What is Cardano and how does it work?

August 27, 2020

Reading Time: 3 minutes

Cardano a third-generation cryptocurrency and relatively new to the crypto market as compared to other crypto giants such as bitcoin, ripple or even Ethereum, it seems to be every crypto trader’s favourite choice. Assuming you are new to this exquisite crypto, let me explain what Cardano means. Cardano is named after Ada Lovelace, who was a mathematician and first computer programmer in the 19th century. That being said, Cardano is a peer-reviewed blockchain that offers a quick money transfer by overcoming bitcoin scalability problems in addition to hosting smart contract and running decentralized applications.

what is cardano

Why is Cardano so popular in current crypto market?

If you are an active crypto trader and frequently follows news and updates on the crypto market, just like us here at Mycryptoparadise, you will agree that Cardano’s popularity is increasing day in day out. Top security is the most likely why the pioneer third-generation cryptocurrency is carrying the show in today crypto space, with this coin you are sure that secure cryptographic encryption used is temper proof. Secondly, its level of adaptability is highly recommendable since its single smart contract can be modified to meet different users needs. Last but not least, its attempt to solve the limitation of its predecessor cryptocurrencies makes it more valuable.

Where Can You Buy Cardano?

In crypto market exchange platforms have different terms and condition of trade, thus the place you chose to buy your coin matters due to security, fees and available option to trade. In this case, if you wish to own some ADA coins, Binance would be the best option as it has the largest trading volume so far.  Also, the platform offers ADA as a trading pair between Ethereum and bitcoin. In most exchange platform, there is no option to convert fiat directly to ADA, thus this coin is purchased as bitcoin or Ethereum then transferred over, alternatively, you can opt to buy GDAX and Gemini then convert them to ADA as well.

Where to Store ADA

Even before you make your mind to buy any cryptocurrency, the first thing you should think of is the digital wallet to store your coins. When ADA was introduced in 2017, it was limited to operate only on its own wallet known as Daedalus, currently, there are many wallets including Ledger Nano S, Trezor Model T (Hardware Wallet) AdaLite (Web Wallet), Infinito Wallet (Mobile Wallet) that can safely store your coin. So take your time and do some research to know the best wallet to suit your purpose.

How to Buy Cardano (ADA)

To buy Cardano you require just THREE simple steps as illustrated below:

 Step 1: Get an ADA Wallet/broker, just like the ones mentioned above, there are a variety of wallet you can choose to safely store your ADA coins,  unlike when it was first introduced with Daedalus as the only option, to today you can get a handful of wallets that support ADA, take advantage of them and avoid keeping your crypto on default exchange platforms.

Step 2: Choose a Trusted ADA Exchange: As you know the crypto market is already littered with the failed crypto exchange, then you must be keen not to be a victim of untrustworthy crypto exchange. So, of the exchange platforms that have withstood a test of time that you can opt to use include Coinmama, Binance, and Bittrex

Step 3: Fund Your Account and start trade: There are many options you can use to fund your wallets, in this case making Bitcoin (BTC) or Ethereum (ETH) deposit will be the easiest in case you opt to trade with Binance as you will be allowed to use the either of the balance in trading with ADA.

Note: Do not forget to transfer your ADA once you are done with a given trading session, to avoid auto-trading that can lead to unexpected loses.

Is Cardano recommendable for crypto trading?

Cardano has been among the top cryptocurrencies as far as profitability is concerned, though not of high value as compared to bitcoin or Ethereum its consistency in the market is promising. In fact, its value has gradually increased up to 10 times since its launched, with indications of a further increase in value as it rapidly escalates to take the lead in the crypto market.

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