The world of cryptocurrency has been changing rapidly since Bitcoin was first introduced to the world in 2009.
Now there are more than 1,000 cryptocurrencies on the market, and they are collectively worth over $1.90T. No one knows exactly how these markets will play out or how many will be in 10 years.
Still, it’s clear that cryptocurrencies are here to stay – and that’s great news for anyone who wants to invest their money or earn money online with digital currency trading platforms.
Solana is an exciting, new blockchain platform that has created a fair amount of buzz in cryptocurrency circles.
But what is Solana, exactly? How does it differ from other blockchains, like Ethereum and Bitcoin? And should you Buy Solana?
Today’s post will go over everything you need to know about Solana, including how to buy and store its native cryptocurrency, SOL. With that said, let’s get started!
The Opportunity in the Market
Solana is in fierce competition with Ethereum, Lisk, and ICON.
While these projects have been wildly successful thus far, each one of them boasts an underlying blockchain that can only support a limited number of transactions per second (TPS).
Solana’s secret sauce is the unique consensus mechanism that permits it to process up to 55000 TPS-more than a thousand times faster than Ethereum.
This may not sound like much, but network effects matter tremendously, as Bitcoin has shown us over time.
What Does Solana Do Better Than Competitors?
Solana claims to offer faster transaction times and lower costs than its competitors. The company says that transactions on Solana can settle in just 1 seconds (as opposed to around 15 seconds for Ethereum). This is possible thanks to two key innovations, further detailed below.
On paper, Solana looks like an exciting proposition for anyone interested in investing in blockchain technology but is put off by what they see as unnecessary complexity and high costs associated with other platforms.
Roadmap for Success
While there’s no clear roadmap for success in cryptocurrency, here are some general guidelines to follow:
- Focus on developing real-world applications of blockchain technology;
- Build a solid community around your project, and
- Connect with other blockchain startups through both online forums and face-to-face networking.
- Keep an eye out for future developments within each category as blockchain technology develops further.
Should I invest in Solana?
Yes, but don’t expect to get rich overnight.
It may be a good idea to think of your investment in Solana as an investment in your future or that of a family member.
Let’s say you invest $100 and see it grow by a factor of 10 over 10 years-you’ve just made yourself a millionaire!
And even if it doesn’t go up quite so much, at least you know that plenty of people out there believe in what Solana is doing enough to buy into their vision.
That kind of support is priceless when trying to build something new and revolutionary.
So yes, maybe you won’t make millions right away (and we wouldn’t blame you for being disappointed), but remember: If someone else believes in your vision, why shouldn’t you?
Even more importantly: Why shouldn’t YOU believe in YOUR own vision?
Investing in Solana might not bring riches overnight, but if it helps others put faith and trust into your product, those small gains will snowball into larger gains.