Developed by established individuals behind the ETH project, Cardano recently made it to the top 10 altcoins in Coinmarketcap. With ADA as its coin name, what is the Cardano Project? More importantly, how can we buy Cardano in the Philippines? Actually, there are at least three ways but we like to write here what actually works based on our experience. Let’s proceed with the article to find out.
This article had a minor update on October 2, 2018.
Table of Contents.
Developed by ETH project co-founder Charles Hoskinson, Cardano is a new blockchain project designed to offer faster transactions and solid security.
Note: Cardano is the name of the project while ADA is the name of the cryptocurrency. Just like Ethereum is the project and Ether is the token.
Cardano wants to become the blockchain that will run financial services that everyday individuals use today. It is also built in such a way that software updates to the platform will run smoothly.
More importantly, Cardano is built based on the current situation where regulators want to, well, regulate the cryptocurrency industry. You don’t need to look outside. In the Philippines, we have the SEC that is currently studying ways to regulate ICOs. In Cardano, users will still have privacy with the transactions they do on the platform while there are systems that will check and make sure everything is compliant with existing laws. Doing this, Cardano believes, will allow the project to be more accepted and therefore be able to provide greater financial inclusion for all, without suffering regulatory setbacks.
How to Buy Cardano in the Philippines
Just to be clear, you don’t actually buy Cardano. You buy ADA, the token that powers the project. So how to buy ADA in the Philippines?
Buy ADA in Abra
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for ADA within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Buy ADA in Cryptocurrency Exchanges
Buy ADA in Binance
Binance is one of the largest cryptocurrency exchanges in the world in terms of volume. Register for Binance here. The process should be similar to how we purchase from other exchanges such as Bittrex (described below).
I was able to buy ADA at Bittrex, a foreign cryptocurrency exchange. You might think it is too complex to do this, but it is actually easy if you follow our steps! But first, create your Bittrex account and fund it with bitcoins:
- Step 1 – Fund your Bittrex account with Coins.ph, BuyBitcoin, or Abra. (Coins.ph will be convenient but Abra and Buybitcoin may have lower fees).
- Step 2 – Read how to buy Altcoins from Bittrex here.
The procedures provided in step 2 will be the exact same thing you will do to purchase ADA at Bittrex. (Actually, I used ADA in the screenshots in that article).
Step by Step Guide to Buy ADA from the Philippines using Bittrex
- Send Bitcoin from your Coins.ph or Abra accounts to your BTC wallet in Bittrex.
- You can also use Buybitcoin.ph and use the Bittrex BTC wallet as your destination address.
- Go to Bittrex’ ADA page.
- Buy ADA using instructions from this article.
- Depending on how much worth of ADA do you want, proceed to transfer your ADA coins in an ADA wallet.
Your ADA coins can be kept in the Daedalus Wallet, provided by Cardano in their website. The wallet is encrypted and has protection against malware and other threats. This can only be downloaded on a computer. But Cardano promises mobile support (as well as Ethereum Classic and Bitcoin Support) in the future.
Also in the future, the Daedalus Wallet will have features that will allow ADA holders to earn more ADA.
Can I keep ADA at Bittrex?
You actually can, but ask everyone and they will recommend keeping your coins in a wallet and not in an exchange. Exchanges trade millions worth of bitcoin and altcoins every day, so they are prime target of hackers.
Other ways to buy ADA?
You can also buy ADA at the following exchanges:
Again, we bought ADA at Bittrex that’s why we used that in the articles.
Can you keep your ADA at Coins.ph or Bitbit?
No. Both sites only support bitcoin.
- Update June 2018: Coins.ph now supports ETH and BCH
Currently the 10th or 11th best-performing cryptocurrency in Coinmarketcap, Cardano’s vision to become the platform for the unbanked will certainly resonate with many. If you think Cardano’s vision resonates with you, then you should consider supporting it.