Buying, storing, and trading Solana (SOL) cryptocurrency in Canada is quick and easy with Coinsquare, one of the leading cryptocurrency platforms in Canada.
Solana (SOL) is a blockchain that supports decentralized applications (dApps) and cryptocurrencies. Compared to blockchains that struggle to keep up with the increasing volume of transactions, Solana can handle over 65,000 transactions per second. It boasts a block time of 400 milliseconds – a huge difference from Bitcoin’s 10-minute block time!
But speed isn’t Solana’s only strength. Unlike some cryptocurrencies, users who buy Solana enjoy minimal transaction fees even in high demand. This is one of the reasons why SOL is popular among users and developers needing microtransactions or those who run large volumes of transactions. Its high speed is another factor that causes fees and congestion to remain low.
SOL is the cryptocurrency of Solana, which can be used on in-game currencies, DeFi protocols, and smart contract execution. It also plays a role in minting and trading NFTs and motivates users to take part in network validation through staking. Unlike Bitcoin (BTC), SOL doesn’t have a maximum supply, as tokens are issued annually based on demand.
Cryptocurrency is rapidly evolving, with fresh coins and tokens popping up daily – from quirky dog pictures and celebrity NFTs to hilarious memes! Among these trends, Solana (SOL) meme coins, like Bonk have gained significant traction. These are cryptocurrencies inspired by internet jokes, memes, or cultural references. These meme coins can be used for various purposes within the Solana blockchain, such as tipping content creators or taking part in play-to-earn games.
Did you know that Solana was inspired by a draft whitepaper Anatoly Yakovenko wrote back in 2017? This ground-breaking whitepaper introduced the concept of distributed systems called “proof-of-history” (PoH) to address the scalability challenges of existing blockchains to make transactions faster, more affordable, and more secure. Yakovenko started his career at Qualcomm, where he worked on advanced technology. He saw how efficient modern computer chips are and wondered why blockchain technology couldn’t process transactions with the same speed and efficiency.
When Bitcoin appeared over a decade ago, it allowed users worldwide to make financial transactions without needing payment processors. However, there was a major problem: the transaction process was slow. Ethereum can only process less than 15 transactions per second in 2021, which is not close to 10% of Visa’s transactions per second. Yakovenko saw this challenge as an opportunity. His vision was clear – to create a scalable and secure blockchain that could keep up with the fast-paced world.
He later collaborated with a former colleague, Greg Fitzgerald, to create a PoH blockchain Testnet. Another co-founder, Stephen Akridge, suggested offloading signature verification to GPUs might improve transaction performance. Initially, Yakovenko named this project “Loom” but later rebranded it as “Solana”. Interestingly, Solana was named after Solana Beach in San Diego, where the three used to hang out and surf.
Solana officially launched its Mainnent Beta in March 2020, with an initial price of $0.9511 (USD). Before 2021, Solana flew under the radar. However, developers stumbled upon Solana when they were looking for a cheaper alternative to Ethereum’s high transaction fees during the surge of DeFi (decentralized finance) applications. This is where more people started to buy Solana, boasting an impressive all-time high of $259.96 USD or 9000% increase on Nov 6, 2021!
But how did Solana achieve lightning-speed transactions? Well, the secret lies in Solana’s census protocol.
Many cryptocurrencies, including Bitcoin, use proof-of-work (PoW) protocol, which struggles with efficiently verifying the order of transactions due to factors like network latency and lack of a central time source. Ethereum (ETH) switched from proof-of-work (PoW) to proof-of-stake (PoS), which relies on validators who are chosen to create blocks based on the number of tokens they have and are willing to stake as collateral—adding an extra layer of security.
SOL employs proof-of-history (PoH) alongside proof-of-stake (PoS) to surpass its competitors in terms of speed, efficiency, and security. A designated leader node speeds up transaction processing within a block, while validator nodes continuously verify the order. This cuts down on network chatter and allows for near-instant consensus. Leader selection avoids the wasted energy of miners competing in PoW, further streamlining the process.
Despite concerns about energy use, Solana is one of the most eco-friendly blockchains around. Their December 2023 energy report shows that total emissions and energy use per transaction declined by 17.5% and 25%, respectively. That’s just enough to power thousands of homes for a year!
Thinking about buying Solana (SOL) in Canada? Coinsquare, a crypto trading platform, offers a secure and reliable platform from which to buy and sell SOL. Get started today!
Yes, you absolutely can purchase Solana in Canada. You can buy it through a cryptocurrency trading platform like Coinsquare, where all your crypto purchases are quick and uncomplicated. Open an account today to discover how easy it can be to own Solana coins in as little as a few minutes.
There are many other Canadian and international cryptocurrency platforms where you can purchase Solana and participate in other crypto-based activities like staking. Many international platforms support transactions in Canadian dollars, but be sure to verify this before registering with them. Look for a platform that’s accessible for someone with your level of experience. The platform you choose to buy Solana should also feature robust security and exceptional customer support.
Yes, as long as you do your due diligence on the platform you’re using for trading. Verify that the platform has a good reputation and has been in business for a reasonable amount of time. They won’t have as long a track record as a lot of companies because trading in crypto is still fairly new and because there are lots of mergers and acquisitions in the crypto space, but they should have a traceable history and positive reviews.
Any platform you choose should use normal security measures like two-factor authentication (2FA) and strong encryption such as SSL (Secure Socket Layer) to protect your data.
Remember that online safety is also partly up to you. Never share your passwords with anyone or record them somewhere where they can be easily uncovered. Don’t do Solana transactions while on public WiFi networks, change your passwords often, and always use strong passwords. Be vigilant about doing your part to secure your own account.
