Evan SelemaniDo you know that the Solana blockchain allows you to host decentralized and scalable applications such as decentralized banking services, fungible and non-fungible tokens? Unsurprisingly, its native currency, SOL, ranks in the top 10 most important cryptocurrencies.
While the market as a whole is down, investors are looking for cryptocurrencies that they can buy at the lowest possible cost in order to make a significant profit in the coming years. Is SOL crypto on this shortlist?
Follow this tutorial to learn how to buy SOL (Solana), where to buy it safely, how to get passive income with Solana, and the pros and cons of Solana. You will also learn more about the future prospects of the project.
Where to buy SOLANA (SOL) crypto safely?
With the popularity of cryptocurrencies, several access points have emerged to enable the exchange of fiat currency for SOLANA tokens, or to obtain SOL tokens in exchange for other cryptocurrencies.
A large number of platforms are currently pulling the string. However, some are more trustworthy and easier to use than others. Therefore, before opening an account on a platform, make sure that it has a good reputation and that its offer meets your expectations.
Review of Binance: best platform to buy cryptocurrencies
Although it only had 10 million users in 2017, the Binance platform is today at the forefront of the cryptocurrency exchange market, with 90 million users. It offers more than 500 cryptocurrencies and a user-friendly interface equipped with all the features necessary for newcomers and seasoned users.
Users can buy Solana crypto, exchange it peer-to-peer (P2P), earn passive interest through Staking, trade with leverage, lend their tokens and earn passive yield, and much more. In short, it is one of the most used and known exchange platforms there is.
Additionally, Binance's interface includes a chart that allows users to visualize market trends and technical indicators et a training space for beginners (Binance Academy).
Register an account on Binance
First of all, it is important to open an account by clicking on this link to access the registration page. You must then complete the required information.
- Complete your email address or telephone number
- Enter Your password
- Accept the terms of use
- Click on 'Register'
- Validate your email by clicking on the link sent to your email box.
Buy Solana crypto
Before purchasing SOL crypto, the user is asked to complete your profile with additional information. This involves specifying the country, identity card, and proof of address. Then, the user is asked to follow the following different steps:
- Click on the tab “Buy cryptos”
- Choose a payment method (for example, credit card)
- Select Solana (Sol) in the asset list.
Crypto Solana: What is it?
Solana is a blockchain that provides an ideal environment for developing and hosting scalable applications. It currently manages 50 to 000 transactions per second without the need for a sophisticated solution such as sharding or layer 65.
Solana combines two consensus mechanisms: Proof-of-History and Proof-of-Stake, which allows it to process transactions for as little as $ 0,00001.
The SOL crypto, its native currency, is one of the most revolutionary cryptocurrencies. It constitutes an exceptional investment tool. Indeed, Sol is necessary to have access to many opportunities of the Solana blockchain, such as decentralized finance (Defi) ou staking rewards. Today, the market capitalization of Sol is 11 billion dollars, with 345 million coins in circulation.
🤓 You can read our full article to understand the Solana blockchain.
What are the future prospects for Crypto Solana (SOL)?
With the promise of making transactions fast and low-cost, Solana has become one of the most popular platforms in the industry. He is considered as one of Ethereum's main competitors. But what are its future prospects?
Solana has been on the rise since the launch of the project. When it first went on sale in April 2018, its price was 0,22 EUR. On November 6, 2022, the SOL crypto price reached an all-time high around 257,7 euros.
However, Solana has not escaped the general downward trend of the market. It has currently fallen by 87% compared to its historical peak.
Today it oscillates between 25 and 40 euros. To make a long-term investment in Solana crypto, you need to bring together all thehe factors likely to affect its value.
This concerns the health of bitcoin, the evolution of the Solana protocol, regulations, the economic context (interest rates, inflation, energy crisis, etc.), and many other unpredictable factors. This is why it is essential to understand that Nothing is ever certain when it comes to investing.
How to Stake Solana (SOL)?
Staking platforms are multiplying over the days. In practice, the challenge consists of holding cryptocurrencies to secure the network and rreceive newly created tokens as a reward.
However, it is essential to be careful because the more players there are, the greater the risk of being scammed. We have compared many Staking platforms to present to you two secure and profitable Staking platforms in 2022.
Earn 7% interest with the Youholder platform
Youholder is a platform allowing users holding Solana tokens to generate passive income. It also offers the functionalities of trading, buying and selling cryptocurrencies.
