Perfect For Beginners and Middle-Leveled Traders!
Free Demo Account.
Get Your Sign-Up Bonus Now!
Recommended Only For Experienced Traders!
How to buy Cardano (ADA) Cryptocurrency – 2020 Guide
Cardano is a relatively new, decentralised cryptocurrency, which was first released in 2020, and has been gaining traction ever since it became available to traders in 2020. Here you will find a detailed description of what Cardano is, and how the Cardano token ADA can be purchased.
How to Buy Cardano (ADA) – Brief Steps
- Get an ADA wallet – Ledger or Atomic are good choices
- Note your Cardano wallet address
- Find an exchange, which offers ADA – Coinbase and Bitpanda are great choices
- Buy ADA
- tokens on the exchange
- Send your Cardano tokens to your wallet address for storage
Step by step guide to buy Cardano
Below you can find a detailed step-by-step walkthrough of the process of buying and storing Cardano.
Step 1 – Choose a cryptocurrency wallet
In order to buy ADA coin, you first have to have a place to store it. In this section, we will take a look at two different wallet options for storing your Cardano.
Jaxx Wallet Review – Popular Multicurrency Hot Wallet
How to Use Etherdelta Exchange – 2020 Review
Paxful Review, Features, Pros & Cons (2020 Latest Guide)
How to buy Bitcoin with Paypal in 2020?
- The first option is a hardware wallet calledLedger, which is a remote device, you can carry anywhere you go.
- The second option is Atomic – a desktop and mobile wallet, which is software-based.
Pros: extremely secure, as it has virtually no touch with online environments
Cons: there is a physical device you have to carry around
Ledger is a hardware cryptocurrency wallet, which looks very much like a USB flash drive. However, it performs complex functions and stores all your cryptocurrency assets. Getting yourself a Ledger is very easy. You can purchase a device here . There are currently three types of Ledger devices.
In order to start using the Ledger wallet, you have to download the desktop or mobile version of Ledger Live. It is the software, which facilitates the use of your Ledger wallet. For the purposes of this tutorial, we will be using the mobile version of Ledger Live, as it is easier to set up.
Here is the step by step process for setting up your Ledger Live application:
1. Chose the device you are using
2. Follow the instructions to set up a PIN code for your device
3. Choose a recovery phrase, and make sure to remember it – it is the only way to retrieve your profile and funds if you forget your PIN code.
4. Pair your Ledger device to your mobile phone via Bluetooth (or via USB connection if you are using the desktop application).
Once you successfully pair your device, you will be all set to store cryptocurrency on it. Take a note of the wallet address once you complete the pairing, as this is where you will be sending your funds.
Perfect For Beginners and Middle-Leveled Traders!
Free Demo Account.
Get Your Sign-Up Bonus Now!
Recommended Only For Experienced Traders!
Ledger Live is available for all computer and mobile operating systems.
Pros: Easy to set up and use from your computer or mobile
Cons: Does not have the added layer of security of a hardware wallet
Atomic is a software-based cryptocurrency wallet, which is often advertised for its support for the ADA token. Other than Cardano, you can store more than 300 other cryptocurrencies in Atomic. In order to use the wallet, you have to visit the Atomic website or download the app straight from your mobile application store. We are going to be using the mobile version for this tutorial.
Here is a step-by-step guide to setting up your Atomic wallet:
1. Save and install the Atomic app on your mobile
2. Click on create new wallet once the app loads
3. Chose a password for accessing your wallet
4. The next screen is very important – it shows you a 12-word backup phrase, which will be used in case you forget your password. As you can see the words have no meaning and were randomly selected for the sake of security. Make a note of this sequence of words, as it is your only backup option.
5. After writing down your backup passphrase, you will be redirected to the main menu, where you can see all the available cryptocurrencies and your wallet address for each one of them.
Probably the most significant advantage of the Atomic wallet, is that it allows you to swap between currency balances in-app, or in other words, without the necessity to go through a cryptocurrency exchange.
N.B! Regardless of the wallet service you choose, you should make a note of your ADA wallet address – this is the most important piece of information you are going to receive from your cryptocurrency wallet. Cardano wallet addresses always start with a D, which is followed by a long string of letters and numbers.
