Updated on October 19, 2023.
- Cardano was first introduced in 2015 by Ethereum Co-Founder Charles Hoskinson.
- ADA is named after Augusta Ada King, Countace of Lovelace, the first known computer programmer.
- BitPinas has provided a list of exchanges where users can buy ADA. A step-by-step guide on how to stake ADA can also be found in this article.
Most cryptocurrencies’ ticker symbol is just a shortcut, or the first few letters of their mother blockchain’s name.
But there are some tokens that seem to have unique ticker symbols, like ADA, the token of the decentralized third-generation proof-of-stake blockchain platform Cardano.
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ADA to PHP
What is Cardano?
Cardano was first introduced in 2015 by Ethereum Co-Founder Charles Hoskinson. It claims to be the first blockchain platform to “evolve out of a scientific philosophy and a research-first driven approach.”
It is an open-source project that aims to deliver an inclusive, fair, and resilient infrastructure for financial and social applications on a global scale. According to the platform, one of Cardano’s primary goals is to provide reliable, secure financial services to those who do not currently have access.
“The Cardano platform has been designed from the ground up and verified by an industry-leading combination of top engineers and academic experts in the fields of blockchain and cryptography. It has a strong focus on sustainability, scalability, and transparency,” Cardano explained.
Furthermore, founded through “peer-reviewed” research, Cardano is based on the proof-of-stake consensus protocol, which means that its native token ADA can be staked by holders for the verification and security of the blockchain.
It was also said to be built using the Haskell programming language, which enables Cardano to pursue evidence-based development. Haskell is a non-strict programming language that is designed to handle a wide range of applications; Haskell programs are written as mathematical functions.
“Security is one of the founding principles of Cardano. More advanced features of Haskell, such as basing the implementation on formal and executable specifications, extensive property-based testing, and running tests in simulation provide a range of powerful methods for ensuring code correctness,” Cardano further stressed.
What is ADA?
When the Cardano platform was launched in 2017, its ADA token was also set afloat.
$ADA is named after Augusta Ada King, Countace of Lovelace. Ada King was recognized as the first known computer programmer. Cardano’s team chose the name ADA to honor her contribution to the field of computer science, as per the network.
As the native token of the network, ADA fuels smart contracts, dApps, NFTs, and other transactions in the Cardano ecosystem. Cardano sees itself as a third-generation protocol because it believes that it is a more improved version of the Bitcoin (first-generation) and Ethereum (second-generation) networks.
During the Alonzo update in 2021, Cardano users were able to create smart contracts and NFTs, and manage multiple assets. And while the network is preparing for its final era of development, called Voltaire, voting and treasury management of the blockchain and network through previously introduced smart contract functionality and system improvements are expected.
Trusted Platforms to Buy Cardano in the Philippines
Local crypto exchanges PDAX, Maya, and GCash’s GCrypto offer an ADA/PHP trading pair. International exchanges Binance, Kraken, and Coinbase also support ADA, which normally comes with a USDT trading pair.
To be able to buy, sell, trade, and transfer ADA on these exchanges, users must:
- Step 1: Verify an account by registering their email address or phone number. Common verification processes include asking for personal information, a valid ID, and a selfie.
- Step 2: Choose the ADA trading pair and type in the desired amount.
- Step 3: Confirm if the transaction is successful by looking at the crypto wallet on the platform; the ADA tokens should be loaded there.
Staking ADA: Earn While Hodl
For users who want to use ADA for short-term trading, it is advised to stay trading in the exchange they dealt with to avoid too much transaction fees.
But for those who want to hodl ADA for a long time, staking it could be a good idea. Here is how:
- Step 1: Create a wallet on the Cardano platform or use a third-party wallet that supports Cardano. Just keep the recovery phrase or the 12-word seed.
- Step 2: Transfer the tokens bought to the wallet from the exchange.
- Step 3: Choose a staking pool where the tokens will be delegated. A staking pool is a group of people who combine their ADA to increase their chances of earning rewards. The platform offers a list of staking pools.
- Step 4: Delegate the tokens to the pool.
- Step 5: Start earning rewards depending on the amount of ADA staked and the performance of the staking pool.
This article is published on BitPinas: Cardano Philippines | ADA Usecases Guide
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
Original article follows. May contain outdated information:
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.
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 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.
You can purchase ADA from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find ADA/USDT Pair
Here is our step-by-step guide to buy crypto using Binance P2P: How to Use Binance P2P to Buy Bitcoin, USDT 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!
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.
(Last updated 2018) 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 in Binance?
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?
Many exchanges allow purchasing ADA
Can you keep your ADA at Coins.ph or Bitbit?
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.