Cardano, strong rival of Bitcoin: why the cryptocurrency of this network promises a great future

With high volatility, high prices, and old technology, Bitcoin is no longer as attractive. Other newer cryptos appear as interesting options

Bitcoin could be calmly baptized as “the mother of all cryptocurrencies” and, today it is undoubtedly a star in that universe, but it presents a high level of volatility and at current prices it is difficult to know if it is really going to be a good investment or not in the long term. However, the list of such assets that exist today is very extensive and many have even surpassed their predecessor in technology.

One of them There is, the cryptomoney from the red Cardano, which is the fourth with the highest capitalization in the market, after Bitcoin, Ether and Binance. According account to iProfesional María José Mercado, director of FIMA Financial Markets, from 2015 to 2017, this crypto went from a volume of US $ 600 million to US $ 10,000 million, “an amazing growth in a very short time”.

So it is so, From February of this year to today, it has had a rise of no less than 200% (trades around u$s1,42, although it is highly fluctuating, like most of these assets) and experts assure that It is one of the cryptocurrencies with the most future.

On this point, Santiago Amat, public accountant and specialist in cryptocurrencies, says that Ada registered a maximum increase. “It broke 2,000% in just 202 days in mid-May this year and then underwent a correction, “which he qualifies as fairly healthy.

What is it that makes it so interesting?

There are several elements that position it as a very attractive and promising investment, especially for fans of the crypto world. According to Amat, “A prominent feature of Ada is that she was created by mathematician Charles Hokinson, one of the co-founders of Etherium “.

In this sense, Mercado details that “It is an open source blockchain, which makes it a platform for executing smart contracts, which was created by Hokinson’s Cardano Foundation, “and highlights that Ada is developed by a very sophisticated group of mathematicians.

Some time ago, the co-founder of Ether decided to open from that project due to differences in management with its partners and created the Cardano Blockchain with its corresponding cryptocurrency, Ada.

Gave life to an ecosystem that is in the development phase and that has “a lot of potential in the future to solve current problems that the Etherium network is having“, according to Carlos Paul, Bitcofy’s Head Human Resource.

To invest in this cryptocurrency, you can do as with any other. It can be person to person or through an exchange. To do so, you have to have a wallet of cryptocurrencies. What you have to do is transfer the weights to the other person and the receiver will deposit the cryptocurrencies in the account of the person who sent the money, as published iProfesional.

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But perhaps it is more reliable, especially for a beginner, to do it through an exchange:

1. The first step is to choose which of the entities in which these assets can be bought or sold to use (the selection can be made via the website www.coinmonitor.info where there is a list of these).

2. Create an account, for which the information that supports the identity of the person must be provided.

3. Once the pesos have been transferred to the CBU of the account opened in the exchange, the credited balance will appear and you can buy cryptocurrencies. To do this, you must choose Ada from the list. The “Buy” button is clicked and the equivalent in that cryptocurrency to the money that was transferred will appear.

4. Once the decision to choose that option has been made, all that remains is confirm the transaction and you’re done.

Bitcoin uses the proof-of-work system while Ada works with the proof-of-stake concept.

Bitcoin uses the proof-of-work system while Ada works with the proof-of-stake concept.

How does Cardano work?

Paul adds that “This smart contract platform improves the optimization, scalability and security possibilities of the older cryptoThus, he explains that, for example, that Cardano works with a proof of stake system (PoS), which allows staking (partition and holdeo), which means that the investor can have a certain level of profitability just by keeping their tokens on the Blockchain.

“This is a prominent feature of Cardano and it is a different modality than Bitcoin and Etherium, which use the proof of work mechanism.

“That makes Ada’s energy consumption much lower than that of the rest of the cryptocurrencies,” says Nicolás Lizarraga, who has been operating cryptocurrencies for several years.

“That makes her an environmentally friendly crypto because its mining system consumes much less energy than that of Bitcoin, for example “, highlights Amat. And, due to this and other characteristics, it indicates that” it is a third generation cryptocurrency, while Bitcoin is of the first and Ether, of the second”.

For him, It is one of the best existing cryptocurrencies and highlights that it is a direct competitor of Ether, not only because they share a creator, but also because both promise the execution of smart contracts and that further increases the rivalry between them.

Ada was devised by one of the creators of Etherium and is a third generation crypto currency.

Ada was devised by one of the creators of Etherium and is a third generation crypto currency.

A revolution

Lizarraga assures that “Cardano promises to revolutionize the market and the cryptocurrency protocol. “And he highlights that it has a very good work team behind and, the most important thing is “that it is fulfilling what was promised”.

So much so, that very recently “the New Balance company reported that it is using the Cardano block system for its accounting,” says Mercado.

He emphasizes that this places it a step higher than the other cryptocurrencies, but, in addition, he believes that it is a crypto that merges the best of the two cryptocurrencies worldwide, which are Bitcoin and Etherium, since it is based mainly on your weaknesses.

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Cardano, strong rival of Bitcoin: why the cryptocurrency of this network promises a great future

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