How to Buy Cardano in the UK?

In this article, we’ll take a look at what Cardano is, how it works and where you can buy it. We’ll then discuss the benefits of using Cardano as your preferred choice of cryptocurrency and compare it to other popular options on the market. So, whether you’re a seasoned trader or just starting out, read on for all the information you need to make informed decisions about your investments!

What Is Cardano?

Cardano is a decentralised public blockchain and cryptocurrency project developed by Charles Hoskinson, a co-founder of Ethereum. It was founded in 2015 with the aim of creating smart contracts on top of existing blockchains.

The primary purpose behind this system is to provide users with an easy way to buy and sell cryptocurrencies without having any technical knowledge about how blockchains work or what makes them so secure.

Still, keep in mind that Cardano is a blockchain, while ADA is its native cryptocurrency. However, most crypto traders refer to ADA as Cardano, meaning you can use both terms for the same coin.

Cardano is named after an Italian Renaissance mathematician, Gerolamo Cardano, while ADA’s name is a tribute to Ada Lovelace, a 19th-century mathematician famous for writing the first computer programme.

Cardano 101: Scalability, Interoperability, and Sustainability

Scalability is one of the main issues in the crypto world. Let’s take Bitcoin, for example. Due to its block size, this network can process around five transactions per second. Compared to Visa, which can handle roughly 65,000 transactions in such a short time frame, this is considered poor network performance.

As a result, this example demonstrates that developers must create blockchains that support more transactions per second without jeopardising the network’s effectiveness or security. However, that is easier said than done.

So, how does Cardano blockchain’s capacity scale linearly with its usage? Simply put, Cardano solves this by dividing time into epochs. Cardano calls this system Ouroboros Praos, and this is what allows its proof-of-stake to scale.

Ouroboros Praos is based on the original Ouroboros protocol developed by IOHK’s CEO, Charles Hoskinson. It allows for faster transaction times and lower fees than other cryptocurrencies such as Bitcoin or Ethereum, making it an attractive option for investors looking to buy into crypto quickly without having any prior knowledge about how blockchains work.

In addition to being fast, secure, and easy to use for beginners, Cardano offers some other features that make investing in cryptocurrencies attractive. For example, it provides developers with access to smart contract functionality to create decentralised applications (dApps) using ADA tokens instead of ETH as their base currency.

Another incentive to pick Cardano is that it addresses the issue of interoperability by using the KMZ sidechain protocol. The nature of this protocol allows assets to transfer within Cardano and onto other blockchains safely. On top of that, the KMZ sidechain protocol enables users to interact with the Cardano computing layer without sharing data that should be kept private.

Cardano developers are aware that Cardano isn’t the only digital currency on the market, so they’re trying to solve the interoperability issue using bridges. A blockchain bridge is an interconnected link that enables crypto transfers between blockchain systems.

Generally, the goal is to switch to crypto, so we need a way to guarantee that the financial system we want to adopt can support our needs. So, when addressing sustainability, we don’t necessarily mean that Cardano is environmentally-friendly.

After all, crypto mining requires a significant amount of fossil fuels. Still, some say that Cardano is more environmentally-friendly than other cryptos such as Bitcoin or Ethereum because it uses proof-of-stake instead of proof-of-work. Still, we’d like to add that despite being more eco-friendly than Ethereum, Cardano isn’t as environmentally-friendly as we would want/need it to be.

Back to the point!

In this scenario, Cardano solves the problem of sustainability by using a unique governance system that allows for input from the community regarding future upgrades to the protocol, making it more resistant to forks and other disagreements within the blockchain community.

What’s more, Cardano collects fees and pays them to those working on improvements, making it a self-sustainable network. With that in mind, Cardano will undoubtedly improve in the future, as all parties involved can benefit from developing this blockchain further.

Buying Cardano in the UK in 2022 — Step-by-Step Guide

Now that you know more about Cardano and why it’s an essential blockchain in the crypto community, let’s get into how to buy Cardano in the UK.

To buy Cardano with fiat currency such as GBP, you’ll need an account at a cryptocurrency exchange that supports trading between GBP currencies such as eToro, Coinbase Pro, or Crypto.com exchange.

If you’re looking for the easiest way to buy Cardano with fiat currency, we recommend using eToro as your go-to cryptocurrency exchange platform. This service allows users worldwide to buy crypto without having any previous experience buying or trading digital assets online. To put it another way, trading crypto on eToro would be as easy as buying something from Amazon or eBay.

Here’s how to buy Cardano at eToro:

Congratulations, you’ve just bought your first Cardano tokens! Now what?

Once you’ve completed the purchase, you’ll need to find a safe and secure place to store your ADA tokens. The best way to do this is by downloading the official Cardano wallet from here. Downloading a Cardano wallet will allow you to store your ADA tokens offline in a “cold storage” disconnected from the internet, making it more difficult for hackers to steal your funds.

Best Platforms to Trade Cardano

Most reputable exchanges offer trading with the ADA coin. What’s more, there are several ways you can trade this cryptocurrency. You can:

If you’re wondering which exchange is best for you, here’s a brief explanation of what each of these options has to offer.

eToro is a famous cryptocurrency exchange that allows you to buy ADA with fiat currency (GBP) or another cryptocurrency like ETH. It’s a user-friendly platform that’s perfect for beginners, and it offers a wide variety of cryptocurrencies to choose from.

