Cardano, should you own some of this cryptocurrency asset?
If your considering purchasing Cardano and adding it to your crypto portfolio, the biggest question for Cardano is what’s next and why..
Knowing the answer to those questions may help you in your decision on whether or not you should buy Cardano, and add it to your cryptocurrency portfolio.
Cardano price has been pretty boring lately..Cardano (ADA) is trading in the $1.30 range, which is in the same range where it has been in the past few weeks as Ethereum dominance continues. But boring can have it’s upside, Bitcoin was once boring…
With this low price range is a potential huge growth opportunity..
Cardano is currently the third-largest cryptocurrency, with a market cap of more than $43.6 billion.
What is Cardano (ADA)?
Cardano is a cryptocurrency and smart contract platform like Ethereum. It is often described as a third-generation cryptocurrency that solves the scalability issues that plague first and second-generation cryptos like Bitcoin and now Ethereum.
Cardano offers better scalability through its layered architectural structure.
Transactions can be carried out using the platform’s native currency, Cardano. Users can use it to complete transactions and send or receive funds.
The platform uses cryptography to make transactions fast and secure. Cardano’s blockchain is the first peer-reviewed blockchain in the world.
Latest news for Cardano.
The biggest news as of late in the Cardano network was a major event on Africa that happened in the past few days.
During the event, Input Output (IOHK), the company that developed Cardano made a deal with the Ethiopian government to decentralize the education sector.
In a video stream IOHK made on April 29, Ethiopia’s Minister of Education, Getahun Mekuria, spoke of the partnership, saying the “initiative is about bringing technology to improve the quality of education” in Ethiopia.
Cardano is one of the top cryptocurrencies, the minister said, which is why “doing blockchain with IOHK is like a dream coming true” for him.
According to the minister, 5 million students will receive Cardano blockchain-based IDs, which will allow the authorities to track every student’s academic performance. Also, 750,000 teachers will get access to the system.
According to the minister, the Ethiopian government struck a deal with an undisclosed Chinese manufacturer to provide enough tablets for the project to happen.
You can read more of the news and that plan here.
The future of the blockchain smart contract platforms.
Now there’s also a massive battle going on right now that will literally change the world…
It’s the war between the blockchain smart contract platforms that are revolutionizing everything from the internet, to finance, banking, gaming, property rights, ID verification, voting, education and more…
Ethereum has been the king of this mountain since 2017.
But Ethereum’s cracks have been starting to show. The network hasn’t been able to scale or keep up with the demand. As a result, making a transaction on the ETH network can cost anywhere from $20 to $150 depending on how busy the network is.
So if you want to send $10 worth of ETH to another wallet or change, it could cost you $20 or more to do that. Which obviously doesn’t work out very well.
This makes it not very usable for many applications.
Yes, this kind of inefficiency is to be excepted with any new form of technology. Ethereum is like the very first cell phone.
It’s performance is limited now, but it’s going to improve in every way in the years to come.
With that being said, there are some competitors that have created next generation smart contract blockchains that are already addressing Ethereum’s flaws.
These three specific projects have boomed over the past year…
Polkadot (DOT)
Binance Smart Chain (BNB)
Cardano (ADA)
There are several more projects in development that have some potential, but they’re significantly behind these top 3 contenders.
But I believe Cardano is about to leave BNB and DOT in the dust, and go for Ethereum’s title.
Why?
They are scheduled to release their smart-contract functionality this summer, and when they do, Cardano (ADA) could easily jump 5-10X in price.
This is why BNB jumped from $30, to more than $600 in the past few months.
The BNB network is faster and cheaper to use, so projects built on Ethereum started to migrate to BNB and the price exploded because of that demand.
The problem with BNB is that it’s centralized, and it’s only usable for people outside the US.
You can’t buy BNB on any US exchanges, and once Binance.com closed the accounts of US residents, it has basically cut the USA out of the BNB ecosystem.
That’s not the case with Cardano which can be purchased on all major US Crypto exchanges.
I believe the same explosion we saw with BNB, is about to happen with Cardano.
Why?
Because they’ve built a migration tool that will allow Ethereum developers to migrate their application over to Cardano with the click of a button.
Cardano is faster, it’s more decentralized, and it’s significantly less expensive to use, and frankly, the team is much more organized.
Ethereum 2.0 will offer these same improvements, but I believe ETH 2.0 is 1-2 years away from being released.
By then, Cardano could possibly surpass it.
So now back to the original question, should you buy Cardano?
If you don’t own Cardano, I would consider buying some. The price will probably remain around $1.30 until the Goguen update is released this summer, so patience will be required.
The low price point makes purchasing it accessible for anyone, and the potential for huge growth long term is there.
Ethereum currently trades in the $3400.00 range
Bitcoin currently trades in the $56,000.00 range
Now for most people the trading price for Ethereum and Bitcoin is not really feasible to acquire large holding of.
The opportunity with Cardano is just starting, and has massive potential, anyone can start to build large holdings with it.
Problem for most people is they always jump on the train way too late.
They wait until it is not in their feasible means to get onboard..
So do not wait on Cardano, if your going to purchase it, the potential I believe as many others do is there now. The price point is right.
How to purchase Cardano (ADA).
My go to wallet is Coinbase, because it is very friendly and easy to use. This is where I purchased Cardano.
Coinbase is the safest, most secure place to buy and sell Cardano, Bitcoin, Ethereum, and more..
Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange. Buy, sell and store crypto assets.
You can sell your cryptocurrency assets at anytime and have them directly deposited straight into your bank account in USD.
You even get some free cryptocurrency assets after signing up, you can earn cryptocurrency rewards with Coinbase.
After you create your free Coinbase account you can go to their rewards section, you take some 1 minute quizzes and they reward you with different cryptocurrency coins (assets).
As always, be responsible with your money, take care of you and your families needs always first and foremost.
Don’t put your savings into Cardano, don’t buy it on a credit card, and please understand that there’s no guarantee that Cardano’s price will go up.
I do not have a crystal ball, and I don’t know the future, no one does. This prediction is purely speculation based on my own research and investments.
I am not an investment guru, nor am I offering you investment advice, I make no claims or guarantees that you will make any money with any cryptocurrencies. Only that the opportunities exist, and they will be here in the future. I think cryptocurrencies are the future of money.
If you have any questions or comments, don’t hesitate to post them in the comments section below or just say hello 🙂 I would love to hear from you!
Have a beautiful day, and remember to always be kind and good to others.
Sincerely,
Richard Weberg