What is worth knowing about the Cardano cryptocurrency (ADA)?
If you are thinking about buying Cardano (ADA), you should first familiarize yourself with the basic information about this cryptocurrency. Cardano is one of the top cryptocurrencies with an extremely ambitious development plan.
Instead of relying on the technological schemes of Bitcoin or other cryptocurrency systems, Charles Hoskinson and Jeremy Wood (owners of the technology company IOHK, which is developing Cardano), are working with leading scientists around the world to develop Cardano’s foundations from scratch. The team behind Cardano is paying special attention to the development of the project. Cardano’s development has been divided into five phases, called eras. Work on each phase is carried out simultaneously. All research and specifications are publicly available.
The developers have set the maximum supply of ADA units at 45 billion. However, it should be noted that only a portion of the units are currently in circulation. As a result, Cardano should be characterized by deflationary pressures in the long term.
Cardano (ADA) is a blockchain platform based on the Proof of Stake protocol. Cardano is programmed using the Haskell programming language, which is designed to enable the highest level of security and stability.
One of Cardano’s pluses is its relatively low transaction fees. In addition, Cardano boasts that the time between blocks is only 10 seconds. In comparison, Bitcoin is much slower, as it takes more than 8 minutes. As a result, Cardano is faster and better scalable.
Interestingly, the native token, ADA, was named this way in honor of a 19th century mathematician, Ada Lovelace. The Ada cryptocurrency entered the market with a market capitalization of $600 million. In 2017, its value increased to $10 billion, and in 2018 to $33 billion. As a result, Cardano has remained among the top 10 cryptocurrencies in terms of market capitalization for several years.
Cardano’s price reached its ATH during the bull market in 2021, when the valuation reached a ceiling of $3.09.
The ADA cryptocurrency can be purchased on several exchanges. Below we describe how Cardano (ADA) can be purchased through ByBit and OKX exchanges.
How to buy Cardano (ADA) on ByBit exchange?
ByBit is a cryptocurrency platform that provides a high level of security. Account registration is simplified, without having to go through complicated KYC procedures. Buying cryptocurrencies is intuitive and beginner-friendly.
Account registration
To register an account on ByBit, go to the exchange’s website and click the yellow “Sign Up” button in the upper right corner. Registration on ByBit requires standard details, including an email address and password. Interestingly, KYC verification is required when withdrawals are higher than the equivalent of 2 BTC. However, if one decides to go through the full KYC verification then it should be noted that the process can take up to 48h.
Deposit funds on the ByBit exchange to purchase Cardano (ADA)
On ByBit you can make a deposit with both credit cards and fiat currencies. If you choose the latter option, the deposited funds can be exchanged for Cardano (ADA) on the spot market.
Purchase Caradno (ADA) on ByBit with a credit/debit card
- To buy Cardano on BiBit, go to the main page, select “One-Click Buy” from the menu.
- Then select the currency you want to pay in (e.g. PLN).
- Then select the method as the payment method credit card and click the “Add Card” button.
- In the next step, enter your details, such as email address, name, credit card number, expiration date and CVC code.
- Then click the “Continue” button.
- Then if all the details match, click the Pay button and then Confirm.
- Once your payment is verified, you can check the status of your purchase by clicking the View asset button.
A detailed description of buying cryptocurrencies (including Cardano) with a credit card and One-Click Buy option is described here: https://www.bybit.com/en-US/help-center/bybitHC_Article?id=000001570&language=en_US
Buying Cardano (ADA) using P2P Trading
On the By Bit exchange, BTC, ETH, USDT and USDC can be purchased via P2P Trading. Unfortunately, Cardano (ADA) is not available for sale using the P2P Trading option.
Purchase Cardano (ADA) via fiat currencies and regular bank transfer (SEPA)
To deposit in traditional currencies, visit bybit.com/fiat/trade/deposit/home and select one of the available currencies: RUB, TRY, BRL, ARS, EUR or GBP. Unfortunately, it is not possible to deposit in Polish zloty (PLN).
If you choose SEPA Transfer as your payment method, the transfer time should be completed within a maximum of 3 business days. After making the deposit, you can exchange the currency of your choice for crypto. For example, you can exchange EUR for USDT and then USDT for ADA.
Cardano (ADA) trading on ByBit
To buy Cardano after logging in and making a deposit, select “Trade” from the menu, then “Spot Trading” and choose the currency pair you are interested in, such as ADA/USDT. Then simply select the amount of Cardano you want to purchase and confirm the order execution.
How to buy Cardano (ADA) on the OKX exchange?
OKX is one of the most popular exchanges that allows trading cryptocurrencies, serving thousands of users daily and exchanging millions of dollars. The platform is intuitive to use and should not cause problems even for novice traders.
Registering an account on the OKX exchange
To register on the OKX exchange, select the “Register here” button at the top right corner of the website. Then fill out the form by entering your information, including your phone number and email address. Once you have successfully registered, you will be required to present a valid ID to pass the KYC verification process.
Purchase Cardano (ADA) on OKX with a credit/debit card
To buy ADA through OKX, you need to select “Buy cryptocurrency” from the menu and click “Buy with card.” Then you need to specify the amount of ADA you want to buy. The purchase can be made in zlotys (PLN). To complete the transaction, follow the on-screen instructions.
More information about buying cryptocurrencies with a credit card on OKX is available at: https://www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okx
Cardano (ADA) trading on OKX
- To trade on the OKX platform, you must first create an account and deposit funds into it.
- Then go to the “Trade” section in the top menu and select “Spot”.
- Once the trading platform opens, you need to select the appropriate currency pair (e.g. ADA/USDT or ADA/BTC), enter the appropriate amount in the box and follow the on-screen instructions to finalize the trade.
What are the other ways to buy Cardano (ADA)?
Cardano (ADA) is available on centralized exchanges, but also on decentralized exchanges (DEX), cryptocurrency exchanges, ATMs and peer-to-peer platforms.
- Decentralized exchanges (DEX) – on platforms of this type, users can exchange cryptocurrencies directly among themselves using cryptocurrency wallets. Examples of such platforms include Uniswap and PancakeSwap.
- Some platforms called cryptocurrency exchange offices allow users to buy or sell Cardano. Most of the service providers referred to as exchange offices have dedicated websites through which transactions can be made. In addition, some offer exchange offices in the form of physical establishments where you can make exchanges using cash (e.g. PLN). An example of a cantor operating in Poland that uses physical outlets is Kanga.
- P2P platforms – are sites that act as an intermediary between buyers and sellers on an escrow basis. An example of a recognizable P2P platform is the Paxful service.
How to buy Cardano (ADA) without having to go through KYC verification?
Some exchanges offer the possibility to buy cryptocurrencies without KYC verification. To make sure you have accurate information about the KYC requirements, you should always look at the exchange’s website and check the current policies regarding the verification procedure.
It is also worth knowing that without having to go through the KYC procedure, you can make purchases on some exchanges and bitomats. As a rule, exchanges and bitomats allow transactions up to a certain amount treating such transactions as so-called occasional transactions.