One of the main advantages of dealing at eToro is that it enables you to use coins, such as ADA, to buy other cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. So, if you’re looking for a place to buy Ethereum, for example, eToro is an excellent choice.

One of the cheapest ways to buy Cardano is with Coinbase Pro. It’s one of the most user-friendly exchanges available, making it a good option for beginners looking to buy into crypto quickly. You can also buy and sell other cryptocurrencies on Coinbase Pro, making it a convenient one-stop-shop for all your crypto needs.

Crypto.com is a marketplace for cryptos and NFTs with a user-friendly platform perfect for beginners. The Crypto.com Exchange is available in over 90 countries, and it allows users to buy ADA with GBP and many other fiat currencies.

Users can buy in-demand cryptocurrencies such as Bitcoin and Dogecoin and reap the benefits of staking services on Crypto.com, making it an excellent option for investors looking to diversify their portfolios.

ChangeNOW is an international cryptocurrency exchange with one goal in mind — making trading crypto as convenient as possible. It’s a user-friendly platform that helps you dip your toes into the market without wasting your time on the registration process.

Trading on ChangeNOW is fast and secure, and although there are much better options on the market, this crypto exchange is undoubtedly worth looking into when beginning your trading journey.

Binance is the leader in this industry as it offers an impressive coin selection and relatively low fees. But, above all, Binance is secure and easy to use, making it an ideal place to buy ADA with fiat currency (GBP) or another cryptocurrency such as ETH. Of course, Binance isn’t the best option for beginners, but if you’re an experienced trader, Binance will provide everything you need to develop a profitable portfolio.

What Is the Cardano Price in GBP in 2022?

It isn’t easy to say what the future price of Cardano will be, as it is a relatively new cryptocurrency, and its popularity could rise or fall in the coming years. That said, at the time of writing this article (March 2022), one ADA token is worth around £0.64, so it may be a good time to buy in if you’re thinking of investing long-term.

Some say that the value of one ADA token could reach around $50 (roughly £38.21) by the end of 2030, but these are mere speculations. Similar to other cryptocurrencies, the ADA price can always drop or hit a new all-time high.

As with any investment, the risk is always involved, and no one can predict the future value of Cardano or any other cryptocurrency. So, do your own research before making any decisions! After all, being cautious when deciding how much money you invest in this digital currency can help you avoid financial downfall.

The best time to buy any cryptocurrency depends on various factors, such as market conditions and your personal investment goals. So, suppose you’re looking to buy into Cardano in March 2022. In that case, it may be worth considering the current price and volatility of the market, as well as historical data from previous years.

It’s best to buy Cardano when its price is low and sell high, so if you’re thinking about investing long-term, it might be better to buy now while ADA tokens are relatively cheap. On the other hand, Cardano could fall further in value over time.

In short, it is difficult to say whether or not it is a good time to buy Cardano in March 2022. However, if you’re looking for long-term investment and are comfortable facing potential risks, now may be a good time to invest in ADA.

Of course, don’t take these words lightly. If possible, talk to an investment manager, as they would provide more accurate insights into ADA’s value.

If you’re determined to buy Cardano for £2,000, you will acquire around 3,125 ADA tokens. However, as stated earlier, this is only an estimate based on the price at the time of writing this article. If you want a more accurate answer, check the current ADA price on a trading platform of your choice.

ADA has a maximum supply of 45 billion. Still, around 32.04 Billion ADA tokens are currently available on the market.

As ADA is limited in supply, you might want to consider investing in other cryptos as well. Some attractive options include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, etc.

Cardano vs Ethereum

The main difference between these two blockchains is that Cardano uses a proof-of-stake consensus algorithm while Ethereum still uses proof-of-work.

That means that you can buy Cardano with your fiat currency (GBP) and use it to trade on the platform, but if you want to buy ETH, it will need to be converted into a different type of cryptocurrency first (e.g. Bitcoin).

Please remember that this is only a brief overview, and many other differences between these two blockchains are beyond this article’s scope. For more information, please consult the official Cardano and Ethereum websites.

Cardano vs Bitcoin

The primary distinction between these two blockchains is, again, that Cardano employs a proof-of-stake algorithm, whereas Bitcoin uses proof-of-work. In addition, Bitcoin is considered a more substantial and steadier currency, and it has a higher value than Cardano.

However, Cardano is much faster than Bitcoin when sending transactions because it only takes a few seconds for a block to be mined, compared to over two minutes on BTC.

Risks of Buying Cardano

The risks of buying Cardano in 2022 depend on several factors, such as the market conditions at the time and your personal investment goals. However, some potential risks could include:

Benefits of Buying Cardano

Some of the key benefits of Cardano include:

Wrap Up

Cardano has many benefits, and it is a cryptocurrency that could grow exponentially in the future. The risks of buying Cardano depend on what type of investor you are, but as long as you buy ADA with your fiat currency (GBP), there should be minimal risk involved.

Remember to buy ADA only from trusted exchanges such as Coinbase or eToro and always double-check for scams before investing in any new cryptocurrencies. For more information about cryptocurrencies or other blockchain-related topics, read some of our other articles!