Here is an example of how Cardano wallet address might look like:
Step 2 – Chose a cryptocurrency exchange
In order to buy Cardano with fiat money (either a credit card, debit card, or bank transfer) you have to use the services of a cryptocurrency exchange. Below we will provide you with a detailed guide on how to sign up and purchase ADA on several trusted cryptocurrency exchanges. Note that it is a common practice to first purchase one of the more established cryptocurrencies like Bitcoin or Ether, and then exchange it for ADA. (With Atomic you can do this directly in your wallet.)
Coinbase is one of the leading cryptocurrency exchanges in the world, and one of the most trusted ones. They support a ton of different currencies, and the signup process is fast, easy and secure.
Briefly about the process:
Get started by stating your name email and choosing a password
- Verify your email
- Set up your phone number for two-step verification
- Upload identity documents and proof of address
- Link your credit or debit card and top up with fiat currency
Pros: Coinbase is well-established and secure. It also comes with an integrated cryptocurrency wallet.
Cons: The verification process takes a bit longer than other exchanges – approximately two hours.
Here is a step by step guide to signing up and purchasing ADA on Coinbase:
- Create an account and fill in your login information
2.Provide your phone number, in order to go through the two-step verification and authenticate your account via a code sent to you through SMS
3. Fill in your personal information, and the purpose for your use of Coinbase
4. Verify your identity via passport, driver’s license, or personal ID
5. You can choose between three different ways to upload your personal documents
6. We chose the recommended upload method, which is through your mobile phone camera
7. The final step of the verification process will take you to a page asking for a recent document (past three months) which has your address on it – this is done to verify that you live at the address you state a few steps back.
8. Once you submit all necessary documents, you will get verified, and you will be redirected to the Coinbase home page.
9. By clicking the Trade button you will be redirected to the purchasing page, where you can deposit fiat currency into your account
10. Once you deposit funds in your account, you will be able to exchange them for cryptocurrency
11. Coinbase does not support ADA, so a good choice for you would be to buy Bitcoin or Ethereum, and send it to your Atomic wallet, where you can directly convert it to Cardano.
While Coinbase does not allow you to purchase ADA directly, it is one of the most trusted exchanges out there, which is why it is featured in this guide. If you wish to purchase Cardano directly, you can move on to our second suggestion – Bitpanda.
Bitpanda is another trusted cryptocurrency exchange, targeting customers in the euro area. Some of its biggest advantages include the easy verification process, and the ability to purchase Cardano directly from the exchange.
Pros: Easy to use, automated platform, full wallet integration
Cons: Available only to customers in the euro area
Briefly about the process:
- Register on the platform and confirm your email address
- Verify your account by indicating your personal information
- Deposit fiat currency (US, EUR, etc.) and buy Bitpandas’ supported cryptocurrencies
Here is a step by step guide on how to purchase ADA on Bitpanda:
1. Fill in your name and email address – the signup process takes only about a minute.
2. Once signed up and logged in you will see all currencies available for purchase, however, before you can get some Cardano, you will have to verify your account.
3. Clicking on Verify Now will take you to the first screen of the verification process, which gives you two options – a light or a full verification. To keep things simple we will go through the light version.
4. Next, you will have to fill in your personal information, your ID information and submit a biometric data sample (a selfie). This whole process happens on-site, without the need to upload any documents. You just have to show your ID to your computer or mobile camera.
5. Once you show both sides of your ID and your face, your verification will enter the pending phase. It usually just takes several minutes for the Bitpanda team to verify your account.
6. Once your account is verified you will be able to deposit fiat funds to it. Bitpanda accepts deposits in EUR, USD, CHF and GBP.
7. After depositing the desired amount of fiat currency, you will be able to trade it for Cardano by clicking the bubble of the cryptocurrency on the homepage.
Bitpanda is a very suitable option for people who want to buy ADA directly, as their verification process takes no more than fifteen minutes and the exchange supports direct purchases of the cryptocurrency.
Step 3 – Move your Cardano from the exchange to your wallet
It is the most important step of the whole process. It is essential that once you purchase your Cardano from an exchange, you move it to your preferred wallet. Remember that Nota bene remark we mentioned earlier? Your wallet address comes into play at this step.