The platform offers a multitude of assets, including Solana. It pays up to 7% per year on SOLANA deposits and 12% on stablecoins like USDT. If you want to join the adventure, click here to begin.
Save SOL tokens and earn passive income
MyContainer is a Staking platform that supports more than 100 coins of cryptocurrencies using the consensus mechanism of “Proof-of-Stake”. This is the case of Solana which is part of this list.
With MyContainer, complexity is put aside. It is simply enough to deposit tokens or buy them to start earning instantly.
One of the best things about the platform is that rewards are generated daily and the user is free to withdraw at any time. Furthermore, it is also possible to trade Solana tokens and benefit from a better market rate given that MyContainer is connected with more than 10 most popular crypto exchanges.
What is the best wallet to store Solana (SOL)?
The fact that cryptocurrencies promote the exchange of value without having to go through a bank allows any holder of a crypto to become your own bank, which represents a significant responsibility.
Indeed, to use Solana for various purposes, it is necessary to use a Wallet. The latter allows the user to maintain control of their tokens in order to sign transactions, receive and keep their money safe from hackers.
There are now a plethora of wallets that support Solana crypto. They are categorized into two.
Cold Wallet or Hardware Wallet to store your SOL crypto
This is a medium that allows you to save private keys offline. This is the kind of wallet you should use to store large amounts. It costs between 50 and 100 euros. Ex : Ledger, a safepal.
Hot Wallet or Software Wallet
This is an application that allows you to save private keys on a computer or smartphone. To use one, simply download it for free and configure it.
Next, you must make sure to save your private keys offline so that you can find the funds if you lose the device. Ex: Atomic Wallet, Trust wallet.
Should you buy SOL crypto (Solana)?
For many analysts, Solana is considered an attractive cryptocurrency. On the one hand, this is due to the technological innovation it brings (scalability of its blockchain).
However, it is not free from different market risks such as volatility or regulation. This is why it is important to be aware of different risks before investing.
Benefits
- Solana allows you to create fungible and non-fungible tokens
- Solana allows you to deploy decentralized applications
- In theory, the Solana blockchain processes over 700 TPS
- Solana doesn't need a Layer 2 to enable fast and secure transactions.
Drawbacks
- Ethereum has first mover advantage
- The probable update of ethereum.
- The Solana blockchain is sometimes down for hours.
- The cryptocurrency market is characterized by high volatility.
How to buy Solana crypto (SOL) by Credit Card?
Purchasing Sol tokens via Credit Card is the most popular way. Just choose a good platform that supports Solana, then select the option "Credit card" among the payment methods. On the Binance exchange, fees are charged at 2% for deposits via Credit Card. Which turns out to be expensive for large amounts.
How to buy Solana crypto (SOL) by Bank Transfer?
Buying Solana crypto via bank transfer allows the user to benefit from zero fees. The purchasing process is almost the same, you simply have to choose “Bank transfer” from the payment methods, and select Sol from the list of assets.
How to buy Crypto Solana (SOL) anonymously
To purchase Sol tokens anonymously, it is important to go through a platform that does not require identity verification, or to accept payments in solana, or to go through thedecentralized platforms (DEX) like RayDium.
🤠 You can also find out with our article: How to buy cryptocurrencies anonymously. You will know how to buy cryptos on peer-to-peer platforms like local bitcoinEg.
Conclusion
Solana offers a favorable ecosystem for smart contracts, which are essential for deploy cutting-edge applications such as decentralized finance (Defi) and non-fungible tokens (NFT).
Solana stands out from other cryptocurrencies by offering a different approach. It is based on Proof-of-Stake and Proof-of-History to enable fast and secure transactions.
Today, there are several exchange platforms that facilitate buying the Sol cryptocurrency. However, ease of use as well as security must be considered. It is for this reason that we recommend Binance, the market leader.
FAQ: Buying Crypto Solana
How to buy Solana crypto?
To buy Solana tokens, you must go through a well-reputed platform like Binance, create an account, make a deposit, then place a buy order.
What was the lowest Solana price?
Solana was first listed on coinmarketcap at a price of 0.71 euros in April 2020. It subsequently fell to the price of 0.47 Euros in May. Since that time, Solana has been in an uptrend.
What was the highest Solana (SOL) price?
2021 was characterized by general euphoria for the entire market. On November 6, 2021, Solana price reached a record price of 257 euros. Since that time, the lowest price in the cycle is 25 euros.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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