Is Cardano A Good Investment And Should I Invest In ADA?
Investing In Cardano: Getting Started
What Is So Good About Cardano?
If you are new to the world of Cardano investing, you might be wondering if ADA is a good investment, and should I invest in it?
Well, we’re here to break all Cardano-related myths circulating online so you can better decide if ADA is the right investment for you.
First things first, Cardano is one of the top cryptocurrencies and has been since its creation.
While Cardano offers a lot of benefits, aiming to become essentially a better version of Ethereum, many of those promises haven’t been fulfilled yet.
So, this makes it difficult to assess the real value of Cardano. Despite this, it remains one of crypto’s top movers and has made traders excellent ROI.
Keep on reading to learn more about Cardano - one of the top digital assets in 2021.
Let’s start with the basics first: what is Cardano in the first place?
What Is Cardano (ADA)?
Cardano is a decentralised open-source blockchain platform that is also one of the first peer-reviewed networks.
Being peer-reviewed means that the work undertaken by the Cardano team is checked by experts in the area.
As a decentralised network, Cardano is an incredible alternative to traditional banking, which can help unbanked people access financial services and execute payments.
This is vital because the number of people with no access to financial services across the globe - particularly in the majority of developing countries - is alarmingly high.
According to The World Bank, there are approximately 1.7 billion unbanked adults around the world.
Cryptocurrencies aim to provide an alternative to traditional payment systems, detached from authorities and governments.
And Cardano is not your average blockchain project. The platform has undergone rigorous testing to ensure the effectiveness and safety of its protocol.
The Cardano team’s mentality is to have the project infallible before releasing it to the world.
This is not an experiment like most cryptocurrency projects that are built around an idea - Cardano aims to be perfect in what they believe should be offered to potential users of their blockchain.
Moreover, Cardano is considered a third-generation platform that has improved scalability compared to Bitcoin, a first-generation coin, and that can potentially replace the leader in smart contract development, Ethereum, a second-generation coin.
What Is Special About Cardano?
What makes Cardano unique is its two-layered architecture. The first layer, the Cardano Settlement Layer, is used to execute transactions, while the second layer, the Control Layer, otherwise known as ‘Hydra’, is used for the execution of smart contracts.
Another unique feature of Cardano is its proof of stake algorithm called Ouroboros.
Note that the blockchain is divided into epochs made of slots, and rewards are split between the input endorsers, multi-party computation stakeholders, and slot leaders.
Cardano’s native token is called ADA and ranks 5th on CoinMarketCap at the time of writing. It has a limited supply of 45 billion coins, with 32,681,678,109 coins currently in circulation.
One ADA can be broken down into six decimal places, or Lovelaces. 0.000001 = 1 Lovelace.
We should note that Cardano has different use cases. Cardano can be used not only as a payment method and a voting tool on Cardano’s platform but across different industries, including agriculture, education, healthcare, and trading.
They essentially aim to offer blockchain technology in every way it can be leveraged.
Though the pros of Cardano are evident, is ADA a good investment? Can it overcome possible challenges and become the leader in the crypto market?
What Will Cardano Be Used For?
Cardano can be used for a variety of practical purposes where information or value needs to be exchanged in a decentralised manner.
It is a smart contracts platform designed to have more advanced features than any other platform.
Imagine an academic and scientific approach to Ethereum, where development is pushed forward by experts, who have a better understanding of the issues they are trying to solve.
Cardano’s website states:
“Cardano exists to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress”.
And the Enterprise page breaks down six primary industries Cardano believes it can improve and the solutions it can provide.
- Education with credential verification.
- Retail by preventing product counterfeiting.
- Agriculture with supply chain tracking.
- Government by providing a digital identity.
- Finance by providing onboarding for KYC and AML.
- Healthcare by preventing medicine counterfeiting.
And there is the Cardano Foundation, which works towards “positive advancement of the Cardano protocol”. Their mission is to:
- Drive adoption of Cardano.
- Shape legislation and commercial standards.
- Growing the Cardano community.
- Ensuring stakeholder accountability.
- Facilitating partnerships.
“My goal is to run countries on this blockchain. I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes and it goes, like Pet Rocks and Beanie Babies”.
For Hoskinson, the applications of Cardano are limitless and he’s not looking to win over small projects, his scope is much wider.
It should also be pointed out that Hoskinson is a former co-founder of Ethereum. One of the primary reasons for him leaving the project was a disagreement on how it should be funded.
