The recent crypto bull run has put Bitcoin, Shiba Inu, Dogecoin, Ethereum under focus. While most people are busy fixating on the trending cryptocurrencies, Cardano has been climbing steadily. According to experts, Cardano is on the brink of experiencing a sudden rise and this can be anticipated in the year 2022. Although Bitcoin and Ethereum continue to enjoy the support of celebrities and continue to take the number 1 and 2 spot in the crypto-economy, Cardano has performed better than both in the year 2021. Cardano has gone up 1000% in 2021 alone.
If you are looking to buy cryptocurrency in India, you just need to head to a crypto exchange platform and get started.
What is Cardano?
The Cardano platform was developed in 2015 and was launched in 2017 by Charles Hoskinson, who was the Ethereum co-founder. The decentralized blockchain platform works towards providing more environmentally friendly solutions to problems. The scalable blockchain network of Cardano works on minimum energy unlike Bitcoin and Ethereum 1.0.
What is ADA?
The premium services on the Cardano platform are fuelled by a green coin called Ada. The foundation of Ada is the Cardano blockchain. Since generating ADA units is relatively easier and less energy-consuming, the cryptocurrency is popular for being environmentally friendly.
Why should you invest in Cardano?
When Elon Musk, the CEO of Tesla, said that Tesla will not accept Bitcoin due to its environmental impacts, Cardano investors identified this opportunity and thought it was the perfect time for them. Bitcoin and Ethereum were hit because of the energy-consuming ways of their processors and at the same time Cardano was flourishing due to ADA. Cardano has been using PoS since the beginning. The same will be incorporated in Ethereum 2.0. Eventually, a sustainable model will become a necessity and Cardano was way ahead of its time with this foresight. Over time, most cryptocurrencies will work towards better models and environmentally-friendly approaches. Although Ethereum has a far more developed ecosystem, Cardano is making changes to catch up with its peers. Despite these setbacks, Cardano is one of the top 10 cryptocurrencies around the world.
The recent spike in the value of Cardano
The recent surge of Cardano’s value was due to the release of smart contracts on its platform. They released this model in September 2021 but it did not go smoothly. There was a dip in the value right after. A smart contract has become a prerequisite for a successful cryptocurrency in the market. Many crypto platforms are gearing up to enhance their services with these smart contracts. Smart contracts are just instructions pre-set on a blockchain that comes into action when the conditions for them to get into action are fulfilled. These avoid the need for a third party to be involved as a mediator. Smart contracts cannot be modified and they cannot be undone. These are the most secure ways of making an agreement. A lot of the experts believe that the supply of coins of Bitcoin is an important factor that affects its value. Likewise, Cardano has 33 billion ADA coins that are in circulation, out of the 45 billion that can be mined.
Is Cardano a good investment?
Cardano is, without doubt, one of the most successful digital currencies and it has great potential too. Cardano is often compared with Ethereum however, it is unlikely it will flip Ethereum. It will carve out a space for itself as it is backed by strong fundamentals and there is a lot of momentum behind this project. Cardano’s separation of the settlement and computation layers results in much lower transaction fees for payments. However, lower fees point to lower traffic. Cardano is fighting a battle against a giant called Ethereum with just a fraction of the resources. It remains to be seen whether smart contracts make a difference for Cardano.
How can you buy Cardano in India?
CoinSwitch is a well-known and trusted platform that helps you with trading as well as informs you regarding the trends, news, and information about whichever crypto you are interested in. They have a wallet facility, which is one of the most important things to invest in if you are planning to trade in cryptocurrency. The platform provides great insights and offers opinions of experts which you can use when you are thinking of investing in cryptocurrency. If you are looking to buy ADA in India, you can log onto the website or download the free app and get started. You can finish your KYC process and add funds to your account that can be used to trade.