New to the world of Cardano (ADA)? You’ve come to the right place to collect information and learn! If you want to dive right in, scroll down to the section about how to buy Cardano (ADA), where you can start right away!
Cryptocurrency is a type of digital money. Unlike traditional currencies such as Canadian dollars or Euros, cryptocurrencies like Cardano (ADA) operate on decentralized networks based on blockchain technology. “Decentralized” means that the network operates without a central authority or intermediary. There are several aspects of Cardano (ADA) and other cryptocurrencies that qualify them as decentralized. These aspects include the use of blockchain (distributed ledger) technology that no single person controls, peer-to-peer transactions that don’t involve an intermediary, consensus mechanisms to validate and record transactions, and open-source code that allows anyone to scrutinize records of transactions.
If you’re a complete novice, this explanation may still be opaque to you, but we encourage you to investigate the basics further. You’ll soon catch on, and your confidence will grow steadily.
Cardano is an open-source and decentralized “third-generation” blockchain that operates a proof-of-stake (PoS) model, designed to be more efficient than other blockchains like Bitcoin that rely on proof-of-work (PoW) networks. The proof-of-stake method allows token holders to contribute to the network. The best part is it uses less energy, which is why Cardano is known as a “Green Crypto.” Thanks to its proof-of-stake protocol, energy consumption is reduced by removing the need for resource-intensive mining computations like Bitcoin.
The native Cardano crypto coin, ADA, was named after Ada Lovelace, a mathematician and the first computer programmer. When the ADA crypto became tradable, its price was USD 0.02461. After 96 days, its price reached USD 1.31. The popularity of Cardano skyrocketed on September 02, 2021, with ADA price hitting an all-time high of USD 3.101!
But what is the Cardano crypto used for? Cardano may be similar to other cryptocurrencies like Bitcoin and Ethereum, but its scalability and efficiency make it unique. While Bitcoin primarily functions as a digital currency, Cardano extends far beyond that. ADA serves multiple functions within Cardano’s ecosystem, including exchange, peer-to-peer transactions, reward distribution, and transaction fee payments.
Founded by Charles Hoskinson, a co-founder of Ethereum, Cardano is named after the influential 16th-century Italian mathematician, Gerolamo Cardano.
We all know that the first-generation blockchain, Bitcoin, was launched over a decade ago, and its primary function was just to process peer-to-peer transactions worldwide. Just a few years later, the second-generation blockchain, Ethereum, paved the way for the decentralized finance industry. When it comes to smart contracts, Ethereum outshines Bitcoin in terms of efficiency and capabilities. However, there were still issues and limitations, such as high transaction fees, network congestion, and scalability. Hoskinson saw this as an opportunity to develop a more innovative, scalable, and energy-efficient platform.
Hoskinson and a former colleague, Jerry Wood, left the Ethereum team after a dispute with the founder of Ethereum. Together, they established Input Output (IOHK), the company responsible for launching Cardano’s first version in September 2017. The Cardano project was started way back in 2015. Interestingly, this project doesn’t have a white paper. The entire project was based on scientific research and design principles to overcome the challenges and limitations of blockchain technology back then. The team’s research was subject to peer review and presented at major international conferences.
Cardano’s development was funded through a successful initial coin offering (ICO) conducted between 2015 and 2017 to participants in Asia, which raised over USD 60 million. The ICO sold 25,927,070,538 ADA, about 57.62% of its total supply. However, shortly after its release, the blockchain community criticized Cardano, even labelling it a “ghost chain.” Despite the criticism, the Cardano crypto community thrived, and the platform’s continuous launch protocol updates led to it becoming one of the top 10 cryptocurrencies in 2018.
Want to jump straight into learning how to buy some Cardano (ADA)? Here’s our quick-start guide!
Coinsquare is a leading cryptocurrency trading platform that was started by Canadians for Canadians in 2014. Coinsquare is trusted by hundreds of thousands of Canadians for their Cardano (ADA) trades and has processed over $8 billion in trading volume to date.
This crucial step helps protect your identity and your Cardano (ADA) transactions. It also ensures that Coinsquare meets its regulatory obligations. You will need to submit some personal information, including your name, address and phone number, as well as a scan of a government-issued identity document such as your driver’s license or passport. Rest assured that this data will be kept in the strictest confidence. You will also need to answer a few questions to determine your risk profile.
These funds are what you’ll use to buy your Cardano (ADA). You can transfer money directly to your account for free using Interac e-transfer, or you can wire transfer the funds from your bank account.
Choose the currency you want to use to buy your Cardano (ADA). For now, you’ll be using CAD because that’s what you have on deposit in your Coinsquare account, but later on, you might use USD or another cryptocurrency for your purchase. Once you’ve selected the currency, you can go ahead and purchase your Cardano (ADA)!