You can buy Solana and many other popular cryptocurrencies like SHIB, BTC, XRP, DOGE, LTC and more directly from Coinsquare’s secure, trusted trading platform.
The process is quick and easy. Sign up for an account and start your purchase by following these steps:
The increasing popularity of cryptocurrencies means that you can use them in more and more ways. Many retailers now accept Solana for online and even in-store purchases. In fact, money is transferred all over the world via various blockchains, including the Solana blockchain; opening the door to possibilities that might not otherwise exist.
You can use Solana to trade for other cryptocurrencies. Coinsquare customers can make trades directly from the platform. If you’re a beginner, access all the information you can about Solana and other cryptocurrencies before you get heavily into trading.
Staking your cryptocurrency is another way to use it and earn rewards. Staking allows you to participate in the validation of transactions on a blockchain network, for which you are awarded additional crypto assets. Here’s how it works:
You lock up (stake) part of your crypto as a way of ensuring your commitment to the validation process.
Validators are randomly selected to validate transactions and create new blocks on the chain. The probability of being chosen can depend on the amount of cryptocurrency you stake.
You earn rewards in the form of additional cryptocurrency for your contribution to the network’s operations.
Staking your Solana cryptocurrency can be very rewarding; it helps you earn passive rewards and contributes to the security and efficiency of the blockchain network. Staking comes at the cost of locking your assets up for a specific period so be certain of your timeline for holding or selling before you stake your Solana holdings!
Go through the information available on Coinsquare’s website, which features many helpful explainers and blogs, as well as a real-time news feed about what’s going on with Solana and other currencies in the crypto space. There are many other sources for information about what’s new and exciting for Solana, such as:
As a cryptocurrency trading platform, we understand that you're curious about the potential for Solana's value to increase. It's important to note that the value of any cryptocurrency, including Solana, can be influenced by a wide range of factors such as market demand, technological developments, regulatory news, and broader economic conditions.
While historical performance and current trends can provide some context, past performance is not representative of future results. We recommend staying informed through reliable sources, considering a diversified approach to your investments, and only invest according to your risk tolerance.
Always make sure to do your own research and consider seeking advice from financial professionals before making any trading decisions.
Solana holdings are normally stored in special software applications called wallets. They can be divided into hot wallets and cold wallets. Due to their complementary functions, most investors use a combination of hot and cold wallets for their Solana holdings.
Hot wallets are digital applications used to store cryptocurrencies like Solana. Hot wallets are connected to the internet, making them easily accessible for transactions. These wallets are commonly used for everyday trading and transfers due to their convenience and ease of moving funds in and out of them.
Storing Solana in a hot wallet makes it quick and easy to access for trading and spending. Hot wallets usually have a user-friendly interface that makes them intuitive to use and suitable for people with limited experience in the crypto space. Hot wallets allow quick and easy access to your Solana for trading and spending.
The downside to hot wallets is that being online, they are more vulnerable to hacking, phishing and other types of interference. Some hot wallets are also custodial, meaning that a third party holds your private keys; this can pose a security risk in the event of a data breach.
Cold wallets are physical devices or offline storage solutions you can use to store Solana and other cryptocurrencies.
Unlike hot wallets, cold wallets are not connected to the internet, meaning that they are less vulnerable to hacking, phishing, and malware. This enhanced security prompts many investors to hold most of their Solana in cold wallets. Cold wallets also allow you to maintain control of your private keys.
Cold wallets are not as convenient as hot wallets for daily transactions; your Solana holdings need to be moved to a hot wallet for you to use to purchase goods or make trades. It is also possible to lose or misplace your cold wallets since they are physical assets. It’s crucial to have a backup of your wallets in a secure offline location in case you do lose them.
To open an account on a cryptocurrency platform in Canada, investors usually have to provide their full name, date of birth, current address, phone number, and e-mail address. They also have to scan and upload a government-issued ID such as a driver’s license and sometimes provide proof of address using a utility bill, bank statement, or a similar document that shows their full address. A selfie or photo is often required to match them to their government-issued identification.
Providing these details protects the investor and also ensures the security and legitimacy of Solana transactions on the cryptocurrency trading platform. Providing this personal information enables the platform to comply with regulatory standards.
The process of collecting personal information is known as Know Your Customer (KYC). KYC helps prevent illegal activities like money laundering, fraud, and terrorist financing. This is a regulatory requirement that Canadian registered marketplaces for crypto assets, like Coinsquare, must adhere to.
Although it may seem onerous and invasive to provide such personal information, you should be wary of any cryptocurrency trading platform that does not ask for this information when you open an account. Failure to conduct proper KYC procedures is an indication that the platform isn’t complying with industry standards or Canadian law.
Opening a Coinsquare account to buy Solana is very simple. Click on the Get Started button on our main Canadian webpage or downloading the Coinsquare app and enter the information as requested. Once your account is set up, you will need to fund it, which you can do directly from your bank via Interac e-transfer. Be sure to review the limits and other notes regarding funding your account with Canadian Dollars.
When you make your first deposit, there is a brief waiting period before your funds become available for investment, but after that, you’ll have access near instantly but can sometimes take up to 30 minutes of completing a transfer.
If you are using digital currency to make your initial deposit, the procedure is slightly different but still quick and convenient. If you have any issues making deposits, access the support documentation from our main page. If you can’t find the answers to your questions there, our Customer Success team is available 24/7.
Coinsquare is a leading cryptocurrency trading platform founded by Canadians for Canadians. We’re excited to welcome you to the ever-growing cryptocurrency world!
