Solana Coin Investment In India: 3 Tips To Remember Before Investing

By January 3, 2022March 29th, 20225 minute read
Solana coin investment In India

Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.

Are you an Ethereum trader? Do you often find a gnawing sense of ennui growing inside you as you see the ETH transaction time and fees growing by leaps and bounds? Don’t worry, “Ethereum Killer” Solana has come to the rescue. If you’re already in the business, then you are familiar with popular cryptocurrencies like Ethereum and Bitcoin.

But Solana?

Do you know how this one-and-a-half-year-old cryptocurrency became one of the best performing cryptocurrencies of 2021? With a whopping 17,500% growth in 2021 alone, Solana is all set to be the cynosure of the crypto market.

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But is the Indian crypto market suitable for Solana coin investment? In this article, we will give the complete guide of Solana coin investment in the Indian market. Read till the end to know more about Solana coin price in india and everything you need to know before proceeding with Solana coin in India. Let’s get started!

Is Solana a Good Investment?

Solana was created in March 2020 to support smart contracts and decentralized apps or dApps. Solana is bloating to be one of the toughest contenders of Ethereum. The main difference between ETH and SOL is that transactions on Solana are much cheaper and faster. Solana completes thousands of transactions in a duration where Ethereum can do only a few hundred transactions. Sounds promising, right?

SOL is the crypto coin on Solana’s blockchain network. On Solana, you can do what you do on other crypto platforms. Trade, borrow, leverage, borrow and lend your crypto assets. The aim of SOL is not jostling with ETH but to snatch the crown of the market leader.

Further, Solana makes itself investor-friendly by using proof-of-history. If you’re an existing investor, you already know that cryptocurrencies use a proof-of-work or/and proof-of-stake validation model, allowing the investors to be in the race. You either have to solve cryptographic problems faster than others or hold more stakes than others. But Solana takes a step ahead.

Solana uses a proof-of-history validation model along with a proof-of-stake model. So what’s the benefit?

Using proof-of-history transactions on Solana are automatically timestamped from time to time and verified. That’s why Solana can achieve faster transactions at lower fees.

On one hand, when Ethereum conducts only 13 transactions per second, on the other, Solana can conduct tens of thousands of transactions in the same amount of time. Solana coin investment can be your wherewithal in the future to stand out in the crypto market. However, you must keep some tips in mind before proceeding with Solana coin investment.

Solana Coin Investment in India – Top 3 Tips to Remember

Solana coin is one of the fastest-growing cryptocurrencies. With over 350 projects ongoing on its platform, Solana is targeting the first position from fourth at its market value around the world. Solana isn’t ubiquitous, and that’s why you need to remember the following tips before proceeding with your plans of Solana investment in India –

1.     Do Your Research

The Crypto market is like a rollercoaster ride. So, it is important to do your research before diving into it. Even the most popular cryptocurrencies are not totally risk-free with a high volatility rate. Further, the market is still going under major changes. That is why it is still not absolutely protected from scammers and hackers.

Each year, 41% of fraudulent cases increase in the crypto market. In 2021 alone, $2.99 billion worth of crypto assets were lost due to cyber-attacks. Over it, Solana is a relatively new cryptocurrency. Therefore, you need to keep the following points in mind while doing your research on Solana:

  • Know how smart contracts and blockchains work.
  • Stay updated with the Solana coin price movements. WazirX provides you with regular and accurate updates.
  • Risks involved in Solana coin investment.

2.     Keep Your Priorities Set

What are your financial responsibilities? What are your priorities? Before proceeding with Solana coin investment, you must set your priorities. The crypto market is volatile. Therefore, you must have a fixed asset for emergency purposes. The crypto market can be both the Red Bull and the last nail to your assets.

Further, having funds separated for an emergency is essential for any smart investor. It is strongly advised to not spend all your assets only on the crypto market. So that, even when the market breaks down, it doesn’t drag you down with it.

