How to Buy Cardano Summary
Cardano (ADA) is rapidly gaining in popularity, yet remains difficult to access when users wish to purchase it.
With a pedigree beyond dispute, the new ADA altcoin is not just an alternative to bitcoin, but to Ethereum too.
Developed by Charles Hoskinson, Cardano is developing into an exciting cryptocurrency, and many enthusiasts are hailing the digital coin as a the next big thing.
Hoskinson was involved from the start with Vitalik Buterin on the Ethereum project, and rumor has it that their parting was less than amicable.
Hoskinson has allegedly made “dethroning ether” a stated aim of ADA.
This has resonated in Asia, where cardano is being seen as the “investment to retire on,” especially in Japan. The Cardano blockchain project emulates Ethereum and is an an open-source blockchain 3.0 platform that facilitates building dapps and smart contracts.
Cardano has attempted to resolve protocols in favor of greater ease of use, and users don’t need “gas” to power transactions as they do on Ethereum.
The animosity between Buterin and Hoskinson apparently stemmed from the debate around whether to model Ethereum as an egalitarian non-profit or whether to monetize Ethereum directly, as in a business undertaking.
Hoskinson has since been linked to the Ethereum Classic (ETC) project and also worked on IOHK with co-developer Jeremy Wood before kicking off Cardano.
The coin is currently ranked number seven among all digital currencies, with a market cap of some $7.6 billion.
Despite having experienced some wild moments of volatility, and initially shed much of its value, it has made regains and undergone further corrections.
The cardano coin has nonetheless been among the top ten virtual coins since December 2017.
How To Go About Buying Cardano
Today, many exchanges list cardano and users really need to decide how they are going to pay for the coin, rather than spend a lot of time searching for it available in a listing.
Because it sits in the top 10, exchanges gauge it a valuable coin to list, and its availability Is growing.
That said, it helps to list the methods available for buying into cardano.
Some more typical and popular routes include:
- Purchasing ADA with a credit or debit cards
- Purchasing ADA with cash
- Purchasing ADA via bank deposits, EFT or wire transfer
- Purchasing ADA with other cryptocurrency
- Purchasing ADA with BTC/ETH
- Purchasing ADA from P2P venues
These are the most common and simplest routes to making a purchase open to users, and once decided, users will simply have to marry their preferred payment method into location and availability of cardano.
Where Users Can Buy Cardano
The information below follows the listing sequence given in methods of buying above, but of course for many the simplest route is to find an exchange that lists the coin and tie into their payment protocols to establish and fund an account that can then make a cardano purchase.
That said, for whatever reason, there are alternatives to exchange purchases.
Buying ADA With A Credit Or Debit Card
Employing a credit or debit card is for many the easiest route to some ADA, provided they are aware of the right and indeed only place where this is made easy.
There is a way to get hold of any cryptocurrency, and ADA is not an exception.
However, there is only one service that lets you buy ADA using cards. Coinmama is a BTC/ETH trading site, but users can buy cardano here too. Since Coinmama doesn’t offer users an inbuilt wallet facility, users will have to arrange for their ADA wallet before undergoing registration and purchasing on the Coinmama site.
Buying ADA Via Fiat Bank Deposit Or Wire Transfers
Users can purchase ADA from some services that accept fiat bank deposits and wire transfers, although those services remain few and far between.
A user basically needs a service provider that has a fiat-linked crypto wallet facility.
As things currently stand, users will only be able to employ EUR, GBP, INR, and KRW fiat currencies to buy ADA at these venues:
- Bithumb, that supports KRW
- LiteBit.eu, that supports EUR
- Cryptomate, that supports GBP
- Bitbns, that supports INR
Buying ADA On Any Viable Digital Exchange
Possibly a lot simpler and more logical for many existing crypto enthusiasts would be to simply log into any digital exchange that offers the coin for sale.
On the exchange, users can trade any one crypto for another, for the cost of a small trading fee.
Thus , a user sitting with BTC, ETH, LTC or even USDT in their wallet can simply trade on any enabling exchange, such as these listed below:
- Huobi which offers paired ADA/BTC, ADA/ETH and ADA/USDT
- Binance which offers pairs of ADA/BTC, ADA/ETH, ADA/USDT and ADA/BNB
- Bittrex which supports pairs of ADA/BTC, ADA/ETH and ADA/USDT
- Gate.io which also offers the supported pairs pf ADA/BTC and ADA/USDT
Ever-popular exchange Coinbase in San Francisco is also listed Cardano’s ADA on the exchange.
Buying ADA For Cash Or Via P2P Venues
This route to buying ADA for cash or via P2P platforms is not easy as, unlike BTC, there are no ATMs nor a ADA-focused site offering escrow, much like LocalBitcoins does for BTC.
That said, with a bit of persistence users can find a willing seller-willing buyer scenario on these platforms, but the purchase will hinge on the trust between parties in a P2P environment.
It’s generally thus advisable to exercise the P2P option only as a last resort, after more secure options have been exhausted.
Should You Buy Cardano (ADA) Now?
Cardano currently makes slight moves in the top ten digital coin rankings by market cap.
Cardano - Best ADA Cryptocurrency Wallets
Its future is bright and investors are eyeing a coin so young yet so well received and adopted. Largely due to Hoskinson’s prior involvement with Ethereum, much is anticipated from Cardano, although it remains to be seen whether it exercises its core value as an ethereum-style token or succumbs to wild speculation as has bitcoin.
Although on paper Cardano resolves many issues that Ethereum has and is still at times grappling with, real-world scaling and use case development is yet to follow, and is the value determinant of any currency.
The coin will only be wholly at home and active in the marketplace within a year or so.
Users might want to avail themselves of a hardware wallet, like a Ledger Nano S, simply because development has been happening to render this wallet as the first to support ADA, something worth noting as the coin continues to rise.
Cardano is currently trading at $0.16.