Where to Buy Solana in Kansas

Although it was introduced quite recently compared to some other popular cryptocurrencies, Solana has attracted a lot of attention in the crypto world. Thanks to its innovative features, improved scalability, and transaction speed, it has even surpassed some of its well-established predecessors.

You’ve come to the right place if you’re looking to jump onto the bandwagon and invest in Solana in Kansas. This article will tell you all about this burgeoning cryptocurrency and provide a detailed guide on buying Solana securely and effectively.

What Is Solana (SOL)?

Solana is a relatively new cryptocurrency project launched in 2020. However, its inception traces back to 2017, with the release of the first Solana whitepaper. The network’s founder is Anatoly Yakovenko, a Russian computer scientist with expertise in software engineering and experience in Dropbox and Qualcomm.

When Anatoly came out with his idea for the revolutionary new crypto network, other industry experts quickly united with him. His former colleagues from Qualcomm, Stephen Akridge and Greg Fitzgerald, joined him in his endeavor, which led to the establishment of Solana Labs in 2020.

Solana works similarly to Ethereum in that it is an open-source crypto platform that allows its users to trade tokens and create decentralized apps.

However, Ethereum has been known to have scalability issues, whereas Solana solves this problem. This is possible thanks to the network’s use of a hybrid consensus mechanism utilizing both proof of stake (PoS) and proof of history (PoH).

The PoH consensus mechanism is unique to Solana. It enables the automatic labeling of the network nodes using time stamps, thus removing the demand for a validator’s confirmation. This significantly reduces processing speed, especially when compared to networks using only proof of work and proof of skate.

To put things into perspective, Solana’s current processing power is around 50,000 transactions per second (TPS), compared to Bitcoin’s average of 4.6 transactions. In addition, Solana also surpasses some fiat currency processors. For instance, it is much faster than Visa, which has a processing power of 1,700 TPS.

Another feature that makes Solana stand out from the crowd is the low transaction cost. Thanks to the high processing speed it enables, the Solana network can afford gas fees of less than $0.01, much lower than those of other cryptocurrencies.

Like Bitcoin and Ethereum, Solana also has its own native token — SOL. Users can buy it, sell it, stake it, invest in it, or trade it. The good news is that Solana doesn’t have an established maximum supply. More than 330 million SOL tokens are currently in circulation, with the total supply set at more than 511 million.

For these reasons, many crypto enthusiasts have considered Solana to be a good investment. However, we have to note that, like any other cryptocurrency, Solana can be quite volatile. Therefore, predicting its price can be tricky, so make sure to spend only the money you can afford to lose.

Where Can I Buy Solana in Kansas?

Kansas residents interested in buying Solana have many viable options to do so. The Sunflower State has regulated the cryptocurrency market up to a point, but it’s important to say that it allows buying and owning crypto tokens.

The most popular types of options currently available include centralized and decentralized cryptocurrency exchanges. The main difference between them is that centralized crypto exchanges let you use fiat money, whereas decentralized ones only accept cryptocurrency.

What’s more, centralized exchanges are regulated and secure, but they require registering and providing your personal and contact information. On the flip side, decentralized exchanges don’t require registration, facilitating anonymous purchases, but they can’t provide the same level of protection the centralized ones do.

Alternatively, you can opt to purchase Solana directly from another person. However, we don’t recommend this kind of transaction unless you know and trust the person you’re buying from.

Choosing a Centralized Crypto Exchange

Some of the most popular crypto exchanges in the USA include Coinbase, eToro, Kraken, Binance, and Uphold, among others. Still, we recommend doing your own research before committing to a platform. This section will go over some of the most important criteria for choosing a suitable centralized exchange.

  • Security — Security is an absolute priority for any financial exchange. For this reason, you should make sure the platform is properly regulated and uses top-notch security protocols to protect your information and assets.
  • Trustworthiness — This factor goes hand in hand with security. Trusting an exchange is important, and you can best make sure this is the case by reading user reviews.
  • SOL availability — While most centralized exchanges offer SOL, the opposite may sometimes happen. Just to be on the safe side, check whether the exchange lets you buy this token.
  • Availability in Kansas — If an exchange is available in other US states, there is a good chance it also caters to Kansas residents. Still, there may be exceptions, so it’s worth checking out.
  • Liquidity — The trading volume of an exchange is important for a buyer since it reflects transaction speed. Therefore, you should opt for sites that have greater liquidity.
  • Accepted payment methods — Centralized crypto exchanges enable the use of fiat currency, but they may offer different varieties of payment methods. Naturally, you should pick the ones that enable the most options, especially the ones you intend to use.
  • Fees — These platforms almost always charge a small administrative fee for their services. Therefore, make sure to read the fine print before purchasing.

How to Buy SOL — Step-By-Step Guide for Any Crypto Exchange

Despite the diversity of crypto exchanges that offer SOL, most function similarly. Here are the steps you need to take to buy this token on any crypto exchange:

  1. Set up an SOL wallet — While exchanges offer the option to store your SOL, this may not be very secure. Thus, you should register an SOL wallet and have it ready to transfer your tokens to.
  2. Choose an exchange and register — Using the criteria listed above, choose the website that meets your needs and preferences. Then, sign up for an account with it by supplying your personal and contact information.
  3. Deposit some money — To buy SOL, you’ll need to have enough money in your account. Decide how much you’d like to spend and top up your exchange account balance.
  4. Make a purchase — Once your deposit goes through, you’ll be ready to acquire SOL. Pick SOL from the list of available cryptocurrencies on the site and follow the on-screen instructions to complete the transaction.
  5. Transfer the tokens to your wallet — For maximum security, you should transfer your tokens to the wallet you’ve created.

Final Thoughts

Despite being a relatively young crypto network, Solana has managed to raise a lot of dust in a very short period. Thanks to its innovative characteristics and the potential to solve the speed, cost, and scalability issues, it is only deemed to rise in popularity and relevance.

If you think buying Solana is a viable investment option, now you know where and how you can do that in Kansas. Check out our guide for choosing a reliable crypto exchange, and you’ll be ready to purchase your first SOL tokens in no time!


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