With the expansion of the cryptocurrency market, a large number of users would like to know how to buy Sol crypto. Solana became one of the latest projects to attract the attention of crypto investors from all around the world.
Which are Solana’s main characteristics? Why are people buying this virtual currency right now? In this guide, we are sharing with you all the details about Sol coin and how this virtual currency became one of the largest in recent months.
What is Solana (SOL) Coin?
Solana (SOL) is a new cryptocurrency and blockchain protocol that wants to offer services to small-time users and companies. One of the main objectives of the blockchain is to provide solutions to users without them having to be worried about increasing fees or slow transaction times.
Nowadays, with the expansion of the cryptocurrency market, several blockchain networks have been facing problems with transaction times and fees. This happened specifically with the growth of decentralized applications (dApps) and decentralized finance (DeFi).
Users wanted to get access to DeFi solutions but they faced very high fees and slow processing times. Due to this reason, they have been searching for different blockchain networks to have a better user experience.
The goal of Solana is to offer better scalability solutions and usability. With this blockchain network, users and companies can release their own decentralized applications without having to be worried about scalability.
The blockchain network was released in 2020 and it has attracted the attention of investors in mid-2021. The Solana Foundation located in Geneva, Switzerland is currently in charge of promoting and expanding the Solana blockchain.
In order to make it possible to process a large number of transactions and become a useful network for small and large users, they have created the so-called Proof of History (PoH) consensus algorithm, which has been combined with the Proof of Stake (PoS) consensus.
As we will see in the next sections, Solana price has massively surged throughout 2021, making it one of the largest virtual currencies in the world right now.
Solana Core Innovations
There are some core innovations made by Solana that we should analyse in order to understand how this crypto project works. The main innovation is called Proof of History (PoH) that makes it possible for Solana to be efficient, easy to use, fast and reliable.
Solana explains that one of the difficulties nowadays in distributed systems is what they call agreement on time. Nodes in blockchain networks that are decentralized cannot trust external sources of time or timestamps.
This is why, with Proof of History, instead of trusting the timestamp, it is possible to prove that a message occurred before and after an event. With the Proof of History consensus algorithm, it is possible to create a historical record that proves that events occurred at a specific moment in time.
In addition to Proof of History, Solana has implemented Tower BFT a PoH that has been optimized from PBFT. This is a custom implementation of PBFT that prefers liveness to consistency. This is closely related to PoH as it leverages it to reduce messaging overhead and latency. Considering this is a technical topic, you can read more on that matter on the official Solana network.
Furthermore, Solana is working with other new implementations such as Turbine (a block propagation protocol), Gulf Stream (mempool-less transaction forwarding protocol), Sealevel (world’s first parallel smart contracts run-time), Pipeline (transaction processing unit for validation) and Clodubreak (Horizontally-scaled accounts database).
This shows Solana is working on new implementations and solutions that could later be adopted by other crypto projects. At the moment, Solana wants to become one of the largest crypto and blockchain networks in the world. These are just some of the reasons why people want to know how to buy Sol crypto.
Solana in the Cryptocurrency Market
Solana has been growing and expanding in the cryptocurrency market for several months now. After being launched in 2020, Solana didn’t gather a lot of attention until August 2020 when the market as a whole started moving higher.
Between August 2020 and February 2021, Solana’s price fluctuated between $1.5 and $4.5. But February 2021 was the beginning of a massive bull run for Solana. Just a few months after February 2021, Solana hit $55 per coin.
Thus, by May 2021, Solana expanded by over 1,122%. This allowed the virtual currency to reach the top cryptocurrency market. Nowadays, Solana is the 14th largest cryptocurrency in the world with a market valuation of $7.34 billion.
Solana has surpassed virtual currencies such as Stellar (XLM), Ethereum Classic (ETC), Monero (XMR), EOS (EOS), NEO (NEO) or IOTA (MIOTA). Users that want to purchase this virtual currency have to pay close to $27 per coin at current prices.
This shows that Solana remains at relatively high positions in the cryptocurrency space, even after a bear market that pushed Bitcoin (BTC) from $64,000 to $30,000 in just some weeks. In the coming months, Solana would have to show it continues to be a resilient virtual currency or it could end up following BTC’s trend.
How to Buy SOL Crypto?
There are many different ways to get access to Solana. If you want to know how to buy Sol crypto, then you are in the right place. There are many exchanges around the world that would make it easy for investors to purchase Sol coin.
Each of the platforms that we list below has different services and solutions. This is why there is no clear winner in terms of better overall solutions. Usually, the best exchange that would let you know how to buy sol crypto coin would be the one that offers you the services you are searching for.