According to Yahoo Finance, Vitalik Buterin wanted Ethereum to be a non-profit organisation, while Hoskinson wanted to accept venture capital to create a for-profit organisation.
What Is Cardano Staking?
Cardano staking has become a big way to make passive income from holding ADA tokens. Today, approximately 608,391 ADA wallets are staking Cardano, according to Finbold.
Cryptocurrency staking is where crypto holders lock up their tokens in a wallet (either by themselves or by pooling tokens) to participate in maintaining proof of stake operations. When they do this, they are incentivised with rewards, specifically more ADA.
According to Werner Vermaak, in January 2021, there is approximately $21-3 billion staked in DeFi platforms.
Of which, more than a billion has been staked via cryptocurrency exchange Kraken, and Binance and Huobi are also believed to hold a significant amount.
Crypto Briefing claims that users can earn 4.5% in a single year by staking ADA (or by joining a staking pool).
The delegation cycle. Source: Crypto Briefing
Cardano staking is seen as one of the primary reasons ADA’s price has gone up so much. As so much ADA is locked up, it gives the impression of scarcity which increases the price.
In fact, Cardano is perhaps the most staked cryptocurrency. Data from Staking Rewards tells us that approximately 73.83% of all circulating ADA tokens are staked.
It may be the case that so much Cardano is staked because there’s not much else you can do with ADA right now except stake it. Or, more sinisterly, this might even be Cardano’s plan.
Read More: How to Stake Cardano
Why Is Cardano So Cheap?
The primary reason behind Cardano’s low price is that demand is not that high for it yet and it isn’t too scarce. If Cardano suddenly became more popular and its demand rose, its price would rise too.
Cardano does not aim to be a store of value like Bitcoin or even as expensive as Ethereum (whether they like it or not).
Being expensive could be problematic for Cardano in the future as it could make it too difficult to use the platform and it would fail to reach its goals.
It must remain ‘cheap’ so it can be used as a transactional cryptocurrency and fuel for smart contracts and dApps.
Cardano vs Ethereum vs Bitcoin
For a brief period in 2021, Cardano had the third-largest market cap, just after Ethereum and Bitcoin. It was starting to look like it really could catch up to the big two.
This increase is believed to be mostly down to upgrades that happened in the first quarter of 2021. Increased performance and security, and the ability to create tokens on the Cardano blockchain were big news (plus the prospect of smart contracts arriving in 2021 too).
But taking the third spot didn’t last too long. Binance Coin benefited from increased traffic on the Binance Smart Chain and took Cardano’s place.
Then the crypto market crashed in May 2021 and many traders quickly transferred their crypto into Tether, pushing Tether above both BNB and ADA.
Let’s compare Cardano to the most well-known cryptocurrencies to see how it stacks up.
Can Cardano Be Worth More Than Ethereum?
Cardano could be worth more than Ethereum if it manages to provide a better, cheaper service and convince people to move to their platform.
However, the likelihood of this happening any time soon is low for now.
Ethereum has garnered over the years a huge community of developers who have built on top of their platform.
For Cardano to overcome this, it will take time. Gaining this many users a lot of work and will not happen overnight.
To give you an understanding of the mountain Cardano needs to climb, according to Fortune, more than 55 million people own Ethereum in 2021. Meanwhile, Cardano likely has little more than 1 million wallets.
Cardano will have to offer a consistently better service than Ethereum to win over developers, and who knows how long that could take.
Is Cardano Better Than Bitcoin?
On a technological level, Cardano could theoretically be said to be better than Bitcoin.
It is more efficient which could make it faster and cheaper to use. Plus, Cardano’s sophisticated smart contract, dApp and DeFi possibilities are a huge advantage.
However, understand that Bitcoin is incredibly popular. In May 2021, it was estimated that approximately 46 million Americans own Bitcoin, and potentially up to 100 million worldwide (1.3% of the world’s population).
Even if Cardano is better than Bitcoin in every sense of the word, popularity tends to overcome a better product.
Cardano is also more difficult to understand. It has big aims and can get very technical. Meanwhile, Bitcoin is a lot simpler.
Bitcoin is a way to transfer value from one person to another digitally. For non-technical people, it is pretty easy to grasp.
Cardano, though, is deeply involved in leveraging blockchain technology in a million different ways. And non-technical people may have a hard time understanding blockchain and how it can change how organisations work.
But more importantly, Bitcoin works right now. You can easily buy and send Bitcoin if you want to right this minute.
