Cardano is a decentralized public blockchain technology which seeks to deliver more advanced smart contracts than any protocol previously developed. Its decentralized cryptocurrency is called ADA, created for a day-to-day payment method over the internet.
The Cardano (ADA) can be acquired like any other cryptocurrencies out there. You either buy from someone who owns some of it or from a cryptocurrency exchange such as Binance.
This guide guides you on how you can exchange some of your coins like Bitcoin for ADA.
How To Purchase ADA From Binance Exchange
Before you can buy, sell, or exchange your coins on the Binance Exchange, you have to register an account. Verifying your account as well also lifts some limits initially placed by default, but if your exchange is on a moderate scale, just the basic registration should do just fine.
- Create an account by filling up the short form on the Binance registration page.
- Registration is easy; you only need to choose login parameters that will always be required to do anything on the platform. You enter a valid email address and a secure password that’s hard for people to guess.
- A mail would be sent to you to confirm that you registered on the platform. Login to your mail and activate your account. This approves your registration and gets your process of acquiring ADA cryptocurrency started.
Send some Bitcoins or fractions of it to the Binance platform
- Now that you are logged onto the platform, you need to add some funds. You need to click on FUNDS and then the DEPOSITS WITHDRAWAL links at the top of the page.
- When the page is fully loaded, you locate Bitcoin or any other altcoin you might want to exchange for ADA. The search box on the page helps you find the coin you wish to deposit quickly.
- Click on the DEPOSIT button in front of Bitcoin and wait for a Bitcoin wallet address generated. This address is where you want to send your Bitcoin; the value sent should appear on Binance in a couple of minutes at most.
Now you can exchange your Bitcoin or other altcoins for ADA on Binance
After confirmation that the money sent from your wallet off the Binance exchange has reflected, you now proceed to exchange them.
- Click on the EXCHANGE link right beside the Binance Logo, then select the Basic link that appears.
- At the top right corner of the exchange page are the pairs that are being traded on the exchange.
- Locate the ADA/BTC pair, click and wait a moment for the chart to load up.
- Beneath the ADA price chart, stick to the Buy ADA section. This is where the transaction is carried out.
- The first field displays the value of BTC you pay per ADA.
- The second field lets you enter the number of ADA you are willing to buy.
- Use the buttons 25%, 50%, 75%, and 100% to indicate the amount of your funds deposited you are willing to use for the transaction. 100% meaning all your funds, and the field is automatically filled with the value of ADA you can buy with your funds.
- The last field shows the number of Bitcoins you are paying for the transaction.
- Click the BUY ADA button to exchange.
Your ADA cryptocurrency should show up on Binance in a short while.
It’s not a good practice to always leave your cryptocurrency on an exchange, so the best thing to do is send to an external wallet where you have full control over your private keys. The official wallet for Cardano (ADA) for now is the DAEDALUS, and you can download the DAEDALUS WALLET here. Now you can send and receive ADA, and also view the history of transactions you’ve made.
Generate an address from your Daedalus wallet and send your ADA cryptocurrency in there from the Binance exchange.
Steps to withdrawing are same as depositing, though this time you click on the WITHDRAW button and a form guide you in completing the transfer.