Buy Solana Coin in India — Step by Step guide for beginners
What is Solana Coin?
The Solana protocol facilitates the creation of a decentralized application (DApp). It aims to improve scalability by establishing proof-of-history (PoH) consensus and the proof-of-stake consensus (PoS) underlying the blockchain.
Solana ensures composability between ecosystem projects through the maintenance of a single global network scale state. Solana is an open-source project that implements a new, high-performance blockchain without permission.
Key elements of Solana Coin include:
- Scalable: Solana uses proof of history to allow the network to scale up in compliance with the Moore Law and several other breakthrough innovations.
- Low Cost: Don’t worry about increasing charges when your user base is growing. Solana is designed to maintain low fees with billions of users for applications.
- Composable: The single global state of Solana ensures that projects are compositional. Therefore, do not deal with multiple shards or systems in layer 2.
How to Buy Solana Coin?
SOL tokens can be purchased on the majority of exchanges. BuyUcoin, which has the highest SOL/INR trading volume in India is one option to buy Solana.
It has a 5-step process. First, after opening a digital wallet, one has to register an account. Then, once the KYC process gets completed, the users need to follow a Google 2-step verification followed by entering the bank details, and then you can start investing in Solana Coin.
Step by Step Guide For Beginners, How to Buy Solana Coin in India?
BuyUcoin is an exchange that provides buying and selling Solana Coin in India as well as other cryptocurrencies. Below is a step by step guide to buying Solano Coin via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with others. Therefore, it is essential to do in-depth research before you decide what one is best for you. However, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin Signup for an account, register and open a service account, choose your person or company form of account. Then, select your country and adhere to the terms and conditions of your crypto-trading account.
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centers. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If allowed, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered. You should set up 2FA for your social media provider settings by using Facebook or LinkedIn.
Step 5-Add Bank details
Add your name credentials, the account name of the holder, and the IFSC code information.
Trade Solana Coin
Solana uses the unique combination of evidence-of-history (PoH) and evidence-of-stake (PoS) mechanisms. Proof of history is the main component of the Solana Protocol as the majority of the transaction processing is responsible.
The Solana Protocol PoH records the time and success of successful operations, thereby ensuring that the blockchain is untrustworthy. Liquidity mining is a liquidity approach that is decentralized and crowd-based. It enables Solana members (in the general market) and anyone on the SOL token market.
If you intend to trade Solana actively, you must leave your funds on BuyUcoin. On the other hand, if you are purchasing Solana to hold it, you can store it in your crypto wallet & whenever you want to make a transaction you can do it.
It’s a good idea to take the average of your buy-in and sell price of Solana. Because cryptocurrency investments are so volatile, averaging your buy-in helps mitigate some of the risks associated with volatility.
Can I Use Regular Money to Buy Solana Coin?
Yes, you can use regular money or any fiat currency such as INR in India to buy Solana Coin; which can be stored in your wallet with a single tap to purchase or sell your desired cryptocurrency without any hidden transaction fees using one of India’s leading cryptocurrency exchanges BuyUcoin.
Getting a Solana Coin Wallet
BuyUcoin is a multi-currency crypto wallet where Solana coin can be stored with high-end security features where cold storage wallets are used. Hardware wallets are the most secure wallets, and if you want to keep much wealth in your wallet, it is strongly recommended because they add an extra level of safety.
Once we have sent the Solana Coin to your wallet, we will send you a confirmation email. The SOL will appear in your wallet when you restart the BuyUcoin wallet.
Solana Coin Exchanges
In the ecosystem of Solana, the SOL token is the natural currency. In exchange for running chain programs or validating its output, the token may pass to nodes within the Solana cluster. In addition, micropayments known as imports are also used for SOL. SOL is currently in circulation at 26 million.
SOL caps are the highest supply of 489 million SOL. You can also add a token to receive additional benefits in SOL. Staking is, therefore, a good way for users to make a profit if they only want to keep their tokens. Exchanges are censor-resistant, non-custodial, cheap, and highly liquid.
Solana solves the many traditional problems previously experienced by blockchain technology. In addition, Solana shows a new transaction verification structure and a more effective consensus algorithm.
The platform will undoubtedly compete strongly with Bitcoin and Ethereum. In just ten years, Solana is showing rapid progress in the crypto industry. The platform will look for something while it is developing!