Smart contract coins are on a recent tear as more crypto investors pile into altcoins that will help revolutionize the way humans interact with data.
What is Cardano?
Cardano is a blockchain platform built on a proof of stake consensus protocol that validates transactions without high energy costs. Cardano's native token, ADA, was created in 2017 by Charles Hoskinson (co-creator of Ethereum).
Cardano is one of the hottest altcoins around that's up over 3,700% over the last year. I bought some ADA to further diversify my crypto portfolio in anticipation for a massive runup as we progress through the year.
Why Buy Cardano?
While Ethereum is currently the #1 altcoin in the world, many crypto bulls believe Cardano could flip Ether and surprass its market cap in the future.
The problem with Ethereum is its high gas fees that make it completely impractical to use for fast, every day transactions. Even with an upgrade to Ethereum's code, I think Cardano is a better solution to the smart contract problem.
Where to Buy Cardano (ADA): Best Crypto Exchanges
There are several ways to buy Cardano (ADA) with ease and I'll follow them in this tutorial.
ADA coin is one of the top 10 altcoins in the world so it's easy to buy and sell it on some of the best crypto exchanges. In this example, I'll show you step by step how to buy ADA on Coinbase (full review).
How to Buy Cardano (ADA) on Coinbase
1. Signup for Coinbase and Create an Account
The first step is to signup for Coinbase and create a free account. Once you confirm your Coinbase account, you'll be able to buy/sell crypto safely and securely.
2. Link Your Credit Card or Bank Account to Coinbase
You'll need to link either your bank account or credit card to pay Cardano. I recommend linking your bank account to save money on fees.
3. Select ADA Coin
Head over to the prices page on Coinbase and Select Cardano (ADA) from tradable assets.
4. Buy ADA Coin
Enter the amount of Cardano you want to purchase and select your payment method.
Other Crypto Exchanges to Buy Cardano
If you don't want to use Coinbase then you can buy Cardano on the following exchanges:
Will Cardano Reach $10? My ADA Price Prediction
Cardano could easily hit $10 before the end of this current bull run if things work out well. Cardano Africa was a huge success and many organizations are using ADA to help people create an identity and use Cardano to verify their educational background, health records, and other important credentials.
As more people understand how Cardano is a more practical versio of Ethereuem, we could see the price of ADA coin surge. Right now, ADA is $56 billion market cap and could hit $150 billion or more in the near future.
I bought 100 ADA coin as a speculative bet and will continue to hold in the future. I'm extremely bullish on Cardano.
Investing in Cardano could provide massive crypto gains but there are several risk factors to consider.
- Many Cardano investors are buying ADA only because they believe the price will increase. That means a lot of speculative money is entering ADA coin since Cardano doesn't have any current practial use. If speculative investors dump Cardano then ADA coin prices may fall quickly.
- Cardano is only a few years old and we don't know exactly how ADA will be used in the future. It may take 3 or 4 years until Cardano becomes as possible as Ehtereum.
- ADA has a much bigger supply than Ehtereum, making it more common and less rare than other altcoins. It could take a lot longer for Cardano to reach $10 or more since the supply is much greater.
Cardano is one of the top 10 crypto coins by market cap for a reason. The Cardano Foundation has done a remarkable job at developing ADA and making deals with governments and organizations to push mass adoption.
ADA is a long term hold for me and I don't plan on selling my 100 ADA coins for a long time. If Cardano continues to make gains then I may double down on my position because ADA could be the top altcoin in the future.