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We’ve all heard of crypto giants like Bitcoin and Ethereum. But the cryptocurrency space is still young, with tons of new projects being created each year for investors to choose from.
Out of all these, Cardano (ADA) has been one of the top-performing cryptocurrencies in the market. But what exactly sets this project apart from similar ones? Let’s dive into Cardano and discover why it has attracted so much attention.
What Is Cardano?
So what exactly is Cardano, and how does it work? Created in 2015 by Charles Hodgkinson, Cardano has since grown to be one of the largest cryptocurrencies based on its market value. Cardano is a platform that markets itself as an alternative to traditional platforms like Bitcoin and Ethereum.
Traditional coins like Bitcoin use proof-of-work (PoW) blockchains, which require miners to solve complex puzzles to secure transactions. Using PoW makes platforms more secure, but also more energy-intensive compared to other forms of consensus mechanisms.
On the other hand, Cardano uses proof-of-stake (PoS), which is more energy-efficient and doesn’t use crypto mining. In Cardano’s peer-reviewed PoS system, transaction validations depend on stake pools and server nodes that rely on stakeholders to process transactions and keep the system secure. Since PoS systems are more flexible in their setup, they’re often safer, faster, and can scale infinitely.
How Much Does Cardano Cost?
According to Coin Market Cap, one ADA costs roughly $0.35 per coin as of October 2022.
While it’s not near its historic high of $2.85 in August 2021, Cardano is still much higher than its original value of roughly $0.02 per coin back in 2017. To put this into perspective, that’s over a 2000% increase in only five years! Despite the recent crypto bear market, ADA’s long-term growth shows evidence that it’s still a reliable investment.
If you’ve been looking for the best moment to add some ADA to your portfolio, right now is the best time to do so while prices are still low.
How To Buy And Sell Cardano
As one of the top cryptocurrencies, you can buy Cardano on major cryptocurrency exchanges like Coinbase and on trading platforms like Robinhood. Check out the table below which highlights each platform:
| Platform | Founded | Best Reasons To Sign Up |
|---|---|---|
| Coinbase | 2012 | One of the largest cryptocurrency exchanges in the world. You'll get access to a wide variety of both common and uncommon cryptocurrencies. |
| Robinhood | 2015 | Commission-free trades on all cryptocurrencies, like Bitcoin, Ethereum, & Cardano as well as stocks and ETFs. You can buy, sell, and hold cryptos and traditional investments all in one platform. |
Cardano In A Nutshell
Cardano is, in many ways, leading the next generation of cryptocurrencies because of its decentralized approach. Besides making crypto transactions more secure, its Alonzo update in 2021 has enabled Cardano to support smart contracts and NFTs, and lets users manage multiple assets.
While many new blockchain projects are coming out daily, finding a safe project to invest in is hard. But Cardano’s research-backed updates and expanding network means this cryptocurrency is one of the safest investments in the crypto market today (and one of the most overlooked!)
The Bottom Line
Even though this crypto hasn’t been immune to the recent crypto bear market, now would be the time to “buy the dip” if you haven’t done so. Cardano’s stunning performance since 2020, as well as an active community that’s currently investing in this crypto’s future, gives it a positive outlook for years to come.
It’s worth noting that crypto is one of the most volatile investments you can make. It’s still an emerging investment landscape with a tremendous amount of uncertainty. Even with the most promising projects, you never know what can happen. So with that being said, always keep your assets safe, and don’t invest more than 5% of your assets in crypto at any given time.
Read More: Coinbase Review 2022: Crypto Trading Made Easy for First-Time Investors
