If you’re diversifying your cryptocurrency portfolio, you might be wondering how to buy Cardano (ADA coin). Yesterday we took a look beyond Bitcoin at how to buy cryptocurrency altcoins with Coinmama. After all, there are more than 2000 cryptocurrencies out there, and each one is aiming to rock the blockchain. While Coinmama doesn’t carry all 2000 altcoins (not even close), altcoins are a great way to expand your cryptocurrency holdings, and can be a low-stakes investment if you put only a little money behind them. Coinmama makes it easy to buy cryptocurrency, so to continue our love letter to altcoins, today we’re taking an up close and personal look at Cardano (ADA coin), with a spotlight at the project behind it and how to buy Cardano with Coinmama.
What is Cardano (ADA coin)
The Cardano project was started in 2015 with the goal of changing how cryptocurrencies are developed. It wanted to create a sustainable ecosystem that better took into account the needs of its users and the integration of other systems. It seeks to change the financial structure, particularly in the developing world, where traditional banking and credit systems are less prevalent and relevant, and were adapting to a blockchain system of cryptocurrency can make a real impact. In many ways, the ADA coin aims to return to the roots of cryptocurrency by creating a global currency, one without borders, which gives purchasing power to the underbanked and levels the playing field.
The Cardano currency is being developed with contributions from three different organizations: the Cardano Foundation, Emurgo, and IOHK, which was created by one of the co-founders of Ethereum, Charles Hoskinson. In fact, Hoskinson says that one of Cardano’s goals is to solve the problems faced by Ethereum.
If Cardano’s ADA coin symbol rings a bell, it should—it’s named after Ada Lovelace (1815-1852), widely considered to be the first computer programmer, even though she lived long before the first computer was built. And Lovelace’s family history plays into the history of Cardano itself; take a look at the project’s roadmap and you’ll see that the Foundations are named after her father, the poet Lord Byron.
Cardano in the news
If you’re keeping an eye on altcoins and hoping to buy cryptocurrency, you probably notice when those altcoins appear in the news, as Cardano did this week. After months of anticipation, Cardano finally released its update, Shelley, which will help move it towards complete decentralization. (Consider Shelley another play on words—or wordsmiths, as the case may be, as Lord Byron was often associated with Percy Bysshe Shelley.) According to the site, Cardano expects to be 50-100 times more decentralized than other blockchain projects by the time it’s fully developed.
ADA Cardano wallets
As with when you buy cryptocurrency in general, before you buy Cardano you need a wallet that supports it. One of the most important things to remember about cryptocurrency, is that different currencies have different blockchains, and therefore different wallets—or if not different wallets, then at least different wallet addresses. That means that even if you already have a Bitcoin wallet or Ethereum wallet, you’ll still likely need to download a special Cardano wallet before you can buy Cardano.
Cardano’s own wallet is the Daedalus (if that name sounds familiar, Daedalus in Greek mythology is the father of Icarus, who flew too close to the sun with wax wings and fell to his death), and it can serve as both a desktop wallet or converts to cold storage if you import it to a paper wallet. For another cold storage option, there’s also a Ledger hardware wallet compatible with the ADA coin.
If hot wallets are more your style (those are wallets that live online or as an app on your phone), there are several multi-currency hot wallets that support ADA coin. You may already have one! Just remember to make sure you use your designated ADA address when you buy Cardano. Hot wallets include the Infinito Wallet and Atomic Wallet, and you can download both online. You’ll want to carefully research each, including reading reviews of safety and usability before downloading either to be sure you’re fully protecting your funds.
As with any wallet, protecting your private keys is the most important thing. Never let someone else set up your wallet or have access to your private keys, and never send coins to a third-party wallet unless you are intending to make a payment to them. Remember, if someone has your private keys, they have access to your entire cryptocurrency holdings. If you want more tips for keeping your cryptocurrency investment safe, you can find them here.
How to buy ADA coin with Coinmama
With Coinmama, you can buy cryptocurrency altcoins such as Cardano, Litecoin, Ripple, and Ethereum in just a few easy steps.
Create a Coinmama account. You can sign up for a free Coinmama account by entering your email address, first and last name, preferred password, and country of residence. Note that Coinmama serves customers in over 190 countries worldwide. We verify all of our users, so make sure you use your real information! Once you click “create an account,” you will receive an account confirmation link by email, which will help you complete your account set up.
Verify your account. We need to know who you are! We’re not alone in verifying our users; it’s almost impossible to buy cryptocurrency anonymously these days. Don’t worry, verification takes just a few minutes. You’ll need to provide your personal information and upload a copy of your identification card, such as a driver’s license or passport. Our verification team will then review your documents and approve you for purchase, often in as little as fifteen minutes.
Log into your account and click “Buy.” Then select Cardano and the fiat currency you’d like to use. Coinmama accepts payment by USD, EUR, AUD, CAD, and GBP. You can choose to buy Cardano with a credit card or debit card, or with a bank transfer. Finally, choose the package you’d like to buy, or a specific cryptocurrency quantity or fiat amount.
Enter your wallet address. Here’s where your new Cardano wallet will come in handy! Make sure you enter your Cardano-specific address if you’re using a multicurrency wallet! Always triple check your wallet address when entering it, as we cannot retrieve coins sent to the wrong address. We recommend copying and pasting the address if possible.
Choose your payment method. Decide if you’d like to buy with credit/debit card or with a bank transfer. Then follow the instructions to enter your card details, or to initiate a bank transfer from your own online banking system.
Confirm your wallet. You’ll receive an email asking you to confirm your wallet. Check again that the wallet address is correct, then click the link if it is. We’ll send the coins as soon as both your payment is received and your wallet is confirmed, and you should see them in your Cardano wallet once they’re confirmed on the blockchain, usually within minutes.
Is Cardano the right altcoin for you? Coinmama, unfortunately, has no way to know which cryptocurrencies will succeed and which will not, and investing in anything always carries a risk. We can only recommend that you use your best judgment when investing, and we send crypto fairy dust your way.