Whether you’re a beginner or an experienced investor, one easy way to buy some Cardano (ADA) is through a cryptocurrency trading platform such as Coinberry. There, you can start for as little as 50 CAD so you can first explore and learn more about Cardano and other blockchain networks and cryptocurrencies.
How to buy Cardano (ADA) in Canada? Using Coinberry, you can easily sign up and create an account. After identity verification, you can fund your account through Interac e-Transfer. Then, you can buy some Cardano (ADA), see the trends, and wait for results.
Using a cryptocurrency trading platform is a straightforward way to buy ADA (Cardano’s native token). But when choosing a platform, it’s important to note its availability of cryptos, popularity (big platforms tend to invest more in security and customer support), and compliance (e.g., OSC & FINTRAC registered, PIPEDA-compliant). This is one way to help ensure that your funds, digital assets, and personal information are safe and secure.
We’ve talked about how to buy some Cardano. Now, let’s explore the important details about this popular blockchain platform and its native token, ADA. This way, you’ll know Cardano’s strengths, why it is popular, and if it’s still a good investment. Let’s start.
Cardano is one of the most popular blockchain platforms because of its lower energy requirement compared to Bitcoin and Ethereum. As a result, Cardano is often thought of as an eco-friendly alternative and the most environmentally sustainable blockchain protocol.
It requires less energy to approve transactions because it uses a Proof-of-Stake mechanism (PoS). This is in contrast to Bitcoin and Ethereum, which both use Proof-of-Work (although Ethereum might fully switch to PoS later and use it for all its transactions). Proof-of-Work (the one that Bitcoin still uses) is energy-intensive which has always been a concern in the adoption of Bitcoin by the masses.
As a blockchain platform, Cardano enables the decentralization of financial transactions. In addition, it’s also being used for smart contracts, which are programs that automatically run when certain conditions are met. Ethereum is also popular for decentralized finance (DeFi) and smart contracts, which is why it’s often compared to Cardano.
As mentioned earlier, Cardano uses a lower-energy mechanism to process transactions and validate information in its network compared to that of Bitcoin and Ethereum. In addition, Cardano’s mechanism allows for better scalability (as a consequence of using Proof-of-Stake instead of Proof-of-Work).
Bitcoin and Ethereum are among the pioneers in the blockchain space. However, the way they verify transactions is energy intensive. As a result, a new mechanism (Proof-of-Stake or PoS) was developed, resulting in greater energy efficiency and better scalability. This PoS was deliberately designed to address the concerns about energy use and environmental impact.
Aside from the difference in energy requirements and consensus mechanism (PoS vs PoW), Cardano has also been known for its focus on research-driven design and development. Its protocols and technologies are peer-reviewed first before they get integrated into Cardano. As a result, Cardano as a blockchain platform achieves high scalability while maintaining or improving security. With this research-driven and methodical approach, Cardano has become popular among developers and investors who value elegant and careful design and long-term function and sustainability.
Ethereum is Cardano’s biggest competitor. Although Cardano is designed to be more energy-efficient and scalable than Ethereum, the latter is still more popular. One reason is that Ethereum has gained a first-mover advantage. It occupied the market first and established a loyal set of users, developers, and investors. As a result, competitors (such as Cardano) still find it hard to dominate the market.
In other words, Ethereum became entrenched, becoming extremely difficult to displace. Switching costs are a bit high because those who want to start using Cardano and develop through its platform have to learn a new set of lessons and methods. This doesn’t matter much to investors and the public because they can buy some of its native token (ADA) without understanding the technical details. However, this first-mover advantage still has a lingering effect on Ethereum, especially when it comes to its number of users and market capitalization.
Still, Cardano (ADA) is a good investment because of its better scalability and greater energy efficiency compared to Ethereum. Also, it’s still possible for Cardano to catch up and get into the top 2 or 3 among the most popular cryptocurrencies and blockchains. This may depend on Cardano’s upcoming and future developments.
Those developments will be backed by evidence-based methods and an agile approach. Each new technology and protocol will undergo rigorous testing and mathematical modeling first before it gets integrated into the platform. This way, the Cardano blockchain platform will remain secure as it achieves better scalability for mainstream usage.
Peer-reviewed research has always been essential to the development of Cardano and its protocols and technologies. This peer review process means that each feature of Cardano has undergone scrutiny to help ensure that the data of billions will be protected and become powerful enough to accommodate global systems.
If you want to invest in Cardano and buy some ADA, keep in mind that it’s still improving and evolving. This may continue to affect its price fluctuations. In addition, the entire movement of the crypto market will also have an influence. This may result from further government intervention or a new regulation. It may also get affected by new technologies and the adoption of huge institutions.
Because the future of Cardano and the entire crypto market is uncertain, it’s impossible to determine if it’s the right time to buy some ADA or wait for further developments. Waiting might be good because ADA’s price might drop further (so you can buy more ADA and you get higher gains once the price rises). However, ADA’s price might also increase anytime and get into an upward trend for a few days. In other words, you might miss out on this opportunity to immediately profit from your investment.