What is Cardano (ADA)? - Marvin Germo

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What is Cardano (ADA)?

By: Marvin Germo | March 15, 2021

A lot of you are interested in investing in cryptocurrencies. Given that the market right now is running in favor of cryptocurrencies, I see no reason why you should hold yourself back from investing. While you are young, start investing. Start putting your money into something that will give you benefits in the future. And when investing, make sure to diversify. Just because the market today is on uptrend doesn’t mean it’s going up forever. You will win, you will lose. To invest in Cardano, click this. 

So, even if you invest in crypto which is so hot right now, expect that there will be corrections and the market will move down as well. Who knows when but you should always prepare yourself.

In my previous posts, we’ve talked about Bitcoin, Ethereum, and Litecoin. Now, let’s talk about Cardano or ADA as another hot cryptocurrency that you should consider when investing.

History of Cardano

Cardano is actually the platform created for ADA. ADA is the cryptocurrency. ADA was developed by Charles Hoskinson in 2015 and was launched after 2 years in 2017. Charles was the co-founder of Ethereum and BitShares. He left Ethereum over an issue regarding making Ethereum a non-profit one. After leaving, he co-founded Cardano. ADA started with $600 market capitalization. In 2017, its market cap rose to $10 billion. In 2018, it increase to $33 billion. In just a small span of time, ADA has become one of the popular cryptocurrencies right now.

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How does ADA work

Like any other cryptocurrency, ADA is bought through a crypto platform. There’s a network that mines ADA in order to meet the demands in the market. You use real money and exchange it for ADA. Before you can buy it, you need to have your own wallet where you can store it since it’s digital. Once you have your wallet, you can now start buying ADA and other cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Most crypto platforms allow deposits through online banking or using your debit or credit cards.

Earning through ADA

If you want to earn through ADA, then investing in it is the most effective way, especially if you are just starting to invest in crypto. Investing in ADA means you are going to hold it for the long term. This may be 3-5 years or longer if you don’t have a purpose for your earnings yet. When investing in ADA, you can start small and then gradually increase your investment if you can put more money into it.

Another way to earn through ADA is to trade it. This is a short-term strategy of earning. When you trade, you can either bet that the price of this crypto will go up or down. When it goes up and you bought at a low price, then you will earn. When it goes down and you short-sell it, then you will get good profits. Just don’t forget to close your trade when you are happy with your gains already.

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