Launched in 2017, Solana (SOL) quickly became an essential foundation for thousands of Decentralized Finance apps. Its native coin, SOL, supports transactions on the Solana blockchain and serves as a tempting target for investors.
The Solana blockchain uses a Proof of History consensus mechanism that is dramatically faster and more scalable than the algorithms employed by Bitcoin, Ethereum, and other widely used blockchains.
Because PoH consensus is so speedy, Solana has not found it necessary to support performance with sharding and other Layer 2 scalability solutions. The main chain maintains a single state around the world, simplifying development and making the blockchain more secure for apps and users.
Because of its efficiency and its support of advanced development tools, Solana has emerged as a rival to Ethereum as a platform for blockchain-based applications. Solana is especially strong in the field of decentralized finance, or DeFi.
That, in turn, has made Solana attractive to investors, especially those who believe blockchain technology will play a key technical role in the Web3 ecosystem.
Here’s a quick overview and a few tips on where and how to buy Solana (SOL).
Where to buy Solana (SOL)
There is no shortage of websites and crypto platforms eager to sell Solana to buyers. Unfortunately, it is precisely this large number of platforms that makes choosing a site one of the most difficult tasks when you are figuring out how to buy Solana.
Most exchanges, including the decentralized exchanges, or DEXs, that have gained so much attention in the crypt community lately, cater to the same relatively small audience of experienced crypto experts who are comfortable selecting a wallet, securing hexadecimal cryptographic keys, and interacting with the blockchain directly.
As time has passed, more and more people are interested in buying SOL and other cryptocurrencies for the first time. The expert-only platforms don’t provide security, assistance, or tools that would help a user like that succeed. They are largely geared toward the needs of computer-science grads and blockchain experts. They’re great solutions for digital insiders.
For most users, that’s not the best answer to the question of where to buy Solana. If you don’t speak Python as your native language, you’d be better off creating an account at a custodial crypto platform like Kriptomat.
Custodial platforms are easy to use. They provide the current trading Solana price and a chance to make a purchase. If you are new to the blockchain world and you would like to buy SOL coins, Kriptomat is a great choice.
You will quickly learn that creating an account is a bit more complicated than defining your user name and password. One way you know that you are working with a reputable crypto exchange is that it will require you to verify your identity by providing a scanned copy of your government-issued passport or other ID. These Know Your Customer (KYC) regulations are required by every business that complies with the anti-money laundering provisions of the EU’s GDPR.
Identity verification can take days at some sites. At Kriptomat, the simple KYC procedures can be completed in minutes.
You start by typing your address and uploading a high-resolution scan or photograph of your passport (or, in some countries, driving license). Kriptomat guides you through the creation of a selfie – a photograph of you that matches the photo on your government-issued ID. In most cases, identity is verified within a few minutes.
How to buy Solana
Once you’ve created and verified your account, you’re ready to focus on the next steps in how to buy SOL.
The fastest and easiest way to buy Solana (SOL) is to use a Visa or Mastercard. Select Buy from the menu and follow the prompts – you can purchase SOL in seconds and add it to your Kriptomat wallet.
If you prefer, you can transfer your investing fund to Kriptomat via bank transfer or with a cash-transfer service like Skrill or Neteller. Kriptomat accepts deposits in more than a dozen of the most widely used European fiat currencies. Once your deposit shows up in your account, you can follow the menus and make a purchase.
That’s all you need to know. You are now an expert at the fine art of how to buy SOL.
The most important decision you make is choosing where to buy Solana. As you evaluate crypto platforms, be sure to take licensing and regulation, security certification, investment tools, ease of use, and customer support into account.
You don’t get any physical Solana coins when you buy SOL online. The coins you purchase are transferred to your electronic address on the blockchain. Kriptomat handles all the details of public key encryption to ensure that your crypto is transferred promptly and remains secure.