How to buy Cardano (ADA) in 2024?

In a market where projects compete to offer cheap and fast financial solutions, Cardano stands out for encouraging research, innovation, development and implementation of use cases above all else, even the economic weight of native tokens. These are details to consider before buying Cardano ( ADA ).

The question is whether it is a good idea. It is certainly a very popular crypto project, which has been in the top 10 by market capitalization for a long time. Its potential is undeniable, positioning itself as one of the promises of the cryptocurrency space for the next bull market.

What is Cardano?

According to Charles Hoskinson, founder of the project, Cardano is a platform that aims to offer tools to billions of people without financial identity . Empowering the entire population is a goal as worthy as it is difficult, but the Cardano community and forums are working hard on developing Dapps.

Cardano is one of Hoskinson’s latest offerings. In fact, many users consider the project to be late to the party, especially when it comes to the use of smart contracts. The community had to wait until 2021 , when the Alonzo upgrade allowed the implementation of smart contracts at low cost.

Where to buy Cardano (ADA)?

There are many cryptocurrency exchange options on the market where you can buy ADA. Here are some of our favorite options. These platforms offer good liquidity levels and pairs with significant trading volumes. They are centralized exchanges known for their reliability and security.

Alternatives to Cardano

Cardano vs. Solana

Both projects are based on innovative versions of the PoS consensus mechanism that allow for significant throughput, although Solana supports a higher number of transactions per second, reaching 65,000 t/s.

Cardano vs. Ethereum

Cardano’s takeoff led many users to define Hoskinson’s project as a real «Ethereum killer « . The truth is that, despite its potential, Cardano is lagging behind Vitalik Buterin ‘s network (much slower and more expensive), mainly due to its late entry into the market.

Cardano Ecosystem: DeFi, Wallets and Staking

Alonzo has seen the entry of new users and developers into Cardano, mainly through the inclusion of smart contracts, although the launch of NFT platforms also explains the growth of the ecosystem.

How does Cardano work?

Cardano is based on a specific form of PoS consensus algorithm: Ouroboros . It is an algorithm designed to increase system performance while consuming less energy. On the other hand, the efficient use of network resources is guaranteed by a two-layer structural model, one for settlement and one for computation.

Within this ecosystem, Cardano’s native token (ADA) serves a multiple function, protecting the network from external dangers and facilitating transactions. Its price is around 53 cents (as of January 16, 2024), which represents a drop of more than 82.7% from its all-time high in 2021.

Why is Cardano popular?

Cardano is one of the most popular projects in the crypto space, as well as one of the largest in terms of market capitalization. Its interoperability, DeFi presence , and level of development place Cardano among the ecosystems with the greatest potential in the crypto market.

Cardano DeFi Presence

Cardano’s DeFi presence stands out, with a TVL of $365.5 million (January 16, 2024) and various decentralized protocols and decentralized services, such as ADAX and SundaeSwap .

Cardano (ADA) Compatible Wallets

When it comes to buying ADA, storage is crucial. YouHodler or Yoroi are two examples of Cardano-compatible wallets. For long-term holding , it is best to use hardware wallets such as Trezor or Ledger.

Staking with ADA

Cardano holders have the option to stake their tokens to generate passive income and strengthen the security of the network. Yoroi and Daedalus are good wallets for staking ADA.

How to buy Cardano?

1. Register on  Bit2Me  with an email and a phone number.

2. Choose the EUR wallet and deposit funds into the platform.

3. Choose ADA, click “Buy” and choose the payment method.

4. Review the transaction and click “Buy”.

Is it a good idea to buy Cardano?

Buying Cardano for medium- and long-term holding can be profitable. Our forecasts suggest that ADA can appreciate significantly, potentially reaching $22 before 2035. In any case, we are not recommending the purchase of this token, as the rise in the price of ADA depends on many factors, including the adoption of the project.

Market conditions and the adoption of the project will determine Cardano’s performance in the market, which does not seem to be able to dethrone Ethereum, as was planned due to the rapid growth of the project. For the moment, Buterin’s ecosystem continues to lead the crypto space in terms of Dapps and smart contracts.