The Easiest Way for Investying in Cardano | 0% Fees | Coinlist.me

How to Buy Cardano – The Complete Guide

As incredible as Bitcoin, Ethereum and the blockchain are, there are still some serious limitations keeping it from becoming a proper decentralised computer. Cardano aims to address some of those problems with their Epochs and their unique Proof of Stake blockchain.

If you are looking for a cryptocurrency that has the potential for serious long-term growth, invest in Cardano. It is currently trading at about $0.11, and I don’t see it going anywhere but up.  

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What is Cardano?

The CEO and founder of Cardano, Charles Hotkinson,  a former CEO of Ethereum, leads a team of over 100 full time employees. Considered by many to be the dream team of blockchain development and sourced from some of the best universities in the world. Cardano (ADA) is, at least on paper, a heavy hitter.

The team’s academic background has led them to focus extensively on peer reviewing their development, and any sensible trader looking at investing in Cardano will appreciate their scientific method, preferring a systematic approach to progress over empty promises and speculation. So we have established that Cardano holds itself to a very high standard, but what exactly is the Japanese Ethereum, and why should you invest in Cardano?

Cardano Logo

Charles Hotkinson calls Cardano the third stage of blockchain. It was developed to fix some of the issues with the Ethereum blockchain and be a faster decentralised computer for running smart contracts and decentralised applications.

Problems with the Ethereum Blockchain

Cardano (ADA) aims to address

  • Scaleability
  • Interoperability
  • Sustainability

ADA has a massive advantage over Ethereum, in that it isn’t yet running. Progress builds on progress, and since Cardano was implemented after Ethereum the Cardano development team has had the chance to tinker with their tech and improve on a lot of things, while the Ethereum blockchain is already running making it much harder for the developers to make changes.

Charles Hoskinson makes a good point when he compares making an alteration to the Ethereum blockchain to changing the tires on a moving car. 

Why Buy Cardano Coin Ada?

If we are just talking about technology, this is one of the best investments in the space. From a trader’s point of view, it is a bit more difficult to gauge. The max coin supply is 45 billion – about 270 xs that of Ethereum, so we do need to depend on mad progress driven hype and circulation before it will really increase in value.

I believe the hype and circulation are coming.The Epochs which Cardano uses for its Proof of Stake, equivalent to mining, are much cheaper than Ethereum’s Gas, which means transactions are cheaper and since transactions carry information, on the blockchain, this makes computing cheaper.  

Another reason I think that you should buy Cardano coin Ada is that it will be scalable. The Bitcoin blockchain is incredibly congested. It can take hours to process a transaction and there are hefty fees to incentives its continued mining. Cardano’s POS and their Ouroboros blockchain will be able to handle more transactions as more people use it, which is the opposite of what we are seeing right now with Ethereum and Bitcoin.

It takes a white paper to explain properly, but Cardano claims it will be possible to run multiple blockchains in tandem, which improves the blockchain’s bandwidth and increases transaction speed further.

Why You Need To Buy Bitcoin First

Cardano is on its own blockchain and isn’t as popular as other alts. For these reasons, it is harder to trade it for fiat currency. Buying another crypto first, like Bitcoin, Ethereum or Litecoin and trading that for Cardano, is a much easier way to go about buying Cardano.

This is because there are many exchanges that specialize in altcoins like Bittrex or Bitfinex, but they don’t deal in fiat currency.

Invest In Cardano (ADA) if You Believe in The Technology

Cardano doesn’t have crazy hype at the moment. Guaranteed it is currently 29th most traded coin, a lot of traders know there is a reason to buy Cardano coin, but I think that limiting the initial crowd sale to Japanese residents, while they had their reasons, killed a lot of the hype.

The blockchain went live on the 29th of September. All the initial Ada vouchers were redeemable for normal Ada, once the Cardano wallet, Daedalus, was released. How did Cardano perform?

