April 15 2022
How to Buy Cardano
Cardano is a decentralized smart contract platform with a market capitalization of $10B. According to its official website, Cardano is an open source and secure platform and the first cryptocurrency with a “research-driven and scientific approach”. Read more here to know more how to buy Cardano.
The cryptocurrency was launched in 2015 but was made available for trading in October 2017. From what is publically known, it was launched without a roadmap or a white paper. Instead, during the development stage, Cardano core team relied on set principles and practices for guidance.
Cardano, and its cryptocurrency ADA is programmed using Haskell and double layered complete with Ouroboros Proof of Stake (PoS) protocol for transaction confirmations. It is this duo layer design that gives the platform’s smart contracts flexibility since there is a clear separation of ledger values from reasons for transaction execution.
Besides the special tolerance proof programming language, Cardano’s smart contract platform leverages on KMZ side chains which unlike the parent chain makes use of proof of work (PoW) protocol. Obviously, this feature makes it possible for businesses to adopt and customize their own contract meeting their different needs.
Unfortunately, there are no fiat payment options in case you want to buy Cardano, ticker symbol ADA. However, you can start by buying liquid digital currencies like BTC or ETH and exchange them for ADA in high trading volumes cryptocurrency exchanges like Binance or Bittrex.
To demonstrate how you can buy Cardano, start off by buying Ethereum at CoinBase or any other cryptocurrency exchange that allows the exchange of fiat for ETH before login into your registered Binance account.
Transfer ETH from CoinBase to Binance
Here is how you fund your Binance account:
- Register and log in to your Binance account
- Navigate to Funds>Deposit Withdrawals
- Search your ETH wallet and click “Deposit”
- Copy the generated ETH address
- Login to you CoinBase account
- Navigate to your ETH wallet
- Paste the generated ETH wallet address from Binance and send ETH to Binance ETH wallet.
Here is how you buy Cardano:
- Login to Binance
- Navigate to the top right corner and click on Exchange>Basic
- Select ETH on the tab and below it search “ADA”. After it has filtered, you will see the current spot rate of ADA/ETH. Click it.
- To buy at Market Price, select “Market” tab and chose the amount of ETH you would want to exchange for ADA. Thereafter, click “Buy ADA”.
Buy Cardano (ADA)
If you don’t plan on trading ADA then you can transfer it to Daedalus desktop wallet. But, note this, Daedalus is only available for Windows and Mac.
At the moment, there is no hardware wallet support for this cryptocurrency. However, there are concrete plans underway for Ledger Nano S to support this coin in the near future.