Both Coinbase and Bitpanda support withdraws to external wallets. In essence, your wallet address (the long string of letters and numbers) lets the exchange now where to send the funds, much like an email address lets you receive your mail.
Moving your assets to an external wallet protects you from possible theft or fraud, as storing your ADA on an exchange leaves you vulnerable to hacks.
What is Cardano?
- Cardano is one of the youngest cryptocurrency and smart contract platforms, which was developed as a direct competitor of leaders in the industry like Ethereum.
- The basic structure of the Cardano cryptocurrency is divided among two layers – one of which carries out payment settling, and another, that operates smart contracts. In this regard, Cardano is very similar to the way the Bitcoin works.
- Cardano was developed by Inputs, Outputs, Hong Kong (IOHK). Unlike Bitcoin, you do not mine Cardano, but stake it, in order to make money. Of course, the larger the amount you stake, the more money you are going to make from your ADA tokens.
- By far, the most recognizable official application of Cardano was delivered by Greek universities looking to use the Cardano blockchain to store graduate data and diplomas.
Recent Developments/Updates – Nov 19, 2020
Weiss Crypto Ratings admitted that ADA is yet to be used for its intended smart contract functionality. But the comparison against EOS heated the discussion. While some agreed wholeheartedly with the assertion, many argued that Weiss rating is becoming a mouthpiece for elevating ADA over EOS.
The Cardano network turned two at the end of September, but it is still a long way off of becoming a platform coin to displace Ethereum (ETH). Cardano has gone through multiple testnet stages, but ADA remains a relatively unused coin that does not see many transfers.
Hopefully, you will find this guide useful if you are just starting out and exploring the option of buying Cardano for the first time. Some tips to remember:
- Keep in mind that nowadays, there are numerous alternatives to the wallets and exchanges we mentioned above, but these are our trusted and tested choices.
- You can stick to our suggestions, or go exploring the vastness of options available; however, we would always recommend choosing a trustworthy wallet and exchange, to better safeguard your assets.
- ADA is getting traction with each passing day and is probably one of the wise investment choices at the moment. Of course, there is nothing we can guarantee, as markets work in a mysterious way.
- One thing is sure. However, Cardano’s popularity is on the rise, which usually means that its value is going to go up as well. Don’t hesitate and visit the wallets and exchanges we mentioned here, to get some Cardano of your own.
Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn’s dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.
Enjoyed the article? Share:
Cardano is a decentralized block platform on opensource smart contracts, launched in September 2020 by Blockchain Development Output Hong Kong (IOHK). On the basis of the Cardano platform, here is a Cardano coin – ADA – cryptocurrency, which can be bought on exchanges, such as Binance or Bittrex for an attractive price and can be stored on the Daedalus wallet.
Cardano Review [ edit ]
Cardano is developed by the team headed by Charles Hoskinson, the former cofounder of BitShares and Ethereum, and is aimed at the launch of smart contracts, decentralized apps, sidechains, multipart calculations and metadata.
The platform works on the Proof-of-Stake algorithm called Ouroboros that determines how separate nodes achieve consensus in relation to the entire network. The algorithm is an important part of the infrastructure that supports the cryptocurrency ADA. According to the developers, the security level of Ouroboros is comparable with the level of Bitcoin blockchain. This is the first algorithm that passed the reviewing on the status cryptographic conference Crypto 2020.
Cardano Coin (ADA) [ edit ]
ADA is a cryptocurrency based on the Cardano platform. The developers believe that digital money, such as ADA, show how money will be in the future. This allows you to quickly transfer direct transmissions with guaranteed security thanks to cryptography.
To use ADA, investors must use the Daedalus wallet, which is a hierarchical deterministic, multiplatform, secure wallet designed specifically for this cryptocurrency. The wallet is easy to install, and it allows you to view everything and even search for transactions.
Cardano coin price [ edit ]
The cryptocurrency ADA has grown by 1500% since September 2020. Now, it is on the 7th place among the cryptocurrencies by the market capitalization – over $6.58 million (the data by CoinMarketCap.com, May 18th, 2020). In the trading 25 927 070 538 coins of 31 112 483 745 issued take part with the final emission of 45 billion coins. The price of ADA token or Cardano coin is always chaining, however, BitcoinWiki gives you a chance to see the prices online on Coin360 widget.