A chart for Cardano Investors

The Ada token was made available on the U.S regulated exchange ,Bittrex, on the 1st of October. As you can see the coin has been very consistent with occasional spikes but almost all of its growth occurred within the last 30 days during which it has increased by 311.34%.

I predict that future growth will take Cardano to the moon. They have a clearly defined roadmap that tells you exactly when they are going to make updates and what the update is about. You can see who is leading every development and even reach out to the team on Twitter or Reddit.

Invest in Cardano Roadmap

It is almost inevitable that the price will go up when a milestone is near and updates are announced.

Why Investing in Cardano in 2018

2018 will be a big year for Cardano, and those who invest in Cardano will be rewarded. There is another update planned for Cardano’s blockchain that will upgrade to what they are calling Ouroboros Praos. The development team hasn’t finished with it yet but once implemented it will make their blockchain semi-synchronous, it won’t require a heavy MPC protocol for randomness, and it will encourage them to adopt a quantum resistant signature scheme for input endorsers and slot leaders.

If that is all gibberish to you think of it as future proofing that basically makes transactions faster and their blockchain more secure. All the average trader really needs to know is if you invest in Cardano before the planned upgrades the price will go up.

Another important consideration that everyone looking to invest in ADA needs to understand, is that Cardano’s blockchain is significantly cheaper to run. Bitcoin cost over $300,000 / hour to run, and it uses about 33 Terawatts of electricity. That is as much electricity as Denmark, and more electricity than 159 Individual countries.  

Bitcoin Map Shows Why You Should Invest in Cardano and Other POS coins

Cardno’s proof of stake blockchain protocol will at the very least curb the massive environmental impact of Bitcoin. If you buy Cardano, you are kind of like the blockchain equivalent of an environmentalist. The economic benefits of this are simple. It makes blockchain computing cheaper.

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Invest in Cardano for Returns In the Long Term

Clearly defined goals that state what they want to achieve with their technology, an influential, competent team with big crypto names like Charles Hoskinson & Jeremy Wood, and the most extensive peer review and scientific background in crypto, I fail to see how Cardano is going anywhere but the moon.  

A common problem that coins run into is their decentralized nature makes it difficult to reach a consensus in regards to what developments should be implemented. For example, the recent Bitcoin Lightning Network has only been accepted by about 60% of miners, and Ethereum’s transition to proof of stake has been held back and surrounded in controversy, eventually settling on a gradual transition which has attracted even more controversy.

Cardano, on the other hand, is backed financially & with development sources by three independent entities: The Cardano Foundation, IOHK, & Emurgo. Each of these, will oversee a certain part of Cardano’s development, but their presence should be a driving force towards

Convinced? Let’s Take a Look at How to Buy Cardano (ADA)

It is easiest to buy Cardano on Bittrex, so if you haven’t already, go and make a Bittrex account. Bittrex is a U.S regulated exchange that will let you trade cryptocurrencies and invest in Cardano, but you will first need to send Bitcoin, Ethereum or another cryptocurrency to your account to trade for Cardano.

Quickly Buy Some Bitcoins From Coinbase 

Coinbase is a U.S regulated exchange and is arguably the most popular exchange in the world. You can read our full review on Coinbase here, but I just wanted to quickly run through how you can use it to buy Bitcoin and then how you can send them to another exchange like Bittrex to buy Cardano.

Create an account Coinbase

Create an account on Coinbase. It is a relatively straight-forward procedure. Fill in a form, verify your email address and set up two factor authentication with your mobile device. Once you have created your account you need to verify your identity.

 

This is fairly common with crypto exchanges. You might be able to find a few exchanges that will trade fiat without identification but as a general rule these exchanges aren’t as good. The verification required by an exchange is largely a reflection of the regional government’s stance on crypto. In the Philippines you can buy bitcoins at any 7/11 over the counter in cash. In Australia, you need 100 points of ID and a phone call to join an exchange.

Once you have verified your identity and linked a payment method, you can go to the buy section and trade some fiat currency for Bitcoin, Bitcoin Cash, Litecoin, or Ethereum.

