In the crypto world of 2021 everyone seems to be waiting for one cryptocurrency to wake up, ADA.
The price of ADA seems to be ‘stuck’ for the first half of the year.
Cardano, ADA, might be Ethereum’s biggest competitor. Not only due to the fact that its founder is one of Ethereum’s co-founders, Charles Hoskinson. But perhaps because of the great success of Ethereum this year.
Or maybe because investors are looking for the next cryptocurrency that will become the most promising development system in the blockchain world, just as Ethereum has become. In addition, the relatively low price certainly has an impact on the popularity of ADA. The price of Ethereum is currently around $ 2,400 compared to the ADA which is around $ 1.50.
A significant difference, but perhaps not in light of the fact that Cardano’s network will officially launch in July 2021. Ethereum has been alive and kicking since 2014.
We are in a time when the entire crypto community, wherever it is, is looking for any way to get more and more cryptocurrencies. Some people have even learned to mine coins at home.
But the pursuit of ADA clearly indicates another important reason, people believe in the currency.
And as in any community of believers in the world, people believe in the leader, in this case, it is as stated, Charles Hoskinson.
Hoskinson’s story in the blockchain world is fascinating and expresses the difficult way of building the foundations for the ambitious project – Cardano.
Charles Hoskinson allied with the Ethereum founding team and leader Vitalik Buterin in late 2013. He was one of the eight founders. But in 2014 Vitalik Buterin dismissed Hoskinson from Ethereum after a conflict over whether the project should be commercial, as Hoskinson’s thought it should, or a philanthropic one as Buterin’s thought.
Later on, that year a former Ethereum colleague, Jeremy Wood, reached out to Hoskinson about a new project called ‘Input Output Hong Kong’, IOHK in short.
IOHK’s main project was Cardano, a smart-contract platform that hosts the cryptocurrency ADA.
And the ADA cryptocurrency was born.
Here are 3 options to get more Cardano for yourself:
The First Option – Receiving ADA As Payment At Your Business.
Whether you have a local shop or an online one, receiving crypto in your business in 2021 is already a smart move.
Most of the leading cryptocurrencies such as Cardano, Polkadot, Chainlink, and Uniswap prices have increased in at least tens of percentages more than any fiat money (USD EUR GBP, etc) did.
That means that if you received your revenues, let’s say, 20% in crypto, your total capital would be increasing only by holding on to these coins.
The second reason you should consider getting an ADA as payment in your shop is the community of followers that this currency has. A community that would be more than happy to know that there are businesses that accept Cardano.
There is a good chance that you are a part of that community if you are reading these lines. If you are, that’s awesome because you probably know that the Cardano network has declared their mission as to “…bring about positive global change.” (using their own words).
And what could be better than joining a community that defines its primary mission in these words?
So how do I get an ADA in services and getting crypto can open an account in CrypTalks and there open a group for his business?
Within the group, there is room to add products.
First, you need to update all the business details of course, as with any other online e-commerce site. This is also true for local stores.
After you have written all the necessary information about your group business, uploaded photos, and branded the store in a professional manner, it is time to upload products.
What’s great about this interface is the option to write the price in dollars and request the payment in the cryptocurrency you want. The system will constantly update the price to be paid in ADA at the time of purchase.
But what’s also cool is the fact that the payment is made directly to your Cardano wallet, without a middleman. Yes, when you open your CrypTalks account you will be asked to enter the wallet address of the cryptocurrency where you want to receive the payment. So basically the payment will go from the customer’s wallet directly to your wallet. And since this is an ADA the transfer will be done quickly, unlike Bitcoin for example.
This way you can decide which products, or how much ADA you want to get and manage your business revenue accordingly.
The Second Option – Staking ADA
Before we will talk about staking ADA let’s see what staking crypto means in general. Staking cryptocurrencies is the option of locking cryptocurrencies in order to receive a bonus.