Cardano Wallet [ edit ]
Until March 2020, the only cryptocurrency wallet with ADA support was the wallet Daedalus. It is available for Windows and Mac with basic functions; the release of a Linux version is also planned. The wallet supports other currencies like Bitcoin and Ethereum Classic. Daedalus is a highly secure wallet for the ADA cryptocurrency. Download and install it so you can use it to safely store your ADA. Daedalus will add more cryptocurrencies and be developed over time along with Cardano coin, to become a universal wallet, blockchain application platform and an app store.
In the beginning of March it was known that ADA added the cryptowallet Centra. For the cryptocurrency this means that it can be used now with the Centra card that had an access to 36 million terminals around the world.
Although the rate of ADA has become a little lower than its peak price in the beginning of 2020, the credit of trust from the part of such a big cryptomarket player as Centra may become a source for the new growth, as it is supposed by the analysts. An important step for this will become the full-fledged network launch, planned for the nearest future.
Cardano White Paper [ edit ]
In the spirit of many open source projects, Cardano coin did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices and avenues for exploration. These include the following:
- Separation of accounting and computation into different layers
- Implementation of core components in highly modular functional code
- Small groups of academics and developers competing with peer reviewed research
- Heavy use of interdisciplinary teams including early use of InfoSec experts
- Fast iteration between white papers, implementation and new research required to correct issues discovered during review
- Building in the ability to upgrade post-deployed systems without destroying the network
- Development of a decentralized funding mechanism for future work
- A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user experience
- Bringing stakeholders closer to the operations and maintenance of their cryptocurrency
- Acknowledging the need to account for multiple assets in the same ledger
- Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems
- Learning from the nearly 1,000 altcoins by embracing features that make sense
- Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design
- Explore the social elements of commerce
- Find a healthy middle ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin
Cardano investment and investors [ edit ]
Cardano Foundation [ edit ]
The Cardano Foundation acts as a supervisory and educational body for Cardano. Their mission:
- Standardize, protect and promote the Cardano Protocol and its applications
- Be a community center offering authoritative, timely information about Cardano’s technology and broad potential
- Maintain communication and influence government and regulatory bodies, form strategic partnerships with businesses, enterprises and other open source projects and promote the establishment of official software standards for Cardano coin, an important function for its long-term success and critical in government adoption and participation
IOHK [ edit ]
Founded in 2020 by Charles Hoskinson and Jeremy wood, IOHK is a world — class engineering and technology company committed to using peer-to-peer innovation to provide financial services to the three billion people who don’t have them. The group has a contract for the design, construction and maintenance of Cardano until 2020.
Emurgo [ edit ]
Emurgo is a venture capital company in the Cardano ecosystem, its goal is to help integrate and implement Cardano blockchain applications.
Emurgo captures the transformative power that blockchain technology brings to the developing world. Decentralized applications built on Cardano technology, funded and supported by Emurgo, will have the potential to create innovative applications.
Cardano Roadmap [ edit ]
The entire Cardano coin team is made up of experts around the world, and the core technology team consists of Well Typed, Runtime Verification, Predictable Network Solutions and ATIX with IOHK as the team leader. External auditors such as Grimm, RPI Cryptography Group and FP Complete ensure the quality of the product by holding IOHK accountable.
The Cardano roadmap will be regularly updated, with a countdown clock indicating the next release. The team wants to hear from the community about ideas for the roadmap and are opening a channel for communication – watch for more details. The Cardano roadmap isn’t the property of IOHK, the Cardano Foundation or Emurgo. It belongs to the community. When a cryptocurrency is new it needs good shepherds to guide it, although in the future it will be fully in the hands of its users.
