What is Cardano (ADA) and How to buy Cardano (ADA)

Cardano is an open source smart contract platform (similar to Ethereum). It is a decentralised public blockchain and cryptocurrency project and is fully open source. It is a platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world.

Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.The project is led by a former Ethereum CEO, Charles Hoskinson. The Japanese team called Emurgo hired IOHK (Inout Output HongKong) to build Cardano under a 5 year contract, which will end in 2020.  Cardano is home to the ADA cryptocurrency, which can be used to send and receive digital funds.

A. How to buy Cardano (ADA) coin

Step 1: Get Bitcoin / ETH:   

It is not possible to buy Cardano (ADA) using fiat currencies (USD, EUR etc) and will need  crypto currency to convert to Cardano. I suggest to buy Ethereum as it will have lower transfer cost and it is faster than BitCoin transfer.

You can buy Ethereum and BitCoin from Coinbase ( one of the the most popular exchange that allows purchase through debit card or credit card of bank account). If you use my referral link for opening account at CoinBase,  we both will get $10 as referral bonus.

If you are in country where CoinBase is not available, you can check other options to buy BitCoins and Ethereum – Read my post here.

Step 2:  Open an Account with Binance  and convert ETH to ADA.

a) Now create an account with Binance (a crypto currency exchange that allows to convert one crypto coin into another). Binance supports the exchange of Ethereum to Cardano (ETH/ADA),

b) After you open the account at Binance, you need to transfer the Ethereum from Coinbase (or other exchange) to Binance.

Go to the Funds Tab –> Select ETH wallet –> Choose “Deposit” option –> you will get an address to which you need to send ETH.

Go back to Coinbase and send the ETH to Binance address. It will take few minutes (10-15 minutes) before your ETH is reflected in Binance wallet.

c) Buy ADA – Go the “Markets” tab (or ADA/ ETH Link) and see in the middle of the page. You have option to buy ADA there.  There are two option :

  • Limit order: Allows to manually set a price at which you want to buy ADA
  • Market Order: Buys ADA automatically at the best available price.

You can go for the Market Order type to get your order filled instantly.

Step 3: Transfer Cardano (ADA) to your personal wallet (Optional)

a) This step is optional as you can keep your ADA at Binance exchange so that you can sell it in future instantly or you can choose to transfer in to your personal wallet.  You can create free ADA wallet at Daedalus wallet (https://daedaluswallet.io/)

b) Once you have created the wallet, login to Binance and click on “Funds” -> Deposits Withdrawal. Search for ADA and click on Withdraw.

Enter your Daedalus wallet details and set the amount as “Max”  and Submit. Make sure the details are correct. You will receive an email to confirm the withdrawal as well as code for the 2 factor authentication.

Once it is done, Cardano (ADA) amount will be transferred from Binance to your personal Daedalus wallet.

Other Points to note:  Exchanges that list Cardano (ADA) coin:

  • Binance
  • Bittrex
  • Coinnest

 B. How does Cardano (ADA) compare with other Alt Coins

Cardano (ADA) ICO:   The ICO was in four stages between Sep 2015 to Jan 2017. During this ICO, they had raised about $63 million after selling about 26 billion ADA tokens. This put the value of ADA tokens at around $0.00242 each.

Listing:  Cardano started trading from Oct 2017 and it was listed at $0.02 (almost 700% up from ICO price).

Current price:  Current price is $0.41 which means  1900% returns since Oct 2017.

Feedback / Suggestions / Queries/ Comments

If you have any feedback, comments, suggestion and queries around Cardano (ADA) or any other coins and exchanges, feel free to use the comments box below.

 

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