● Beginner Crypto Basics

A Beginners Guide to Buying Solana

10 minutes 2 years ago

Founded in 2017, Solana is quickly becoming one of the most popular coins on the market. The team at Solana have created a new process of dealing with slow transaction times and throughput issues. Solana's team recognised that time is a major issue facing more popular currencies, as such, a new timekeeping technique referred to as 'Proof of History' was introduced to resolve this issue.

Not only is Solana currently the fastest blockchain in the world, Solana is also an open source programmable blockchain. Allowing developers to build D'Apps and crypto marketplaces. This open source platform allows for a high level of scalability.

Step one: Understand what you're buying

As a token Solana has many interesting features that make it stand out against the competition. Solana's amazing transaction speeds are very important if it is to compete against traditional methods. This speed is achieved due to Solana's interesting blockchain protocol 'Proof of History'.

Proof of History or POH is a time mechanism. Using an easy to follow sequence of computation to track and cryptographically verify the time between two separate events. This method requires less computation power then Proof of Stake and Proof of Work protocol, while still having fast transaction times. If you would like to know more details about Solana you can read our article here.

Step two: Get a wallet

After you have a basic understanding of Solana you will need to find a compatible wallet. There are two important things to consider when selecting a wallet. 1) How will you be trading your Solana? And 2) did you want your coins easily accessible?

If you would like easy access to your holdings with a high level of security, CoinSpot is a great choice. Being able to deposit, buy, sell, and then withdraw back to your bank account is as easy as it seems! There are also a multitude of security options and coins to swap back and forth between. This option is known as a software wallet and is the most popular choice for regular cryptocurrency investors. The alternative is a hardware wallet, sometimes known as a cold wallet. These wallets are not connected to the internet, thus are more secure. However you are not able to react to the movements of the market as quickly.

Step three: Buy Solana

This final step will outline how to buy Solana. With CoinSpot, it is extremely safe and easy! We will include some screenshots below to walk you through the process, step by step!

First navigate to the “Coins” tab or “Buy/Sell” page , where you will see Solana listed:

Once you have selected Solana you will have the option to buy:

Enter the of AUD worth of Solana you wish to buy, and select “Buy” to confirm:

Review the transaction details to ensure that everything is correct, then select “Confirm”.

That is all! You now have Solana in your CoinSpot account!

Ready to buy but don't have an account yet? Sign up for free & start trading Solana today.

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