Cardano Crypto: ADA Price Analysis and Review
Crypto converter Cardano (ADA)
ADACardano
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TRYTurkish LiraCardano is environmental-friendly blockchain platform, and the initial cryptocurrency of the project – ADA – is positioned as a next-generation competitor to Ethereum. This is the main reason why investors are interested in the coin and the project as a whole.
In this review we will discuss the main ways to buy Cardano (ADA) coin available today.
What is Cardano
Cardano is an open source third-generation blockchain project and decentralized application development platform. The initial goal of the project was to solve the main problem of the Ethereum network related to scalability, including an increase in the number of transactions per second.
The founder of the project is Charles Hoskinson. He is technologist, mathematician and CEO of Input Output Hong Kong (IOHK). Previously, he was involved in the launch of such cryptocurrency startups as Invictus Innovations and Ethereum.
ADA, the native token of the Cardano blockchain, appeared on the market in 2017. The coin is named after Ada Lovelace, a famous 19th century mathematician.
Where to buy Cardano
ADA has been one of the top cryptocurrencies by market capitalization for a long time and is very popular among investors and crypto enthusiasts. Therefore, there are many services and platforms that allow you to buy ADA:
Instructions for buying Cardano
Follow these steps to buy Cardano:
- Determine the level of risk: how much and where to invest;
- Select an cryptocurrency exchange;
- Create an account and verify your identity;
- Decide on a strategy and buy a coin.
Decide on the level of risk
Any investment in cryptocurrency is always risky and Cardano is not an exception. Due to the high price volatility, you can not only make a profit, but also lose all your funds. Therefore, when buying any crypto asset, including ADA, it is wise to spend only such amout of money you can afford to lose.
Choose a cryptocurrency exchange
ADA is traded on many cryptocurrency exchanges. Before choosing a platform for buying a coin, it is recommended to compare them according to a number of parameters: security, liquidity, commissions, regional rules (is it possible for residents of the user’s country to buy assets), users’ reviews. The list of the best exchanges to buy Cardano below.
Create an account
After choosing a paltform, you need to register on it. The process is quite simple. The steps to follow and requirements do not differ much from exchange to exchange. You can choose any cryptocurrency platform: in this review, creating a new account is considered using the exchange OKX.
To register on OKX, you need:
- Go to to the main page of the site;
- Click Sign Up in the upper left corner;
- Enter e-mail, password, referral code (if have one) and click Sign Up;
Creating an OKX account - Into the next window you have to enter the code you have gotten by email and click Next;
Code entry form - After entering the code, the new user will be automatically redirected to his account.
Confirmation of successful registration on OKX
To use the services of the exchange, you also need to verify your identity.
Top up your account
Deposit replenishment options also depend on the chosen exchange. For example, to fund your cryptocurrency account with OKX, you need to:
- Log in to your account and click Assets → Deposit;
- Select the cryptocurrency to be deposited, for example, USDT, specify the network and click Continue;
Replenishing the deposit - Specify a type of an account (general or trading), and then copy appeared wallet address or scan QR-code. The minimum deposit amount and the required number of transaction confirmations will be indicated below;
Getting a cryptocurrency wallet address to fund your OKX account - Select an asset in your crypto wallet and paste the address you have been copied at exchange’s page or scan QR-code;
- Confirm the operation and check its execution.
Buy Cardano (ADA)
To buy ADA on the exchange, you need to follow a few simple steps (for example we will you use OKX):
- Log into your account;
- Select Basic Trading;
- Select trading pair, for example, ADA/USDT;
- Set an order type, for example Market;
- Specify amount of coins to buy;
- Click the Buy button.
How to sell Cardano
When selling ADA, the procedure is as follows:
- Log into your account;
- Select Basic Trading;
- Select trading pair, for example ADA/USDT;
- Set an order type, for example Market;
- Specify amount of coins for sale;
- Click the Sell button.
Where to store ADA
After buying Cardano, you need to think about storage for the tokens. Cryptocurrency wallets in which Cardano can be stored can be divided into several categories:
- Online (this includes crypto exchange wallets);
- Mobile;
- Desktop;
- Hardware (“cold”).
Mobile wallets include services developed especially for ADA. One of these is Yoroi (available in the browser version and also as a mobile application for Android and iOS). This is a “light” wallet, i.e. it does not require a full copy of the blockchain to be stored on the device.
Private keys are stored locally on the device and encrypted with a password. Yoroi is considered a simple and convenient solution for working with Cardano: the service has a well-designed and user-friendly interface. It also has hardware wallet integration with Ledger Nano.
Another popular mobile wallet where you can store Cardano is Infinito Wallet. The wallet supports many cryptocurrencies and payment methods. Wallet has as partners such projects as IOHK, Ziliqa, Changelly, Simplex, Paxful and others. It is possible to buy cryptocurrency using Visa, Mastercard, bank transfer, Paypal etc. You can instantly exchange one coin for another.
Daedalus is a desktop wallet for Windows, macOS and Linux created by Cardano IOHK Development. It is a full node wallet that helps users manage ADA, allows you to send and receive payments on the Cardano blockchain. The wallet can be used for staking.
Ledger Nano is an ADA compliant secure hardware wallet. Private keys never leave the device, and it’is provides high security for coins.
How to withdraw Cardano to my wallet?
To withdraw coins to the wallet you need:
- Open Assets, click Withdraws;
- Select a coin, specify a network and click Continue;
Starting ADA withdrawal on OKX - Enter the address of the desired ADA wallet, specify the name of the wallet and the number of coins to withdraw. The exchange will automatically determine the fee. Then press Continue;
End of withdrawal process on OKX - Enter funds password and SMS code (if 2FA is configured) in the pop-uped window, and then click Confirm to send a withdrawal request.
FAQ
- Create an account;
- Select spot trading;
- Select a trading pair;
- Set order type and number of coins;
- Confirm order;
- Complete the purchase.
No less important information that allows you to make a decision on the purchase of a particular coin is technical analysis. This kind of analysis studies price charts and gives you an idea of where the market is headed.