3.     Choose the Best Cryptocurrency Exchange Platform for Solana Coin Investment in India

When we are talking about tIndia’sbest cryptocurrency exchange platform, the first name that any experienced investor will take is WazirX. WazirX provides you with the best in class security to keep your data and your transactions safe and secure. Speed is crucial in any crypto transaction, and WazirX excels on that aspect too. With lightning speed, WazirX handles millions of transactions each second with ease. The simple design offered by WazirX is perfect for navigating and understanding, no matter if you are an old horse or a newbie.

Further, many cryptocurrency exchange platforms don’t provide you with a wide collection of cryptocurrencies to choose from. However, WazirX stands out in this field too, providing you with a wide range of available cryptocurrencies to trade, borrow, lend, stake, and invest. Even a new cryptocurrency like Solana has been well researched and discussed by the experts on WazirX.

Further, WazirX is the movement builder of #IndiaWantsCrypto. So, if you want to go ahead with Solana coin investment in India, make sure to go with the most reliable market giant, WazirX.

Should I Go For Solana Coin Investment?

To answer the question, we can say, why not? As we discussed in this article, Solana coin investment promises a bright future for investors. Even though it is relatively new, Solana is probably the most promising “Ethereum Killer” available in the market. With its high-end performance, Solana is now the talk of the town. It currently has over 350 projects ongoing on its platform, with the numbers increasing by leaps and bounds.

But is the graph always going to go up? We can never guarantee that in a volatile market like the crypto market.

Therefore, you can surely proceed with your plans of Solana coin investment in India only after thorough research of its pros and cons.

Further, with safe and trusted crypto exchange platforms like WazirX, your Solana coin investment plans are most likely to turn out to be your wherewithal if you take each step with proper planning.

How To Invest In Bitcoin?

Bitcoin may be invested in two ways: through mining or exchanges. Bitcoin mining is carried out by high-powered computers that solve challenging computational arithmetic problems that are too difficult to complete by hand and complex enough to tax even the most powerful computers. WazirX, a Bitcoin exchange, is another alternative.

Can I Invest In Cryptocurrency?

Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.

What Is The Safest Cryptocurrency To Invest In?

Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.

Is Bitcoin A Good Investment For The Future?

Some investors are afraid of the risks or devastation, but others are very eager to pursue the possibility of profit from a Bitcoin investment. A Bitcoin investment is similar to stock investing, except it can be more volatile.

Is Cryptocurrency Safe To Invest In?

Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.

What Are The Best Cryptocurrencies To Invest In?

The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.

Is Mining Cryptocurrency Legal?

Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.

Is Ethereum Safe To Invest?

The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.

Is Bitcoin Cash A Good Investment?

Bitcoin Cash is a hard fork of Bitcoin formed in 2017 to address Bitcoin's scalability and challenges. Bitcoin Cash seeks to make global transactions faster, cheaper, and more secure. Bitcoin Cash is now accepted by thousands of online and offline businesses all over the world. Studied correctly, Bitcoin Cash may be an investment worthy of consideration.

How To Invest In Cryptocurrency Stocks?

Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.

How Safe Are Cryptocurrencies?

Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.

Is Bitcoin And Cryptocurrency The Same Thing?

Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.

Are Cryptocurrencies A Good Investment?

Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.

Who Invented Cryptocurrency?

Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.

Are Cryptocurrencies Legal In India?

In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.

Is Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

What Is Virtual Currency?

Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.

What Is The Meaning Of Crypto?

A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.

Which Cryptocurrency Is Best To Invest Now?

Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

Is Cryptocurrency Banned In India?

No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.

What Is Crypto?

Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.

Is Crypto Legal In India?

Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India

How Many Cryptocurrencies Are There?

There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.

How To Invest In Cryptocurrency In India?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.

How Cryptocurrency Works?

Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.

How To Invest In Cryptocurrency?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.

Is Cryptocurrency Legal In India?

In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India

What Is Cryptocurrency?

A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Shashank

Shashank

Shashank is an ETH maximalist who bought his first crypto in 2013. He's also a digital marketing entrepreneur, a cosmology enthusiast, and DJ.

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