What is Cardano’s price? Is Cardano the next Bitcoin?
Among the cryptocurrencies listed online, you may have ignored Cardano’s price. If you look deeper into the crypto space, you’ll find millions of coins with great potential. Cardano’s one of those coins promising great earnings and more incredible innovations!
First, we will explain what Cardano is and what separates it from other cryptocurrencies. Specifically, we will discuss the features that set it apart from Bitcoin and other coins. Then, we’ll go through its current performance and explain why Cardano is a good investment.
More nations are adopting cryptocurrency nowadays. Their leaders see its potential benefits and its role in the future of finance. Mass adoption of cryptocurrency is on the move, so you should ride this wave as soon as you can!
What is Cardano?
Bitcoin is the first cryptocurrency ever. Ever since its launch in 2009, it’s been used to create new cryptos or altcoins. Some of them were soft forks with mostly minor changes.
Some like Ethereum were hard forks that have separate networks. Yet, even Ethereum caused the birth of another crypto coin, Cardano.
It all started with one of the former co-founders of Ethereum. Charles Hoskinson argued about keeping the project non-profit. In response, he left and launched Cardano in September 2015.
Cardano is a “proof-of-stake blockchain platform for changemakers, innovators and visionaries,” according to its homepage. It aims to bring “positive global change.”
What sets Cardano apart from most altcoins? A team of experts made its network from scratch. Also, they built it using peer-reviewed research.
The groups backing Cardano
Cardano has three groups that support it. These are the Cardano Foundation, EMURGO, and IOHK:
- Cardano Foundation – Charles Hoskinson and Jeremy Wood founded it in Zug, Switzerland. The foundation monitors the improvements to Cardano.
- EMURGO – Charles Hoskinson and Jeremy Wood also created this technology company. It supported Cardano in its early days. Now, it’s the for-profit arm that promotes its use around the world.
- IOHK – Jeremy Wood and Charles Hoskinson founded this company to promote the study of blockchain technology. In other words, it finds new ways to make the Cardano blockchain better.
How does Cardano work?
This coin uses a network of computers instead of a central power. It’s called the blockchain, and it’s designed to do away with these institutions.
In other words, it allows people to buy and sell stuff without needing banks or governments. It uses a digital currency called ADA. Remember that when investing in Cardano!
Cardano founder Charles Hoskinson released a bombshell announcement. He said the smart contract upgrade for Cardano would come out on August 13, 2021.
It’s included in the Alonzo hard fork, part of Cardano’s Goguen stage. Specifically, its final stage, Alonzo Purple, will come out.
It will undergo three sub-stages before finally deploying on the Cardano mainnet. In other words, that’s when we could finally use the smart contracts on Cardano.
Why is this a big deal? Well, the crypto market is a constant race for better upgrades. Many of Cardano’s competitors already have a smart contract feature, such as Ethereum.
Smart contracts allow agreements that execute by themselves. They don’t push through until the conditions are met. They enable more people to access financial products.
This will allow ADA coins to have decentralized finance (DeFi) capabilities. If it becomes more useful, we may see its price increase significantly after August 13!
Ethereum vs. Cardano
Hoskinson made upgrades that set Cardano apart from Ethereum. One of them is that you can’t mine ADA. Instead, you “stake” them.
Ethereum uses proof-of-work that allows people to mine Ethers (ETH) using their PCs. Their computers will confirm ETH transactions to earn more as a reward.
On the other hand, you just put any amount of ADA as your stake. The more you put in, you have a better chance of earning more digital currency!
This allows folks who can’t afford fancy computers to “mine” ADA. Unlike Ethereum, you don’t have to keep your PC on for days to mine.
Ethereum can process a transaction within 5-7 minutes. Cardano could do it in just 16 seconds! The supply of ADA coins is capped at 25 billion. Meanwhile, there are 100 million Ethers.
Still, most websites rank cryptos by market cap. At the time of writing, Ethereum stands at #2 while Cardano’s price is #7. The price of Cardano’s at $1.31 while Ethers are worth $3,300.
Could it be the next Bitcoin?
Ask any investor, and they’ll say their coin is the future Bitcoin! Don’t assume every recommendation online constitutes investment advice.
Still, there are reasons to believe that ADA may rise above BTC. It aims to improve by reaching milestones it set on the Cardano Roadmap.
At the time of writing, its latest is the Shelly or Decentralization Era, launched on July 29, 2020. As we said, more of Goguen’s features will show up on August 13.
It gets new features that go beyond money. For example, the Ethiopian government recently made a deal with IOHK. It aims to help schools track student performance.
Cardano could be used for more than just crypto. This could help ADA prices increase further. This is why some people think Cardano is a good investment.
How do I invest in Cardano?
An all-time high could soon happen for BTC, XRP, and ADA prices. While they’re still dipped, you may want to buy cryptos. This helps you buy them at a lower price.
Start by choosing a crypto exchange platform like Okex, Coinbase, Binance, or Kraken. Then, here are the steps to your first crypto coins:
- Make an account.
- After some time, you’ll get an email for verification. Follow its instructions to confirm your identity.
- Afterward, link your bank account, credit card, or debit card.
- Choose ADA or other coins. Check the price of Cardano and other currencies before you buy. The site will show the current prices.
- Click Buy. After some time, your first coins will appear on your account.
These sites often have a smartphone app. This lets you track your coins using a mobile device. What’s more, they show the live price of Cardano and others.
You might not be able to use some of these platforms. Check which ones you can use in your country. Of course, understand how these services work.
Some are better than others. This depends on how you’ll use your coins. Some are better for short-term buy and sell. Make sure your platform can serve your needs.
One day, cryptocurrency may become as good as fiat currency. Moreover, coins like Cardano solve problems outside of finance.
That’s why more countries and companies are adopting this tech. Bitcoin is open-source, allowing the launch of more cryptos in the future.
Buying coins now allows you to benefit the most from these innovations. Still, remember that investing carries a high level of risk. Prices go up and down every second!
That’s why you should learn all you can beforehand. This will help you find the best coins. There’s more gold beneath that list of cryptos!
Learn if Cardano is a good investment
Is it worth investing in Cardano?
Yes, because it’s getting better at helping in fields outside finance. Still, it would help if you plan first before buying. Only spend money you’re fine losing!
Does Cardano have a future?
The Cardano Roadmap shows what’s in store for the coming years. It plans to provide more solutions and perform much better.
Can Cardano replace Bitcoin?
It might, but Cardano may take a few years to top Bitcoin. It still needs a lot of work. Also, there are a lot of other coins that want to beat BTC too.
Disclaimer: This article is the author’s personal opinion, which may differ from the “official” statements or facts. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by Inquirer.net constitutes an investment recommendation, nor should any data or content published by Inquirer.net be relied upon for any investment activities.
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