Solana is a blockchain network focused on providing fast transactions and high throughput, aiming to create a more scalable blockchain that can support up to 50 thousand transactions per second. Solana uses proof of stake as a consensus mechanism and adds a unique protocol called proof of history to keep a universal time reference across the network. Solana was launched in 2017 and raised $25 in an ICO, and its mainnet was released in March 2020.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Solana. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Solana and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Solana without any technical knowledge. Here is a brief overview of the existing wallet options to store your Solana:
Hosted wallets are wallets where the private keys to your Solana are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Solana online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Solana. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Solana, and if malicious parties have access to your device, your private keys (and therefore your Solana) can be stolen.
A hardware wallet is a physical device on which you can store your Solana offline. It is one of the safest ways to store your Solana, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Solana is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Solana. Once you have purchased Solana on Bitvavo, you can choose to send your Solana from your Bitvavo wallet to your own software or hardware wallet.