What is Cardano?
Cardano is a decentralized public blockchain and cryptocurrency project and is a fully open source. Cardano is developing a smart contract platform which tries to pass more advanced features than any protocol previously produced. It is the first blockchain platform to develop out of scientific philosophy and a research-first driven approach.
How to Buy Cardano?
- First of all, we need to set up a wallet to store the Cardano you are going to buy. Then go to the download site for the open source cryptocurrency wallet for Ada, Daedalus. After that select, the file that runs on your computer and downloads it. Then install the program.
- Run the program; it will be called ‘Daedalus’ on your computer. Then select your language and click ‘continue.’
- Then you can select the option to send logs to the developers of Daedalus about your usage of the wallet. The wallet will now sync with the Cardano blockchain.
- Once the sync has finished, the program will be fully operational. Then press ‘create a new wallet.’ Give a new name for the wallet. Then press ‘Activate to create a password.’ Then some input boxes will open and then enter a strong password that you won’t forget. The password must have 7 characters and have at least 1 uppercase, 1 lowercase letter, and 1 number. Then press ‘create personal wallet.’
- Then you will get a recovery phrase. Then you will be shown a 12-word phrase. It is very important to keep it safe somewhere as we are going to need it soon. The person who gets a hold of this phrase can open your wallet and take your coins. Then click the option ‘yes I have written it down.’
- Now you have to recreate your passphrase using the words given. Press the words in the order they appear on your stored passphrase. Then you can see two warning on the screen after you read, press ‘confirm’ button.
- Then the wallet will open, click ‘receive.’ Then you will get your wallet address and which includes a long string of numbers of letters. Make sure, copied this address somewhere safe as we will need it soon.
- Now we are going to purchase the popular cryptocurrency Ethereum so that we can exchange it for Cardano.
- Now choose which Ethereum exchange you would like to use.
How to Buy Cardano by Using Coinbase
- First of all, click ‘sign up’ button and fill out your name and email, password and location. Coinbase is regulated by US government, and it has strict rules. They verify your identity very seriously. You must provide a phone number, upload an image of your photo ID and verify a credit/debit card or bank account to verify your account.
- After your payment details are verified, click ‘buy/Sell’ on the top menu. Then select the ‘Ethereum’ and then choose how many coins you want to buy. Then click ‘Buy’ button.
- Then press ‘Confirm Buy’ button. Now you own some Ethereum.
- Now we can use the site Binance to exchange your Ethereum for Cardano. Then go to the site of Binance and click ‘register’ on the top right menu. Then mention your email and a strong password. Then click ‘Register.’
- Then you will be sent an email to confirm your email address. Then click the link in the email.
- After your email is confirmed, then you will be taken back to Binance, press ‘Login.’
- Then you need to set up 2FA on your account for your safety.
- Now click ‘FUNDS’ on the top menu and press on ‘Deposit Withdrawals.’ This screen will show the coins you have stored on Binance. Now type ‘Ethereum,’ in the search box. After that press ‘Deposit.’ Then you will be given an Ethreum deposit address and copy this address and keep it somewhere safe as we want this soon.
- Now back to Coinbase. Click ‘Accounts’ at the top menu, then look for your Ethereum wallet listed on the left. Click ‘send.’
- In the ‘Recipient’ box, paste the Ethereum wallet address that we copied from Binance. Then type how much Ethereum you want to send, after that click ‘ continues.’ Coinbase may ask you to confirm your password/phone. It takes some time to send the Ethereum to your wallet.
- Finally, the Ethereum will show your available balance then we are ready to trade for Cardano. Then jump straight to the ADA/ETH exchange market on Binance.
- Now you can choose the way you want to buy coins.
- A ‘Limit’ order, which lets you manually set the price at which you want to buy ADA.
- A ‘Market’ buy, which fills your order automatically at the best price available.
- We can choose market buy as it is the simpler of the two options.
- Then click the ‘market’ option, after that you need to fill the ‘amount’ you need to fill in how many ADA you would like to buy.
- If you’re happy with the amount, press ‘buy’ button.
- Now press ‘Funds’ along the top menu, after that ‘Deposit Withdrawals.’ In the search box, type ADA, you will see your new ADA in your ADA wallet.
- Then you can leave your coins on Binance, and it will be safe. If you have set up two-factor authentication, you will be asked for a code from your phone. Enter it, and press submits button.
- Then you will be sent an email to confirm the withdrawal.
- Go to your email and click the link that has been sent to you.
- Now you have to wait for a while for the Cardano (ADA) to travel from Binance to your wallet. Once your coins arrive, they’ll appear in your balance. Cardano price, Cardano mining, how to mine Cardano, Cardano price chart, mining Cardano, Cardano mining, Cardano mining software, current Cardano price, Cardano price today, Cardano price usd, Cardano price drop