What is Cardano
Cardano.org is a proof-of-stake blockchain platform. Its native token has the name ADA inspired by a 19th-century mathematician Ada Lovelace. The goal of the token is to allow users all over the globe to carry out instant transactions.
Developers can leverage builder tools offered through the developer portal to integrate Cardano wallets into applications or build smart contracts (self-executing digital contracts). The platform is built for participation, and users may even run staking pools —where they lock up their ADA through staking to maintain a healthy network.
Cardano also accommodates enterprise use cases with solutions such as credential verification, product counterfeiting, digital identity, and supply chain tracking. IOHK and EMURGO have built some products using Cardano to tackle real-world problems.
Who created Cardano?
Charles Hoskinson — a mathematician and tech-entrepreneur together with Jeremy Wood, started out by creating IOHK, a blockchain infrastructure research company. It is credited as the developer of the Cardano blockchain as it provided the scientific and evidence-based development methodology underlying the chain.
The co-founders began the venture shortly after leaving Ethereum following disagreements on whether to commercialize Ethereum or follow a no-profit approach. EMURGO is recognized as one of the founding entities of Cardano. While Cardano is a non-profit, EMURGO pursues commercial interests.
What to do after buying Cardano
When you get your hands on some ADA coins, what options do you have?
Buy and sell ADA on crypto exchanges to the advantage of all market fluctuations. Get on a cryptocurrency trading platform and start making your first transactions. Not every trade will be profitable, but many of them might!
Add Cardano to your portfolio and sell it at a later date - when the price is right! And the best thing is that it’s not hard to invest - people simply need to keep ADA investments in their wallets and be patient.
Aside from trading and investing, you can use your assets as a payment method. There are hundreds of offline services for all tastes and preferences that have already become crypto-friendly.
Do you need to wire some money to your friend or a family member? Send ADA of the same value! You don’t need special tools - everything can be done inside the e-wallet.
Find a charity that accepts cryptocurrency deposits and support their work! Some projects that fundraise in ADA are Save the Children, LIFT, and Blockchain for Good. Before sending any token, please verify that the fund is legit.
What can you buy with ADA?
Using ADA to acquire products and services is generally possible if users find merchants supporting the token.
Some options include EMURGO partnered merchants. The company is the financial arm of Cardano and provides solutions to governments, enterprises, and startups.
In the past, it has partnered with Japanese restaurant chains, allowing them to accept ADA payments. Many more merchants are accepting the token by adopting the Yoroi Wallet.
What are Cardano Smart Contracts?
Users can think of smart contracts as programmed contracts capable of automated execution after underlying conditions are met. The contracts are immutable and capable of self-execution without interference. Cardano smart contracts draw their uniqueness by operating on a dual-layer that separates the running of smart contracts and transactions into distinct layers.
Advantages and disadvantages of Cardano network
The blockchain has numerous advantages:
- Increased efficiency: New blocks are verified and added to the chain using a Proof-of-stake consensus mechanism that is more green and energy efficient than the P-O-W consensus leveraged by BTC and BTC Cash;
- Designed for minimum transaction fees: This helps Cardano draw developers looking to build disruptive decentralized projects.
- Famous founder: The rise of the project has been occasioned by its famous founder, who left Ethereum after helping to found it;
- Seen as the best alternative to Ethereum: The project is often compared to ETH, as it was built as an improvement;
- Hard cap: Only 45 billion ADA coins will ever exist, and the limited supply may help stabilize and increase the price.
Cardano's main drawbacks are the lack of famous and widely-used projects compared to its biggest rival and the fact that its ground-breaking technologies are being replicated by emerging projects. It doesn't provide a very solid use case or USP, as many projects are pursuing similar goals.
Why buy Cardano?
Looking for reasons to purchase ADA?
- Innovative technology: The blockchain has gained traction for its innovative technologies that provide robust security and scalability to DApps;
- High trading volume & good demand: ADA has caught the attention of investors, leading to high trading volumes and stable demand;
- Solid team: Cardano has a strong development team, and its operations are overseen by a Swiss-based non-profit.
- Better features than Ethereum: Cardano was built to be more robust than ETH, equipped with a dual layer, greater bandwidth, energy-efficient proof-of-stake, and lower transaction fees.
The network may become more valuable as developers leverage its smart contracts to build more exciting applications.
*But note that this doesn’t constitute investment advice.
Is Cardano a good investment?
The crypto market is full of potential, not to mention projects with real-life applications like Cardano. Savvy investors are putting in their money into ADA, planning to sell at a higher price.
Is Cardano reliable?
With highly volatile digital assets, there will always be a market risk. But similar risks apply even to traditional currencies like the price EUR.
Where to store your Cardano (ADA)?
You can either get electronic wallets or hardware wallets. A hardware device is recommended for larger amounts.
Can I buy Cardano with credit card?
Easily purchase cryptocurrency with a credit card. The transaction only involves three steps. Now, the only way it may fail is if the card provider declines the charge on their end. So, be on the lookout for this, and speak to their support team to have it cleared.
Can I buy Cardano with a debit card?
Use a debit card (VISA, MasterCard, or Maestro) to acquire crypto assets on Changelly. Our network consists of highly reliable sellers that uphold strict security standards — ensuring that payment details are safe.
Can I use a prepaid card to buy Cardano?
Yes, Changelly works with partners that support debit card payments. The card may be virtual or prepaid. This method is preferable to pay without a bank account. A prepaid card can be more secure as it's not linked to a savings or checking account.
Is there a fee when buying ADA with a credit or debit card?
Yes, there may be a card processing fee to purchase ADA. It generally ranges from 1.5 to 4.5%, depending on the region and payment provider. The platform may also charge a commission on the transaction.
Can I buy Cardano with a bank transfer?
Making a bank transfer is a popular way to purchase the Cardano foundation token. The method attracts lower fees. However, it may be slower, taking up to one business day to process.
Can I buy Cardano with the app?
Get the Changelly app from the App Store for iOS devices or Google Play for Android. Users can use the app to facilitate exchanges of over 400 cryptos to ADA. You can manage all your transactions and exchanges by simply installing our application for your device. It’s as easy as making a purchase from a cryptocurrency exchange.
Can I purchase Cardano (ADA) with Paypal?
Wondering how to buy Cardano with PayPal? The payment method doesn't enjoy broad support among brokerage services, cryptocurrency exchanges, and ATMs. So, it's a bit challenging to use it. However, some sellers on P2P platforms may support it individually.
How quickly will I receive ADA after purchase?
Buy ADA Cardano on Changelly and receive it within 5 to 30 minutes under normal conditions. That is because the network churns out new blocks in about 20 seconds. At times, the transaction may take a bit longer to complete, but all monies will be safe.
Can I sell Cardano for USD or other fiat currency?
Cardano has a high-trading volume and ranks among the top coins based on market cap. The strong demand makes it easier to find platforms willing to accept ADA for Fiat currencies. In case the platform's sell feature doesn't support ADA, think of converting it to more popular altcoins.
Can I buy less than 1 Cardano?
Yes, it's entirely possible to acquire less than 1 Cardano. Lovelace is the lowest subunit, with one ADA equaling 1 million Lovelaces.
Can I get Cardano for free?
Yes, and there are several strategies to try:
- Earn passive rewards by staking ADA;
- Sign up to crypto faucets such as Coinpanda or AltHub;
- Create an account with Get-Paid-To sites, for instance, Idle Empire. Complete surveys and other tasks to earn free points and redeem them for ADA.
Review the reputation of the free faucet website before completing tasks. Some platforms may not follow up on their promise to fund the customers’ crypto wallets.