Cardano has been on a phenomenal uptrend since the start of 2021. Is it then too late to get into Cardano now? The short answer is “no”. Read on to see 7 reasons why you should get into Cardano now:
1. You Earn Passive Income
With most cryptocurrencies like Bitcoin and Ethereum, you only earn money if you buy and sell them. With Cardano, if you use its built-in delegation mechanism, you will get annual returns on average of around 5%, sometimes even higher. This is on top of the actual increase in Cardano’s value. We discussed this in detail in our previous blog.
2. The Price of Cardano Is Still Low
At current prices hovering around 1.20 USD, the price of one ADA (which is one unit of the Cardano coin) is very affordable. Contrast that with the price of Bitcoin (approx 60K USD) and Ethereum (approx 2K USD) and you can see there is still a out of upside to Cardano. Being a 1+ USD value coin also has a larger multiplier effect when it increases in value. For example, if Cardano price goes up to 10 USD, that is a 900% increase on your investment. By contrast, if Bitcoin increases by 1,000 USD, that is still just 2% of its value
3. Faster, Cheaper Transactions
In the past few months the average transaction price for Bitcoin and Ethereum has reached around 12 to 25 USD with confirmation speeds at between 10 to 30 minutes. These fees are ridiculously priced especially for small transactions where the fee can be more expensive than the actual transaction. Contrast that with Cardano’s transaction fees of less than 20 cents with confirmations in less than a minute.
4. Strong Team
The former CEO and co-founder of Ethereum (Charles Hodkinson) has been leading Cardano development since 2014 along with his team. It just takes you a minute to listen to one of Charles’ many interviews to understand that he is a very intelligent visionary with a strong team behind him.
Also, in 2020, business industry veterans were hired by the Cardano Foundation to work on mainstream adoption by financial institutions and businesses.
5. Strong Community
The Cardano community is made up of investors who bought the coin and the people who support the infrastructure (developers, stake pool operators, exchanges, businesses, etc). The community has been growing consistently and has been supporting Cardano throughout its development cycle. This group has also been known to be level headed, keeping the Cardano currency within a tighter price band compared to other currencies.
6. It Is Only Getting Started
Cardano is now in phase 3 of it’s 5 phase roadmap. The first phase was Foundation followed by Decentralisation which was achieved in April 2021. With Decentralisation, 100% of block production is now handled by stake pool operators. Phase 4 (Smart Contracts) will allow creation of contracts that execute based on certain conditions. Phase 4 is also expected to be available in 2021. Other features like Scaling and Governance will soon follow. It is expected that the value of Cardano will rise as each phase is completed.
7. It Is The Future Of Money
Cardano has very little wastage when processing transactions. In fact, only one assigned block producer will be processing a block while the rest stay idle. Contrast that with Bitcoin where thousands of nodes make computations for the same block but only the fastest one is given a reward for creating the block. On top of that, Cardano by design can process thousands of transactions per second which will only further improve when Phase 4 is completed.
So there you have it! 7 compelling reasons why you should buy Cardano today. If you want to learn more about how to actually invest in Cardano, please read our previous blog post: How to earn passive income with Cardano
If you find this article useful, please support us by delegating your ADA to WISH Pool. You will be earning interest rewards while indirectly helping the lives of disadvantaged children. This is because at WISH Pool, we pledge to give at least 10% of our own profit to educational charities so that successful students can help get their families out of poverty.