How to Buy Solana for Beginners

Lark Davis

Introduction to Solana

Solana is a highly regarded blockchain due to its ease of use, speed, and low costs. It has attracted a significant number of developers, users, and investments, boasting a strong network effect. Solana is known for its meme coins and has a rapidly expanding decentralized finance (DeFi) ecosystem.

Key Stats

  • Total Value Locked (TVL): $12 billion
  • Daily crypto app revenue: Sometimes takes up to three-quarters of the total
  • Solana token market cap: $129 billion
  • Price per Solana token: $295

Buying Solana on BitUnix

  1. Sign Up: Go to the BitUnix app or website and create an account. No KYC (Know Your Customer) is required for initial sign-up, but it's necessary for buying crypto with fiat.
  2. KYC Verification: Hover over your profile icon, click on KYC, and follow the verification process, which includes providing a photo ID and personal details.
  3. Purchase Crypto: After KYC verification, go to the "Buy Crypto" tab, select a third-party provider (like Coinify or MoonPay), choose your payment method (e.g., Visa), and select Solana as the coin to receive.
  4. Payment Process: Complete the payment process as you would with any online purchase.

What to Do with Solana

  • Holding: You can simply hold onto your Solana tokens, hoping their value will increase.
  • Trading: Solana's volatility makes it suitable for trading, but it's essential to have an exit plan and not get caught up in bull market euphoria.
  • On-Chain Activities: Transfer your Solana to a Phantom wallet to explore on-chain opportunities like trading meme coins, NFTs, and using decentralized exchanges or lending markets.
  • Futures Trading: BitUnix offers leverage trading, allowing you to control larger positions with amplified gains and losses. It's advised to keep leverage low, especially for beginners.

Additional Tips

  • Stable Coins: Consider converting profits to stable coins like USDT to secure your gains.
  • Staking: Move your tokens to a Phantom wallet or use protocols like Jaito to stake your Solana for passive rewards.
  • Risk Management: Don't overextend yourself on the risk curve. Stick to fundamentals and only take on risk you're comfortable with.