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How to buy Cardano (ADA) in the UK
Find out all about Cardano and the Ada cryptocurrency.
Cardano is a proof-of-stake blockchain designed for smart contracts and dApps, led by Ethereum co-founder Charles Hoskinson.
Designed to be an Ethereum competitor, Cardano began development in 2015, and launched as a testnet on 29 September 2017. The mainnet, called Goguen is slated for launch in April 2021 which will bring long-awaited smart contract functionality to the platform. Despite its relatively slow development process, Cardano’s native ADA token is one of the most popular coins on the market.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Where to buy Cardano ADA tokens in the UK
Cardano ADA tokens are listed on many popular exchanges. Find out which exchange is best for you to buy Cardano by comparing deposit methods, fiat currency support and more.
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Cardano wallets & storage
Once you buy ADA, you may want to move it to a wallet to keep it safe.
Cardano offers a purpose-built wallet called Deadalus. It’s a secure multi-function desktop wallet that can be exported to a paper wallet for extra security. Currently it only supports ADA, but will eventually offer multi-cryptocurrency support.
To make using Deadalus more secure, you may want to use it with a hardware wallet that keeps your private keys secure on a hardware device.
What is Cardano and how does it work?
Note: Cardano is still under development. Not all of the features described below are active at the time of writing.
In order to achieve its goal of being the most practical cryptocurrency ever made, Cardano is created from the ground up instead of borrowing features from existing blockchains.
One of the main features of the Cardano system is the multi-layer design:
- The settlement layer. This is the layer that operates the ADA tokens.
- The computing layer. This layer can run smart contracts, recognise individual users and perform other functions.
Bitcoin and most other cryptocurrencies have all of these functions in one layer. This multi-layer system brings some features that developers may find useful.
- Upgradeability. The system has been specifically designed to allow for relatively smooth and easy upgrades with soft forks. The multi-layer design allows for each layer to be forked and upgraded separately.
- Adaptability. The computing layer can be adapted in various ways without affecting ADA. For example, to help meet different regulatory requirements in different countries without needing to make one-size-fits-all changes to the ADA cryptocurrency.
- Privacy with compliance. Users can get privacy for their transactions even though the computing layer is able to recognise individuals. This system is designed to offer a level of anonymity while still allowing compliance with laws around the world.
These layers are supported by the Cardano treasury, which receives a portion of newly minted ADA and transaction fees.
See our guide for a complete run-down of Cardano and its ADA cryptocurrency
Cardano mining
Cardano uses an entirely new mining algorithm called Ouroboros. According to its developers, it’s the first proof-of-stake mining algorithm that’s been mathematically proven to be secure.
Did you know?
How proof of stake works
Some older cryptocurrencies like Bitcoin use “proof-of-work” mining, in which miners compete to solve problems, produce the next block and win a reward for doing so. By contrast “proof-of-stake” mining works by picking a semi-random stakeholder to solve the next block, with larger stakeholders (contributors with more ADA) more likely to be chosen.
This can potentially offer quicker and cheaper transactions, plus the benefits of being more energy-efficient.
The problem is finding a truly reliable and random way to pick the stakeholder to make a block. According to its developers, Ouroboros solves this problem.
Is Cardano trustworthy?
Cardano is entirely open source and patent-free. All its source code is publicly available for scrutiny. People who want to buy Cardano may find that this not only assists development, but also means any problems can be highlighted quickly. It’s also fronted and developed by some publicly accessible and widely known names.
- The Cardano Foundation: A Swiss-based non-profit designed to serve as a standards body for the Cardano protocol as it evolves over time, and to interface with regulators in different markets.
- IOHK: A software engineering company dedicated to peer-to-peer financial services innovations. IOHK is behind most of Cardano’s technology.
- Emurgo: A registered company formed to interface between Cardano and businesses by offering Cardano as a blockchain business solution.
Things to consider before you buy Cardano
The developers claim that Cardano is purpose-built to be the only cryptocurrency the world needs, offering an exceptional range of features and usefulness. In particular, it’s designed to work well with regulations and to be accessible to almost anyone, with the ability to tweak functionality to suit local laws and regulations.
Despite Cardano’s lofty goals, it faces stiff competition. Since Cardano began in 2015, many new blockchains have come online with similar goals and are already capable of onboarding users while Cardano’s development lags behind by comparison.
The implementation of the Goguen mainnet in 2021 is likely to be a pivotal moment for Cardano, with the addition of smart contracts and dApps giving it a real chance to compete in the now saturated smart contract (base-layer) market.
Did you know?
Ada supply
- Max supply: 45 billion ADA
- Ada currently in circulation: About 32 billion ADA
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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Ask an Expert
I propose to purchase 20k thousand
Cardano using bitcoin or ripple in my kraken wallet is this possible and which platform should I choose to facilitate this
Regards Kevin
Hi Kevin,
Thanks for getting in touch with finder. I hope all is well with you. :)
Please note that Kraken isn’t a wallet, but an exchange platform. Currently, Kraken does not support Cardano (ADA) cryptocurrency. For this reason, you can’t use Kraken to purchase Cardano.
If you are looking for alternatives, then please check this page. Above, you will find a table that conveniently compares your options. You will see the different features of each exchange. Once you find something that interests you, please click on the “Go to site” green button to learn more.
In regards to how you should be able to buy Cardano, that will depend on the exchange that you choose. Thankfully, most exchanges are easy to use and you should be able to purchase Cardano with bitcoin or ripple by just following the instruction provided by your chosen exchange platform.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Thanks Josh my terminology didn’t help what I meant was having chosen my platform to purchase Cardano can I store it there but pay for it using part of one of my bitcoins in my Kraken account
I live in the UK and can’t seem to find out how to buy ADA using GBP?
I’ve tried using international exchanges before (Upload) but I had my money returned with no reason being offered, which then went back to my bank who charged me for it returning so I lost £35 before I even started!
Hi Lucy,
Thanks for getting in touch with finder. I hope all is well with you. :)
Sorry to hear about your issue. What you can do is try Coinmama or Bittrex. Both of these exchanges allow you to use a credit or debit card.
Alternative, find an exchange or wallet that allows you to buy cryptocurrencies which you can then trade for other Cardano in the future.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How do I buy Cardano ADA?
Hi Constancio,
Thank you for getting in touch with finder.
These are the steps to buy Cardano (ADA).
– First you need to set up a wallet to store the Cardano (ADA) you’re about to buy.
– Create a Daedalus Wallet
– You’ll then purchase the popular cryptocurrency like Bitcoin or Ethereum, so that we can exchange it for Cardano.
I hope this helps.
Have a great day!
Cheers,
Jeni