How to become a millionaire with Cardano – TyN Magazine

May 13, 2021 was the most important day in Cardano’s history.

Cardano (ADA) broke the trend. It broke all-time highs, and was the only cryptocurrency in the top ten to increase in value during a historic sell-off.
They even danced on the graves of their victors and asked Tesla to partner with them after Elon Musk’s public criticism of Bitcoin.

Cardano and its creator Charles Hoskinson are fierce. You need to be that way to survive in this cutthroat crypto market.

See more: Cardano’s career is just beginning

Today, Cardano is the fourth most valuable cryptocurrency in the world. And it will be the next Ethereum and it will have a huge role in web 3.0.

How much ADA do you need to become a millionaire?

The Cardano community postulates that the price of ADA will one day reach $ 100. For that to happen, Cardano would have to reach a market capitalization of $ 3 trillion.

To put that in perspective, Bitcoin only has a market capitalization of $ 1 trillion after its 12-year lifespan. Meanwhile, Cardano is 4 years old and has a market capitalization of $ 61 million.

So can ADA do it? Could it be as high as $ 100?

Yes. And if not, Ethereum will be the one to eclipse Bitcoin’s market capitalization.

See more: Cardano shows that it is a serious competitor

Bitcoin, while one of the most impressive innovations of this century, is a calculator compared to Ethereum and Cardano.

These two smart contract platforms will become crypto-Google (and perhaps crypto-Yahoo) and will introduce a new generation of decentralized web technology to the world.

  • Without censorship.
  • No need for permits.
  • Fully controlled by a public community.

While Google’s market capitalization is $ 1.5 trillion, it is not beyond the reach of smart contract platforms doubling it; especially since Bitcoin reached Google’s market capitalization in half the time.

At the current ADA price, and if you think you can go as high as $ 100, you would need between $ 15,000 and $ 20,000 worth of Cardano to become a millionaire.

However, at a price of $ 100 it will be in at least four to five years (knock on wood).

See more: Cardano, the cryptocurrency that overshadows Bitcoin

Tesla x cardano

Elon Musk is separating the wheat from the chaff. You are not interested in bulky cryptocurrency projects like Bitcoin that have no real-world use other than as a store of value.

Musk wants a Swiss Army knife. He wants a global computer.
This brings you to a few options:

  • Ethereum
  • Ripple (XRP)
  • Cardano

XRP bulls argue that it is a much better and mature project than Cardano. You are winning against your charges with the SEC; It is also much more environmentally friendly and efficient than most other cryptocurrencies.

XRP is also one of the oldest cryptocurrencies on the market. It has been tested over time.

Cardano, however, is an institutional investor’s dream. It’s available on all major exchanges, it doesn’t have any SEC charges against it, and it’s a more stable blockchain in comparison.

Although Musk himself has had his own issues with the SEC, I would argue that Ethereum or Cardano are the two players Tesla should embrace.

Cardano is more fluid

Cardano is a proof-of-stake protocol, which means that transactions are much smoother by not rewarding miners with a block reward, but with the transaction fee. There are no complex math equations in POS. That is why individuals are called counterfeiters and not miners in this system.

There are massive amounts of on-chain liquidity on the Cardano blockchain.

Around $ 16 billion of ADA is circulating the network and $ 22.2 billion is staked on the Cardano blockchain. Cardano is the second highest bet blockchain only behind Gavin Wood’s Polkadot.

Users receive between 5 and 6% APY on their cryptocurrency. While Ethereum has the advantage of being the pioneer in smart contracts, Cardano can be said to have it in POS.

“Pioneer advantage is not everything” – Charles Hoskinson

We have an Ethereum in Cardano

OccamFi is a relatively new Ethereum application that will allow ETH users to seamlessly move liquidity from Ethereum to Cardano. In essence, you could use ETH to fund Cardano projects or vice versa.

In an interview with CoinTelegraph, Mark Berger, president of the Occam Association said:

“Through the cross-chain bridge, liquidity and value can be seamlessly transferred to the Cardano blockchain and its associated projects through the guarantee of liquidity on the Ethereum chain. We believe this solution will generate liquidity and exposure for Cardano projects within the sizeable Ethereum DeFi community, allowing funds to flow easily to projects on Cardano. “

As Peter Thiel, creator of PayPal, points out, capitalism and competition are inverse. The best companies work together. In crypto, this is called “interoperability” or the ability of systems to exchange and use information.
Cryptocurrencies and Web 3.0 are very competitive, but it is not a winner-take-all industry. The apps that work best together win together.

Cardano x África

2.5 billion people do not have a bank account and are excluded from participating in the global economy.
Bitcoin and Ethereum have saved the western world, but have been largely removed from third world countries. Cardano wants to change that.

Earlier this month, Cardano and IOHK, the company behind the Cardano protocol, partnered with the Ethiopian government to improve education with blockchain technology.

“This initiative is about bringing technology to improve the quality of education,” Minister Getahun Mekuria said in a video conversation with John O’Connor, IOHK’s director of African operations. “It is very practical to think of blockchain technology [como una forma] to improve the quality of education “.

Anyone with an Internet connection can buy and sell cryptocurrencies; all you need is the knowledge that it exists. Also, if your county’s currency is corrupt or experiencing high inflation, you can avoid your broken fiat system.

Crypto is the latest libertarian project.

It is freedom of expression. Transactions are text. Blockchain is text. DeFi is text. Authoritarian governments may try to suppress it, but they will not do so completely.

Cardano makes programming (really) easy

Cardano will eventually support all programming languages, not just its native Haskell language.
For many of us, programming is magic moon math, as Charles Hoskinson calls it. Cardano wants to simplify this so that financial experts, lawyers, professors, and professionals of all stripes can create dApps effortlessly.

Apps like Marlowe, for example, make programming as easy as dragging and dropping Lego bricks. Marlowe automatically generates code based on plain English. Write whatever you want and it will automatically occur on the blockchain.

The final product of this kind of miracle technology is years away, but for now it’s on Cardano’s plate.

Final thought

Cardano’s greatest strength is also its greatest weakness. Contrary to what Hoskinson believes, the advantage of being the first to move has a great advantage.

The best blockchain doesn’t always win. The one with the most users does.

The lack of dApps and developers is Cardano’s Achilles heel.

This year he will make or break Cardano. The project has proven to be a lone wolf that doesn’t need Bitcoin’s careless seconds. But it needs institutional support and an ecosystem of dApps to become the next Ethereum.
It’s far from a million dollar safe bet. However, it is still the project that can change the world.

Source: Medium

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How to become a millionaire with Cardano – TyN Magazine

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