Why Should You Consider Buying Solana (SOL): A Quick Overview

After obtaining an idea to trade using cryptocurrencies, the initial step is selecting the best platform. Solana is burgeoning in prominence within the rapidly progressing crypto space. It is worth noting that CEX.IO, among other famous cryptocurrency exchanges, has stood out due to its expansive variety of tradable assets and sophisticated trading knowledge. Herein lays an exhaustive article about the Solana coin, which explores safe and secure online purchase options.

Exploring All About The Solana (SOL) Coin

Solana is a coherent blockchain platform expressly engineered for the construction and deployment of decentralized applications. As the native cryptocurrency of the Solana network, the SOL token facilitates transaction fee payments and staking.

The expanding adoption of Solana, bolstered by its exceptional capabilities, emphasizes its potential to impact the evolution of blockchain technology. The platform is committed to overcoming the limitations encountered in other blockchain networks utilizing cutting-edge technologies.

A Deeper Look At How Solana Works

Solana’s technology exhibits remarkable scalability and security, attributed to the algorithm integrated into its design, effectively eradicating performance constraints. An in-depth understanding of Solana’s operations requires examining its unique approach to consensus mechanisms, focusing on proof of history and proof of stake.

The PoS mechanism selects users to act as block validators. To simplify, cryptocurrency investors stake their Solana tokens against the validator.

PoS Mechanism

In PoS, a validator is chosen, depending on how much Solana cryptocurrency their owners staked. Validators earn SOL when the next block of transactions is added to the Solana blockchain. In this scenario, Proof-of-Stake is employed to increase user loyalty to Solana (SOL). Furthermore, it determines the level of commitment among network users and chooses the most invested users to serve as validators, rewarding the most dedicated users. 

PoH Mechanism

The Proof of History Blockchain design has the advantage of providing a separate consensus method for each node on the network. Usually, this means that each node will form its chain while ignoring the consensus of the other nodes on the network. It provides flexibility, allowing each node in the network to pick between delay and finality. The Solana architecture achieves high performance by selecting the consensus method which works best with the hardware.

Why Is It Worth Buying Solana?

Is it worth buying Solana? Are you an investor who has this question in your mind? You can easily conclude after reading the upcoming points. Here are the reasons why Solana can be a better investment option.

Incredible Transaction Speed

Solana, while maintaining decentralization, also aims to achieve optimal transaction speeds. According to Solana, the median transaction charge is $0.00064. Solana’s block confirmation time is only 400 milliseconds. 

Block finality times will accelerate even further as device capabilities improve. Additionally, Solana transactions are energy-efficient. It asserts that transactions have a zero net carbon impact on the environment.

Low-Cost Transactions

Transactions on Solana are much cheaper than on earlier blockchains. Transactions often cost less than a half-cent. And, provided the network is traffic-free, they typically execute in around a second or two. 

The argument for purchasing Solana here is straightforward: investors are inclined toward storing their money in chains where they can interact more rapidly and cheaply than other options.

The fact that more utility projects are launched daily, to put it mildly, encourages for growing appeal of Solana as an investment.

How And Where Can You Buy Solana (SOL)?

Crypto Exchanges

Crypto exchanges are platforms that promote cryptocurrency trades, acting as a gateway between buyers and sellers. Some exchanges are uncomplicated, while others are best suited to experienced investors. Look for a crypto exchange like CEX.IO that provides liquidity and a variety of user-friendly trading choices. 

Apps And Cryptocurrency ATMs

There are financial apps that let you buy, hold, and sell Solana. They are user-friendly and appeal to those people familiar with these platforms. Specialized cryptocurrency ATMs in major US cities facilitate cash purchases of Solana. This approach needs a Know Your Customer (KYC) requirement and is best suited for customers who prefer physical transactions or for those who do not have access to standard banking services. 

Registering With CEX.IO

Registration is the most vital procedure when you buy SOL to ensure safe and secure transactions. Despite the complicated steps in most websites during the registration process, CEX.IO’s registration is quite simple. Follow the simple steps below to complete your registration within minutes.

  • Click login if you are a new user. Enter your credentials if you hold an account.
  • Complete the verification process to verify your identity.
  • Linking your debit card is the next step.
  • You can fund your account using USD, GBP, EUR, or cryptocurrencies.

Your registration is done after following the steps mentioned above. Now, you can move ahead to buy SOL.

Can I Buy SOL Immediately at CEX.IO? 

The answer is ‘yes’. Follow the simple steps below to buy SOL at CEX.IO.

  • Click on ‘Instant Buy’ to reach the Instant Buy page.
  • From the list beside ‘Buy’, choose SOL and pick the required fiat currency (USD, GBP, EUR) you use for the purchase.
  • You can check the pre-calculated packs below. Enter the amount or choose the amount you want to purchase. You can see the timer counting 120 seconds before the current market price is fixed.
  • Now click on the ‘Buy’ button.
  • Be sure while verifying the entered information.
  • Choose the verified card you use for purchase or add a new one.
  • Make sure you have accepted the Terms of Use.
  • Now click on the ‘Buy Now’ button.

You successfully purchased SOL instantly now.

Buying Solana With A Debit Card

If you’re looking to purchase Solana using a debit card, CEX.IO provides a range of options. Just follow these easy instructions.

The first step is to initiate an account and fill your balance with Visa or Mastercard before purchase.

  • Press the ‘Deposit‘ button to deposit funds.
  • Select the payment method.
  • Select the currency type (EUR, GBP, USD) and indicate the deposit amount.
  • “If you prefer to use a debit card, select it or add a new one.”
  • Accept the Terms and Conditions and then click ‘Deposit.’
  • Enter the three-digit code that you will receive to confirm your deposit.

Your funds will be credited to your CEX.IO account, and now you can start your own trading experience.

If you purchased cryptocurrency via a payment method, the fees may differ. A commission fee is usually applied when transactions involving deposits or withdrawals are made on a cryptocurrency exchange. Before funding, make sure to check limits and commissions.