Ohio was the first state to introduce and accept tax payments in cryptocurrencies. Moreover, Buckeye State has enacted several laws focusing on using digital currencies for government payments, giving its residents access to a fully legal crypto scene.
Although Ohio hasn’t passed any specific regulations regarding crypto trading, its standard laws apply. For example, a money transmitter definition encompasses digital currencies, so you might want to get a valid money transmitter license before dabbling in crypto trading.
Once you’ve done that, you’ll have no trouble buying Solana. The guide below covers everything you need to know about this cryptocurrency and explains how to get started with a crypto exchange.
Table of Contents
What Is Solana?
Solana is a highly-functional blockchain platform known for its efficiency and speed. This new open-source project implements an innovative, high-speed, and permissionless layer-1 blockchain. This means other applications, networks, and protocols can build on top of it.
Anatoly Yakovenko and several other partners with extensive experience in the crypto world created Solana in 2017. The platform’s primary focus is to solve the blockchain trilemma, a concept introduced by Vitalik Buterin, the man behind Ethereum.
Essentially, the trilemma involves three major problems developers have encountered while creating a new blockchain network — scalability, security, and decentralization.
Solana relies on a new hybrid consensus model that merges a unique synchronization engine (type of proof-of-stake) and a proof-of-history algorithm. This groundbreaking combination gives Solana the power to process over 700,000 transactions per second, more than any other blockchain.
The platform’s architecture facilitates decentralized application (DApps) creation and smart contract implementation. On top of that, Solana supports various NFT marketplaces and decentralized finance (DeFi) platforms.
The project rolled out in 2017, while the official blockchain launched in 2020 after several successful testnet phases.
Solana’s cryptocurrency is SOL, a native token for transferring value and blockchain security through staking. SOL was first introduced in March 2020 and quickly became one of the world’s leading cryptocurrencies.
SOL is most similar to the Ethereum blockchain, except that the holders must stake the token to validate the transactions through the PoS system. Additionally, users can receive rewards and pay transaction fees through SOL tokens allowing them to be part of the platform’s governance.
The current total supply of SOL tokens exceeds 511 million, with over 300 million tokens in circulation. Solana founders and Solana Foundation hold over 60% of SOL tokens, while only 38% is available to the community.
Where Can I Buy Solana in Ohio?
Essentially, buying Solana in Ohio boils down to two options — centralized crypto exchanges or direct purchase. The former is a site that specializes in crypto transactions and supports various virtual currencies, including Solana.
In contrast, the direct purchase involves another person willing to sell their SOL tokens to you without the middleman.
We’ll explain both options, but the focus will be on centralized crypto exchanges, as they are the safest and most convenient way to purchase Solana in Ohio.
Centralized Crypto Exchanges
A centralized crypto exchange is a platform that lets users buy and sell cryptocurrencies. You may also encounter decentralized exchanges, but they operate differently and don’t support fiat currencies. That’s why we evaluated centralized sites and explained how to choose the right one.
Once you’ve found the platform, you’ll have to create an account, top it up with fiat currency, and purchase SOL tokens. The most popular exchanges supporting Solana are Kraken, Gemini, Coinbase, Binance, eToro, and Uphold.
As you can see, there are several high-quality options at your disposal. It’s up to you to find which one suits you best. Below, we list a few things you should always have in mind when exploring the centralized exchange scene:
- Availability in Ohio — In some cases, a centralized crypto exchange might not offer its services to your state. Therefore, make sure that the platform you pick accepts residents from Ohio.
- Solana supported — If you’re going to purchase SOL in Ohio, you must make sure that the platform allows Solana transactions and fiat currencies. Of course, if you want to buy SOL using other cryptos, check that information before creating an account.
- Overall reputation — Prior to signing up, it’s good to know what other users say about the platform. Browse online forums, read the reviews, and see whether the platform had any security issues in the past. You can never be too careful when handling money online.
- Security — A centralized crypto exchange must feature high-level security measures. So, check the mechanisms that protect your information and money before setting up a profile.
- Ease of use — You’ll notice that some platforms offer more convenience than others. In this case, ensure your chosen site has a beginner-friendly design and intuitive interface.
- Privacy — Centralized exchanges take your privacy seriously and follow strict KYC procedures. Hence, don’t be surprised if the platform limits your trading options before you’ve verified your account.
- Fees and commissions — These exchanges exist thanks to the fees and commissions. However, not all of them cost the same, so make sure you don’t overpay for purchasing or selling SOL.
- Payment methods — See which banking options are accepted on the platform and ensure your preferred method is among them. You want your money to reach the account safely, so don’t compromise.
If, for some reason, you would prefer a different way to buy Solana in Ohio, you can opt for direct purchase. Of course, you’ll need to find someone willing to sell their coins. Choosing this option has certain benefits, the main one being negotiating a reasonable price that suits you and the seller.
Unfortunately, these instances have been linked with scams in the past, so you’ll have to be extra careful and find a person you trust completely. Ideally, you would buy Solana from a friend or someone reliable. Otherwise, it could be too great a risk.
How to Buy SOL — Crypto Exchange Step-By-Step Guide
Now that you understand why purchasing SOL through centralized exchanges is the best option, let’s explain how it works. Below, you’ll find the steps you need to take to buy Solana in Ohio.
Check it out:
- Get a Solana wallet — First, you must pick a hardware or software wallet to store your SOL tokens. The most common choices include Phantom, Exodus, Atomic, or Solflare. Set up an account and get ready for your first SOL purchase.
- Select an exchange — Use the guide above to choose the right platform. Check out its features and make sure it accepts SOL.
- Register an account — Fill out the registration form with the necessary information to become the platform’s newest member. You’ll likely have to verify your identity before being able to purchase Solana.
- Deposit fiat money — Transfer funds to your new account using one of the available payment options. Typically, platforms accept credit/debit cards, e-wallets, and other cryptocurrencies.
- Buy Solana — Choose the SOL/USD pair if you’re using fiat currency to purchase Solana. Enter the desired amount and complete the transaction. SOL should appear on your balance in no time.
- Withdraw it to your crypto wallet — Send SOL tokens to your wallet if you don’t want to stake or trade them further.
Buying Solana in Ohio is straightforward and quick. Given its popularity and growth, Solana will continue to attract investors and enthusiasts alike, giving you more purchasing or investment options.
When you’re ready to dip your toes into the crypto world, follow our detailed guide, pick an exchange platform, and collect some SOL coins.