Cardano

What is Cardano?

Cardano is one of the more popular cryptocurrencies out there, while also being one of the oldest ones that is still popular. Cardano was founded back in 2015, by the blockchain development company Input Output Hong Kong (IOHK), while being run by the co-founder of Ethereum and BitShares, Charles Hoskinson.

Cardano itself is a blockchain technology platform that runs the cryptocurrency known as ADA, which was created in order to create a more sustainable cryptocurrency ecosystem as well as run smart contracts. The overall goal is to create a system that is better for the needs of cryptocurrency users and create a system where it is easy to integrate smart contracts.

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From the beginning, a library of papers was created by IOHK, where all the functionalities were described. Some features are quite complex and can only be used by major companies, while other features were described thinking about end users ease. In its current form, Cardano and ADA is primarily used as a way to transfer funds between users, but they are working with companies to provide them a financial settlement system that is safe and secure, due to the nature of the blockchain behind the cryptocurrency platform.

Like most other cryptocurrencies out there, ADA had to be mined by the users in order to grow the overall coin count. The coin quickly became a popular one to mine, despite its relatively low value per coin, as the rewards for doing so were quite high in the beginning. There’s currently around 33,930,000,000 ADA in circulation out of a max supply of 45,000,000,000, so around 2/3 of the total coins are currently in circulation.

As mentioned above, the value of each ADA coin is not particularly high. As of August 11, 2022, ADA is valued at around $0.53 a coin, which is not a lot compared to the Bitcoin, Ethereum or even Litecoin. But with a massive supply in circulation of 33,930,000,000 ADA is currently the 5th largest cryptocurrency based on market capitalization. The total market cap of ADA is around $23,770,000,000 with a daily trading volume of roughly $720,000,000.

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What Can I Use ADA For?

As mentioned above, Cardano and ADA have multiple different purposes, which can suit both regular cryptocurrency holders, people looking to transfer funds, small companies as well as larger corporations. It is entirely up to you to figure out if you are looking to get coins to play the financial market, looking to transfer funds from one person to another or if you are looking for an independent blockchain to run smart contracts on.

Transferring funds from one person to another is quite simple, as you simply have to hold ADA in a wallet and transfer them to another person’s wallet. From there the receiving party can place the money in an exchange site and receive fiat funds for ADA or use it as a payment on a service or goods site that accepts the cryptocurrency as a payment method.

If you are looking to play the financial market and bet on the value going up or down, you’ll have to find a site to trade on. You can find more information about doing so in the paragraph below, where we also recommend some safe and secure sites to do so on.

If you are a corporation that is looking for a blockchain platform to integrate into your system as a settlement system or run smart contracts, you will have to read the library of papers that is available on Cardano’s site. Here you can read more about the features they offer and how you can implement it in your company.

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Where to Buy ADA?

If you are looking to get your hands on some ADA coins in order to use it for some of the purposes mentioned above, or simply looking to get some in the hopes of the value going up long term, you have to make sure that you are going to a site that is safe, secure and reliable in its trading. Finding sites offering this service can be a tough task if you are not familiar with the cryptocurrency industry, but we are here to help you.

We have partnered up with some of the sites that Cardano themselves recommend to trade on and we’ve even written extensive reviews of these sites, so that you can choose the one that suits you the best. Below you will find some of the sites that offers ADA trading and some basic information about the platforms, along with links to the full reviews.

Trading ADA

Binance: Binance is the biggest trading platform in the cryptocurrency industry. Here you can trade 100+ cryptocurrencies, including ADA. The site has clean look and makes it very easy to get started with trading, have easy deposits and withdrawals and great customer support. You can read our full review of Binance right here.