Buying Cardano is very easy nowadays. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do this – that’s why we’ve made this tutorial easy for you! It is separated into parts – just follow the one that matches your purchase method.
What is Cardano (ADA)?
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. To learn more about this cryptocurrency, check out this deep dive of Cardano.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.
Cardano was founded back in 2017, and named after the 16th century Italian polymath Gerolamo Cardano. The native ADA token takes its name from the 19th century mathematician Ada Lovelace, widely regarded as the world’s first computer programmer. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
At the time of writing this article the CoinMarketCap ranking was #5, with a live market cap of $49,226,569,262 USD. It has a circulating supply of 33,526,633,032 ADA coins and a max. supply of 45,000,000,000 ADA coins.
How to buy Cardano with a credit card or debit card?
No matter what people say, it’s easy to buy Cardano with a credit card. Your first step will always be to buy Bitcoins or Ethereum with your credit card. They can then be converted to Cardano. Follow these steps: Buy Bitcoin or Ethereum on an exchange you like. Transfer Bitcoin or Ethereum to an exchange that supports Cardano currency. Finally, exchange Bitcoin or Ethereum for Cardano. Please follow our step-by-step guide below to buy Cardano.
1. Create a Coinbase account
To buy Ethereum from Coinbase – which you will exchange for Cardano (ADA) later – you need to create a Coinbase account.
Click on the ‘subscribe’ button and fill in the form. Enter your name (it has to be exactly the same as what is written on your photo ID), email, password and location. Coinbase is regulated by the US government and follows strict financial rules. As such, they need to verify your identity. It takes some time and effort, however, this makes Coinbase reputed to be the most reliable way to convert regular currency to cryptocurrency.
Verify Coinbase account
As Coinbase needs to verify your account, you must provide your phone number, upload a picture of your photo ID and verify your card (credit or debit) or account back. Only then will you be able to buy cryptocurrencies. If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu. Select ‘Ethereum’ and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the ‘Buy’ button. Now you will have to confirm your purchase. Do this by pressing the ‘Confirm purchase’ button. You now own some Ethereum. However, don’t close Coinbase just yet – we’ll use it later!
2. Exchange your Ethereum for Cardano (ADA)
As we mentioned, you need to exchange your Ethereum for Cardano. In our tutorial, we will use Binance as the site to exchange Ethereum for Cardano. Click this link to go to Binance and click ‘Register’ in the upper right corner.
3. Create a Binance account
Also Read: How and where to buy Ethereum Classic (ETC)
4. Get Ready to Transfer Ethereum from Coinbase to Binance
Hover over ‘FUNDS’ in the top menu and click on ‘Deposits’. The new screen will show you how many coins you have stored on Binance – you currently have none. Type ‘Ethereum’ in the search box. Find Ethereum in this list. Click on ‘Deposit’ You will receive a long string of numbers and letters – this is your Ethereum deposit address. Copy this address and save/write it somewhere safe. You will need it soon. Note: Make sure you have actually selected Ethereum (ETH) – sending your coins to the wrong wallet will destroy them. if you send your coins to the wrong wallet, you will lose them.
5.Transfer Ethereum from Coinbase to Binance
Go back to Coinbase. If you followed our advice, it should still be open. Click on ‘Accounts’ in the top menu bar and find your Ethereum wallet on the left. Click ‘Submit’. Paste/write to Binance’s Ethereum wallet address in the ‘Recipient’ box. In the amount box, enter the amount of Ethereum you want to transfer (if you want to send it all, use the ‘use max’ option). Click ‘Continue’. Coinbase may request a password/phone confirmation. Follow the instructions and Coinbase will confirm that the Ethereum coins have been sent. You will have to wait a few minutes for the Ethereum coins to be moved to Binance. It typically takes between 20 and 60 minutes for coins to appear in your Binance wallet. This depends on network load and may take longer during peak hours. Do not panic. Binance will update automatically – you don’t need to refresh the page.
6. Exchange Ethereum for Cardano (ADA)
Once Ethereum appears in your ‘available balance’ on Binance, you are ready to exchange it for Cardano. Go straight to the ADA/ETH exchange on Binance. Do not panic! Not everything on the trade page is important to us. Let’s just use a small part of it. You can buy coins in two ways: ‘Limited’ order: you can set the price at which you want to buy ADA yourself. ‘Market’ purchase: automatically fills your order at the best available price. Buying on the market is simpler, so let’s use that. Find the big green ‘Buy ADA’ button. Click on the ‘Market’ option in the window above the button. Fill in the amount of ADA you wish to purchase in the input box labeled ‘Amount’. You can use the percentage buttons below the box to make the process easier. For example, if you want to exchange 50% of your Ethereum for ADA, click on the 50% button. After entering the desired amount in the box, press the buy button. Your order will be processed immediately.
7. Check your Cardano (ADA) balance
Now you have to click on ‘Funds’ in the menu bar at the top and then go to ‘Balances’. Type ADA in the search box. This will display the amount of ADA you now have in your ADA Binance wallet. You can now leave your coins on Binance where they should be reasonably safe. However, exchange site hacks happen and people are robbed of their money. We recommend keeping your coins in a personal wallet.
Frequently Asked Questions
Can I buy Cardano with PayPal?
You cannot purchase Cardano directly with PayPal at this time. If you want to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for ADA using a service like Binance.
Can I buy ADA with cash?
You cannot buy Cardano directly with cash. Even though some ATMs support Cardano, they are less than 1% of all cryptocurrency ATMs. If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for ADA using a service like Binance.
Can I buy Cardano with Bitcoin?
Yes, you can easily do this using Binance to exchange bitcoins for Cardano.
Can I buy ADA with Skrill
Europeans can use BitPanda to buy bitcoins or Ethereum with Skrill. Ethereum or BTC can be converted to Cardano on Binance.
Can I buy Cardano with Ethereum
Yes, you can easily do this using Binance to exchange Ethereum for Cardano.
What is the best payment method to use?
The cheapest way to do this is to buy bitcoins with a bank account (or Cardano directly with a bank account) and exchange BTC for Cardano. The fastest way is to buy Cardano with a credit card, but higher fees will apply.
How can I secure the ADA after I buy it?
You must store your Cardano in a secure wallet. Leaving Cardano on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Cardano (ADA)?
Binance and changelly are good places to exchange your ADA for any other cryptocurrency. If you want to exchange it for regular currency, trade ADA for bitcoin and exchange BTC for dollars, euros or other currencies.
Can I mine Cardano instead of buying it?
You cannot mine Cardano as it has a different network structure than Bitcoin. You can only buy Cardano from a trade.