Cardano, on the other hand, is still in development and most of what they have planned has not been delivered yet.
So, as it currently stands it is not surprising that Bitcoin beats Cardano in a few simple but important ways, which is why there is an ocean of difference in how they are both valued.
Only when Cardano is fully operational will we know truly if it is better than Bitcoin.
Can Cardano Replace Bitcoin?
Bitcoin has become a store of value, like gold, making it very unlikely that Cardano could replace it.
It is also very unlikely that Cardano would want to replace Bitcoin either because it would make its other services almost impossible to use.
That said, Cardano could replace Bitcoin in the sense that it can make transactions faster and cheaper in a more energy-efficient way.
But there is also the issue of impact on the environment. Bitcoin is often criticised for the immense amount of power needed for mining.
Supposedly it consumes more electricity than Argentina in a year, a country of approximately 44.94 million.
Digicomonist goes one step further to compare how much environmental damage Bitcoin does. According to them:
- Bitcoin has a carbon footprint comparable to Morocco, or 1,653,290 VISA transactions or 124,325 hours of watching YouTube.
- Uses an amount of electrical energy comparable to the United Arab Emirates, or the equivalent to the power consumption of an average US household over 53.83 days.
- Creates electronic waste comparable to Luxembourg.
Cardano, as a proof of stake crypto, is designed to be more energy-efficient and supposedly consumes not even 0.01% of the energy Bitcoin uses, as estimated by Hoskinson.
At the same time, Elon Musk is looking for Bitcoin alternatives that use less than 1% of the energy consumed by Bitcoin after Tesla dropped BTC.
This opens the doors for Cardano to possibly be used by the likes of Tesla and perhaps other big tech companies.
So, in the future, the chances of seeing a shift away from Bitcoin are very possible if it is unable to deal with the impact it has on the environment. And if that happens, Cardano will be there waiting.
The only issue is if Cardano can remain as energy-efficient as it claims to be if it ever hits the popularity of Bitcoin.
Is Cardano A Good Investment?
Many experts believe Cardano is a good investment compared to other cryptos. Despite all the ups and downs in ADA history, experts believe that Ethereum price could grow further in the long term.
Because of its limited supply of 45 billion coins, Cardano’s scarcity can lead to an increase in its value and demand over the years.
As stated earlier, its improved proof of stake algorithm and two-layered architecture are also unique features that attract investors worldwide.
It’s not only its development and tech properties that attract investors. The fact that ADA has a wide range of use cases is a major motivator.
Cardano can be used for the execution of smart contracts on both public and private scales.
If Cardano fulfils its promises of unprecedented scalability of millions of transactions per second, then Cardano may be able to replace digital giants like Ethereum and traditional payment systems like Visa.
Besides, Cardano is a good investment for people who want to diversify their portfolios and reduce exposure to risks and spread rewards, which is crucial in times of financial instability.
Talking about risks, however, although Cardano is seen as a good investment, cryptocurrency investing remains a risky venture.
Cryptocurrencies are highly volatile, and even though dramatic price fluctuations can be a great opportunity for some day traders, they can be devastating for others.
On top of that, though the ongoing pandemic may have led to increased use of blockchain technologies, changing regulations throughout the globe may lead to a decrease in crypto demand as politicians slowly catch up.
Thus, before you decide to invest in ADA, always do your research and assess the risk-reward profile of Cardano.
Cardano Price History
Cardano started with an ICO in 2017 at $0.0024 per ADA token, according to Coincodex.
And being at the right place at the right time paid off beautifully for Cardano as the 2017 crypto boom was right around the corner. It skyrocketed to $0.7197 by the end of the year.
Then came 2018 and Cardano, like much of the crypto market, plummeted just after Cardano reached an all-time high of $1.1141 in January. It just kept declining and declining.
2019 saw a return to form with Cardano surpassing $0.90 multiple times, particularly in April, then in June and July. Unfortunately, it didn’t stick, and ADA ended the year at around $0.032, a humongous decline.
2020 didn’t start that fantastically either, but the coronavirus may have been a blessing in disguise.
ADA went on to close 2020 at $0.18, with prices fluctuating between $0.135-$0.19 throughout December 2020 and hit $0.2572 on January 5th, 2021.
But this was all minuscule in comparison to what Cardano was about to do in 2021. In February it just went up and up and by the 16th May had reached $2.46, its all-time high.
