How to Buy Cardano
Cardano is a decentralized public blockchain and cryptocurrency project that is fully open-source. The team is developing a smart contract platform which seeks to deliver more advanced features than any other protocol. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
Where Can I Buy Cardano?
Cardano is traded for Bitcoin and Ethereum on several exchanges. Here are the two that we recommend:
To learn more on purchasing Bitcoin or Ethereum, check out our guides on purchasing Bitcoin and Ethereum. If you have these currencies already, or know the process, keep reading to learn how to buy Cardano!
Buying Cardano on Binance
Depositing Funds into Binance
Once logged in, locate the ‘Funds’ tab along the top right side of you screen, and select ‘Deposits”.
From here, you can find every single coin on Binance’s deposit address. We need to send either Bitcoin or Ethereum to Binance, so search either and you should see something like this:
Copy the address of the coin you are sending, and save it for the next step where we will demonstrate how to send cryptocurrency from Coinbase.
Sending From Coinbase
From your Coinbase home/dashboard page, select Accounts. After click send on the cryptocurrency that you would like to send to Binance.
Paste the deposit address found in the previous step and click confirm.
Helpful Tip: If you correctly copy and pasted this address into the recipient field, you will always receive the green checkmark on the left side of the recipient address box. If you do not see this checkmark, the address you put into the field does not exist, you should double check and try again.
Select Confirm. You will receive a ‘Send Complete’ message with a big green checkmark indicating that your transaction is on the way to an external address. You will receive an email from the Binance team when your cryptocurrency has been successfully transferred.
Buying Cardano on Binance
After your currency arrives to Binance, go to the correct exchange pairing of the currency you sent. For example, if I sent Bitcoin, and want to purchase Bitcoin, I would go to the BTC/ADA pair.
To find the different pairing Binance has, go to the main page and use the search bar.
Once you have gotten to the correct page, you should see something like this:
Scroll down to the Buy ADA, Sell ADA box directly under the chart. This is where we are entering our order.
In this section you can choose to buy a custom amount or one of the pre-designated 25%/50%/75%/100% available balance options. For easy order entry, go to the market tab seen above to buy Cardano/ADA at the going rate.
If you want to use the order book to make your own price, enter the price you want to pay in the Price field. To get a good idea of a price, you can use the chart for historical price action, or the order book for current bids and asks. When you have entered the terms of your order, click the green buy ADA option.
As soon as your order is filled by the marketplace you will have ADA added to your Binance custodial wallet account.
To see this balance go to the top right side of the Bianace Homepage, then put your mouse arrow over the “Funds” option. A drop-down box will appear that looks like this:
Select the “Balances” option. Under the “Deposits & Withdrawals” on the right side of the screen, enter ADA into the field with the magnifying glass as shown below:
All of the other coin options will disappear and only your ADA total balance will appear displaying your Total Balance, Available Balance, Amount in Order, and Total in BTC Value.
Congrats! You have successfully purchased Cardano/ADA. Learn more about ADA and Cardano below.
Buying Cardano on Bittrex
Buying Cardano on Bittrex is done by almost the exact same process. Here are the trading pairs for Cardano on Bittrex.
More on Cardano
Cardano began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices and avenues for exploration. These include the following:
- Separation of accounting and computation into different layers
- Implementation of core components in highly modular functional code
- Small groups of academics and developers competing with peer reviewed research
- Heavy use of interdisciplinary teams including early use of InfoSec experts
- Fast iteration between white papers, implementation and new research required to correct issues discovered during review
- Building in the ability to upgrade post-deployed systems without destroying the network
- Development of a decentralized funding mechanism for future work
- A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user experience
- Bringing stakeholders closer to the operations and maintenance of their cryptocurrency
- Acknowledging the need to account for multiple assets in the same ledger
- Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems
- Learning from the nearly 1,000 altcoins by embracing features that make sense
- Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design
- Explore the social elements of commerce
- Find a healthy middle ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin
PROOF OF STAKE
Using proof of stake (PoS) for a cryptocurrency is a hotly debated design choice, however because it adds a mechanism to introduce secure voting, has more capacity to scale, and permits more exotic incentive schemes, the Cardano decided to embrace it.
