If you are interested in getting into the business of cryptocurrencies, there are a few currencies that you should know of apart from BitCoin. And that is, for example, Cardano. This crypto entered the market in October 2017 with 2 years prior existence. What is important is that Cardano is open-source and decentralized crypto. In this article, you will get a basic overview of this cryptocurrency blockchain platform: what Cardano is, what it costs (ADA), and how to buy Cardano online.
Buying Cardano in a Nutshell
In general, as with many other cryptocurrencies, there are four simple steps to buy Cardano ADA:
2. Get your ADA address
3. Find an ADA exchange (CEX.io, Coinmama)
4. Withdraw the money from ADA to your wallet
The chances are that Coinmama is unavailable, then there are a few other options like CEX.it, eToro, and Binance.
So, in brief, buying Cordana is as simple as it is stated above in the four-step process. Nevertheless, if you want to get a deeper understanding of this cryptocurrency, then you need to read further.
This article is going to provide you the following information:
1. What is Cardano
2. How to buy ADA
2.1.Get a Cardano wallet
2.2.Find an ADA exchange
2.3.Withdraw ADA to your wallet
1. What is Cardano
There is a smart contract platform leader on the market of cryptocurrencies that goes by the name of Ethereum. And it has some disadvantages that Cardano being a two-faced Janus, was developed to solve. Yes, it is not only Cardano, an open-source cryptocurrency, but also a smart contract platform. The foundation layer that helps with establishing payments in Cardano mimics Bitcoin’s. Next, there is a control layer that helps control smart contracts.
So, basically, Cardano features the functions of Ethereum and Bitcoin in one place, which makes cryptocurrency transactions far easier than they are if you used only one of these smart contract systems. The Cardano system tends to be sustainable, scalable, and allows to exchange of currencies between different blockchains, similar to atomic swaps. It also supports the ouroboros consensus protocol or proof of stake approach. The currency used on the Cardano platform is called ADA, and its limit is 45 Billion coins.
Cardano can be considered a daughter of Ethereum since Charles Hoskinson, Cardano’s CEO, worked on the creation of Ethereum. This time Ch. Hoskinson got together with a team of innovators from the IOHK company (Inputs, Outputs, Hong Kong) to create a system that would not use mining. How does it work, then? On staking Cardano, which helps the whole platform run. The more you stake, the more income you get from it. It is the basics for the so-called proof-of-stake approach. For sure, as with any other bank system, on the crypto market, you will have to stake quite big sums of money to get the Cardano to work for you.
Other smart contract platforms such as EOS, IOTA, and NEO should be ready before their competitor enters the market since Cardano (ADA) has all the chances to win them over. Cardano successfully showed its “face” on the market for the first time in December 2017. The team of greek students used it to store diplomas, and this way, the blockchain used for Cardano got its proof of being eligible to work.
2. How to buy ADA
The buying process of Cardano’s currency – ADA – can be narrowed down to a few simple steps. To buy Cardano, you will need to create an account, enter your credit card number and phone number. And then you are ready to expand your supply, to trade it, to become a contributor or a broker, or get a broker to carry out transactions. Crypto technology features a lot of things that increase its functionality.
Step 1 – Get a Cardano wallet.
This step can actually be a bit tricky since Cardano is a project in development, so there are not many wallets available. But to get your ADA stored, you have to get a wallet. You can choose one of two types of wallets: either hardware or software wallet.
Let’s first talk about hardware wallets. This type of wallet provides higher security than any other wallet since all the private information is stored on the hard drive offline. That is why it is way harder to hack such a wallet and steal your precious ADA. No connection to the internet means less accessibility to malignant actions. I recommend connecting your AdaLite with either the Ledger hardware wallet (the Nano X model) or the Trezor Model T. I reviewed both of the hardware wallets. You can read the review on the Nano X with mobile support here, while the review on the Trezor T lies here.