Most of these exchanges have been operating for several years now and they have a wide range of solutions that investors can enjoy on a regular basis. It is up to you to use the platform that meets your needs in the best possible way.
Binance is one of the largest cryptocurrency exchanges in the world. This exchange was released to the market in 2017 and it has been offering some of the best solutions for investors. The platform became one of the most used platforms due to the numerous services offered.
Binance started as a platform that allowed users to purchase digital assets that were usually not present in the largest exchanges at that time. In 2017, there were many Initial Coin Offering (ICO) tokens released on a daily basis. Binance was one of the platforms that listed different tokens.
If you want to know how to buy Sol crypto coin, then Binance could be a great exchange. Why? Because they accept users from all over the world and they have different payment methods for users.
Binance is also a great exchange to trade Sol crypto coin because it offers users the largest liquidity and trading volume. In the last 24 hours alone, Sol coin trading pairs on Binance registered 30% of the total trading volume for this virtual currency. This shows that the exchange has attracted a large number of investors and traders that want to get access to Sol coin.
In this exchange that would let you know how to buy Sol crypto coin, you would be able to trade Sol coin against different fiat currencies, including the Brazilian real (BRL), the euro (EUR) and the British pound (GBP). If you want to get access to SOL/USD pairs, you should use Binance.US.
Coinbase is also among the largest and most recognized exchanges in the world. This platform has expanded as the number one exchange to offer solutions to newcomers to the crypto market. At the same time, Coinbase has made it possible for users to get access to virtual currencies with US dollars (USD), which many years ago many exchanges didn’t allow.
The exchange has later expanded and added several new virtual currencies for users to get access to new tokens rather than the largest coins in the market. Solana can now be also traded on the Coinbase Exchange with different trading pairs such as SOL/USD, SOL/BTC, SOL/EUR, SOL/USDT and SOL/GBP.
However, compared to Binance, Coinbase Exchange is only handling a trading volume of 3.27% in the last 24 hours. In terms of liquidity, it is also behind Binance, Okex and other smaller exchanges. Nonetheless, this remains one of the best platforms if you want to know how to buy Sol crypto coin.
The exchange is also offering many other services and solutions that make the whole experience even better. Users can also stake different virtual currencies, get access to different digital assets and purchase the coins they want with several payment methods.
If you want to use a recognized and established virtual currency exchange that has been operating for several years and with good contact with regulators, then Coinbase is the right choice.
Huobi Global is another platform that we should also take into consideration if you want to know how to buy Sol crypto coin. The exchange was created in 2013 and it has expanded as one of the leading exchanges offering trading solutions to users from different countries.
Solana lovers will find Huobi Global a very useful platform to trade their virtual currencies. One of the positive things about this exchange is related to its large trading volumes when compared to other platforms. This is definitely important if you are a cryptocurrency trader that wants to constantly trade Sol coin.
Users will find that the exchange is very easy to use and it provides the functionalities needed by traders. After operating for several years, Huobi Global became a trusted platform for users to engage in trading activities.
In terms of SOL trading pairs, we see that they are offering three different possibilities: SOL/BTC, SOL/ETH and SOL/USDT, which are logical trading pairs to be present at an exchange. Bitcoin, Ethereum and USDT are some of the most popular cryptocurrencies that could be used by traders to buy and sell Sol crypto coin.
1.44% of the total SOL trading volume in the last 24 hours has been handled by Huobi Global. Despite that, it has relatively large liquidity, especially for the SOL/USDT trading pair. In the future, new trading pairs could be added to this platform.
Bitfinex is the last exchange for people that are searching for information on how to buy Sol crypto coin. This cryptocurrency trading platform could be a great option for you to get access to Sol coin.
The exchange has been operating for several years and it also has good contact with regulators, specifically in the United States. It is also one of the few platforms that have added the SOL/USD trading pair for users. In this way, it is possible for investors to get access to Sol coin using their local fiat currency (USD).
In terms of trading volume, this platform comes behind the other exchanges. It has handled just 0.62% of the total trading volume for the SOL virtual currency around the world. This exchange is making it possible for users to get access to sol coin with USD and also USDT.
In the future, there could be new solutions offered by this exchange that would make it possible for traders to engage in Sol trading activities.
Final Words on How to Buy Sol Crypto Coin
Sol is one of the largest cryptocurrencies in the world and users want to have access to it. There are different exchanges that are offering trading solutions for users to purchase Sol coin. However, not all the exchanges are the same and some platforms would be better than others.
We built the list of exchanges above taking into consideration trading volumes, liquidity and also how long exchanges have been operating in the market. In this way, you can get access to how to buy Sol crypto coin and purchase this virtual currency with different payment methods.