The world of cryptocurrency is now witnessing the emergence of new cryptocurrencies every now and then. SolarisCoin is one such promising cryptocurrency that we are going to discuss today.
You may be familiar with Bitcoin and ETH. This is because of the popularity and dominance of these cryptocurrencies over time. However, there are more reliable cryptocurrencies available in the market that can bring fortune to you.
Having said that, this is probably the ideal time to study cryptocurrencies and immediate-momentum.io can help you with that! In this article, let us introduce you to a new rising star in the crypto world – SolarisCoin.
Launched in 2017, SolarisCoin is also popularly known as XLR. This cryptocurrency is created in terms of removing the flaws that Bitcoin and other popular cryptocurrencies face.
Origin And History
A group of developers started to develop a new cryptocurrency that should be more secure than Bitcoin and eventually, they came up with SolarisCoin. If you can try, you can find the open-source community where the idea of SolarisCoin was born.
Unlike many cryptocurrencies, SolarisCoin has special features like – InstantSend and PrivateSend. These features enable users to make private transactions faster than ever. If you prefer anonymity and efficiency in transactions than SolarisCoin is the ideal.
Technology Behind SolarisCoin
Just like any other cryptocurrencies, SolarisCoin is also a decentralized blockchain. SolarisCoin uses a proof-of-stake (PoS) consensus mechanism that allows users to provide consent while making transactions and earn rewards at the same time!
How To Get Started With SolarisCoin
Now that we have shared a brief introduction of SolarisCoin with you, let’s explore this new cryptocurrency in detail:
Setting Up A SolarisCoin Wallet
The SolarisCoin wallets come in different platforms – web wallets, mobile wallets, and desktop wallets. It is super easy to set up a wallet in any format. Choose the platform at your convenience and then enjoy using the SolarisCoin wallet without any interruption.
Here is how you can acquire SolarisCoins:
You can purchase SolarisCoin from any cryptocurrency platform that supports XLR trading pairs. As a starter, you can try Binance, Bittrex, and KuCoin platforms to exchange SolarisCoin.
Like any other cryptocurrencies, you can get SolarisCoin by mining. Also, similar to other cryptocurrencies, to mine SolarisCoin you will need specialized hardware as well as technical knowledge or you have to affiliate with a professional team.
- Security Considerations
Make sure that your SolarisCoins are safe in your wallet. Therefore, it is recommended to use a two-factor authentication method. Only download your wallet from authorized sources and make sure you are not welcoming any phishing activities.
Using SolarisCoin In The Real World
Unlike many cryptocurrencies, SolarisCoin is not just a digital asset, but can be used in real-world transactions too! How? Let us share the secret with you:
- Merchant Adoption And Acceptance
There are many overseas merchants that prefer SolarisCoin as a payment exchange. This is secure and safe for business. Over the years many merchants have grown trust in SolarisCoins.
- Peer-To-Peer Transactions
If you are looking for peer-to-peer transactions, SolarisCoin could be your trustworthy partner. Now you can send funds directly to your family and friends with SolarisCoins. All transactions made on SolarisCoin are private and secure.
- Real-World Use Cases And Applications
There are more real-world applications of SolarisCoins than just digital assets. For instance, SolarisCoin is tapping other industries like supply chain management, healthcare, and finance!
- Storing And Securing Your SolarisCoins
When it comes to the storage and privacy of SolarisCoins, the security manager is unprecedented.
- Best Practices For Storage
For storage, hardware wallets are recommended as the best practices for SolarisCoins. Next, you can try the desktop wallet, followed by the online wallet. You have to determine the risk tolerance and choose your wallet accordingly.
- Cold Storage Vs. Hot Storage
Cold storage is paper wallets and hardware wallets [offline wallets], which makes SolarisCoins’ security less vulnerable. In contrast, hot storage is online wallets, which are easy to access and make the transaction process easy. However, hot storage wallets are vulnerable to security breaches.
- Backups And Recovery
Always keep a backup of your private keys. If you lose access to your online wallet for any reason, you will need the backup keys. Make sure that the backup keys are stored offline and off the limits of others.
SolarisCoin And Privacy
The sole reason SolarisCoins is so popular is its extravagant security approach:
- Anonymity Feature:
Exclusive features offered by SolarisCoin like PrivateSend add an extra layer of security in transactions. Transactions made by PrivateSend hide all the transaction details that makes it challenging to trace.
- Privacy Concerns and Solutions:
Transactions made by SolarisCoin are secured and private however, you have to make sure that the credentials for the SolarisCoin wallet as well as the private key remain well protected.
- The Future of Privacy in Cryptocurrency:
As people tend to choose more secure and private currencies, it is safe to assume that cryptocurrency users in the future will prefer SolarisCoins more than any digital currencies.
Investment And Speculation
SolarisCoin is surely a good choice for investment:
- Factors Influencing SolarisCoin’s Value:
The price of SolarisCoin is dependent on multiple factors such as – including market sentiment, macroeconomic events, technological developments, and adoption.
- Risks and Rewards:
Like any other cryptocurrencies, investing in SolarisCoin comes with high market risk. The crypto market is highly volatile and you have to consider risk tolerance and conduct thorough market research before investing.
- Diversifying Your Portfolio:
Experts often recommend that crypto investors invest in multiple cryptocurrencies and not just in one! This is of course because the crypto market is highly volatile. Hence, invest in SolarisCoins and diversify your crypto portfolio.
SolarisCoins comes with robust security features that impress more crypto investors than ever. Moreover, SolarisCoin is not just a digital asset, you can use SolarisCoin in real-world transactions too! Therefore, If you are considering investing in SolarisCoin, it is safe to say that you are going to make a good decision! However, the cryptocurrency market is volatile and no Crypto coins are immune to risks. Choose wisely!