The crypto market has thousands of cryptos, and each one claims to do something different and unique that no other crypto has done so far. But a few of them have not kept their promises, and they failed to sustain in the market. Solana is not like any other cryptocurrency. Solana, also known as SOL Coin, is a 4th generation cryptocurrency that takes advantage of an open infrastructure offering flexibility. This network provides High-speed transactions and high security using advanced and unique technology. As a result, the network noticed massive growth, since its launching in the crypto market, in 2017. This article contains information about Solana Cryptocurrency and how one can buy it in India. If you are interested in purchasing this crypto, then look through this article.
What is Solana?
Solana is a new cryptocurrency that offers high performance. It uses a Blockchain network that is secure, fast, decentralized, and scalable. The Blockchain network used by Solana is similar to the Ethereum network. But Solana uses the single-layer Blockchain solution. It is a high-efficient cryptocurrency in terms of speed in making transactions occurring in the Solana network. It allows over 65,000 transactions in a second. This high efficiency is due to the use of the Proof of Stake mechanism. Anatoly Yakovenko in 2017 launched Solana. He tried to create a new process to overcome the throughput problems present in Ethereum and Bitcoin. Solana has the native cryptocurrency named the SOL Coin. The SOL aids to perform the micropayments called Lamports. The users, who desire to hold the tokens and earn commendable profits, can try their luck in staking.
How to Purchase Solana or SOL Coins in India?
The various cryptocurrency exchange platforms in India have made trading SOL Coins an effortless task. Using some of the most trusted crypto exchange platforms including Binance, BuyUcoin, and CoinDCX, the users can purchase an array of cryptocurrencies using Indian Rupees. It is easy and straightforward to trade in the crypto market through these exchanges by just following a few steps. Let’s know how you can use these platforms for purchasing SOL Coins and hundreds of other currencies. I shall share thorough information about these platforms, starting with Binance. Below are the steps to follow:
Step 1: Registering on Binance using its mobile app or official website is the first step to get into the crypto world.
Step 2: You are required to provide and authenticate your email address and mobile number that are necessary to complete the registration process.
Step 3: You have to purchase the USDT before trading into the SOL Coins or any other crypto. Click on Buy Cryptocurrency and choose the option P2P Trading. On the next page, select the cryptocurrency as the USDT. A list of sellers selling the USDT will open.
Step 4: You can click on any of the seller’s names to get the bank account details for making the payments. You can also choose any mode of payments that includes IMPS, RTGS, NEFT, UPI, Bank Transfers, and more.
Step 5: You can make the payment in Indian currency for the USDT you prefer to purchase. Once the money transferring gets done, the USDT gets immediately transferred to the Binance Wallet.
Step 6: You have to go back to the official website of Binance or sign-in on the Mobile App again to check the P2P wallet. Also, you have to move the USDT amount to the Spot wallet in order to begin your trading in the crypto world.
Step 7: Now, you need to search the SOL Coins in the search bar, available under the Markets option. You can choose the cryptocurrency by clicking on it.
Step 8: You can also get an idea of the past and present prices of the SOL Coins by going to the next page. Now write the quantity of the SOL Coins and click on the Buy SOL option.
Step 9: Now, confirm your order and check the order history of all the coins purchased.
Other Cryptocurrency Platforms:
Below are the two more platforms that you can use to purchase Solana coins. The plus point is that for using the below two platforms, you do not need to purchase USDTs. Instead, you can directly start trading after the account gets created.
CoinDCX is a secure platform that allows users to trade in Solana tokens. It has been certified as the safest platform, so you can trust CoinDCX before investing your money in it. The usage of CoinDCX is also easy. You have to create your account on CoinDCX before you start investing in it. Also, the KYC needs to get done as it is a must for authentication. Once the account setup is complete, add funds to your CoinDCX wallet. You can make the transactions using IMPS, NEFT, RTGS, etc. After this, you are ready to try your luck in the crypto market. Search Solana coins in the Market option. Enter the count of the Coins to buy and click on the Buy option.
BuyUCoin is another easy-to-use Indian platform where you can transact with Indian currency. It has been in existence since 2016 and is considered to be the most trusted, secure, and honest crypto exchange in India. Thus, your money is entirely safe with BuyUCoin. BuyUCoin also needs the account creation before proceeding any further. The next step is the KYC, in which your documents get verified. After that, you can add money to the wallet or directly start trading. Search the coin by its name or symbol in the search bar under the Markets tab and then buy it. The allowed payment methods are UPI, IMPS, RTGS, etc.
Solana is one of the first web-scale Blockchains in the world. It soon became the most reliable and promising cryptocurrency promoting a wide range of users worldwide. It was launched for $1 and was available on Binance for trading soon after its launch. After a few months, the price spiked to $3 and has shown an increased price since then. Keeping its uptrend in mind, you can plan to purchase it. However, the crypto market is unpredictable. I have tried to cover all the necessary information required to trade-in Solana. I hope it will guide you regarding the trade of SOL coins.