Cardano (ADA) is a decentralized open-source platform that uses blockchain technology. The Cardano network is focused on smart contracts that can be used for decentralized applications (DApps). DApps have the advantage over current internet applications that they are more privacy-friendly, reliable and secure. The coin belonging to the Cardano platform is the ADA and it is used for sending and receiving values within this network and on the corresponding DApps.
The Cardano blockchain is generally similar to other blockchains, but it is made up of two different layers: the "Cardano Settlement Layer" and the "Cardano Computation Layer". The first layer acts as a ledger, while the second layer keeps track of why transactions in the ledger take place. This separation gives the possibility to better align the design and implementation of smart contracts with the desired goals. In addition, this potentially helps safeguard user's privacy.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Cardano. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Cardano and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Cardano without any technical knowledge. Here is a brief overview of the existing wallet options to store your Cardano:
Hosted wallets are wallets where the private keys to your Cardano are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Cardano online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Cardano. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Cardano, and if malicious parties have access to your device, your private keys (and therefore your Cardano) can be stolen.
A hardware wallet is a physical device on which you can store your Cardano offline. It is one of the safest ways to store your Cardano, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Cardano is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Cardano. Once you have purchased Cardano on Bitvavo, you can choose to send your Cardano from your Bitvavo wallet to your own software or hardware wallet.