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What is Cardano

Cardano is a decentralized, blockchain-based network. This network is based on both the financial system (similar to Bitcoin), as well as the Smart Contracts system (similar to Ethereum); however, Cardano is designed to be much more efficient than BTC and ETH.

Cardano’s native token is the ADA coin, and this cryptocurrency powers the Cardano network. The system is based on smart contracts and can run Decentralized Apps (dApps); however, the system is layered. The system has an individual layer that operates the ADA exchange, and a separate layer that operates Smart Contracts.

Currently, Cardano’s ADA coins can only be purchased using other cryptocurrencies.

What is Cardano?

According to Cardano, it’s the first and only cryptocurrency to run on a scientific peer review. Founded by the co-founder of Ehtereum, Charles Hoskinson, Cardano was established to create a digital financial ecosystem that’s more balanced and sustainable.

The fact that Cardano uses a scientific and research-driven approach, ADA tokens undergoes an arduous peer-review process, which is completed by both scientists and programmers that back the Cardano platform.

Cardano is run by three not-for-profit agencies, including the Cardano Foundation, Emurgo, and IOHK. These agencies have joined forces with several institutions of academia, such as Lancaster University, which is establishing what it refers to as a “reference treasury model”. The intention of this model is to pinpoint a sustainable way to financially support the development of the Cardano blockchain.

The primary objective of the Cardano platform is to offer its users a way to exchange ADA digital coins safely, quickly, and securely while enabling users of the platform to use multiple Smart Contracts and application in a seamless manner.

ADA is referred to as the “first third-generation cryptocurrency.” It intends on addressing the primary issues that are associated with other types of first-generation crypto coins, such as Bitcoin, as well as second-generation crypto coins, such as Ethereium: infrastructure, scalability, and sustainability.

In other words, the objective of the Cardano network is to process more transactions at a faster rate of speed and to increase the privacy of users by concealing the identity of transactions. Additionally, Cardano uses a Recursive Internetworked Architecture (RINA) as a way to scale its blockchain network.

To summarize, the Cardano network and its associated ADA token offers faster transaction times, allows for greater scalability, reduces costs, and increases the privacy of its users.

Cardano is often called the “Japanese Ethereum”; it is available through ATMs and debit cards throughout Japan.

Where to Buy Cardano

Cardano can be purchased on several exchanges. Some of the most popular exchanges include:

How to Buy CARDANO

In order to purchase CARDANO tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for CARDANO. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy CardanoUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Cardano

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Cardano Coins

  1. When your ETH has arrived in your Binance account, you can exchange it for CARDANO tokens
  2. Select ETH currency
  3. Search for  CARDANO in the search box and select it

Exchange Ethereum for CardanoSelect whether you want to “Limit” order (you can choose the amount of CARDANO you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of CARDANO you would like to purchase, select the “Buy button”
  • Your CARDANO order will be immediately filled; your ETH will be transferred into CARDANO
How to Buy CARDANO on Binance

Exchanges you shouldnt miss when you want to trade crypto

Why Buy Cardano?

The increases scalability, faster transaction speeds, sustainability, and low fees that are associated with Cardano are all factors that make this cryptocurrency highly appealing.

Additionally, Cardano has very ambitious plans as development continues. Intentions include being uses as a computation framework for things like gambling and gaming, as well as cryptocurrencies for universities and other major organizations.

How to Sell Cardano

To sell Cardano for fiat currencies, your best bet is to sell it on an exchange for other more widely-accepted digital tokens that can be exchanged for fiat currencies. To do so, establish an account on the altcoin exchange. Fund your account with Cardano tokens and sell them for the fiat currency of your choice (US dollars, Canadian dollars, Euros, etc). Then, withdraw the fiat currency from your altcoin exchange account and deposit the money in to bank account.

The process of selling Cadano is pretty simple and straightforward.

Which Wallets Can I Use for Cardano?

There are several wallets that can be used to store Cardno tokens. Options include:

  • Ledger Nano X
  • Ledger Nano S
  • AdaLite Wallet
  • Trezor Model T
  • Yoroi Wallet
  • Daedalus Cardano Wallet
  • Guarda Cardono Wallet
  • Infnito Cardano Wallet
  • Atomic Cardano Wallet

Conclusion

The Cardano network has a highly prestigious background and very impressive plans for the future for its ADA cryptocurrency. While it’s difficult to predict if the plans that the Cardano network has in store will actually occur, for right now, it appears to be a wise digital technology to consider investing in; both for experienced investors and first-time digital currency buyers.


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