Since Bitcoin’s inception in 2008, both crypto experts and the general public have been increasingly interested in trading cryptocurrencies. The US federal law allows the legal buying and selling of crypto coins like Solana across the states, including Florida.
Under the Sunshine State law, only licensed ‘money transmitters’ can legally sell Solana and other cryptocurrencies. Luckily, FL residents have access to a decent choice of legal crypto exchanges allowing them to perform such transactions.
This detailed Solana guide will discuss all of the key features of this cryptocurrency system. You will learn what it is, how it works, and most importantly, where and how to buy it in Florida.
Table of Contents
What Is Solana?
Solana is an open-source cryptocurrency blockchain project that facilitates decentralized financial transactions and apps often referred to as dapps. It differs from other similar projects as it uses proof of history as one of its consensus mechanisms, in addition to proof of stake.
The proof of history mechanism means that the nodes in the Solana network have internal clocks that enable them to put a time stamp on each transaction as it happens. This process lends itself to quicker transactions and much bigger scalability potential.
Therefore, the Solana network is much faster than other decentralized systems like Bitcoin and Ethereum and traditional payment systems like Visa. It can process up to 50,000 transactions per second while considerably decreasing transaction fees. With a charge of just $0.00025, Solana is a crypto network with some of the lowest gas fees in the market.
Solana vs Ethereum
Solana is very similar to Ethereum in that it is a blockchain project with its own cryptocurrency, and it also serves as a platform for decentralized apps. However, Solana offers solutions to some of the problems observed in the Ethereum network, most notably congestion and low scalability potential.
Because of the network’s speed, you can buy and sell the Solana token, also known as SOL, very quickly and conveniently. What’s more, in addition to selling and buying SOL, you can also trade it, keep it as an investment, or stake it.
Solana, like Ethereum, doesn’t have a limit on the total amount of its tokens. More than 511 million SOL coins are currently out there, more than many other cryptocurrency projects can boast.
History of Solana
Solana was created by Anatoly Yakovenko, a computer engineer from Russia with ample knowledge and experience in the industry. Before committing to Solana in 2017, Anatoly worked as a senior staff engineer at Qualcomm.
He published the first Solana whitepaper in 2017, explaining the basics of his proof of history consensus system. Later on, Yakovenkov’s former colleagues from Qualcomm — Greg Fitzgerald and Stephen Akridge, joined him in this venture. This collaboration resulted in the establishment of Solana labs.
After some very successful fundraising activities in 2018 and 2019, the Solana project finally went live in the first quarter of 2020.
Where Can I Buy Solana in Florida?
The official Florida laws recognize cryptocurrency as money, so you can legally buy Solana and other coins only from a legalized cryptocurrency exchange. These exchanges, also known as centralized crypto exchanges, are regulated and secure platforms where you can trade cryptocurrencies with peace of mind.
You can also find decentralized cryptocurrency exchanges. While the system they operate on is more in line with the way crypto works, these exchanges are not only unregulated and unsafe, but they also don’t support using traditional money for buying and selling SOL.
How to Choose a Centralized Crypto Exchange
Residents of the Sunshine State interested in buying SOL can do that using many different centralized cryptocurrency exchanges. Still, it is important to choose the right platform for your needs. Some of the essential criteria you could use to make this process easier are:
- Option to buy SOL — Solana is definitely one of the hottest cryptocurrencies worldwide right now, but not all centralized exchanges offer the option to buy it. Therefore, the first thing you should check is whether an exchange supports SOL.
- Safety — When it comes to money transactions, security is always one of the main concerns. Therefore, you should make sure an exchange has been properly licensed and that it uses the latest safety protocols to protect your money and information.
- Availability in Florida — If you find an exchange that caters to US users, it most likely operates in Florida, too. However, nothing is a given, so you should ensure an exchange is available in FL.
- Track record — One of the best predictors of the trustworthiness of an exchange is its track record and reputation. Therefore, you should check user reviews and feedback on trusted forums.
- Trading volume — You want to look for exchanges with higher trading volumes for SOL, as this translates into faster transaction times.
- Payment options — Different exchanges enable the use of different payment methods. So, you should check whether the processor you intend to use is on the list of accepted payment options.
- Fees — Crypto exchanges support themselves by charging fees, and some of them even have different kinds of fees compared to others. Because of that, check the pricing list before making any transactions.
- Convenience — Exchange platforms have different interfaces and layouts. If you’re new to buying crypto, you should look for a less-complicated interface suitable for beginners. Even if you have some experience, the platform you choose should be sleek and user-friendly.
How to Buy SOL — Step-by-Step Instructions for Any Exchange
Regardless of which exchange you pick, you can use it to buy Solana in a few quick and easy steps. These steps are similar across the board, so you won’t have to look for specific instructions for different platforms.
Here is the breakdown of the process:
- Set up a wallet — Before you buy Solana coins, you need a place to store them. Crypto wallets like Atomic Wallet, Phantom Wallet, or Solflare Wallet are excellent choices.
- Pick an exchange — Feel free to look at our list of available exchanges and pick the one that can satisfy your needs and preferences. Click on the link next to the desired exchange to go to its official website.
- Sign up — Click on the Sign Up/ Register/ Join and fill in the form that appears with the required information. You’ll also need to verify your identity according to the standards and regulations.
- Deposit some money — Deposit the amount of money you intend to spend on SOL concerning any fees you may have to pay.
- Buy the coins — Find Solana on the exchange’s list and choose the number of coins you would like to buy. Follow the instructions to complete the transaction and wait for it to finalize.
- Withdraw the coins to your wallet — While some exchanges offer the option to keep your coins on their platform, transferring SOL to your personal crypto wallet is a much safer alternative.
Despite being a relatively new project, Solana is definitely one of the most popular cryptocurrencies at the moment. Thanks to the network’s innovations, speed, security, and scaling capability, it will appeal to more and more people in the future.
If you want to jump on the bandwagon, you can buy your Solana coins on many regulated and legalized exchanges operating in Florida. Just pick one of these sites from our list and get ready to own your first coins in no time.