For New Zealanders venturing into the world of cryptocurrencies, buying Cardano (ADA) can be an exciting task. Platforms such as Binance NZ and Easy Crypto NZ make it easy.
To get started, it’s important to understand the basics of Cardano’s vision and technology. Once familiarized with Cardano, selecting a secure cryptocurrency wallet is a curial step.
What is Cardano (ADA) in NZ?
Cardano (ADA) is a blockchain platform that utilizes a decentralized proof-of-stake (PoS) consensus mechanism. Unlike traditional proof-of-work (PoW) networks that require large computational power, Cardano’s PoS achieves greater efficiency and sustainability.
ADA is a cryptocurrency that serves as the native digital asset of the Cardano blockchain platform. It is named after Ada Lovelace, a 19th-century mathematician who is recognized as one of the pioneers in computer science. Ada had an estimated IQ of 160.
History of Cardano
Cardano has a rich history in the world of blockchain technology. Founded in 2015 by Charles Hoskinson, one of the co-founders of Ethereum, Cardano was developed with the goal of creating a blockchain that addresses the limitations of existing cryptocurrencies.
The project began with the Byron era, during which the foundation of Cardano was laid. In September 2017, the Cardano mainnet was launched, and its native cryptocurrency ADA was introduced. This marked the initial phase of Cardano’s development.
In 2020, Cardano entered the Shelley era, which focused on decentralizing the network. The introduction of the Ouroboros proof-of-stake consensus algorithm allowed ADA holders to participate in block validation and earn rewards through staking. This shift towards decentralization was a significant milestone for the Cardano ecosystem.
The subsequent phase, known as the Goguen era, aimed to enable the execution of smart contracts and the development of decentralized applications (dApps) on Cardano.
Looking ahead, Cardano has plans for the Basho and Voltaire eras. The Basho era will focus on scalability and introducing features like sidechains. Meanwhile, the Voltaire era will emphasize decentralized governance, allowing stakeholders to participate in decision-making processes and implementing a treasury system to fund projects.
How Does Cardano (ADA) work in NZ?
Cardano operates on a sophisticated blockchain platform designed to bring efficiency and sustainability to the world of digital currencies. Instead of relying on energy-intensive mining, Cardano uses a decentralized proof-of-stake (PoS) system called Ouroboros.
This means that ADA holders can participate in block validation by staking their coins, earning rewards in the process. Cardano takes a scientific and research-driven approach.
It supports smart contracts and decentralized applications, empowering developers to create innovative solutions. Cardano also values community involvement, allowing ADA holders in NZ to have a say in the platform’s governance and future development.
Cardano’s commitment to interoperability and scalability ensures it can integrate with other systems seamlessly. Overall, Cardano provides a user-friendly and sustainable blockchain platform with exciting opportunities for the New Zealand crypto community.
Can I Buy Cardano in NZ?
Yes, Kiwis can buy Cardano through a selction of Cryptocurrency exchanges, brokerages, and P2P marketplaces available in New Zealand. These platforms offer an easy-to-use interface, allowing users to purchase Caradano using NZD or other cryptocurrencies.
Where can you Buy Cardano in New Zealand?
Cryptocurrency NZ Recommendation 🏆
Easy Crypto NZ
Easy Crypto NZ is New Zealand’s most popular cryptocurrency retailer, making it safe, fast, and easy for Kiwis to buy and sell over 97+ cryptocurrencies in minutes – including Bitcoin, Ethereum, Dogecoin and XRP.
Website: www.easycrypto.ai/nz
| Pros | Cons |
| ✔️ Accepts NZD: Easy Crypto NZ is a New Zealand-based retailer, which means that users can buy and sell Ethereum using New Zealand Dollars (NZD). | ❌ Limited Features: Easy Crypto may not offer as many advanced trading features as some other exchanges, which may be a drawback for experienced traders. |
| ✔️ User-friendly: Easy Crypto NZ has a simple and user-friendly interface that makes it easy for individuals to buy and sell Ethereum. | ❌ Trading Fees: The trading fees for less popular cryptocurrencies on Easy Crypto can be higher than on other exchanges. |
| ✔️ Strong customer Support: Easy Crypto NZ offers competitive fees and is known for its strong customer support. The team is available to assist users with any questions or concerns. | ❌ Limited options: Easy Crypto NZ does not currently offer margin trading or futures trading, which may limit trading options for some users. |
| ✔️ Secure platform: The platform is secure and uses industry-standard security measures to protect user data and funds. |
Easy Crypto NZ has a transparent fee structure, which is included in the price of the cryptocurrency being bought or sold. The fee structure is based on a percentage of the transaction value, and the percentage varies depending on the cryptocurrency being traded.
Easy Crypto NZ fee range is from 0.70% to 0.90%.
Binance
Binance is one of the largest centralized cryptocurrency exchanges in the world. The exchange was founded in 2017 and has since grown to offer users a platform to trade over 500 digital assets, including Bitcoin, Ethereum, Binance Coin, and many more.
Binance is known for its low trading fees, high liquidity, and advanced trading features, including margin trading, futures trading, and staking.
| Pros | Cons |
| ✔️Wide range of tokes: Binance supports a huge range of tokens, which gives New Zealanders access to a diverse range. | ❌ Regulatory uncertainty: Cryptocurrency regulation in NZ is still uncertain, which can create a level of risk for users of the platform. |
| ✔️ Low trading fees: Binance has some of the lowest trading fees in the industry, which can be a significant advantage for frequent traders. | ❌ Limited payment options: Binance has limited payment options for New Zealanders, with bank transfers being the primary payment method. |
| ✔️ High liquidity: Binance has a high trading volume, which means there is high liquidity on the platform. This makes it easier to buy and sell cryptocurrencies quickly. | ❌ Security risks: As with any cryptocurrency exchange, there is a risk of hacking and theft. Binance has implemented security measures to mitigate these risks, but there is still a risk involved. |
| ✔️ User-friendly interface: Binance has a user-friendly interface, which makes it easy for beginners to navigate and trade cryptocurrencies. | ❌ Customer support: Some users have reported issues with Binance's customer support, which can be frustrating if you encounter any issues with the platform. |
| Taker | Maker |
| Spot: 0.1000% | Spot: 0.1000% |
| Futures USD: 0.0400% | Futures USD: 0.0200% |
More information on Binance exchange fees can be found here.
FAQs about Cardano in New Zealand
What is unique about Cardano compared to Bitcoin?
Consensus Mechanism: Cardano utilizes a decentralized proof-of-stake (PoS) consensus mechanism called Ouroboros, while Bitcoin relies on proof-of-work (PoW). PoS is considered more energy-efficient and environmentally friendly compared to PoW used by Bitcoin.
Smart Contracts and dApps: Cardano offers support for smart contracts and decentralized applications (dApps). It provides a platform for developers to create sophisticated applications on top of the blockchain. Bitcoin, in its original form, does not have this.
Scalability: Cardano is designed with scalability in mind. Its layered architecture and focus on research allow for future upgrades to improve network scalability. Bitcoin, on the other hand, faces scalability challenges due to its block size and transaction throughput limitations.
What is Proof-Of-Stake (POS)?
Proof of Stake (POS) is a consensus mechanism used in blockchain networks to validate transactions and secure the network. In a POS system, the ability to create new blocks and verify transactions is based on the ownership or "stake" of a particular currency within the network.