How to Buy Solana (SOL) in 2 minutes (2021 Updated)

Hi, I’m Nate Martin, and we’re going to go over
how to buy Solana in today’s 2…minute…tutorial. Solana is a smart contract blockchain that uses the proof of stake
mechanism similar to Ethereum and Cardano. However Solana has
an additional edge by using the proof of history protocol
to increase its transaction speed. Without going into too much detail, proof of history allows
network computers to order transactions immediately, without waiting to hear about
the latest block of transactions.

By removing this bottleneck a new block of transactions
can be created every 0.4 seconds. The native token of Solana is SOL, which like Ethereum’s Ether can be used for running
Decentralized Apps and staking, among other functions. Depending on the amount of Solana
you’re planning to buy, you can choose to store it
on either a hardware wallet or a software wallet. If you’re buying a small amount
of Solana, then a free software wallet that can be downloaded
to your mobile phone or computer like Exodus will do. Exodus is a popular wallet
with over four million downloads.

It supports Solana and more than
110 other crypto assets, and is available
both on desktop and mobile. If you’re planning to use
Solana-based DApps, you may prefer to use
Phantom wallet, which has a handy browser extension. If, on the other hand, you’re planning on accumulating
larger amounts, it’s safer to store it on a dedicated
device known as a hardware wallet. Our recommendation
for a hardware wallet that can store Solana
would be the Ledger Nano X.

The Ledger Nano X
is a reputable wallet which can store over 1000
cryptocurrencies alongside Solana. It can even connect
to your mobile phone, which is a great advantage. Once you’ve set up your wallet, make sure to find
your Solana address, which will be used whenever you
want to send Solana to your wallet. Each Solana address is a 44-character string
of random numbers and letters. Finally it’s time to find
a place to buy Solana. If you’re planning on buying
and holding, then CEX or Kraken would both be
good options for you. Both provide worldwide support, have a good reputation and a beginner-friendly
instant-buying option. However, if you’re planning
on trading your Solana, then Binance’s trading platform
might be more suitable for you, as it will save you some fees. While some exchanges will store
coins for you on their site, you’ll want to make sure
to withdraw them to your own wallet by sending them to the Solana
address we talked about before.

This way you keep
full control of your coins. That’s today’s 2 minute tutorial, for a complete list of recommended
wallets and exchanges and a more in-depth step by step guide
and explanation about Solana, make sure to check out
the links in the description below. If you've enjoyed this video,
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