If you had invested $ 1,000 in Cardano 2 years ago, this is how much you would have today

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Since launching in 2017, Cardano (ADA) has built a loyal following through a strong team and a variety of ways to use it. It is also a green crypto, which has become even more important due to the growing awareness of the environmental impact of Bitcoin.

So far, we haven’t quite seen Cardano’s price explode like other cryptocurrencies, but it is on the rise. To see what kind of results it delivered, let’s look at what a $ 1,000 investment in Cardano two years ago would be worth now.

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The growth of Cardano over the past two years

Two years ago, Cardano had a price tag of $ 0.10. If you had invested $ 1,000 at that time, you would have gotten 10,000 ADA (which is the name of Cardano’s cryptocurrency).

As of this writing, Cardano’s price is $ 1.20. Your initial investment of $ 1,000 would now be worth $ 12,000. That’s a return of 1.100%.

Like most of the crypto market, Cardano has seen its price drop in recent weeks. Its all-time high was hit on May 16 of this year, when it peaked at $ 2.46. At this point, 10,000 Ada was worth $ 24,600, which would have represented a return of over 2300%. The fact that the return can change so much in a matter of weeks is a perfect example of the volatility of a cryptocurrency investment.

But it is not the current price of Cardano that makes it attractive to investors. This is what Cardano could do in the future.

How Cardano works

Cardano is a public blockchain platform with its own cryptocurrency, Ada. A blockchain is basically a database that uses blocks of information that are chained together. People can use the Cardano platform to create programs and protocols.

If you’re familiar with Ethereum, another blockchain that has its own cryptocurrency (Ether), it’s the same concept. In fact, Cardano creator Charles Hoskinson worked on Ethereum until he left in 2015 due to a dispute with his co-founder.

The purpose of Cardano is for it to be used to solve real world problems. One of the ways to do this is by using smart contracts or contracts that run automatically when the conditions are met. For example, a smart contract on Cardano could pay a freelancer when they complete a job for a client.

Another application of Cardano is identity management, and it has already entered into a partnership with the Ethiopian Ministry of Education for this purpose. Through this partnership, five million Ethiopian students will have credentials on Cardano’s blockchain to track their academic results.

An environmentally friendly cryptocurrency

Cardano is often referred to as a green cryptocurrency and its power consumption is much lower than that of its competitors. Hoskinson said Cardano uses around six gigawatt hours of energy per year.

To put this in perspective, it is estimated that Bitcoin uses around 130 terawatt hours per year and Ethereum uses around 50 terawatt hours. (One terawatt equals 1,000 gigawatts.) Ethereum’s power consumption is expected to drop by over 99% with its Ethereum 2.0 upgrades, but for now, Cardano is using significantly less.

Is Cardano Worth Buying?

There are plenty of reasons to love Cardano. The founder is highly respected by crypto enthusiasts. It is durable due to its low power consumption. It has all kinds of potential real-world uses and is not one of the many cryptocurrencies that depend on the hype. It’s also pretty straightforward to buy, as it’s available on many cryptocurrency exchanges.

None of this means Cardano is guaranteed to be successful, but those are all points in its favor. Assuming that you are in a stable financial position, already make regular contributions to a retirement fund, and are looking for a cryptocurrency investment, then Cardano is worth checking out.

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