Can Cardano (ADA) Compete With Bitcoin and Ethereum Some Day?

Can Cardano (ADA) Compete With Bitcoin and Ethereum Some Day?

The super hot and trendy cryptocurrency market has been experiencing shockwaves throughout the past few months. With high volatility and price-changing news popping up every few days, this is a place to be if you are looking for a dynamic and thrilling occupation. But also, if you’re looking to invest and earn substantially by submitting yourself to the exhilarating ride called crypto trading.

But with shocking news driving the price of Bitcoin and Ethereum up and down, entering such a market at this point might be an unnecessary uncertainty. Nevertheless, if you’re already a part of the market, and the China crackdown on crypto mining did not sit well with you, nor the ongoing rising environmental and regulatory issues regarding cryptocurrency, then maybe you should consider going green. And by green, we mean Cardano and its ADA coin, the only coin that kept rallying despite all the market disruptions.

Cardano ADA

The Green Coin

Unlike BTC and ETH, ADA coin is considered a green coin or an altcoin that can be characterized as environmentally friendly. Here’s why. Obtaining Bitcoin and Ethereum requires mining, which is not considered very efficient nor environmentally friendly. Much wasteful energy is produced, and massive computing power is needed for mining crypto. The difference in the underlying architecture of Cardano allows the coin to obtain its green certificate.  This is how it works.

Cardano depends on proof-of-stake rather than proof-of-work, which needs powerful computers in order to solve complex equations to mine BTC and ETH. A vast amount of energy is not required for ordering more digital coins or processing and completing transactions. In comparison, when Bitcoin and Ethereum are mined, the reward in the form of a Bitcoin is given to the miner who solves the equation. The rest get nothing, and this “the winner takes it all” approach means that the energy that all the other miners used gets wasted. This is why large amounts of energy are just not worth the price. 

Cardano ADA green coin

Future Solution

The proof-of-stake blockchain focuses on the volume of digital coins rather than exploiting the miner’s processing power. Charles Hoskinson, the founder of Cardano, claims that Cardano’s whole system uses less than 0.01% of the BTC network. This adds up to the green tag Cardano’s ADA coin has been labeled with.

This unique feature of Cardano’s ADA coin could position it really high on the list of most-wanted cryptocurrencies. If it continues to outperform over the upcoming period, while the market is still unstable, a significant rise in ADA price might come in the near future. 

With the rising environmental concerns, we can expect that the market participants will likely be forced to switch to a greener solution, given that recent talks about regulating cryptocurrency might push towards this scenario. What’s left for us is to follow Cardano’s ADA charts closely, along with other market news, fundamentals, and technicals, and read between the lines. ADA might be the next headline-breaking thing in the crypto market, which seems to be growing exponentially.

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