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Cardano is a decentralized, open-source cryptocurrency that began in 2015 and only became available for trading in October 2017. What is Cardano, its currency (ADA) and how to buy it online.
Cardano Summary (ADA) Buying Algorithm:
- Get a Cardano wallet (Ledger Nano X, Exodus).
- Find your ADA address.
- Find an ADA exchange (CEX.io, Coinmama).
- Withdraw ADA to your wallet.
- What is Cardano.
Cardano is a cryptocurrency and smart contracts platform that aims to solve the problems faced by the current smart contracts leader, Ethereum.
Cardano has a base layer, which, like Bitcoin , is used to calculate payments. In addition, there is a management layer that triggers smart contracts. It’s like if you combine Bitcoin and Etherium into one network.
Cardano aims to create a platform for cryptocurrency and smart contracts that is sustainable, scalable and interoperable (i.e., allowing the exchange of assets between different blockchains, similar to atomic swaps).
The platform uses ADA as the currency for executing smart contracts, similar to the way ether is used to execute contracts on Ethereum. ADA’s circulation is limited to 45 billion coins.
Cardano hardware wallets
If you are looking for a secure solution for storing ADA, you can use a hardware wallet. Hardware wallets store your private keys offline on the hardware device itself. This makes hardware wallets more resistant to hacking than software wallets connected to the Internet.
You can use the Ledger hardware wallet along with AdaLite to store ADA . Both Ledger models support this, but the Nano X also supports mobile devices.
Alternatively, you can use the TREZOR Model T along with AdaLite.
Cardano software wallets
The easiest way to store ADA along with other cryptocurrencies is to use a wallet with free software such as Exodus which is pretty intuitive and supports both desktop and mobile versions.
Atomic Wallet
Another great option is Atomic Wallet , a software wallet for desktop and mobile devices that allows you to store ADA and over 300 additional cryptocurrencies. The wallet also allows you to exchange your assets via atomic swap (an instant cryptocurrency exchange transaction without intermediaries), unrelated to storage, with a decentralized order book.
Daedalus
Daedalus is the official desktop wallet of Cardano, Daedalus can be downloaded through its official website. It is an open-source cryptocurrency wallet for ADA. The idea behind the wallet is that it will grow with the community, becoming a universal wallet, blockchain app platform and app store.
Daedalus Wallet is available for Windows and Mac
Find your Cardano address.
Once you get your Cardano wallet, be sure to find your ADA address. It is a very long string of letters and symbols beginning with the letter “D”.
Buying ADA’s on the exchange
As Cardano matures, more and more exchanges are allowing you to buy and trade ADA, including several established market leaders.
Buy Cardano through CEX
CEX.io is a cryptocurrency exchange that has both an “instant buy” option for beginners and an advanced trading platform for more experienced traders.
The exchange allows you to buy Cardano with credit card, debit card, SEPA transfer, ACH and bank transfer. If you want to save on fees, it’s better to use the trading platform rather than the instant purchase option.
Buy Cardano through eToro
eToro is probably the easiest way to go if you only like Cardano for speculative reasons (buying low and selling high for profit). eToro, one of the leading cryptocurrency companies, gives users the ability to buy and sell many different coins with low commissions and with different payment options (PayPal, credit card, etc.).
The main thing to keep in mind when working with eToro is that you will not be able to withdraw the coins themselves into your wallet. With eToro you can only withdraw fiat currency (e.g. US Dollars, Euros). Therefore, if you use eToro, you can skip getting a wallet.
Please note: Cryptocurrency prices can fluctuate widely and are not suitable for all investors. Cryptocurrency trading is not regulated by the EU regulatory framework. Remember that your capital is at risk.
Buy Cardano through Coinmama
Coinmama is one of the oldest crypto exchanges in the world. Coinmama acts like a broker, meaning they send you your coins instantly rather than storing them in a special account like other sites may do.
Coinmama allows you to buy Cardano with a credit card, debit card or SEPA transfer. Verification is relatively quick and fees are fairly low compared to competitors.
Buy Cardano on Binance
Binance is a Shanghai-based cryptocurrency exchange that has become one of the most popular crypto exchanges in the world. On Binance you can find dozens of cryptocurrencies, including ADA, which you can buy for BTC or ETH.
Binance recently added the ability to buy coins on its exchange with a credit or debit card, but on ADA this is not possible. What you can do is buy bitcoin with a credit card and then exchange it to Cardano.
Here’s how to buy Cardano on Binance:
- Register with Binance.
- Go to “Funds” – “Deposits” and find your bitcoin address.
- Deposit your bitcoins to your Binance bitcoin address.
- Wait until the coins appear in your account.
- Go to “Exchange” – “Basic”.
- Find the ADA / BTC pair.
- Go to “Market” and enter the amount of ADA you want to buy.
- Click “Buy ADA.”
Buy Cardano on Bittrex
Bittrex is a cryptocurrency exchange in the US with a huge number of cryptocurrencies. On Bittrex, you can buy ADA by exchanging it for BTC, USDT , as well as US dollars. Bittrex only accepts bank transfers.
Buy Cardano for cash
You can’t currently buy Cardano ADA for cash. You can buy bitcoin for cash and then exchange it for Cardano at one of the cryptocurrency exchanges listed above.
How to buy Cardano on PayPal
It is not possible to buy ADA directly through PayPal. The only possible option is through eToro , but then you won’t be able to pick up the coins. More options are expected in the future as the popularity of the cryptocurrency continues to grow.
If you want direct access to the coins, you can go to LocalBitcoins which allows you to buy bitcoins through PayPal. Then all you have to do is transfer your bitcoin to Binance and exchange it for ADA.
Transfer the ADA into your wallet
After you are done buying ADA, be sure to move the coins into your own non-storage wallet (i.e. a coin that gives you access to your private key). Leaving your coins in the exchange puts you at risk of fraud or theft (which has happened many times in the past).
Once the coins are in your wallet, you have successfully completed the Cardano purchase process.
Conclusion
Cardano is a cryptocurrency that continues to grow in popularity. Although it is still in its early stages, the project looks promising and will be easier to buy, sell and store as the cryptocurrency becomes more widely accepted.
It is hard to say whether Cardano will continue to stay at the top of the cryptocurrency list in the future with such stiff competition from Ethereum, IOTA, EOS and others.