Cardano (ADA) Exchanges – Buy, Sell & Trade
List of Cardano (ADA) exchanges with the real-time price from where you can buy Cardano, Sell Cardano or Trade Cardano (ADA) from fiat currencies like USD, CAD, INR, EUR, etc. or from cryptocurrencies like BTC, ETH, USDT, XMR, LTC, NEO, etc.
|$ 0.0358||BTC, BNB,USD, ETH||Buy Cardano from Binance|
|$ 0.0358||ETH,USD, BTC||Buy Cardano from BitTrex|
|$ 0.0358||USD, ETH, BTC||Buy Cardano from HitBTC|
|$ 0.0358||BTC, ETH,USD||Buy Cardano from HuobiPro|
|N/A||BTC||Buy Cardano from Abucoins|
|$ 0.0358||BTC,USD||Buy Cardano from Gateio|
|N/A||LTC, DOGE, BTC||Buy Cardano from Cryptopia|
You can buy, sell or trade Cardano (ADA) on more than 10 exchange listed above. The total trade volume of Cardano in last 24 hour is around 8826352.2286586 USD. You can select some of above exchanges to buy Cardano (ADA) with USD, INR, CAD, EUR, GBP, RUB, etc. Also, you can use the same exchanges to trade Cardano (ADA) against cryptocurrencies like BTC, ETH, LTC, ETC, XMR, USDT, BNB, etc.
How to buy Cardano (ADA) from above-listed exchanges?
Step 1: Click on Buy Cardano (ADA) from Exchange button.
Step 2: You will be redirected to the exchange.
Step 3: Sign up if you do not have an account with that exchange else log in.
Step 4: See if the exchange support fiat currency or cryptocurrency or both.
Step 5: Deposit the currency it supports and buy the currency you want.
Note: If you are going to buy from Shapeshift or Changelly you do not have to create an account. You can directly put the wallet address of that specific coin and buy.
Also if you are looking to trade cryptocurrency Binance & Bittrex are the exchanges we recommend. We have complete guide on how to trade on this exchanges, check it out:
How To Buy Cardano (ADA): Where To Buy Cardano In 2020
While Bitcoin is the undeniable king of crypto it has limited functionality. Bitcoin is super secure and great for sending money around the world, but it can’t be programmed the way a coin like Cardano can. Cardano supports smart contracts which opens the door to all sorts of exciting possibilities.
Cardano has a lot going for it and it can potentially make for a great investment if it ends up being the default smart contract platform in the cryptocurrency ecosystem. Ethereum has the lead for now but there’s not telling how the crypto ecosystem will change in the coming years.
So with that in mind, let’s look at out how to buy Cardano cryptocurrency, which cryptocurrency exchanges are best and how to buy ADA whether you’re living in the USA or internationally.
What Exchanges Sell Cardano
While Cardano trades against Tether on more than a dozen exchanges, there are only a handful of exchanges which let you buy Cardano with dollars.
The San Francisco based Kraken is one of those exchanges. They allow their customers to fund their account with a bank transfer and then buy Cardano directly. Unfortunately Kraken does not allow their American customers to buy ADA with a credit card or debit card. Only Canadian customers can use their debit cards to buy Cardano.
For those wondering where to buy Cardano besides Kraken, Binance USA is another good choice. As of November 2020 they allow Americans to buy cryptocurrencies like Cardano with a debit card. That makes Binance USA a convenient choice for those looking to buy Cardano quickly with a minimum amount of hassle.
Of course Binance USA also lets their customers fund their wallet with a bank transfer. Unfortunately a bank transfer typically takes several days to clear. That can be a big deal in crypto where the price of a coin can change dramatically from one day to the next.
Binance State Bans and Binance for International Crypto Traders
Unfortunately Binance USA is not available in all states. Binance USA’s list of blocked states includes: Alabama (AL), Connecticut (CT), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Louisiana (LA), New York (NY), North Carolina (NC), Texas (TX), Vermont (VT) and Washington (WA).
Residents of those states may want to consider using Kraken instead. International customers who want to know how do I buy Cardano should consider registering on the original version of Binance. Outside of the United States Binance is open to citizens of dozens of countries and allows for fiat deposits with currencies like the Euro and the British Pound.
Where to Buy ADA with a Credit Card
Neither Kraken nor Binance USA supports buying Cardano with a credit card. However, buying ADA with a credit card is possible on some other platforms. Here’s where to buy Cardano coin with a credit or debit card.