And not it is the time to shed light on software wallets you can get to store your ADA in tokens. Sure, when we talk about cryptocurrencies, usually we do not imagine getting ourselves a real embodied wallet made from high-quality crocodile leather. And hardware wallets are in a sense close to these real-matter wallets. But since we live in the 21st century, we should pay attention to modern solutions for storing cryptocurrencies, for example, software wallets. These wallets can be either free or for a subscription. Usually, they support two versions, mobile, and desktop, if not stated otherwise on their website. I suggest looking into the mobile version since the app is way more convenient to use for crypto than a network-based trading platform to complete transactions. And let’s admit it in today’s world, we are more used to apps that are a foundation for any technology today. I recommend having a look at such software wallets as Exodus, Atomic Wallet, or Daedalus. All of them have their advantages and disadvantages. For example, with Atomic Wallet, you can also store 300 additional cryptocurrencies and use Atomic Swap for cryptocurrency exchange. If your aim is to get an official ADA wallet, then Cardano provides you with Daedalus that can be obtained on the official website. The developers tend to believe that with the increase of cryptocurrency users, the wallet will eventually become the universal wallet. The official wallet also works on Windows and on Mac.
My advice is simple: I suggest you get yourself a hardware device to ensure better security since, with this technology, you are less prone to suffer from network failures and theft.
The first thing any cryptocurrency holder should do once their get the address is to locate it. The same goes for holders of ADA. In your account, you can see that the Cardano ADA address looks like a bunch of letters put into one string, and it always starts with a “D.” You will see something like this:
Write this string of letters down somewhere and do not lose it.
Step 2 – Buy ADA on an exchange.
The more ADA is used, the more exchange services are willing to work with it. Here let’s have a look at how you can buy ADA and trade Cardano via the most popular exchange providers:
CEX.io is an attractive cryptocurrency exchange platform for beginners, amateurs, and professional cryptocurrency holders. Here, you can instantly buy the cryptocurrency or go and trade it. The instant buy option goes with a fee, so I highly recommend using the trading platform to avoid additional costs. With CEX.io, you can buy ADA via various types of payment, starting with credit/debit cards and ending up with wire transfer. There are also such options as SEPA and ACH transfer. If you want to go deeper, have a look at my full CEX review here.
If you are the type of person who wants to raise their finances with Cardano and not into it for some other reason, like the idea behind this cryptocurrency, then better use the eToro exchange. This leading exchange platform allows you to operate with lots of various coins simultaneously at low fees. A plethora of payment options is also quite an attraction for many cryptocurrency holders. Here, for example, you can pay not only via some traditional ways like debit cards but also with PayPal.
eToro, though, might be a bit complex when it comes to withdrawing coins to your personal wallet, but not if you are dealing with fiat currencies like EUR or USD. That is why it might be reasonable to skip the “getting a wallet” step.
There is one thing I want to ask you to pay attention to when you step into the business of crypto trading. Not all investors can use them for their purposes since the fluctuations of cryptocurrencies are very high, meaning that you may profit hugely at one minute and the next to be bankrupt like in a casino, real or online. So, investors should be cautious when using cryptos.
If you are familiar with how brokers work, then the working principle of Coinmama will be easy for you to get. As opposed to any other cryptocurrency exchange platform, Coinmama does not hold a single coin in a specifically designated account but sends them to you right away. There are fewer payment options in comparison with eToro, for example, no PayPal transfer, just SEPA transfer, and payment via credit/debit cards. The upside, though, is that Coinmama does not charge you high fees when you trade in comparison to other platforms as well as it allows a fast and easy verification process.
The biggest of the most popular exchange blockchains with a high-quality functionality was born in Shanghai, China, and goes by the name of Binance. Here you can trade a huge variety of cryptocurrencies, including ADA. The downside is that you can easily buy the coins with Bitcoin (BTC) or Ethereum (ETH) and not with bank transfers. The recently added option of adding your credit card or debit card does not yet work for ADA. In this case, you can buy a few Ethereums via debit card and exchange them for ADA afterward. A complete guide to buying coins with Binance you can find over here. And in this article, I will give just a short summary of using Binance to buy ADA in a few steps:
1. You have to sign up to Binance and create your account in the app
2. Open the “Funds” section and go to “Deposits.”
3. Enter your Ethereum address
4. Deposit Ethereums to your Binance ETH account
5. Once you can see the coins in the wallet, go to “Exchange.”
6. In the “Basic” search for ADA/ETH trading pairs
7. In “Market,” write the sum of ADA you wish to buy
8. Click on “Buy ADA.”
Probably the cheapest way to buy ADA is to use Coinbase, but it comes with some expenses. First, let’s talk about the advantages of using Coinbase. The service is available in 100 countries all over the world. It allows you to get the ADA coins right away with payment over a debit card, bank account, and Paypal. The fees are the lowest you can find in all the crypto exchange blockchains. If you are a US user, you are in luck since you can use ACH transfer with deficient fees. And now it is the time to talk about the downsides of Coinbase. The first one to mention is the lack of payment options that can actually be extended to SEPA transfers and credit card payments especially taking into account that the blockchain has been on the cryptocurrency market since 2012. The second and the biggest issue with Coinbase is its customer support section. There is no live support meaning that sometimes you have to wait for ages for your issue to be tackled upon. Quite often, you do get no answer at all. Anyway, if you are fine with no support provided, then Coinbase works just fine, especially for such low fees.
For US cryptocurrency holders, there is good news since Bittrex allows you to trade a plethora of various cryptocurrencies, including ADA. You can use BTS, USD(T) for getting the ADA coins flowing into your wallet. Unfortunately, only wire transfers are possible on Bittrex. For more information, please, go to my Bittrex review here.
Not with Johny Cash, but real money. Some people prefer to buy cryptocurrencies this traditional way, but unfortunately for Cardano ADA, so far, there is no such way to buy it with cash. The only thing you can do is to buy any other crypto (like Bitcoins) with cash, look for the right trading pairs, and then exchange it for ADA on the cryptocurrency exchange blockchain you have read in this article.
For aspired PayPal users, there are exchange platforms like Coinbase or eToro. The first one has the downside of low customer support culture and the upside of low fees, while the second one is a bit more complicated when it comes to withdrawing your coins. For sure, in the future, this section will grow as cryptocurrencies become more and more popular.
Step 3 – Withdraw ADA to your wallet
The last step is to move your bought coins to your own non-custodial wallet. It reduces the risks of fraud and theft in comparison to leaving your coins on the exchange platform. The non-custodial wallet gives you a private user key via a special coin. When you hear the coins successfully drop into your wallet, then the process of buying Cardano ADA is complete. Congratulations!
The new cryptocurrency Cardano ADA has attracted lots of attention from cryptocurrency holders and keeps its pace in growing popularity. Though it is still in its development, it shows promises to become one of the best smart contract systems. With time there will be more options to buy ADA, store it either on hardware or software wallets and sell. And sooner or later, the main goal of the crypto blockchain platform will be reached. I do not suppose now it is the time to make predictions of the future popularity of Cardano since it competes with such crypto monsters as Ethereum, EOS, and IOTA.
I would like to hear from you if you have used any of the aforementioned wallets, exchange platforms to buy Cardano ADA or any other cryptocurrencies. Probably, you have lots to say about Cardano as a project itself. I am all ears for your comments.
Where can I buy Cardano ADA?
There are various blockchain websites that allow you to buy ADA or carry out exchange transactions to buy Cardano. Some of these websites give you tokens. Each token does not necessarily equal a coin; for example, 1 ADA will be 45 bitcoin. At the same time, the other websites work as a broker alleviating your trading experience.
Can Cardano hit $10?
In the long run, Cardano, like any other crypto, can hit $10 in price, but for now, its market cap is not that high since it is still in development trying to get into the world of big cryptos, and this rise in price will not happen any time soon. But do not close your Cardano account. The main feature of all cryptos is that they fluctuate very significantly. And the price change can happen unexpectedly.
Where can I buy Cardano in the UK?
Research shows that people can buy Cardano in the UK and everywhere else in the world via a crypto blockchain with any payment option this blockchain features. Unfortunately, you cannot get ADA for cash if you are more into a traditional way of buying things. But you buy any other crypto for cash and exchange it afterward for Cardano.
Is Cardano worth investing in?
My advice will not be a surprise for you. Even though Cardano’s popularity is not expected to decline anytime soon and the features of this crypto show good promise, I suppose it is a nice idea to get an account and store a few ADA tokens. But do not rely solely on it.