Buying Ethereum on Coinbase

 

So You Have Your Bitcoins, Back to Buying Cardano on Bittrex

Once you have logged into Bittrex, you need to search for the Cardano market. There are Bitcoin markets and USD markets. Basically, the USD markets are coins you trade for USD and Bitcoin markets, well you get the point. To buy Cardano on Bittrex we need to use Bitcoin so search Ada to buy Cardano coins in that market.

This will bring you to all the information you need to invest in Cardano. There is a price chart that has the value of the Ada token on the y axis and time on the right axis. Read our cryptocurrency investing guide to learn more about reading these candlestick charts.

Further down the page is the order book where you can see everyone buying Cardano in real time. People buy Cardano coin or token and sell in real time on Bittrex. And when you buy Cardano on Bittrex, your order will be added to this order book.

It was at this point I realised I hadn’t actually logged into my Bittrex, which is an important step in buying Cardano. Anyway, go down to the trading section, and fill out a buy order. I will quickly convert some of my precious Omisego to BTC, so I can show you how to invest in Cardano.

Savage, now set the units to determine how much Cardano you want to buy and choose a price. You can put your own price in there, or you can choose either the Last, Bid, or Ask.

Quick Explanation

  • Last: is the price of the last trade.
  • Bid: is the highest priced buy order that is currently available for the market.
  • Ask: represents the lowest priced sell order that is currently available, or the lowest price someone is willing to go short or sell at.

Choose your price and press Buy Ada at the bottom of the box to buy Cardano.

Confirmation Box Invest in Cardano

Before the buy order goes through, there is a quick confirmation box. Check everything is correct before buying ADA and then press the confirm button.

Buy Cardano Buy Order Approved

The order will show up on the top right of your screen. A blue box for the order to buy Cardano and a green box once the order is matched. I wasn’t quick enough to get the green box in a screenshot.

Can you Buy Cardano on Coinbase?

With Cardano being a relatively new cryptocurrency, founded in 2015, it is yet to make the step onto Coinbases platform. Coinbase is quite particular about the cryptocurrencies it allows on its platform, at the current time there are only four on it; bitcoin, bitcoin cash, ethereum and litecoin.

Realistically, we won’t see Cardano migrate to Coinbase any time soon, the next cryptocurrency on Coinbases radar appears to be Ripple, so if you are looking to buy Cardano directly with fiat currency, you are out of luck.

Currently you cannot buy Cardano directly with fiat currency, the best method is highlighted above by buying bitcoin and trading it on an exchange for Cardano. If you come across somewhere that gives you the option to buy with fiat currency, let us know and we will try it out before you put your money at risk.

So That is How you buy Cardano (ADA) Currency But What Should You Do Next?

After you buy Cardano on Bittrex, I recommend that you move it to an offline wallet or a secure software wallet away from the exchange. Keeping coins on an exchange is a little risky, because they are targeted by hackers, or Bittrex might run into some problems, and there is a small possibility that after you buy cardano currency it could be lost to the crypto void. Better safe than sorry. Keep your coins in a cold wallet.

Some Final Words and Thoughts about Investing In Cardano

If you decided to buy Cardano currency understand that there is risk involved. All trading tips were nothing more than the opinions of an overzealous Cardano enthusiast, and I encourage you to do your own research before investing in Cardano. The purpose of this article was to show you how to buy Cardano, and more importantly how to buy Cardano currency on Bittrex. I wish you the best of luck with your trading. Once you know how to buy Cardano you have to know how to hold Cardano. It is going to be a while before we see serious returns from this coin, but I will be very surprised if it doesn’t seriously increase in value in the coming months, years, even decades.

Broker Pros Min Deposit Coins Available Open Account
FCA Regulated Copy Crypto Traders 83% CryptoFund Return £500 Bitcoin, Ethereum, Litecoin, Ripple, Dash Buy Crypto
24 Option EU Regulated Multiple Coins Available CFD Trading $100 Local Currency Buy Crypto
How to Buy Cardano – The Complete Guide
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