You won’t be able to spend your Cardano (ADA) at all Canadian retailers, but the list of stores that accept Cardano (ADA) and other cryptocurrencies is always growing. Keep an eye on the news about Cardano (ADA) and ask your favourite retailers about their policies.
All cryptocurrencies carry some level of risk, just like other volatile investments. It's essential to thoroughly research the token you plan on investing in and understand the risks before making any decisions. Remember, you should never invest more than you can afford to lose.
You can transact on Coinsquare in numerous currencies other than Cardano (ADA), including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
You can store your Cardano (ADA) in software applications called wallets. Wallets come in two varieties: hot wallets and cold wallets. Here are the differences between them.
Connectivity: Hot wallets are connected to the internet while cold wallets are not.
Access: Hot wallets offer quick and easy access for transactions while cold wallets require physical access.
Security: Cold wallets are more secure than hot wallets, which are more vulnerable to hacking and cyber attacks.
Usage: Hot wallets are ideal for frequent transactions and trading, while cold wallets are best suited to holding crypto in long term storage or in large amounts.
Setup and Maintenance: Hot wallets are easier to set up and maintain. Cold wallets require more complex set up and maintenance.
Recovery Options: Both hot and cold wallets often have recovery options like seed phrases, while cold wallets can also be backed up.
Convenience: Hot wallets are highly convenient for everyday use. Cold wallets are less convenient due to their physical access requirement.
Physical Risk: Cold wallets come with a higher physical risk, as they can be lost, stolen or damaged; while hot wallets carry a lower risk because they are not physical objects.
It is legal to buy and sell Cardano (ADA) in Canada, but Cardano (ADA) itself is not legal tender, meaning that it is not issued by the government or controlled by them. Cryptocurrency trading platforms are also legal in Canada, but be careful to choose one that is in good standing and has not been banned or isn’t allowed to operate in Canada. As a leader in the cryptocurrency trading space, Coinsquare is dedicated to complying with all federal and provincial regulations for cryptocurrency trading; we are held to the highest standards of any financial institution in Canada, so you can have confidence in the transactions you complete on our platform.
If you want to get more into the world of cryptocurrency, you can engage in additional activities.
You can purchase other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Ethereum Classic (ETC), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
Staking allows you to get more involved in the cryptocurrency space. Staking involves locking up some of your cryptocurrency for a period of time and participating in the validation process that is central to maintaining the integrity of the system.
Get information and news updates in Coinsquare’s real-time news feed. On the website and in the mobile app, you can also check on the current market prices for Cardano (ADA) and other cryptocurrency products, look at the trading history of Cardano (ADA), and learn more about topics related to cryptocurrency.
Cryptocurrency has been criticized for its environmental impact, and not without reason. Traditional cryptocurrency mining, especially for coins like Bitcoin, has been associated with high energy consumption due to the power required for mining operations.
However, the cryptocurrency industry is sensitive to these concerns and is looking for ways to make cryptocurrency more sustainable. Here are some changes that some blockchains have undertaken to mitigate the impact of cryptocurrency on the planet:
Newer cryptocurrencies are being designed with sustainability in mind from the start instead of making changes after the fact. While these advancements show a commitment to sustainability and minimizing environmental impact, there is still a great deal of work to be done. Keep an eye on the news about the evolving cryptocurrency landscape.
Confirm your identity and answer a few onboarding questions.
Add funds to your account via e-transfer, wire transfer, or from another crypto account.
Choose Cardano (ADA) from the list and select the currency you want to use.
Complete your Cardano (ADA) purchase.
If you want to learn more about Cardano (ADA) and the cryptocurrency world, getting involved with the Cardano (ADA) community is a great idea. Here are some ideas about how you can follow trends, meet other investors, and contribute to the growth of the Cardano (ADA) space:
If you have technical or business skills, you can also engage with development teams, contribute your skills to the Cardano (ADA) project, or participate in governance by helping with decision-making and setting future directions.
Coinsquare offers a variety of services for all your Cardano (ADA) needs.
Coinsquare Wealth provides more customized services from certified Wealth Directors. Although our Wealth Director don’t provide investment advice, they help our clients navigate the cryptocurrency space so they can get more out of it and avoid obstacles. Coinsquare Wealth also offers other advantages, such as same-day settlement in CAD or USD and enhanced liquidity for large trades/
Coinsquare Pro gives experienced traders the resources they need to make complex decisions and apply advanced trading strategies. Intuitive trading tools, enhanced trading logs, and near-instant execution of trades allow them to control their investments with greater precision.
Coinsquare Trade is a no-fuss service that gives our customers access to over 53 digital currencies, in-app customer service support, fast withdrawal and deposit options, and a clean, user-friendly interface.
Coinsquare has been in business in Canada since 2014 and was developed by Canadians for Canadians. We are confident that we can provide you with the best Cardano (ADA) buying experience in the country. Join us today!