Cardano’s PoS protocol is called Ouroboros and it has been designed by an extremely talented team of cryptographers from five academic institutions led by Professor Aggelos Kiayias of the University of Edinburgh. The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality.
This modularity allows for features such as delegation, side-chains, subscribable checkpoints, better data structures for light clients, different forms of random number generation and even different synchronization assumptions. As a network develops from having thousands to millions and even billions of users, the requirements of its consensus algorithm will also change. Thus, it is vital to have enough flexibility to accommodate these changes and thereby future-proof the heart of a cryptocurrency.
The Cardano Roadmap can be viewed and read in 4 languages:
The launch of Cardano marks almost two years of research and over a year of development. IOHK has designed and built a cryptocurrency technology stack of completely new design with 100% new code. The technology is now in the Byron phase, also known as the bootstrap era.
Following the stabilization and refinement of Byron, IOHK will make substantial improvements to core components. The main purpose of this phase of development is to make Cardano completely decentralized to live in a mostly centralized world. Much of the work will deal with the networking layer and making Ouroboros more robust. In parallel, standard cryptocurrency features such as multi-signature addresses and light clients will be added. Other non-standard features will be implemented, such as quantum resistant signatures.
Since Cardano was released at the end of September of 2017, as well as working on Byron the team have been planning the requirements and making preparations for Shelley.
They have now shared these in this roadmap, and are focusing our planning on Goguen.
Byron established the baseline for Cardano in allowing users to trade and transfer ADA.
Shelly is focused on ensuring that key elements are in place so that the technology grows into a fully decentralized and autonomous system. Expected Q2 2018.
Goguen will see the integration of smart contracts. The Goruen stage is designing a next-generation virtual machine called IELE and a universal language framework to be used as core infrastructure for future blockchain technologies. The proposed technology, which is based on formal methods and state-of-the-art programming language theory, will bring much greater security and dependability to blockchain systems and will reduce the risk of vulnerabilities.
Basho is centered around performance improvements. The features in Basho are focused on performance, security and scalability. It will feature the implementation of Ouroboros Praos and a revised network layer.
Voltaire, IOHK will add a treasury system and governance. Voltaire is focused on assurance and scalability and will see the introduction of a treasury model. This will ensure the sustainability and self sufficiency of the blockchain and community.
How to Buy Cardano with Credit Card
Cardano is most easily traded on the exchanges listed above. On each exchange, Cardano is mostly traded on Bitcoin and Ethereum pairs, so you will need to get one of those to get Cardano. That means to get Cardano with credit card, you would need to buy Bitcoin or Ethereum with a credit card on an exchange like Coinbase, and then send it to a secondary exchange like Binance, where Cardano is sold.
How to Buy Cardano with Debit Card
Cardano is only available on crypto to crypto exchanges. So just like if were to buy with a credit card, we need to first buy Bitcoin or Ethereum on a fiat exchange like Coinbase using our debit card and then send the purchased cryptocurrency to an exchange like Binance where Monero is sold on Bitcoin and Ethereum pairs.
How to Buy Cardano with a Bank Transfer or Bank Wire
To get Cardano by a bank transfer or wire, we need to first purchase Bitcoin or Ethereum using our bank account on an exchange like Coinbase, and then send the Bitcoin or Ethereum to an exchange where Cardano is sold. The exchanges listed above work great. Binance is the best as it has the lowest fees.
How to Buy Cardano with Skrill
The best way to purchase Cardano with Skrill is to get Bitcoin or Ethereum with Skrill on Bitpanda. After purchasing on Bitpanda, you can send it to any exchange listed above like Binance. Bitpanda is limited to European countries, so make sure your country is supported.
How to Buy Cardano with Paypal
The best way to get Cardano with Paypal is to first purchase Bitcoin on Virwox. Here is a guide to purchasing Bitcoin on Virwox using Paypal. This method will cost you almost 10% in fees, but is still the best way to get Cardano with Paypal.
And, that’s it. Now you have a bottom line background of the Cardano project and it’s roadmap, current top 10 exchange volume information and a step-by-step guide about how to make your first ADA purchase on Binance.
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