Cardano – will I make money if I invest in it? Is it going to zero like all of the other cryptocurrencies? Although the cryptocurrency market is not doing so well right now, the bigger picture is history tells us things will turn around. Cardano is a cryptocurrency many top crypto investors have in their portfolio because research consistently shows it is an excellent investment that does not fit under the extensive list of scam coins plaguing the cryptocurrency market. Continue reading to learn more about the coin that works with world governments to help create better financial futures for millions of people.
What is Cardano?
Cardano was created in 2017 to be an open-sourced, decentralized technology platform. Cardano’s creator, Mr. Charles Hoskinson, wanted to make a highly scalable, energy-efficient, smart contract platform. Its technology allows it to validate transactions while ensuring integrity with no errors. Cardano has been heavily criticized for developing very slowly but continues to use this approach because the team believes the extra time is needed to ensure the platform can succeed while being tested under heavy stress. “We always say it’s not first, it’s best out of the gate” who succeeds, Hoskinson said. “The people who are going to survive are those who are tested under stress and exhibit resiliency.” Cardano’s development will allow it to create decentralized apps, games, NFTs, decentralized exchanges (DEXs), and more.
What is ADA?
Cardano’s native cryptocurrency, ADA, is used as a secure exchange of value. ADA doesn’t need a third party to mediate exchanges. Every transaction is permanently secured and transparently recorded on the Cardano blockchain. ADA can be purchased through most cryptocurrency exchanges, such as Coinbase, Binance, and FTX. ADA can be used for:
- staking to earn more tokens
- paying transaction fees
- as a store of value
- to send and receive payments
Does Cardano Pass the Illuminating Cryptocurrency Checklist?
Is Cardano a Scam-Coin?
No, Cardano is not a scam coin. A scam coin is a cryptocurrency created with only one intention – to make the creator a lot of quick money by stealing from the people who invested in it. A digital token called “squid” went from six cents to a high of ninety dollars in less than one week but then immediately dropped to less than a penny due to the creator running off with all of the money. Cardano was created in 2017 and, since that time, has continued to be a significant player in the crypto world. Continued improvements, clearly defined goals that continue to be met, and a real-world use case make Cardano a legitimate cryptocurrency with a strong future.
Conclusion
Cardano continues to show why its community continues to support it strongly. There are some risks: a very slow and cautious approach to business compared to its competitors, existing as a business in a very volatile asset class, and dropping by more than 85% from its all-time high. The risks are not enough to outweigh the many positive assessments shown above. So, does Cardano pass the analysis as a good coin to invest in? Yes. Cardano is currently a strong candidate to add to a portfolio.
Now that you learned about Cardano, click here to read about, 5 Low-Cap Altcoins Ready for Explosive Growth.
References
https://bitcoinist.com/cardano-hoskinson-about-terra-in-the-end-slow-wins/
https://www.bbc.com/news/business-59129466These
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