What is Cardano (ADA)?
According to their website, Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
In the news…
- Bitcoin CME Futures Hit $20,000, Cardano Soars Into The Top Six
- Cardano Price Surges to $0.50, Up 76% Against Bitcoin
- Crypto Watch: Cardano (ADA) Price Leaps 117% In 22 Hours, Surging Past IOTA With $10.4B Market Cap
How to buy Cardano (ADA)?
Due to the increase of popular demands, there are now several trading platforms where you can buy/sell/trade Cardano (ADA). Though there are no way to buy Cardano using USD yet, all purchases and trades are made via Bitcoin.
I hope you will learn something with this very simple tutorial on how to buy Cardano (ADA).
BUY BITCOIN OR ETHER FROM COINBASE. (I included ETH because sometimes, the fee is very low.)
BUY BITCOIN OR ETHER FROM CHANGELLY. (I included ETH because sometimes, the fee is very low.)
You must note that you can purchase Bitcoins and/or Ethereum from these platforms using USD or your Credit/Debit Cards directly and saves you a lot of time from jumping from one exchange to the other just to convert your coins.
I wish to add Cex.Io on the list but they have suspended their new registration for now. I will just update this once registration is back.
*If you create an account with Coinbase, the platform also serves as a wallet so you can also keep your extra BTCs there.
*If you register an account with Changelly, you will need a Bitcoin Wallet first because the website only serves a gateway for you to purchase Bitcoins and other Cryptocurrencies. So if you need a wallet, you can download Exodus or Bitcoin.com wallet.
Once you have successfully purchased your first BTCs or ETH, you will now have to sign up for an account with Binance.com. It’s a young, yet very popular trading platform based in Asia where you can buy or trade Bitcoins and other Cryptocurrencies.
I choose this platform mainly because I personally use this everytime I purchase my Altcoins and so far, I am satisfied on how it works and knowing how easy it is to navigate the platform. The fee is also just minimal.
You can find more information about Binance here “Click Me“
SIGN UP WITH BINANCE.COM
After doing so, verify your email and enable 2 Factor Authorization by downloading Google Authenticator using your mobile phone.
Before you start buying your first Cardano (ADA), please take time to start the verification process with Binance, the process is pretty simple and quick unlike other trading platforms where it takes weeks.
You can start trading as long as you a re Level 1 or Level 2 authenticated.
Now that you are authenticated, YAY! You are now off to your first Cardano purchase!
BUT WAIT!, YOU NEED TO SEND YOUR BTC FROM YOUR WALLET TO BINANCE FIRST. TO DO THAT:
Hover your mouse to the upper right side of the screen over “Funds” and then “Deposits Withdrawals”, click it.
On the search box, type BTC, and BTC will appear, then click on “Deposit”.
The Deposit page will look like this. You must copy the Bitcoin address where you need to send the funds to from your Bitcoin Wallet. Once confirmed, it will then show on your BTC Balance.
To start with your Cardano journey, on your desktop, hover your mouse to the upper left side of the screen under “Exchange”, then click on “Basic” view.
Then, on the right side of the screen, “BTC” is by default and look for ADA/BTC, click it. It will then load the ADA trading view.
You can then see on the left side colored red are the “SELL” offers. I would suggest selecting the lowest price offer to buy.
In the Center, you will see where you can BUY or SELL ADA. Depending on your BTC available, you can purchase your ADA there.
Once you have successfully purchased your ADA, it’s time to check your balance, now go back to “Funds”, “Deposits Withdrawals”, and ADA balance will show first.
Then, it’s time to withdraw your Cardano ADA. Before you do that, let’s take a detour and download your Cardano (ADA) Wallet where you can HODL until the price has gone to the moon.
Download CARDANO WALLET (DAEDALUS) by going to cardanohub.org, please click this link. “Click Me”.
You can also go to DaedalusWallet.io to download the wallet which supports Windows, MAC, or Linux.
Please note that once you have installed the wallet, it will take some time to sync the blocks because it installs the whole blockchain to your computer.
It is also imperative that you SAVE your recovery phrase. Write it down if you must.
This is what it looks like…
And now…. It’s time to finally withdraw your ADA to your wallet for long term hold.
On your Binance account, go to your “Funds”, “Deposits Withdrawals” then click on “Withdraw” on your ADA Balance.
You will then be asked to enter your ADA Withdrawal Address which you can get via your Daedalus Wallet.
Click on Receive and copy/paste your wallet address to your Binance and click Withdraw, then Binance will send an email to confirm the Withdrawal, and after 56 or so network confirmations, you will have your precious ADA in your wallet.
That’s about it! I hope this tutorial helped you on getting your hands on Cardano’s ADA.
If you find this helpful, please consider sharing this article so it will also help others. 🙂