And though Cardano crashed like most of the crypto market in mid-May, it has still managed to hold on to most of the value it has gained.
Is ADA A Safe Investment?
The biggest risk of investing in ADA by far is the fact that Cardano is yet to deliver anything. There are still no smart contracts and without smart contracts, we won’t have dApps.
This makes investing in Cardano highly speculative, more so than any other cryptocurrency. Comparing Cardano to Bitcoin again, Bitcoin already functions exactly how it is supposed to, while Cardano has a lot of promises to answer to.
There is always the risk that when Cardano is fully up and running it will actually be terrible. If that happens, the price will likely plummet.
In terms of security though, Cardano is pretty safe. Though Cardano has never been a victim of an attack directly, wallet providers have been attacked and information was stolen.
Ledger’s hardware wallet manufacture was attacked and the data of 1,075,241 users was dumped in December 2020, including many Cardano holders.
So, while your Cardano will likely never be stolen, be extra cautious with your personal information.
A third risk is how slow Cardano develops which is largely down to its peer-review system. So slow it makes it very easy for its competitors to catch up whenever they introduce anything new.
For example, Cardano was one of the first projects to introduce the idea of a second-layer blockchain to ease congestion.
It was such a popular idea that newer projects that came later incorporated it into their projects (e.g., Binance Coin has two chains - the Binance Chain and the Binance Smart Chain - one for regular transactions and the other for smart contracts).
This makes it harder for Cardano to stay ahead of the competition. In fact, in many ways, it feels like Cardano is playing catch up with the rest of the crypto market.
Does Cardano Have A Future?
There is a lot planned for Cardano’s future and there have been several crucial updates announced in 2021.
One of the biggest announcements came in February 2021 from IOHK that stated users will be able to create their own digital assets on Cardano’s blockchain.
Another big announcement came in May 2021, when it was explained that an upcoming hard fork, called ‘Alonzo’, will allow developers to finally build smart contracts on Cardano. The date though is still a bit of a mystery.
Elsewhere, interest in Cardano is growing exponentially.
Number of r/cardano subscribers. Source: u.today
Dovbyna further explained that approximately 95,000 of these subscribers joined at the beginning of 2021.
Cardano is also building bridges to other blockchains in their first steps towards interoperability, which is becoming of growing importance in the crypto market.
In June 2021, it was announced that Nervos, a Chinese cryptocurrency project, is building a cross-chain to Cardano. It will allow the two blockchains to use their tokens interchangeably.
And more interestingly, it will allow Cardano to use Nervos’s development tools which are largely designed for DeFi purposes. This could give Cardano a jump start into DeFi in the future.
Read Also: What Will Cardano Be Worth In Five Years?
How Much Should I Invest In Cardano?
If you decide to invest in ADA is the right financial move for you, then you may ask how much you should invest.
The rule in crypto trading is to buy low and sell high and invest not more than 1% of your funds on a single trade.
Furthermore, never invest more than you can afford to lose as cryptocurrency investing may result in significant losses.
If you are willing to take the risk and buy ADA, the good news is that investing in ADA doesn’t have to be complicated.
As Cardano coins are not mined, this ensures higher accessibility for beginners and people who want to start trading without investing a small fortune.
You can start buying and trading cryptos with as little as $100.
If you are considering Cardano, do not forget that Cardano has maintained strict control over its network and allows investors to store ADA in their native wallet Daedalus.
Daedalus is defined as a:
“[F]ull node wallet. This means that unlike light wallets [...] Daedalus downloads a full copy of the Cardano blockchain and independently validates every transaction in its history. That way you get maximum security and completely trustless operation, without centrally hosted 3rd party servers.”
Interestingly enough, the number of ADA wallets has increased significantly. On the 5th of January 2021 alone, 4,000 new ADA wallets were registered.
Number of ADA wallets, 10th December 2020 to 3rd January 2021. Source: Capital.com
How Much ADA Do You Need To Be Rich?
If the price of ADA reaches $100, you will need between $15,000-20,000 in ADA to be rich, says Isaiah McCall of Yard Couch.
McCall also believes that this could potentially happen in the next four to five years, but most crypto price forecasters do not support this (see Will Cardano Go To $100 below).
That aside, it is more important to have sensible trading goals than aiming to be rich from Cardano. Indeed, it is not the wisest thing to aim for with cryptocurrency.
Sure, people have been made rich multiple times before from crypto trading, but most people do not instantly get rich from investing in crypto and it is a risky mentality to have.
