There have been a few critical points in human history that have altered our future trajectory. In the twentieth century, the emergence of the Internet revolutionized how we looked at things and brought the globe closer together. We are at the threshold of another revolution. It is the cryptocurrency revolution, and if you think it is simply a passing fad, then you may be missing a bigger opportunity. Cryptocurrencies are here to stay.
Many people are changing their lives by investing in cryptocurrencies. Some are doing it to get rich quickly, while others do it for enjoyment. But the truth is that you should invest in cryptocurrency not because it will transform the way transactions are conducted in the future, or it may make you rich quickly, but because of the significance of blockchain technology.
Ethereum is the most popular blockchain technology right now. Ethereum, often known as the “silver” in the crypto industry, has made transactions more accessible and less expensive when compared to bitcoin. Still, it costs 2,588.81USD, which is not cheap enough for everyone to utilize as a payment method.
Another blockchain platform enters the picture here. Solana, a blockchain platform for hosting decentralized, scalable apps, was established in 2017 to address the hole left by Ethereum. Solana introduced a native gas token called SOL, which you can use as a gas fee. Ethereum has a transaction rate limit of 15-30 transactions per second, resulting in a high gas fee. On the other hand, Solana Tokenomics can handle up to 50k transactions per second at the cost of $0.00025 per transaction.
Now that you know everything about Solana, let’s see how to buy Solana: –
1. Choosing a trading platform: –
There are many platforms to buy Solana, but you should consider choosing a platform that provides the best security usability and where you can pay less gas fees and invest more in cryptocurrency. One such platform is CoinBase. With more than 43mn verified users and features like secure storage, insurance protection, and industry’s best practices, coinbase tops the ranks in the crypto trading platforms.
2. Creating coinbase account: –
It is simple to open a trading account with Coinbase. Keep your valid ID and proof of residence on hand for verification. If you only want to browse the app, you don’t need to authenticate, but you’ll need to go through the verification procedure if you’re going to invest. The verification process should take no more than 10 minutes, depending on where you reside.
3. Adding Payment Method: –
To begin investing in cryptocurrency, you can use a bank account, a debit/credit card, or a wire transfer.
4. Trading: –
Once your account has been created and verified, you may begin investing in your preferred cryptocurrency. But, while we’re on the subject of Solana, type “Solana” into the search field. Then, when you see Solana(SOL) in the results, touch on it to bring up the buy screen. Because there are numerous tokens and coins with similar names, we recommend double-checking to ensure you invest in the right crypto coin.
5. Enter Amount and Buy
In the beginning, you can start with as little as 100 rupees. However, if you are new to the crypto market and have no prior expertise, we recommend investing small sums first to avoid the potential loss. Once you’ve settled on an amount, enter it into the app, and it will instantly convert it to a Solana amount.
6. Finalize your purchase:
When you’re ready to make the transaction, click “preview buy.” On your screen, you’ll see all of the transaction’s information. Check that everything is in order before confirming your transaction.
Voila, you just bought Solana.
Now that you have purchased the Solana, what’s next? You may put Solana in a hardware wallet for further protection and comfort of mind. A hardware wallet is a small device, similar to a pen drive, that holds currencies and offers an interface for signing transactions. The Ledger Hardware Wallet provides an excellent blend of security and usability for cryptocurrency. It successfully automates the offline-signing procedure while keeping almost all of the convenience of a file system wallet.
Solana was a standout performance in 2021, soaring up the ranks of cryptocurrencies to become the world’s fourth-most valuable cryptocurrency.
Solana was trading for Rs.134 in early January. If you had invested Rs.1000 in early January, you would have acquired 7.46 SOL, Solana’s native token. Solana was trading at Rs. 19,289 on November 6. That’s a more than 11,000% increase. That implies your investment would have been worth Rs. 1,43,895 in November 2021.
It’s vital to note that all cryptocurrencies are still dangerous because we don’t know what function they’ll play in a few years. And, as a new cryptocurrency, Solana may experience difficulties as it grows. However, the progress it has made thus far is cause for optimism about its future.