Bitcoin is the first successful cryptocurrency in the world. It’s popularity is so strong that a lot of people believe that it is synonymous with cryptocurrency. I have met a lot of people who are surprised when I tell them that there are hundreds of other cryptocurrencies in circulation and Bitcoin is only one of them.
More than a decade after it was first created, Bitcoin still has the lion’s share of the cryptocurrency market. As a testament to its influence, any movement to Bitcoin’s price today affects the price of the entire crypto market.
So if you are new to crypto, should you invest only in Bitcoin and not look at other coins like Cardano? Not necessarily. There are actually a lot of reasons why you should look into investing more into Cardano (ADA) compared to Bitcoin (BTC). Read on to find out:
1. Interest – Your ADA grows over time if you buy and stake ADA compared to BTC. Thus if you buy 1 ADA and stake it, it will grow about 3% every year compared to when you buy 1 BTC which will still be 1 BTC years later. Note that this is on top of the dollar value of these coins which is expected to grow over time.
2. ADA is better for the environment as it is extremely energy efficient
3. Because of its low price now, it is easier to triple/quadruple your profit with ADA compared to BTC
4. Cardano is still very much actively developing adding functionality every few months. BTC has had a comparatively stagnant development for years
5. Transaction processing is several times faster with Cardano and will be even faster once Hydra is fully implemented
6. Fees for transactions are several times cheaper with Cardano
7. It is still early days for Cardano and price is now the same as it was almost 6 years ago so upward potential is higher than BTC which is at double its price compared to the same time frame
8. Right now, Cardano is not as popular as BTC so it’s a good time to enter. If it becomes as popular or even more popular in the future, price will skyrocket making it more difficult to enter
9. Governance of Cardano is being decentralised and you will have a stronger voice in the future. Even now, owners of Cardano are already voting on which funds to support through Catalyst
10. The community of Cardano is vibrant, strong and supportive of one another which is one of its greatest strength
11. Cardano already has Smart Contracts. BTC is only a store of value
12. Privacy is planned to be added in the future which will lead to more use cases and higher potential for Cardano.
13. It’s motto of banking the unbanked is gaining traction with its projects in Africa
14. It is founded by the co-founder and former CEO of Ethereum (Charles Hoskinson) so you know it has credibility
15. It’s deliberate and careful strategy in development )albeit slower) has kept it up 100% since it went live compared to the frequent outages of other chains.
There you have it, 15 reasons why you should buy Cardano instead of Bitcoin. I’m not saying you should not buy Bitcoin altogether. Just make sure you diversify and allocate your resources also to promising projects like Cardano.
In other news, WISH Pool turned 2 more than a week ago. Thanks to everyone who has supported us through thick and thin. We continue to support educational charities with our latest donation to Children’s Wishing Well.
WISH Pool is the creator of Cardano SPOT Check, an online resource for Cardano Stake Pool Operators for maintaining their nodes. We were a recipient of the IOG delegation in 2021 and the Cardano Foundation delegation in 2022. If you like this article, we greatly appreciate if you will delegate your ADA to WISH Pool. You will be earning interest rewards while helping the lives of disadvantaged children. This is because 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. Let’s help grow the community together!