If you invest in Cardano and end up stressing over its price all the time, that’s a sign that you’ve invested too much. You should be able to invest without worrying about the market.
Ideally, you should only invest approximately 1-2% of your money for trading on Cardano.
For example, if you have $100 to trade on Cardano, don’t risk any more than $1-2 per trade. Any more could be risky.
1-2% is a good number to invest because if you lose that amount, you will not be too upset. But if you make some money from that amount, you will be pleased, plus it allows you to compound your gains.
And remember, many of the most successful crypto traders are in it for the long-term, not for short-term gain. So, it’s probably better to buy a small amount now and wait and ignore the volatility.
Is It Too Late To Buy Cardano?
It is not too late to buy Cardano, you can still get Cardano easily without having to pay too much for it.
While Cardano is down from its all-time high ($2.46), it is still up from the start of the year ($0.18).
In the long-term, it is appreciating in value and managing to hold on to it. So, there is an upwards trend in the works, suggesting that it can increase in value more.
Buying and holding now is an excellent strategy. This view is supported by Tezcan Gecgil of Investor Place who highlighted on the 29th April 2021 that Cardano is up 630% since the start of the year (more than both Ethereum and Bitcoin).
She also believes that a long-term bull run is still in its early days, which is more reason to keep holding and remaining patient.
Check Out: Is Cardano Worth Investing?
How Much Could Cardano Be Worth?
Given that Cardano is a digital novelty valued by crypto enthusiasts and investors, many experts believe that Cardano will increase in value over the next few years.
While cryptocurrency prices depend on various factors, including demand and supply, market sentiment, cryptocurrency news, and regulations, financial experts see a huge potential in Cardano and other coins as an alternative to global currencies, particularly during the ongoing pandemic.
Though making crypto predictions is speculative, based on historical data, price projections, and Fibonacci extensions, Cardano experts believe that ADA may reach new highs.
Looking back, Cardano grew significantly over the past years; now Cardano is boasting over 1,400 staking pools and is collaborating with major institutions beyond borders.
Its continuous development - with the Goguen mainnet (aka network) on its way - Cardano could become a real Ethereum killer, which may lead to an increase in its value.
In fact, Cardano has been outperforming Bitcoin in terms of high growth rates.
While Bitcoin has grown by more than 300%, Cardano has grown by more than 500% and is showing potential to become a leader in the crypto market.
As the total amount of ADA coins is limited, the risk of inflation is eliminated, which could increase its scarcity and value further.
Can Cardano Hit $10?
By February 2022, Cryptocurrency Price Prediction believes that Cardano will shoot past $10 and reach $14.26.
But this opinion is not shared by most price forecasters. Only WalletInvestor believes Cardano could hit $10 by July 2025.
Coin Price Forecast, which has forecasted Cardano’s price to 2032, also does not see ADA reaching $10. Instead, they believe the highest price it can reach is $8.81.
Can Cardano Hit $20?
Cryptocurrency Price Prediction believes that Cardano will reach $22.82 by June 2022. They are the only price forecaster that predicts Cardano can hit $20 at this point. It is a very bullish prediction.
What Is Cardano Worth In 2022?
The most bullish prediction comes from Cryptocurrency Price Prediction who thinks that Cardano could reach as high as $30.78 in November 2022.
Meanwhile, the highest prediction Trading Beasts gives for Cardano in 2022 is $2.19823, an increase of 20.45 %. However, most price predictions seem to suggest that this is a little low.
Around $3 seems the most likely prediction for 2022 (at the highest), based on several price forecasters.
DigitalCoin estimates that Cardano will be worth a maximum of $3.09 by March 2022.
Gov Capital believes that Cardano can reach $3 too. Touching $3.04 briefly by May 2022.
Coin Price Forecast, which is known to be quite bullish, estimates no higher than $3.31 by the end of 2022. An increase of 123%.
On the higher end, $4 might be surpassed.
The Economy Forecast Agency estimates that the highest Cardano might reach in 2022 is $4.72 by September. An increase of 153%.
By December 2022, WalletInvestor foresees Cardano reaching $4.62 at the highest.
How Much Is Cardano Worth In 2025?
$73.88 at the highest, according to Cryptocurrency Price Prediction, by December 2025. Again, it should be noted that this is a rather bullish estimate.
Most likely, Cardano will be valued between $5-6 according to some price forecasters.
