How To Buy Cardano (ADA) In 2023

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

Cardano's transaction and developer growth could make it a strong contender for a full wallet if you're a cryptocurrency investor looking for a long-term growth game.

What is Cardano?

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

Hoskinson also created the Ethereal (ETH), but later left the project due to a conflict regarding the vision of the blockchain. His goal with Cardano was to address scalability challenges that were hampering Ethereum, including high energy production that raises serious environmental concerns.

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

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

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

Lior Aizik, COO of XBO, says that the Vasil hard fork on September 22 is definitely a boon for the Cardano blockchain. The Vasil upgrade reduces transaction costs by reducing the size of the transaction.

“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 behemoths of the crypto market,” he says.

Today, the Cardano blockchain drives innovation across multiple industries using smart contract technology and is one of the leading cryptocurrencies by market capitalization.

Where can I buy Cardano (ADA) in India?

If you want to buy Cardano and its ADA token, you will need an account with a crypto exchange. However, you won't have to look too far to find one, as most major exchanges allow you to buy and sell ADA with fiat currency (INR), including:

WazirX
binance spain
Buy UCoin
BitBns
ZebPay
CoinSwitch
CoinDCX

How to buy ADA?

To purchase ADA, it only takes three simple steps:

1. Choose your crypto exchange

Crypto exchanges They are platforms that facilitate cryptocurrency trading and act as intermediaries between buyers and sellers. While some are designed for those who are new to crypto, others are best left for the experienced crypto trader.

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

2. Buy ADA

Once you open an account, you will need to deposit funds into 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, be careful. Many card issuers are likely to view the transaction as a cash advance, with higher transaction fees and interest rates. And it's probably unwise to start your cryptocurrency investment journey with debt, given the inherent volatility of the market.

After you fund your account, it's time to shop. You will enter the ticker symbol, ADA, and the dollar amount you wish to invest. Some exchanges even allow you to designate whether to place a market or limit order.

3. Save your ADA

As a proud owner of ADA, you will need to store your crypto tokens in a crypto wallet.

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

Hardware wallets. A hardware wallet is a physical device that looks like a flash drive. Unlike other storage options, hardware wallets are not connected to a network or the Internet, so they are considered "cold" storage and are generally more secure.

Paper wallets. As the name suggests, a paper wallet protects 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 for where to keep it; if you lose that paper, you will not 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 downloadable application or software program 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 more easily.

Crypto exchanges. Some cryptocurrency exchanges will store your cryptocurrency holdings. However, relying on an exchange to handle storage can be risky and is generally only a good idea for small amounts and short periods.

How high could Cardano go?

Given Cardano's meteoric rise, nearly 270% from December 2017 to today, you may be inclined to dive into ADA feet first.

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

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