The most convenient website is CoinSwitch, which allows traders to buy Cardano with a credit card without creating an account. The only thing a user has to do is decide how much Cardano they’d like to purchase, tell CoinSwitch the ADA wallet that they’d like their coins sent to and then provide proof of identity. Proof of identity is required in order to ensure that a person is not using a stolen credit card.
CoinSwitch is also great for international investors as the website offers several fiat options for buying Cardano. For instance, CoinSwitch supports the Russian Ruble, the Australian Dollar and even the Japanese Yen.
CoinMama is another option for traders who are interested in buying ADA with a credit card. CoinMama is especially popular with European traders as they allow for Euro purchases. Unlike CoinSwitch, however, they do require traders to create an account with a valid email address before they can purchase Cardano ADA.
How to Buy Cardano with Bitcoin
For most people the easiest way to acquire Cardano ADA will be the Bitcoin method. That is, first buy Bitcoin and then trade it for Cardano. The disadvantage of acquiring Cardano in this way is that you have to pay a trading fee. Also, when you buy Bitcoin on one exchange and then send it to another, you may have to pay the withdrawal fee on the Bitcoin exchange.
Withdrawal and trading fees aside, using Bitcoin to buy Cardano is really simple and it allows traders to use a bunch of different payment options.
Buying Bitcoin and Trading for Cardano in the USA
The best way to buy Bitcoin inside of the United States is to use Coinbase. Founded in 2020, Coinbase has been around since the early days of crypto and they have an awesome track record of no major hacks. That’s a big deal, especially considering that some extremely popular exchanges like Binance have been hacked.
Security isn’t Coinbase’s only selling point, however. What makes Coinbase so popular is their dead-simple user interface. Crypto is notoriously complex but Coinbase has made it their goal to make it as simple as possible to buy Bitcoin. They accept wire transfers, bank transfers and also debit cards as payment options.
When you buy Bitcoin on Coinbase with a bank transfer it can take four or five days for the funds to clear. If you want to withdraw the Bitcoin immediately, and send it to a wallet on another exchange, you should make the payment with a debit card. By doing so you can send the Bitcoin to another exchange and trade it for Cardano ADA within the hour.
Crypto Exchanges with Cardano Trading Pairs
Since Cardano is a popular coin with good name recognition quite a few exchanges support it. Exchanges like OKEx, Huobi, KuCoin and Bittrex all have ADA trading pairs.
There are also other exchanges which support ADA trades but it’s important to research an exchange carefully before trading on it. Once you send any cryptocurrency to an exchange it is no longer under your control. The exchange may freeze withdrawals at any time, for a legitimate reason or not. As the famous maxim in crypto goes, “not your keys, not your coins.”
Buying Bitcoin and Trading for Cardano Internationally
If you want to know where can I buy Cardano outside of the United States, in fact Coinbase is still probably the best option as they operate in more than 100 countries. CoinMama is also a great exchange for Europeans who would like to buy Cardano as an investment. As mentioned previously, CoinMama accepts several payment types, making it easy to get ADA.
Asian cryptocurrency enthusiasts might want to consider Binance, the most popular exchange (by trading volume) in the world. While Americans are banned from using Binance (the international exchange, not the US version), crypto traders in most Asian countries can register and buy Bitcoin with fiat.
The best way to find an exchange to buy Bitcoin (or any other cryptocurrency) is to look at CoinMarketCap under their market pairs section. The larger the exchange, the more likely they are to support a wide variety of fiat trading pairs.
How to Buy Cardano Locally
Would you like to know how to buy Cardano with cash? It’s fairly simple, in fact it’s quite a bit like using the Bitcoin method. The problem for Cardano enthusiasts is that there is no way to buy Cardano directly with cash. What is possible, however, is to buy Bitcoin or Ethereum with cash and then convert it to Cardano.
One of the most popular websites to use is LocalBitcoin. On this website it’s possible to connect with a seller and meet them locally to buy Bitcoin with cash. Granted, this is typically only a viable option for crypto traders living in big cities. However, it’s also possible to use a website like LocalCryptos which allows for bank transfers and even PayPal.
Of course, as with everything else in crypto it’s important to do your due diligence. Read previous reviews to ensure that the person you’re transacting with is not a scammer. Also, don’t transact with anyone who has a new account.
