What can you use Cardano (ADA) for in 2022?

In this blog, we’ll go through different things that you can use Cardano (ADA) for in 2022. Cardano is an open-source, decentralized blockchain project that is being built on the basis of scientific philosophy and peer-reviewed research. As one of the top 10 cryptocurrencies by market capitalization (as of Sept 2022), Cardano’s ADA is a fascinating project that has experienced significant adoption in recent years. 

Keep in mind the difference between Cardano, which is the name of the blockchain, and ADA, the name of Cardano’s native cryptocurrency, which helps to power the network through staking. They are sometimes used interchangeably but it’s important to know the difference if you want to get down to the nitty gritty.

What can you do with Cardano (ADA)?

Among other things, people can use Cardano (ADA) to stake their holdings, trade, and create NFTs. Staking with Cardano allows holders of the blockchain’s native ADA token to earn rewards in the form of yield by participating in the network. As a cryptocurrency, ADA can also be traded either through the use of decentralized applications or crypto trading platforms like Netcoins! NFTs can be created on the Cardano blockchain and allow users to create unique digital assets that can be used in games, applications, or stored on wallets. NFTs built on the Cardano blockchain can also be traded with ADA.

Can you use Cardano (ADA) as payment for goods and services?

Many e-commerce and retail businesses have begun to accept Cardano’s ADA token as a form of payment. Here is a list of a few that may be of interest to you:

Travala.com
Travala.com is a travel booking platform that accepts Cardano (ADA) as a form of payment. The platform is backed by industry-giant Binance and hosts over 2,200,000 properties, with over 90,000 destinations in 230 countries. In addition to ADA, Travala.com allows travellers to pay using over 40 different cryptocurrencies, showing the platform’s excitement towards the crypto industry.

Hobbyverse
Hobbyverse was founded in 2020 and is an online hobby store that enables people to buy trading cards. The platform allows shoppers to pay for their purchases using Cardano. Interestingly, Cardano is the only crypto-related payment option on the platform, showcasing the dominance of its value proposition through low transaction fees.

Flexa Network
Flexa Network is a “pure-digital” payment processor that is used by over 40,000 merchants across the United States. In late 2021, Flexa Network announced that it had added support for ADA as a form of payment across its network. The development opens up opportunities to spend ADA all across the United States in stores both small and large.

Cardano Hotel
The Cardano Hotel is officially named the Cardano Boutique Hotel Ginebra and is a Cardano-themed hotel located in Barcelona. What started with a genuine passion and belief in Cardano became the first business in the world to accept ADA as a form of payment back in 2017. If you’re interested in learning more, check out our blog about Cardano Hotel.

Conclusion

While Cardano (ADA) is still a young cryptocurrency when compared to larger projects like Ethereum, there are many ways to use it in the real world. As the adoption of the crypto industry continues to occur, Cardano’s quick transaction speeds and cheap transaction costs give the project a significant opportunity to expand and grow.

If you’re looking to dive deeper into Cardano, check out its native token, ADA. Buy and sell ADA with Netcoins easily! Netcoins is Canada’s first publicly owned crypto trading platform to be fully regulated. Simply create an account with Netcoins, fund it with an e-Transfer (more funding options available) and head to the trade page to buy ADA.