalwarts in the IT sector like Infosys and celebrity crypto investors like Mark Cuban. All of these events end up as a perfect secret sauce for Polygon’s success in the near future.
Should you Buy MATIC Today?
Before we jump to the conclusion that Matic/Polygon is a good buy, one can simply turn back to the memory lane and validate the same. Recall the ups and downs we saw for Matic/Polygon. At one point, Matic started trading from $0.02 in January 2021 fast forward to April 2021; prices soared to $0.03, and in May 2022, Matic recorded its ATH of $2.68.
A few months later, we did see the same pattern getting imitated backward where Matic fell to $1.7 in September and it was followed by another ATH in less than three months’ time to $3.05 in December 2021. During this time, most of the tokens were giving bearish signals like Cardano, a reclaimed scaling layer 1 blockchain.
Basically, Matic is mimicking an uptrend pattern throughout 2021 where we have so far witnessed higher swing highs and lower swing lows. Such occurrences will more or less replicate moving forward to 2022 because Matic gave 7,248% returns in 2021 with the same trend. In the last three months, Matic’s trading volume is continuously rising with $700 million at the time of writing.
Most analysts believe that Matic has delivered 52,585.75% ever since its inception in 2017 despite a stretched crypto winter that existed for more than 2 years, if the same trend continues which will be further accentuated by the need for more scaling moving forward in 2022, Matic could be up for the Moonbeam. Even if we make a return average of 1000%, which is very less, it is still a very good buy zone for Matic which is trading at a price of $1.45 at the time of writing.
How to Buy MATIC on Binance?
If you want to buy the Matic token, Binance is an excellent exchange to pick since it allows buying through bank transfers, credit cards, and even swaps. We will look at buying through credit/debit cards. It will more or less serve all the purposes of the other two options since all of them start through a P2P model only:
Login to Binance
Click on buy crypto as shown in the top left side of the image.
As you can see on the image above, on the top empty section, there are currency choices. I have picked USD. At the bottom, you can see BTC, you need to change that to Polygon/Matic.
Click on continue and add your card.
Fill in all the necessary details and complete the transaction.
Once you complete the details, it will ask you to complete the order. You will be given 60 seconds to validate the transaction.
Once you complete the details, it will ask you to complete the order. You have 60 seconds to validate the transaction. Once you do, Polygon will reflect on your wallet.
And that’s it! Buy MATIC in 2022 might be a really profitable investment, especially if the Polygon ecosystem manages to attract new projects. Additionally, it is a good idea to consider using hardware wallets to safeguard your crypto for long-term investment.