On Mar 19, Coinbase added Cardano to the list of its supported altcoins. ADA prices, the currency of the Cardano Network, immediately leaped 40% as idea-starved traders jumped on board. Prices have since pulled back from its $1.48 peak.
But don’t mistake Cardano for a flash-in-the-pan; it’s already one of the most technologically advanced cryptocurrencies on the market. And though the coin still has a long way to go, its newfound price strength gives its developers the ammunition to go after Bitcoin and Ethereum’s dominance. With Cardano now at just $1.15, It’s time to buy the dip and hang on tight.
Cardano Is Advancing At An Unpredictable Pace
Cardano was always a promising coin. Its proof of stake technology meant that the network could validate transactions without Bitcoin or Ethereum’s costly proof of work system. Meanwhile, the coin’s blazing speed means that the network might eventually handle up to a million transactions per second.
Much of this comes from Cardano’s all-star development team. Established by Ethereum co-founder Charles Hoskinson, the Cardano network has since signed up other top industry veterans to develop its cryptocurrency network.
But another benefit comes from the coin’s relative youth. Hoskinson started work in 2015 after Bitcoin and Ethereum’s scaling flaws had already become apparent. And to avoid the same mistakes, the founding team settled on a proof of stake (PoS) system known as the Ouroboros Protocol, where trusted players could validate transactions instead of solving a pointlessly complex cryptography problem. Ouroboros was never guaranteed to work – the Ethereum Project is still working on the switch to PoS. But ADA’s system has so far proved far more resilient to attacks than most initially feared.
So why buy Cardano now? Much of the excitement has to do with momentum.
When Cardano initially launched, the network reserved 5 billion ADA for its three development teams. At the time, the dollar figure came to a modest $150 million equivalent – enough to make an impact but not enough to change the world. For reference, Microsoft (spends 130 times as much annually on R&D expenses). Since then, ADA’s wild ride has turned that modest sum into a fortune. With the reserved ADA now worth almost $6 billion, these firms are put in an odd position that only Ripple Labs might have seen with XRP.
And with more money has come better development.
Cardano looks set to launch a smart contract ability, the Goguen Mainnet, by the end of March. That would blow open the doors to the NFT world, a space dominated by Ethereum’s ERC-20 tokens. The change couldn’t have come soon enough. Minting new NFTs in Ethereum can cost anywhere from $100 to $600 to cover gas fees, meaning that virtually all inexpensive digital artwork today are sold at a loss. The electrical costs that miners spend, after all, must come from somewhere. On the other hand, Cardano costs pennies to transact. That makes ADA one of the few viable candidates to take on Ethereum’s dominance in NFTs.
Why Buy Cardano?
While like Bitcoin (BTC), Ethereum (ETH), Yuan(YUAN) coins can add significant improvements to legacy coin performance, they’re typically not enough to give these coins a life of their own. It’s the reason why $1,000 invested in Bitcoin Gold and Bitcoin Cash in 2018 would have melted away into $160 today, while $1,000 in Bitcoin would be worth 25 times that figure.
Today, Cardano looks much more like Ethereum than Bitcoin Gold. It’s a technological leader that’s advanced enough to challenge the traditional banking system; the average ADA transaction costs less than 25 cents in transaction fees, far lower than the average 1.5% to 5% cut that conventional banks and credit cards charge. As the adoption of Cardano spreads, there’s a growing chance that ADA might even displace banks.
But for those looking for diversification and growth in their cryptocurrency basket? Cardano deserves a very, very close look.
Where Can I buy Cardano?
The most simple place to buy Cardano is at CoinRise.
CoinRise is a leading Canadian crypto management and wallet organization around the country and the globe. They are the only officially approved and controlled legal crypto platform in Canada. CoinRise was created in 2010 and since then they have been working with banks and other organizations to legalize crypto trading in Canada and develop relations with external investors. And the best part is that there are no fees!