In this guide you’ll get information about where to buy Solana, if you are planning to buy SOL – You’re in the right place!
Solana may be using the same cryptocurrency and decentralized blockchain concept, but it also uses time-stamped transactions that make it different from the others. The founder, Anatoly Yakovenko, introduced the so-called decentralized clock that can solve the issue of scalability. Moreover, introducing such decentralized clock concept to a regular cryptocurrency blockchain is able to make the platform runs more efficiently and improve fast processing time in a matter of seconds.
Transactions can be done within seconds instead of minutes, and this is a matter that every cryptocurrency user consider important. Yakovenko named the platform Solana, taken from Solana beach on the northern side of San Diego. This is the place he has been familiar with – and also the place where he got the inspiration about the blockchain platform. Solana is about supporting decentralized applications and smart contracts, but with time-stamped transactions, everything can be maximized to the full capacity and potential.
Solana (SOL) Features
- PoH or Proof of History. It isn’t a consensus mechanism, but a component within PoS consensus. In PoH, transactions would be time-stamped whenever they are added to the block. In this mechanism, all nodes within this platform have a role to fulfil the network functions and roles.
- Even and fair reward. Whereas other PoS cryptocurrencies have minimum required stake, it’s not the case with Solana. The number of block reward would be proportional to the number of (SOL) token staked on the network.
- Low cost. With improved speed and easy transaction, users won’t have to worry about the increased cost. As the user base would grow and grow, the platform has been designed to keep the transaction cost low.
- Fast processing time. Unlike other platforms that are sluggish and slow, users can experience greater and faster experience. The platform is claimed to process up to 50,000 transactions a second, which is far greater from some of the already existing popular ones.
Where to Buy, Sell and Trade Solana aka SOL
You can basically use debit card, credit card, or even PayPal to buy the Solana (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Solana as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to Solana. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports Solana currency and exchange your Ethereum or Bitcoin with the Solana
- Store your Solana to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
Get $10 Bonus when you sign up for Coinbase!
- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying Solana, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with Solana:
IMPORTANT! Once you are registered to any of the above, find the BTC/SOL or ETH/SOL trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Solana (SOL) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy Solana (SOL) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Solana. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Solana (SOL) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Solana (SOL) with Skrill?
You can’t buy SOL directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Solana. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy Solana (SOL) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/SOL and begin the transactions.
Can I Buy Solana (SOL) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/SOL trading pair.
What Is the Best Payment Method to Buy Solana (SOL)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the Solana right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Solana (SOL)?
Once you have purchased the Solana, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Solana (SOL)?
Find a crypto exchange which allow pairing SOL with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Solana (SOL) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Solana is to buy it from a reliable exchange.
Solana is able to solve scalability issue without compromising privacy and security. More transactions can be managed and completed in a matter of seconds efficiently. The platform offers promising future and a chance for solid investment, especially with the innovations and developments they make. With time-stamped mechanism (and other technologies), Solana (SOL) should be able to deal with some common blockchain issues without exposing users to threats or dangers.