If you’re considering buying Solana (SOL) cryptocurrency, it’s worth reading a bit about the project first. Here are some key facts about Solana and describe how you can buy SOL tokens.
What is worth knowing about Solana?
Solana is a blockchain-based platform with a native currency called SOL. It was created in 2017, while its creators are Erik Williams, Anatoly Yakovenko and Greg Fitzgerald. From the beginning, the idea was to make Solana more scalable than Bitcoin and Ethereum. It’s fair to say that this goal has been achieved, as Solana can execute up to tens of thousands of transactions per second thanks to its innovative “Proof of History” mechanism. What’s more, Solana is not only extremely scalable, but also stands out for its speed and relatively low cost of transaction processing.
Solana can be used as a platform for building decentralized applications on the basis of so-called smart contracts. Therefore, it can safely be considered a project that competes with Ethereum or EOS.
Interestingly, Oracle and Chainlink announced that they have entered into a strategic partnership with Solana Labs, which will give the project access to Oracle’s tools for developing applications related to decentralized finance (DeFi).
Admittedly, among developers building decentralized applications SOL is not as popular as Ethereum, but the native SOL cryptocurrency is offered on many popular exchanges.
There are more than 390 million tokens in circulation. In contrast, at the beginning the total supply was 500 million tokens. It is worth noting that Solana is an inflationary token. According to the documentation, in the future, the inflation rate for the SOL token should reach 1.5% per year.
All in all, Solana is an ambitious project with many technical innovations. It is a leading project in the blockchain industry, which is on its way to being a major player in the industry.
Many people ask the question where to buy Solana cryptocurrency To meet these questions, below we present how to buy Solana on two popular exchanges – Bybit and OKX.
How to buy Solana (SOL) cryptocurrency on the Bybit exchange?
One of the platforms that offers the SOL cryptocurrency is Bybit. This exchange is one of the fastest growing cryptocurrency trading platforms. It is appreciated for its security solutions.
Besides, buying Solane on the Bybit exchange is relatively intuitive. Here’s a step-by-step look at how you can buy Solane on the Bybit exchange.
The registration process on this exchange’s platform is similar to those found on other platforms of this type. Entering the website, click the registration button, which is located in the upper right corner of the page. Then you need to enter basic data such as email and password. By the way, you can set up double verification, for example, using the Google Authenticator app or via SMS.
After successful registration, funds can be deposited. The Bybit exchange allows you to deposit funds via several options, including: credit card, deposit (in cryptocurrencies and fiat currencies) and via P2P Trading. The deposit mentioned in the previous sentence can be made via bank transfer, noting that it should be made in EUR.
Using the above options, it is not necessarily possible to directly purchase SOL for PLN or EUR. Therefore, you should first buy a cryptocurrency (e.g. USDT or BTC) and only then exchange funds on the spot market, e.g. USDT for SOL. To do this, select “Trade” from the top menu, and then “Spot Trading” and make a trade transaction.
How to buy Solana (SOL) cryptocurrency on the OKX exchange?
Another platform where you can buy Solane is the OKX exchange. Here the whole process looks similar to the one we learned above on the example of Bybit.
The process begins with registering an account. For this, as standard, you need to enter data in the registration form. Then a verification code is sent via the email address or phone number provided. After that, verification through an identity document should be done. You should be patient, as such verification can take several days.
On OKX you can make deposits using cryptocurrencies and fiat currencies. In order to buy SOL directly for PLN, you need to go to “Buy cryptocurrency” in the menu and select “Buy with card”. Then you can select SOL and make the transaction. Visa and MasterCard are accepted
If you want to make a purchase using cryptocurrencies, after logging in you need to select “Assets” from the menu and then “Deposit”. Then you need to select a cryptocurrency (e.g. USDT) then you need to copy the wallet address or scan the QR code and transfer funds from your cryptocurrency wallet. After that, the purchased funds can be exchanged on the spot market for SOL (to do this, choose “Trade” and then “Spot” from the menu).
How to buy Solana cryptocurrency without going through the KYC procedure?
There are exchanges where you do not have to go through the KYC procedure to purchase SOL. An example is Bybit (then the maximum withdrawal is limited to a certain amount, but this is usually a fairly high threshold, for example, at the beginning of 2023 it was 2 BTC).
In addition, you can buy Solana through bitomates or exchange offices. It happens that some of them do not require verification is a certain amount. Of course, exchange offices and bitomats are operated by different operators, so before making an exchange, you should first find out what rules apply to the point of your choice.
Where can you hold Solana cryptocurrency after purchase?
You can hold Solana cryptocurrency, like other cryptocurrencies, on an exchange, although this should not be a long-term solution, as exchanges are designed for trading and short-term trading of funds. If you want to hold funds on a long-term basis then hardware wallets such as Trezor or Ledger would be the best option. These types of cold wallets are characterized by lower vulnerability to possible hacking attacks.
