Buy Solana in Australia

Solana

SOL
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$0.000AUD
Past performance is not indicative of future results. All prices are sourced from CoinJar Indices.
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SOL
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Overview

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UtilityAsset type
2020Active since
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What is Solana?

Looking to buy Solana (SOL)? Solana is a fast and efficient blockchain platform that is one of the fastest in the world. It is a competitor to Ethereum, Polkadot, and Cardano.

Why buy SOL?

Solana is mainly known for its fast and efficient transactions and low fees. It also has cross-chain compatibility. This means that Solana seamlessly integrates with other blockchain networks, making it easier to build and use dApps (apps built on blockchains) that work across multiple platforms.

Solana is also energy-efficient, which makes it more sustainable and eco-friendlier than proof-of-work (PoW) blockchains, like Bitcoin.

It uses a unique consensus mechanism called proof-of-history (PoH), which records the passage of time between events on the blockchain using hashed timestamps.

Solana and culture

Solana is useful because it offers a high-performance and low-cost solution for dApps and digital currencies. It supports a wide range of dApps and projects, such as Serum, a decentralised exchange; Audius, a music streaming platform; and Star Atlas, a metaverse game.

Solana launched Degenerate Ape Academy, which sold a collection of pictures of cartoon apes.

10,000 of them sold in the first 10 minutes, which then drove the SOL token higher as people needed the cryptocurrency to buy the cartoon apes.

There is also a community of digital artists and collectors who create and trade NFTs on various marketplaces on Solana. For example, SolSea is a curated NFT marketplace that features exclusive drops from known artists.

By the way, Solana is the name of a small Southern Californian coastal city, which the founder of the blockchain platform, Anatoly Yakovenko took a shine to.

SOL the cryptocurrency of Solana

SOL is the native cryptocurrency of the Solana network. It is used to pay for things on the Solana network, and it can be staked (which means that people can lock it up for a period of time on the network and earn more SOL as a return. (There are risks with staking, however, so do your research.)

SOL launched with a price of US$0.95. It reached an all-time high (ATH) in November of 2021, with a price of US$260. But at the time of writing, SOL is worth US$99.40. However if you bought SOL in the early days, and HODLed (Held On for Dear Life) and kept it, then you’d still be sitting pretty today.

How to Buy Solana

First, you'll want to find a reliable exchange. That’s where CoinJar comes in, offering an easy-to-navigate platform.

It's essential to ensure the platform you choose is secure and user-friendly, so you can buy and sell Solana with confidence. Whether you’re a crypto newcomer or a savvy investor, CoinJar provides the tools you need.

How to buy Solana (SOL)?

Want to buy SOL? To buy Solana (SOL) on CoinJar, you need to follow these steps:

-Download the CoinJar app on iOS or Android. You can also use the web version of CoinJar.

-Create an account with CoinJar and verify your ID. This is required to comply with the regulations and laws in your country. You must provide some personal information, such as your name, email, phone number, and address. You must also upload a photo of your ID document, such as a passport or driver’s license.

-The verification process may take a few minutes or hours, depending on the volume of requests.

-Transfer money into your CoinJar account. You can do this in several different ways, so choose the payment method that suits you best. You can use bank transfers and card, among other methods.

-Buy Solana (SOL) at the market price or place a custom order.

-CoinJar provides a secure and convenient wallet for storing your SOL and other cryptocurrencies. You can access your wallet from the app or the web.

You can also send and receive Solana from other wallets using your CoinJar address or QR code. If you prefer to use a different wallet, you can transfer your Solana from CoinJar to any other compatible wallet.

-Welcome to the Solana club!

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How to buy Solana with CoinJar

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Frequently asked questions

Why buy Solana with CoinJar?

CoinJar is the longest-running crypto exchange in Australia and has been designed from the ground up with security and ease-of-use in mind. From the quick and intuitive sign-up process, to our lightning fast bank deposits and withdrawals, low fees starting at 0% (on CoinJar Exchange),and user-friendly iOS and Android app, CoinJar is the ideal crypto exchange whether you’re buying SOL for the first time or an experienced investor.

Where can I store my Solana?

You can store your Solana in a hardware wallet or on a trusted exchange. Hardware wallets (such as the Ledger) offer high level security, allowing you to store your SOL offline in a unit that only you have the password for. However, exchanges such as CoinJar also provide excellent security, keeping more than 90% of our crypto in cold storage or private, multi-sig wallets and offering our users next-gen 2FA account protection as default.

Who created Solana?

Solana was first conceived of in 2017 by programmer Anatoly Yakovenko, who designed its trademark Proof-of-History consensus mechanism. The first block of the Solana was created in March 2020.

How to buy Solana in Australia?

The best way to buy Solana in Australia is through a trusted exchange like CoinJar. We offer accurate prices, low fees and an easy-to-use, ultra-secure app.

What is the safest way to buy SOL?

The safest way to Buy Solana is through a trusted exchange with a proven track record. CoinJar is Australia’s longest-running crypto exchange and has been operating since 2013 with no unplanned downtime, security breaches or loss of customer funds. We are registered with AUSTRAC and the FCA UK (for AML purposes) and work with some of the world’s largest payment providers, including Mastercard, Visa, Apple Pay and Google Pay.

Can I buy Solana with a Credit Card or Debit Card?

Yes – with CoinJar Instant Buy you can buy Solana with any AU-issued Visa or Mastercard. We also offer support for Apple Pay and Google Pay.

How is the price of Solana determined?

The price of SOL in AUD is determined by the international Solana market – basically, the price to be found on cryptocurrency exchanges in Australia and all around the world. These prices tend to be the same (or very close) because any differences are smoothed out by arbitrage traders that buy at one exchange and sell at another.

Which programming language is used in the Solana blockchain?

Solana uses Rust, one of the most widely used programming languages in the world.

Can You Mine Solana?

No… But! When looking to buy Solana you might wonder, "Can you mine Solana?" Unlike other crypto assets, the answer isn't straightforward. Mining in the traditional sense – the proof-of-work model – isn't how the Solana network operates. Instead, it uses a proof-of-history consensus combined with proof-of-stake, focusing on performance and rapid transactions.

This mechanism means that while you can't "mine" Solana in the conventional sense, you can participate in the network by staking SOL crypto. This involvement secures the blockchain and aids in processing the vast number of transactions Solana is known for.

How do I buy Solana (SOL)?

Buying Solana is straightforward with CoinJar. Just set up your CoinJar account, verify your identity, select a payment method, and you'll be ready to purchase SOL securely.

Can I trust CoinJar for purchasing Solana securely?

Yes. CoinJar is a platform customers trust for buying and selling cryptocurrencies like Solana. With user-friendly tools and robust security measures, you can confidently make transactions and protect your investments.

Is CoinJar user-friendly for crypto beginners to purchase Solana?

Yes, CoinJar is perfect for both newcomers and experienced crypto enthusiasts. The platform is designed with a straightforward guide to buying Solana, ensuring a smooth experience as you navigate the world of cryptocurrencies.

Does CoinJar provide real-time SOL price tracking?

Yes. CoinJar offers real-time tracking of SOL prices, helping you make timely and informed decisions based on the latest market movements. See chart above.

What is the current price of Solana SOL?

As with many cryptos, the price can change all the time. At the time of writing, SOL is US$100.37, but you will need to keep checking the price at the top of this page to stay up-to-date on the SOL price.

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