There is one other option, also, for people who would like to buy crypto locally. Bisq is an up and coming decentralized exchange that facilitates local trades, as well as crypto trades via bank transfer.
How to Store Cardano
A lot of people are interested to find out where to store Cardano after they’ve bought it. They’ve heard that it’s unwise to keep ADA cryptocurrency in an exchange wallet but they’re not sure what the most secure wallet is. Well thankfully it’s not that hard to store Cardano safely!
The best place to store Cardano ADA is in a hardware wallet like a Ledger Nano S or a Trezor Model One. These hardware wallets are about the size of a USB thumb drive and worth their weight in gold. They are an extremely affordable way for the average crypto investor to safely store their ADA cryptocurrency.
The main security feature of a hardware wallet is that a transaction cannot be approved digitally. That is, before coins can be sent a physical button must be pressed on the device. That means that a crypto trader can plug their hardware wallet into the world’s most virus-ridden computer and their Cardano will be safe.
While some people are hesitant to pay for a hardware wallet, the unfortunate truth is that crypto theft is rampant and a Ledger or Trezor is the best possible way to protect your investment. For more information on hardware wallets please refer to this useful guide.
Using a Desktop Wallet
Another way to store your ADA coin is with desktop wallet. This is a digital-only wallet and while it’s not quite as secure as a hardware wallet, it’s cheaper and can be very safe so long as proper steps are taken.
One good option is the Daedalus wallet. This is Cardano’s opensource wallet, designed for maximum security and flexibility. With the ability to choose custom themes as well as install plugins, Daedalus is a great Cardano ADA wallet. Naturally it’s free to use, making it a good option for anyone on a budget.
One thing worth noting when it comes to Cardano security (or security for any cryptocurrency) is to always check the wallet address that you’re sending the coins to. Although it is not that common, there is a computer virus which replaces cryptocurrency addresses stored on the clipboard with a different address.
That is, if you copy an address and then paste it somewhere else, the virus will replace the address so that the funds get sent to the hacker. That’s why it’s so important to always double check the wallet address before you hit the send button.
Best Security Practices for Storing Cardano
Whether it’s a hardware or desktop wallet, when you create a new account you’ll be presented with a 12 or 24 word seed phrase. It’s extremely important to back up this seed phrase. In the event that you lose access to your crypto wallet (fire, flood, theft, etc.) the seed phrase will allow you to recover your funds.
Two things to keep in mind, however. Always keep the backup of your seed phrase in a separate physical location than where your hardware or software wallet (computer) is stored. That way something like a fire cannot destroy your crypto holdings.
Second, always write down your seed phrase on paper and make copies by hand. Never store your seed phrase anywhere on your computer or in your email. All of these can be hacked and if an attacker gets their hands on your seed phrase they can take all of your Cardano.
Cardano: 2020’s Next Big Cryptocurrency
People want to know how to buy Cardano for good reason: it’s a very promising cryptocurrency project. Often times the success of a project can depend on the person leading it. With Charles Hoskinson heading Cardano the future looks bright. He’s an outspoken crypto advocate and the perfect person to push for the mass adoption of ADA.
Also, while Ethereum is working on Proof of Stake (POS), their solution may not be fully rolled out for another two years. In the blockchain world, where development is happening around the clock, two years is like a decade. Cardano, on the other hand, already has the Ouroboros consensus mechanism which they believe to be the best possible POS solution.
With 2020 shaping up to be the year of crypto now is the best time to buy. If you believe in Cardano it’s a good idea to buy some before prices go higher. Now that you know how to buy ADA coin there’s no excuse not to invest.
Finally, just as a small bonus, feel free to check out this visual Bitcoin block explorer that IOHK (Cardano’s parent company) has created. It is quite possibly the most elegant block explorer ever created and a real testament to the creative and coding ability of Cardano’s team. The smart contract war is far from over and it would be unwise to write off Cardano just yet; it could well prove the investment of a lifetime.
Perfect For Beginners and Middle-Leveled Traders!
Free Demo Account.
Get Your Sign-Up Bonus Now!
Recommended Only For Experienced Traders!