Cardano has set an ambitious objective for itself that entails developing an easily scalable and sustainable smart contract as well as cryptocurrency platform which also enables inoperability i.e. exchange of digital currencies and assets between a number of blockchains. Just like Ethereum uses Ether as a token to execute contracts, Cardano uses ADA as a currency which has a potential circulation of 45 billion coins.
Cardano project was initiated by a company called Inputs Outputs Hong Kong or IOHK whose CEO is Charles Hoskinso, one of the founders of Ethereum blockchain. Cardano employs a proof of stake model. It means you don’t have to mine the coins, instead your participation in network’s consensus procedure is required. Cardano or ADA has become one of the leading cryptocurrencies recently and it’s in the race with NEO, EOS, IOTA and more to win the status of the go-to smart contract platform.
Benefits of Cardano
• Dual layered network enables cryptocurrency exchange and smart contracts
• Enables inoperability i.e. transfer of digital assets between blockchains
• Easy and quick scalability and sustainable network
• Mining isn’t required to earn ADA, the Cardano coin
• One of the top cryptocurrencies by market capitalization
How to Buy Cardano
Step 1 – Choose Your Cardano Wallet
Compared to other cryptocurrencies, Cardano is a new project and that’s why there isn’t a huge variety of wallets available. However, those available are really good and more than enough to store your ADA coins securely. If you are going for a hardware wallet, Ledger Nano S and Trezor Model T can be used alongside AdaLite to store ADA. Get the Nano X for mobile support.
For a desktop wallet, you can’t go wrong with the official Daedalus which you can download off the website. It’s an open source digital currency wallet which is available for both Mac and Windows operating systems. If you are looking to go mobile then Atomic Wallet can store ADA and 300 more cryptocurrencies for you.
Step 2 – Choose Your Cardano Exchange
In order to purchase ADA, you will have to pick an exchange and there aren’t many to choose from. If you are just looking to trade then eToro is a good choice as you can make money by speculating on the price and don’t actually have to buy the currency. However, if you want Cardano in your possession, then Binance, Bittrex and Coinmama are few great choices. Before making a purchase decision, check out the features of all exchanges including transaction fee, withdrawal charges, and processing time.
Step 3 – Take Precautionary Measures
Prior to buying any cryptocurrency, there are certain rules you should always follow. These include the following:
• Safeguard your exchange account with a strong password and use a distinct email address that’s only reserved for crypto trading
• Inspect all your devices for vulnerabilities and make them safe using firewalls and antivirus software. Don’t open your exchange account or keep your coins on an unsecure device
• Protect your exchange email with a strong password and make sure it’s different from the one you’re using for the exchange
• Always enable two-factor authentication to add an extra layer of safety
Step 4 – Purchase ADA or Cardano
If you have picked your exchange, wallet, and gone through the precautionary measures, it’s time to purchase the currency. Sign into the selected exchange and go to the marketplace and enter the amount of ADA you’re looking to buy. Hit the buy button and the exchange will find the best price for you in that moment. The digital currency will show up in your account in few minutes.
Step 5 – Withdraw Cryptocurrency and Store in Your Wallet
And once the ADA coins are in your account, make sure you transfer them to your digital or cold wallet to keep them accessible and secure. Exchange website can go through outages or any other uncertainty can strike any time. That’s why it’s prudent to keep your coins in your own wallet.