Cardano might become the next big thing in the cryptocurrency market and if you’re looking for how, where, and how much to buy Cardano, you definitely should read this article.
According to Wikipedia a cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins and to to verify the transfer.
Cardano is one of such digital currencies and we will be talking about it in this article. We will also look at the various platforms you can buy Cardano, how much it is, and where to store it.
Before we get into the article proper, we will first try to understand what Cardano is.
Meanwhile, take a look at our table of content abovefor an overview of this piece.
What Is Cardano? What Is ADA?
Cardano’s internal cryptocurrency is called ADA. And the development of the Cardona project is overseen and supervised by the Cardano foundation based in Zug, Switzerland.
The blockchain environment is available to anyone who wants to create a blockchain. And ADA is the cryptocurrency that is used to pay the individuals who contribute to the Cardano environment by storing the blockchains and performing other functions. The success of one is clearly related to the success of the other.
If the blockchain environment becomes a popular place for new blockchain developers, the demand for the ADA cryptocurrency will increase. Increasing demand with a relatively fixed supply increases the market price.
Additionally, if the price of the cryptocurrency increases for any reason, more developers will be attracted to the Cardano environment. There are reasons to feel confident that both parts of this system are contributing to the long-term success and value of the other part.
How Much Is Cardano (ADA)
Just like every other cryptocurrency, the price of Cardano (ADA) is not fixed, It fluctuates. Therefore the table below represents the recent dates, price, volume, and change in percentage of Cardano (ADA).
|Dec 7, 2020||$0.156||$1,109,428||-1.79%|
|Dec 6, 2020||$0.159||$3,678,380||-0.76%|
|Dec 5, 2020||$0.160||$3,642,053||+7.56%|
|Dec 4, 2020||$0.148||$6,964,126||-11.02%|
|Dec 3, 2020||$0.164||$5,143,908||+3.35%|
|Dec 2, 2020||$0.159||$4,384,474||+1.95%|
|Dec 1, 2020||$0.156||$11,891,638||-10.73%|
|Nov 30, 2020||$0.172||$10,891,579||+3.08%|
Where To Buy Cardano
There are many places to buy Cardona, you just have to pick out the exchange that best suits your needs.
It’s no secret that there are so many cryptocurrency exchanges on the market, each with their own pros and cons.
So here’s a list of some of the Exchange you might want to try out.
Binance is one of the largest exchange in the world when it comes o trading volume. The exchange was started in 2017 and has grown to be one of the biggest exchange.
They have over a 100 different crypotocurrency listed. And usually the first exchange to list a new popular coin after it has finished its ICO.
Binance conduct over a billion dollars transactions a day. However, they do not allow users to deposit or withdraw using debit/credit card or even bank account.
Binance do not charge any fee if you’re depositing with cryptocurrency, and if you’re withdrawing Cardano they only charge 1 ADA coin.
The Binance exchange offers users both a basic and advanced version, which makes it perfect for beginners, as well as more experienced traders.
They have a good record of keeping their exchange safe as they have not witnessed a major hack since its creation.
Summarily, Binance has three avenues you can contact them from for customer support. They have a live chat facility, email support or you can submit a ticket.
This platform has been around a little longer than Binance. The Estonia based platform was launched in 2013 and allows users to buy and sell more than 200 different cryptocurrencies, including Cardano.
HitBTC allows you to deposit and withdraw using real-world money. In fact, they have one of the widest selections of methods when it comes to funding your account. For example, by using the third payment provider PerfectMoney, you can use a debit/credit card or a bank account.
Allowing people to deposit and withdraw with real money comes with a price, which is the high fees attached to it. Each payment processor charges their own fee and their withdrawal fee structure is unclear.
The platform is more suited for experienced traders as the interface is not very clear sometimes.
For security, the platform has not had the best experience as they were hacked in 2015 and lost lots of coins to the hackers.
There has not been another episode ever since, but it’s really concerning that they got access to their servers in the first place.
Created in 2014, Bittrex is a U.S based cryptocurrency exchange with a large daily trading volumes. With their trading volume, liquidating your coins won’t be difficult.
