In this article, I will discuss the how to buy Cardano (ADA) in an easy, step by step procedure. Cardano is a household name within the altcoin world and is a very secure and energy conserving proof-of-stake (PoS) blockchain.
To purchase ADA, you have to first select a suitable crypto exchange, sign up, complete KYC, transfer money, and then make a trade.
The most important part after buying ADA is ensuring that it is moved to a wallet that supports it. Now let’s go over the steps of how to buy Cardano in detail.
What Is Cardano?
Cardano was created by Ethereum blockchain co-founder Charles Hoskinson, who saw the obstacles that cryptocurrency faced with Ethereum. This brought forth the launch of the platform in 2015, and it’s native token ADA in 2017.
At the time of writing, Cardano was trading at 0.74 p USD, and had a market cap of approximately 26.58 B USD on 12th March 2024. Currently, the supply of this cryptocurrency stands at 35.55 billion, and it’s maximum supply is expected to reach 45 billion.
How to Buy Cardano?
Following are the steps to acquire Cardano (ADA) through the Binace platform
Create Account
Register for a free account on the Binance website and make sure to complete the verification process.
Comparison of Other Platforms
| Feature | Binance | Coinbase | Kraken |
|---|---|---|---|
| User Interface | User-friendly, intuitive | Simple and beginner-friendly | Advanced trading features |
| Payment Methods | Bank transfer, credit/debit card, Google Pay, Apple Pay | Bank transfer, credit/debit card, PayPal | Bank transfer, credit/debit card, cryptocurrency |
| Fees | Low trading fees | Higher fees compared to Binance | Competitive fees |
| Security | High security measures, including 2FA | Strong security features, including insurance for digital assets | Robust security protocols |
| Supported Cryptos | Wide range of cryptocurrencies | Extensive selection of cryptocurrencies | Wide variety of cryptocurrencies |
| Customer Support | 24/7 customer support | 24/7 customer support | 24/7 customer support |
Deposit Funds
You can deposit funds in perspective of bank transfer , or through credit and debit cards among other methods.
Navigate to Buy Crypto
Look for the “Buy Crypto” link located at the top side of the screen, and from the list that appears, click on ‘Cardano (ADA).
Choose Payment Method
Select your desired mode of payment from The options available for payment, you may select a credit or debit card, Google Pay, or Apple Pay.
Enter Purchase Amount
Enter the volume of ADA you wish to purchase and approve the transaction.
Complete Purchase
Finish following the guidelines shown on the screen to successfully make the purchase. You ADA’s will automatically be credited in your binance wallet.
How does Cardano Work?
Cardano is a home of the ADA cryptocurrency and is regarded as the most popular third-generation chain. The platform is advanced in multitudes as it is said to be a blockchain chain that stemmed from philosophy and uses an evidence driven approach.
This PoS based platform places heavy emphasis on transparency, sustainability ad scalability making it one of the best open sourced tools which serve blockchain based financial and social applications. As such, one of the aims is to make financial services reliable and accessible to all.
Just like Ethereum, Cardano supports region and oriented multipurpose TASKS and smart contracts. From inception, Cardano was designed for energy efficiency and supporting fast transactions at nominal fees making it attractive to investors.
Pros and cons of Cardano
✅ Pros
Environmentally-Friendly – Its energy consumption is lower than that of Bitcoin and Ethereum as it opts for the Ouroboros Proof-of-Stake (PoS) system.
Supports High Volume Transactions – Its architecture is capable of processing high transaction counts seamlessly.
Research Based Security – Protection is built on empirical evidence from academic literature which ensures solid security.
Execution of Smart Contracts & Decentralized Apps – Allows the creation of dApps by permitting execution of smart contracts through Plutus.
Transaction Cost Economies – Fee expenses look far more attractive than that of Ethereum.
Significant Development and User Growth – Developed by Charles Hoskinson, who is also supported by other wider organizations like IOHK, Emurgo, and the Cardano Foundation.
❌ Cons
Updating and Improving the Protocol is Slow – It’s a research-first approach, which means slower modifications.
Lower Levels of dApp Development & Market Capture – Cardano is still behind the leaders of Ethereum and Solana in terms of DeFi and NFT coverage.
Limited Smart Contract Features (for now) – Its adoption rate is still growing, especially compared to Ethereum.
Rapid Changes in Market Price – ADA has slim price margins, which is characteristic for the majority of cryptocurrencies.
Binance: How the World Exchanges Cardano
Speed
With Binance, the world’s most sophisticated matching engine, we are certain that your experience while trading cryptocurrencies will be prompt and efficient.
Ease
Buying Cardano on Binance is effortless. A few simple steps will have you trading Cardano in no time.
Safe
Trust from virtue of our global clientele’s multi-million base is highly esteemed. Our SAFU (Secure Assets Fund for Users) as well as separate multi-tier account systems assures surpassing safety for your account.
Flexible
Binance is the most liquid exchange in the world and has the largest volumes traded for multiple pairs of currencies.
Conclusion
The first step to obtaining Cardano (ADA) is to select an exchange you would like to use, such as Binance. From here, you will need to register, deposit currency, and make a purchase.
Among some of the crypto-enhanced safekeeping that works with ADA, a Yoroi or Daedalus wallet stand out.
Cardano came into the limelight as a blockchain platform intending to solve the challenges of scalability and sustainability making it attractive for both investors and developers in the crypto realm.
