How to Buy Cardano in Canada?

Cardano (ADA) cryptocurrency had a significant rise in capitalization in 2021. It also has a high potential for long-term success. Cardano became the third-largest crypto in August 2021 with a nearly $82 billion market cap.

If you are interested in Cardano and you want to buy Cardano in Canada, you are in the right place. We will discuss what Cardano is all about and how to buy them in Canada.

What Is Cardano?

Cardano is a decentralized proof-of-stake blockchain. It is referred to as a third-generation cryptocurrency. ADA was created by Jeremy Wood and Charles Hoskinson in 2017. It aims to become more secure, environmentally friendly, and faster than other cryptocurrencies.

Cardano’s website claim that it is the first to be developed through an evidence-based method using peer-reviewed research. The Cardano platform uses an Ouroboros protocol for secure transactions. The Cardano uses smart contract applications and aims to build a decentralized system.

Cardano (ADA) is used to track and audit product manufacturing processes. You can also use Cardano to simplify processes that require data collection from multiple sources.

How to Purchase Cardano in Canada?

Cardano and other cryptocurrencies are legal in Canada. But although it is legal, you must understand that the Canada Revenue Agency (CRA) treats cryptocurrencies as a commodity for the Income Tax Act. This means that any income from cryptocurrency transactions is generally treated as capital gain or business income.

So, before buying Cardano or any cryptocurrency in Canada, it is wise to keep a record of all your transactions to prevent any problems related to your cryptocurrency in the future.

To buy Cardano in Canada, you can use two methods:

Use cryptocurrency exchange platforms such as Changelly to use fiat currencies such as USD or CAD. You can also use other cryptocurrencies to trade or purchase for an equal amount of Cardano (ADA). Prices of cryptocurrency exchange are based on the current market prices.
Utilize a cryptocurrency broker. A cryptocurrency broker is an individual or a company that acts as an intermediary between markets. They facilitate buying and selling cryptocurrencies. Prices of cryptocurrency will depend on the prices set by the broker.

Below are the steps you can follow to buy Cardano in Canada:

Open an Account that Supports ADA

Sign up or register using your preferred platform. There are various exchange platforms you can choose from.
The crypto platform will confirm your identity. This can be done automatically during the registration process. If the platform cannot identify you automatically, it will ask you to present government-issued IDs. Then you will take a selfie photo or video.
Some exchange platforms will need a copy of your bank statement or utility bill to verify your address.

Deposit Funds into Your Account

You can fund your account through bank transfer, debit or credit card, or deposit cryptocurrency from your crypto wallet. Complete your Cardano purchase.

How to Store Cardano?

There are three ways you can store your Cardano cryptocurrency. These include:

On the Platform Where You Purchased Them. Storing on the exchange platform is applicable if the value of your Cardano is small.
Software Wallets. Software wallets are free and are connected to the internet. Although software wallets are accessible using the internet, they might be subject to theft and hacking. They are considered hot storage and are available in three forms:

Online wallets are web wallets you can access anywhere using any device, making them convenient.
Mobile wallets come in the form of smartphone applications. It is accessible since most people always have their mobile phones at hand.
Desktop wallets are computer programs that store your cryptocurrency on your PC. The private keys are kept on the desktop.

Hardware Wallets. Hardware wallets are the safest way to store your cryptocurrency because they are offline devices. They are considered cold storage. However, hardware wallets are not free.

Can Cardano Handle a Large Number of Transactions?

Scalability is one of the biggest challenges of cryptocurrencies. Compared to Bitcoin that can process five transactions per second and Ethereum that processes about fifteen, Cardano processes 257 transactions per second.

The team behind Cardano also plans to add another layer called Hydra to Cardano’s blockchain. Hydra technology can potentially process about one million transactions per second.

Conclusion

Like most cryptocurrencies, Cardano (ADA) is a volatile investment subject to fluctuations. However, Cardano has the potential for long-term success. Its price continues to rise and might become more valuable in the future. So if you want to buy Cardano in Canada, start investing in it now.