Bittrex list all of the major coins like Bitcoin, Ethereum and of course Cardano, as well as some smaller coins too.
Sadly, one cannot deposit funds using traditional payment methods such as a bank account or debit/credit card. You must fund with another cryptocurrency.
However, this is free, as are withdrawals, so you only need to pay the blockchain transaction fee.
For security, Bittrex takes it seriously as they keep most of their funds in cold storage.
They however don’t take their customer support service as serious as their security. They have no live chat or phone support. You can only get ahold of them by submitting a ticket or through their social media handles.
There are numerous exchange platforms out there, so much that we cannot exhaustively look at them all. Find the one that best suits your needs and that is easy to use.
How To Buy Cardano On Coinbase
To buy Cardano on Coinbase, follow this simple steps.
#1. Sign up For Coinbase
When you sign up on Coinbase, you will need to verify your email, phone number, and bank account.
After that, you go to Coinbase.com/buy Choose your Payment source and how much you want to buy, click BUY Bitcoin.
#2. Sign Up For Binance
#3. Send Bitcoin from Coinbase to Binance
#4. On Binance, Exchange Your Bitcoin For ADA
You could also use Ethereum for lower transfer fees if you’re familiar with Ethereum.
How to Buy Cardano On Binance| What You Must Do.
To buy Cardano on Binance, you must first open an account on Binance. And you can do that in a few simple steps.
#1. To get started, you need to visit the official website of Binance and you can do that by clicking here.
#2. In the top right-hand corner of the screen, click on Register.
#3. Once you’ve done this, you will need to enter your email address, choose a strong password, and tick the terms and conditions box. Then click Register and you’re ready for the next step.
#4. You will be required to go through a test as a security measure to ensure you’re human. You will need to drag the slider across and match the jigsaw.
#5. Once you’re done with this, Binance will send you an email. In the email you will see a confirmation link, click on it.
#6. If you successfully clicked on the confirmation link, you are ready to go.
Now that you have an account with Binance, you are ready to buy Cardano.
However, to be able to buy Cardano, you need to fund your Binance account.
How To Buy Cardano On Binance
#1. At the top of the page, move your mouse of Exchange and then click on Basic.
#2. On the right of the screen, click on ETH and then search for You should see the below screenshot.
#3. Then click on the ADA/ETH
#4. This will take you on the main trading screen for the Cardano and Ethereum pairing.
#5. Scroll down below the chart and look for the Buy ADA trading box. Then you click on the market.
#6. Once you have done that, enter the number of coins you want to buy. If you want to use all of your Ethereum balance, click on 100%. If you don’t, you can enter your desired amount into the box. Finally, click on Buy ADA to complete your trade.
If you were able to follow all these steps, you should have your own Cardano.
As you now have Cardano, the questions that comes next is where to store your Cardano.
There’s a whole lot of ways to make money with cryptocurrencies read: How To Make Money Buying And Selling Cryptocurrency In 2020 | Full Guide
Where To Store Cardano ?
You can only store Cardano in one wallet and that is the Daedalus wallet. Daedalus was created by the Cardano team and it is the only place to store your coins.
The wallet has strong security features that secure your coins. However, it is only available on desktop devices at the moment.
To access the wallet, you need to downloaded it on your computer and you can do that by visiting the official website of Daedalus.
If you were able to install it, you can now start sending receiving, and holding ADA coins.
Having your coins on Daedalus Wallet is the safest way to store your Cardano coins.
The wallet will soon be available on Android and iOS as developers are currently working on it. Additionally, they are also working on support for other cryptocurrencies.
Also, they have announced that that they soon hope to make ADA compatible with popular hardware wallets.
If you’ve religiously followed our guide, then I wouldn’t be lying when I say you now know more about Cardano. How and where to buy it and of course where to store it.
Also. I’d like to think that you now have a good understanding of what the project does and what it is aiming to do.
The article also looked at the best exchange platforms you should buy from depending on your needs.
Cardona still has a lot of processes to go through, and I believe when it does, it will become the next big thing in the cryptocurrency sphere.