Buy Solana [SOL]

Published 06 September 2021


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Data on 07.07
Price SOL
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The Solana blockchain was created in 2017 with the aim of providing users with high scalability, avoiding negative consequences for security and decentralization. This is a first-level blockchain — it does not have sidechains or parachains. Today, the throughput of Solana is 60 thousand transactions per second (for comparison, Visa has 65 thousand). The developers were able to achieve this result using their own confirmation algorithm called Proof of History (PoH), whose work is to create a decentralized clock that allows you to reduce the synchronization time inside the blockchain. High network speed is also provided by the Turbine protocol, according to which each node exchanges information only with neighbouring nodes, and not with the entire network. According to the developers, in the future, the network bandwidth will increase to 710 thousand transactions per second. Blockchain innovations also include archivers for distributed data storage, as well as optimization of transaction recording via Cloudbreak. The project has a large community (more than 80 thousand people in Telegram), and more than 250 projects have been released on its blockchain.

SOL is a native cryptocurrency running on the Solana blockchain. Over the past month, the cost of SOL has increased by more than 60%, and over the past year — by 8000%. This is due to all the previously mentioned advantages of the Solana blockchain and the globally growing interest in DeFi. The cryptocurrency community perceives Solana as a possible alternative to Ethereum, which cannot boast of high scalability.

Where and how to buy Solana coin (SOL)

Before buying SOL, you need to create a wallet on which you will store your tokens. There are hot (online) and cold (offline) wallets. They, in turn, are divided into software, web, hardware and paper. Solana is popular and it should not be difficult to find a suitable wallet. Ledger hardware wallets are compatible with SOL and have an impeccable reputation.

After choosing a wallet, consider the purchase options. There are several ways to buy Solana (SOL) cryptocurrency, each of which has its own advantages and disadvantages.

Ways to buy SOL:

Centralized exchange. Use this method if you value security first of all. Sites with a name-value their reputation and prioritize reliability. Exchange assets are most often reserved, and in case of theft of funds from the account, they will be reimbursed from the reserve fund. It should be understood that this fund is replenished with funds charged by the platform as a commission for the operations carried out, so the commissions themselves on the exchanges can be high. You can purchase SOL on such platforms:

  1. For assets on the internal balance sheet.
  2. For another crypt.
  3. By placing an order.
  4. Using a bank card.

The exchanger. The main advantage of exchange services is speed. As a rule, you will not encounter long registrations and verifications on such sites. Among the disadvantages are high commissions and a small amount of crypto in the asset. If you try to buy more SOL than is available in the exchanger, the transaction may hang and you will have to wait a long time for the support team to solve your question. Be sure to familiarize yourself with the platform that you are going to use in advance.

P2P platform. This method involves buying SOL directly from other users (a third party is not involved in the transaction). It is also quite fast, but its main advantage is the lack of commission. If you are going to use a P2P platform, carefully study the security measures implemented on it. Also, check the reputation of the users with whom you want to make deals.

How to buy Solano?

How to use Solana (SOL):

  • Store. The Solana network has proven to be faster and more secure than Ethereum. Many cryptocurrency experts predict further growth of the blockchain and, with it, the SOL token. SOL is also used for staking-passive income for storing tokens.
  • Trade. SOL is a popular speculative asset and can be used to make a quick profit. The cryptocurrency market is young and unstable, so the best solution for novice traders is to allocate a small amount that is not a pity to lose. If you do not have extra funds, try using the Demo Token on WhiteBit. This tool allows you to try yourself in trading, eliminating risks. Using Demo Token, you will be able to get acquainted with the interface and functionality of the exchange. The trading terminal and the set of tools on Whitebet can be configured individually by each user so that both experienced traders and beginners can comfortably use it.

To spend. The speed of SOL transactions is very high, so it is convenient to use this asset to pay for goods and services. In addition, some online games and casinos accept the token as payment. To spend. The speed of SOL transactions is very high, so it is convenient to use this asset to pay for goods and services. In addition, some online games and casinos accept the token as payment.

What to do with Solana

Store Solana
Buy and safely store your Solana and other assets on the exchange or in a cryptocurrency wallet.
Trade Solana
Go through Solana and other 180+ cryptocurrencies in 400+ pairs. Choose a trading strategy and make a profit.
Send Solana
Use free White BIT codes for instant and secure transfer of assets. Send fiat, Solana and other cryptocurrencies.
Earn Solana
Increase your income with Solana and other assets. Try trading, margin trading and SMART stacking.
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