Unlike mining, staking involves holding funds in your cryptocurrency wallet to support the activity of a blockchain network. Staking is a part of the Proof of Stake, or PoS, process.
Participants of the PoS process lock their coins and therefore Staking them. The blockchain protocol chooses the proportional to the number of coins at particular intervals, and randomly assigns the right one to confirm the next crypto block. What determines which participants create a block is by how many staking coins they are holding, and not by their ability to solve hash challenges like it is with Bitcoin’s Proof of Work.
In simple words, staking means holding, or if you wish to use the crypto term HODLing, funds in a crypto wallet. Staking may also be done by adding your funds to a staking pool.
A staking pool is a crowd of crypto holders combining their funds to increase their chances in the PoS process of validating the crypto blocks and by that starting to receive rewards.
We do not necessarily suggest you’ll set up a staking pool mainly because it requires a lot of time and quite a lot of expertise. And yet, staking pools are the most effective way to be staking crypto. You need to remember that because of the expertise it requires, pool managers usually charge a fee for the requirements that are given to their participants.
At the same time, staking pools ask for a low minimum capital with no additional withdrawal periods. This is why joining a staking pool instead of staking crypto by yourself could be ideal for you if you are new to this.
How Do I Stake ADA, Cardano?
First, we recommend using only hardware wallets and not a Hot ones. Hardware wallets, also known as Cold wallets, have the best security available. After installing the Cardano app on your hardware wallet, you can approach the ADA wallet on your device by using the Adalite.io website.
There you will be able to open your Cardano wallet interface, which will display all the transactions, your ADA balance, and the staking statistics.
Now you will be asked to manually specify the address of the staking provider. You can find different pools on the https://adapools.org website.
Once you’ve entered the pool’s address in the right field, your AdaLite wallet will display some key information regarding the pool validator. Information such as the name, fee, ticker name, and the validator website address.
Make sure to check each validator carefully because of the risk of scammers.
Also in this case the CrypTalks platform can come to your aid.
The users on the CrypTalks platform are verified and you have no reason to hesitate if you want to approach someone in order to get some information. You can also search for the name of the pool on the search screen.
Back to the Adalite website. Enter the total amount of ADA you agree to stake, push the button that says “Delegate”. All that is left to do is to confirm the transaction.
To understand your staking status look at the Current Delegation segment.
ADA staking per annum is about 5%.
But in order to stake ADA, you need to own ADA of course.
So if you haven’t started to receive Cardano in your business yet, the other way will be, of course, to buy it.
The Third Option – Buying ADA Safely.
There are now countless exchanges that sell cryptocurrencies. And since Cardano is one of the leading currencies in the market, most of them sell ADA. But how do you know where to buy it?
After years of research and with quite a bit of experience, we are recommending buying ADA from a highly regulated crypto exchange, even if it means higher fees. One of the top regulated exchanges would be the CEX.io website.
Opening an account on the CEX crypto exchange is quite easy. First, you’ll need to have some of your personal information. You will need to provide your Name and email. To confirm your email and your phone number.
A copy of some form of photo ID, such as your driving license. And a selfie ID, which means you holding your driving license next to your face when taking the picture. It feels like a lot of mess but it’s for your personal safety. It might seem like a lot of mess but it’s for your personal safety. This way no one will be able to hold your account hostage.
From here things get a lot simpler. As with any online purchase, you will be asked to attach a credit card to the account. From there you will only need to select the amount of ADA you want to purchase and then deposit the cost in USD or Euro.
If you do not intend to trade your ADA within the crypto exchange, it is time to transfer the Cardano to a wallet, preferably a cold wallet as stated before.
You can use the same wallet for the ADA STAKING process mentioned earlier. And this is the same wallet that you will use in your store in CrypTalks, to get ADA as payment.
If you receive ADA in your business or decide to buy it on the crypto exchange, make sure to always keep it safe. Because the future of the ADA currency and its blockchain network Cardano, has never looked as promising as it does today.
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