Cardano Coin has often been described as the Bitcoin and Ethereum killer based on the special features lacking in these two major Cryptocurrencies with which the coin seeks to provide. The fact that the Cardano network has proved so strong over the years with its price showing rapid recovery after each dip has attracted more investors to this coin. Aside from this, there are many other reasons why people still buy this coin massively today. We have discussed them in this work for investors who are desirous to learn more about Cardano.
What is Cardano?
Cardano is a decentralized crypto Blockchain designed for running smart contracts using the Proof-of-stake mechanism. It has its native token for paying for all transactions on its network called the ADA. The Cardano coin has been developed to provide for all the limitations found in the earliest Cryptocurrencies that preceded it including Bitcoin and Ethereum. This coin was created by Ethereum co-founder Charles Hoskinson in 2017 to provide all Crypto developers with a more secure, robust, scalable, and cheap Blockchain platform for running smart contracts.
Understanding the Cardano Ecosystem
The Cardano Ecosystem has been designed to handle all kinds of transactions on its network. The goal of this coin is to become the Internet of all Blockchains. The Cardano Coin has been developed using the Proof-of-stake system which makes it highly Scalable and interoperable with other blockchains.
How to buy the Cardano Coin
The easiest way to buy Cardano Coin is through a cryptocurrency exchange. To buy the Cardano Coin from a crypto exchange, one will first need to create an account with the exchange. Complete his identity verification process, fund his account, and then place his order for the desired amount of the Cardano Coin he wishes to purchase. The best crypto exchanges for buying the Cardano Coin are Binance, eToro and Kucoin.
Why do people still buy the Cardano Coin today?
- Lucrative price increase growth since creation: Cardano has offered very attractive ROI to investors from its creation till the present time. The price has yielded over 5500% from its offering price of $0.0026 up to its all-time high at $3.1 created in September 2021.
- Built on a strong Blockchain: Cardano is known to have a very strong Blockchain. Its POS system has been built on an innovative algorithm called Ouroboros which is one of the most secure systems for users today.
- Strong network Security: To enhance the security of the Cardano blockchain; its smart contracts have been programmed using Haskell programming language which is one of the most secure software languages, so as to reduce the risk of blockchain attacks and any form of DDoS hacking.
- Store of Value: The Cardano Coin has been used over time as an alternative store of values. Investors often saw it as an alternative means for diversifying their portfolios.
- More eco-friendly than Bitcoin: The fact that Cardano uses the PoS system makes it more eco-friendly than any other Cryptocurrency using the PoW system. Hence, many consider it the major Web 3.0 cryptocurrency to outperform Bitcoin in the future.
- Low price: The Cardano coin, despite ranking as the eighth most important Cryptocurrency in the world today with a market capitalization of $16.23 Billion, still has a very low price compared to other cryptocurrencies in the same rank as this coin. The price is currently below $1.00 and selling at $0.4227 as of August 26th, 2022. Investors are optimistic that the price of this coin can easily rise above $1.00 in 2022.
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