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How To Buy Cardano (ADA) In 2024


Cardano (ADA) regularly ranks among the top 10 cryptocurrencies by market capitalization. Designed to be an environmentally-conscious blockchain, ADA offers developers a low-energy yet highly agile platform and a host of decentralized finance (Defi) and gaming applications.

Cardano’s developer and transaction growth might make it a strong contender for a well-rounded wallet if you’re a crypto investor looking for a long-term growth play.

What Is Cardano?

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Launched by technologists Charles Hoskinson and Jeremy Wood, the Cardano blockchain claims to be a leading “Ethereum killer,” and for a good reason.

Hoskinson also created the Ethereum (ETH) blockchain, but later departed the project over a clash regarding the blockchain’s vision. His goal with Cardano was to address scalability challenges that hindered Ethereum, including high energy output that raises serious environmental concerns.

The resulting blockchain, a proof-of-stake platform, and its native ADA token. ADA launched in September 2017, becoming one of the most energy-efficient blockchains in the world.

Compared with Bitcoin (BTC) and its energy-intensive proof-of-work protocol, which uses 150 terawatt hours (TWh) annually, Cardano only uses a fraction, with a measly 0.0031 TWh.

Beyond energy expenditure, Cardano’s also built a reputation as a trusted blockchain project. It recently surpassed the 50 million transaction volume in mid-September and handles more than 50,000 transactions per day, a milestone reached in advance of Cardano’s hard fork Vasil update in September 2022. (A hard fork refers to a radical upgrade to a blockchain technology.)

Lior Aizik, chief operations officer of XBO, says that the Vasil hard fork from Sept. 22 is a definite boon for the Cardano blockchain. The Vasil upgrade reduces transaction costs by lowering transaction size.

“This is a good point for ADA, as the project is constantly evolving—even in such a difficult (economic) time, and creates serious competition for the crypto market mastodons,” he says.

Today, the Cardano blockchain powers innovation across multiple industries using smart contract technology and is one of the leading cryptos by market cap.

Where Can I Buy Cardano (ADA) In India?

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If you want to buy Cardano and its ADA token, you’ll need an account with a crypto exchange. You won’t have to look too hard to find one, however, as most leading exchanges let you buy and sell ADA with fiat currency (INR), including:

WazirX
Binance India
BuyUCoin
BitBns
Zebpay
CoinSwitch
CoinDCX

To buy ADA, it only takes three simple steps:

1. Choose Your Crypto Exchange

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Crypto exchanges are platforms that facilitate cryptocurrency trades and act as intermediaries between buyers and sellers. While some are designed for those newer to crypto, others are best left to the seasoned crypto trader.

To find your best fit, look for an exchange offering low account minimums and trade fees. You can check out our curated list of top crypto exchanges to find your ideal match.

2. Buy ADA

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Once you open an account, you’ll need to fund it. Funding options are generally flexible—transfer your existing cryptocurrency holdings or fund using your bank account or debit card.

However, if you choose to use a credit card, beware. Many card issuers will likely see the transaction as a cash advance, with higher transaction fees and interest rates. And it’s probably not wise to start your crypto investing journey in debt, given the market’s inherent volatility.

After you fund your account, it’s time to buy. You’ll enter the ticker symbol—ADA—and the dollar amount you want to invest. Some exchanges even let you designate whether you place a market or limit order.

3. Store Your ADA

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As the proud owner of ADA, you’ll have to store your crypto tokens in a crypto wallet.

Luckily, you have plenty of wallet types to choose from, including:

Hardware Wallets. A hardware wallet is a physical device that resembles a flash drive. Unlike other storage options, hardware wallets are not connected to a network or the internet, so they’re considered “cold” storage and are generally more secure.

Paper Wallets. As the name implies, a paper wallet secures your private keys on a piece of paper or with a printed QR code. If you decide to use a paper wallet, have a plan in place on where to store it; if you lose that paper, you won’t be able to regain access to your cryptocurrency.

Software Wallets. You may prefer a software wallet if you want more convenient ways to access your cryptocurrency and buy and sell your holdings. This option allows you to use a software program or downloadable app to store your crypto. The software connects to the internet, so it’s less secure than hardware or paper wallets, but you can access your crypto holdings with more ease.

Crypto Exchanges. Some crypto exchanges will store your crypto holdings. However, relying on an exchange to handle storage can be risky, and it’s usually only a good idea for small amounts and short periods.

How High Could Cardano Go?

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Given Cardano’s meteoric rise—nearly 270% from December 2017 to today—you might be inclined to dive into ADA feet-first.

However, James Wo, founder and CEO of investment firm DFG, says that Cardano still has a way to go to prove its mettle. “When it comes to new public chains like Aptos and Sui, Cardano still needs to prove its value to investors.”

Overall, the blockchain stands strong in its network and developer activity, especially with its high-staking and low-tradable rations. Therefore, ADA comes with an optimistic price outlook.

Sources


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