Everyone is interested in cryptocurrencies nowadays. They seem to be a quick way to raise serious profits. However, smart investor always keeps his eyes on recent market trends. Cardano began its development back in 2015 but was first launched in September 2017. It is an open-source blockchain designed to allow developers to build DApps and smart contracts based on its platform. Its aim is in taking the best from different cryptocurrency projects and thus become the most innovative crypto on the market. My name is Jack Walsh, and I am a forex and cryptocurrency trader with 7-year experience. Today, I am going to tell how to buy ADA without any difficulties.
The Cardano platform is currently in the process of development and it is not finished yet. The core idea is that it will be built in lairs, which will allow to easily upgrade the whole system and maintain it. One lair will be responsible for smart contracts (digital agreements to transfer funds when certain conditions are met), and another for DApps (which are nowadays used by numerous financial organizations and individuals all over the globe). Cardano’s digital coin is called ADA. It allows to send and receive digital funds in a matter of seconds.
Step 1. Set up a wallet for Cardano
- Cardano has its own unique digital wallet which is called Daedalus. Go to its website and choose a suitable version which works on your computer. After it is done, install the program.
- When synchronization will be completed, your wallet will be almost ready. Find the option “Create new Wallet” give it a name and create a strong password.
- You will need to write a recovery phrase which can be used in future to enter your wallet or in case if you forgot your password. Note for yourself, that this phrase is very important, and you have to keep it safe from anyone’s access.
- After everything is done, you will be redirected to the page with your wallet’s address. You will need it to purchase ADA.
Step 2. Sign up to Cryptocurrency exchange
Currently, there is no option to buy Cardano with a fiat currency like Euro or US dollar. So, you will need to buy one of the mainstream cryptos like Ethereum, for instance. In order to do so, you will need to sign up on Cryptocurrency exchange. We will take Coinbase as an example in this guide.
- Press “Sign Up” button and write your name, email address and password. It is important to understand, that Coinbase will ask you to verify your account by asking for some of your personal details, like picture of your ID, Address Proof and a credit/debit card pictures. You will need to upload these details before you will be able to buy on their platform. The rules are strict, but this is what makes Coinbase the most respectful exchange available on the market.
- Once your account is verified, you will be ready to buy some Ethereum (you will exchange it later to ADA). Select “Ethereum” option and specify the amount of Ether which you want to buy. Then click big blue button named “Buy”.
- When it is done, confirm your purchase.
Step 3. Exchange your Ethereum to ADA on Binance.
Binance is one of the top digital currency trading platforms in the world. Many newly launched coins are getting listed for trading on Binance.
I hope this article will be useful for you. Do not miss your chance to get your hands on ADA and consider your purchase now!