DigitalCoin forecasts a high of $5.33 by July 2025, and Coin Price Prediction estimates a maximum of $5.31. Gov Capital also forecasts a maximum of $6.05015 for May 2025.
WalletInvestor estimates that the highest Cardano can reach is $11.057 by December 2025, which could be the highest possible ADA can reach in 2025.
The Economy Forecast Agency does not see Cardano reaching higher than $2.01 by July 2025. This may be the lowest possible price.
What Will Cardano Be Worth In 2030?
By December 2030 Cardano could be worth $161.41 at the highest according to Cryptocurrency Price Prediction.
However, Coin Price Forecast gives a more sobering prediction of $7.53 by the end of 2030. That’s still an increase of +407%!
Remember though, 2030 is still a very long way away. No one knows what could happen by this point (hence the wildly different predictions!), so you cannot count on these price forecasts.
Will Cardano Go To $100?
Cryptocurrency Price Prediction believes Cardano can push past $100 by January 2030 and reach $130.93. This is one of few predictions that estimate this is possible.
Ready To Invest In Cardano ADA?
Conclusion: Will Cardano Make Me Rich?
Investing in Cardano or any kind of investing can be very risky if you don’t know what you’re doing, especially during uncertain times.
You may be asking yourself, “should I buy Cardano right now?” So, here’s a tidbit, investing your money doesn’t have to be complicated.
While no investment is risk-free, investing in Cardano has generated about 600% return over the last two years.
Whether you’re new to Cardano investing or just curious about how to make the most of your investment, understanding what to know before investing in Cardano is critical.
Cardano can also become a tool of different online services across areas, such as agriculture, healthcare, and education. It’s collaborating with different major institutions to improve interoperability and transparency.
While Cardano’s success depends on its ability to fulfil its promises and provide high scalability, as well as an effective platform for smart contracts, many experts claim that ADA is worth holding as its price may rise in the near future.
If you are still considering adding ADA to your portfolio, remember that you need a safe online exchange to get started.
In the end, the final decision comes down to you. What kind of investor do you want to be? Figure out the answer to that question, you’ll definitely know if Cardano is a good investment!
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If you remember anything from Is Cardano A Good Investment And Should I Invest In ADA? make it these key points.
- Cardano is one of the top cryptocurrencies in terms of market cap and trading volume.
- Cardano has unique two-layered architecture and novel proof-of-stake algorithm principles that makes Cardano a real game-changer in the cryptocurrency market.
- In fact, Cardano is considered a third-generation cryptocurrency as it has the potential to improve crypto scalability and smart contract development.
- Cardano’s native token is called ADA.
- ADA has grown significantly and outperformed giants like Bitcoin, a first-generation coin, and Ethereum, a second-generation coin, in terms of growth rates.
- Many experts believe that ADA has a bright future and may reach $3 in the years to come.
- Nevertheless, investing in Cardano remains risky and requires in-depth research and training to help you tame the volatility of the market.
Still have questions on Cardano? Perhaps these frequently asked questions will help you out.
What Is Cardano’s All-Time High?
$2.46 is Cardano’s all-time high. It was reached on 16th May 2021.
Why Is Cardano Dropping?
Like all other altcoins, Cardano dropped when Tesla announced that it will no longer accept Bitcoin as a method of payment.
Bitcoin lost roughly half of its value and the rest of the crypto market quickly followed in the same direction.
How To Mine Cardano?
Cardano cannot be mined as it uses proof of stake to validate blocks and transactions.
However, alternatively, you could stake your Cardano or put it in a staking pool to earn interest on it.
Who Owns Most Cardano?
Charles Hoskinson is believed to own the most Cardano with his wealth valued at approximately $500-600 million, according to the Cointelegraph. He is potentially one of the wealthiest people in the crypto community.
Where To Store Cardano?
The most well-known place to store Cardano is the Daellus wallet, but there are plenty of other wallets that can be used to store Cardano. Make sure before you set up a new wallet service it can support Cardano first.
Note that some hardware solutions have been hacked before. In June 2020, Ledger was hacked and the attackers retrieved the personal information of many users who purchased hardware wallets from them.
Can Cardano Make You A Millionaire?
If you invest enough money at the right time, Cardano could make you a millionaire. Of course, though you shouldn’t get your hopes too high on this happening.
Cardano has already made millionaires, such as Hoskinson. One of the most popular ways to make money from ADA is to hold it for the long term.
You can also stake your ADA to earn interest too which can compound your earnings.
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