ADA is a hot !
ADA (Cardano) is one of the trending subjects in the crypto ecosystem, and many are counting on ADA to become one of the top cryptocurrencies in the following years. Cardano was doing good even when the market crushed! Today's price looks stable at $1.62 and showed low signs of volatility.
It was named in honor of the mathematician Ada Lovelace, the world's first computer programmer. As a cryptocurrency, ADA and the POS (proof of stake) consensus Ouroboros are used to validate transactions with unparalleled security and stability. This validation uses a fraction of the energy used by other cryptocurrencies. The Cardano proof-of-stake blockchain can be used by innovators and creators to create positive changes.
Cardano trading on Bityard
ADA (Cardano) is available on Bityard for spot trading. Users can deposit or withdraw Cardano, and use the Spot Trading platform for exchange/buy/sell. Cardano is also integrated in the Contract Trading platform, where users can create contracts that will predict the ADA price at a future date.
The traders are not buying or selling ADA, they only speculate the price and will forecast if the price will go up or down. Contract trading can bring profit quicker than holding assets but will involve leverage and the risk involved is higher. Bityard trading fees are lower than the industry's average, set at 0.05% of the contract value.
Contract Trading ADA
Because ADA is a hot topic recently, and Cardano partnerships and mentions are constantly appearing in social media news feeds, I chose to create a contract that will forecast a growth in value. I opened a $5 “Long” contract, when ADA $0.6504 per unit, using leverage 10x. Higher leverage can be used for bigger gains, but higher leverage also means bigger risks.
The transaction was confirmed and the contract was added in the “Positions” tab. The position will contain all the contract details such as the leverage, the chosen margin, opening price and opening time. The contract will be terminated automatically if the ADA price will drop to $0.59 and a value of $0.84 must be reached for the contract to close for profit.
The contract was created for educational purpose and was closed manually when ADA price was $0.6546. The contract profit was $0.32 USDT, 6.42% of the value locked when the contract was opened. Contract trading involves risk and market volatility can impact the price of the chosen cryptocurrency.
Why Bityard is different?
I use Bityard for contract trading because it has the fastest engine on the market, processing up to 1 million transactions per second. The exchange is user friendly, being available for both mobile (Android & IOS) and web, and has the lowest transaction fees. Customer support is available 24/7 via email and live chat, in nine different languages.
Bityard is the world leading cryptocurrency derivatives exchange, fully regulated and compliant with international laws, with the main activity in cryptocurrency contracts with leverage and derivatives exchange.
Bityard operates with licenses from four different countries: The USA, Australia, Singapore, and Estonia. The following licenses are regulating the exchange activity: the Singapore’s ACRA (Accounting and Corporate Regulatory Authority), The American Money Services Businesses (MSBs), Estonia’s MTR (Register of Economic Activity) for the European Union, and the Australian Transaction Reports and Analysis Centre (AUSTRAC)
Speaking of Cardano, I have this lovely NFT I won in a giveaway and I think is reflecting perfectly the essence of ADA. Cardano is a poet and will bring state of the art projects into the Cryptoverse.
I just realized that this article is my 15th post about Bityard, a journey that started in December 2020. See the other posts and follow my education journey into contract trading!
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