Here let’s talk about:
- Buying Algorand in Canada
- Choosing Algorand over other cryptos
- Investing in a smart way
A fast way on how to buy Algorand (ALGO) in Canada is through a major cryptocurrency trading platform. In Coinberry you can do this by:
- Sign up and create an account
- Verify your account and identity
- Fund your account through wire transfer or Interac e-Transfer
- Buy some Algorand
Beginners often choose Coinberry because:
- More than 220,000 Canadians have already signed up
- The platform already surpassed $1 billion in crypto trading
- OSC and FINTRAC registered, PIPEDA compliant
- Easy to use
- Zero CAD deposit and withdrawal fees
- Coinberry supports 35+ cryptocurrencies and tokens
Aside from Algorand (ALGO), in Coinberry you can also find the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Aave (AAVE)
- Cardano (ADA)
- Avalanche (AVA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Terra (LUNA)
- Shiba Inu (SHIB)
- And dozens of other cryptocurrencies and tokens (Coinberry still adds more)
With this wide selection, anytime you can switch to other cryptocurrencies after you take your profit (or after selling the crypto to prevent further losses). After all, Algorand is just one of the popular cryptocurrencies with billions of dollars of market capitalization and with a potential for massive growth.
Before you choose Algorand, it’s good to know about the following:
- Algorand’s technical advantages (what makes it special)
- Supporters and backers
- Use cases
- Present and future development
Algorand and other blockchain networks should achieve the following:
- Full democratization and decentralization
- Fast, efficient, and cheaper transactions
- Easy to use for building and running apps and smart contracts
In other words, blockchain networks should be practical to use especially in financial transactions.
Algorand has several technical advantages to achieve that such as:
- Using Pure Proof of Stake consensus mechanism
- Two-layer smart contract architecture
- 1,000 transactions per second (TPS) and immediate finality of transactions (less than 5 seconds)
Algorand’s Pure Proof of Stake (PPoS) consensus mechanism helps the network meet high-throughput requirements common in global usage and financial use cases.
In PPoS, you can stake only 1 ALGO coin to participate in and secure the network. In contrast, Ethereum requires at least 32 ether (ETH). With Algorand’s lower requirement and lower barrier to entry, this encourages more people to participate and stake their coin.
Algorand uses a two-layer smart contract architecture to execute transactions:
- Layer 1 executes simple and common transactions on chain
- Layer 2 processes complex smart contracts off chain
This helps processing become more efficient, which in turn leads to better scalability and lower costs. These are essential in handling large-scale payment processing and other financial transactions.
Depending on the conditions and transactions, blockchain networks can achieve the following TPS (transactions per second):
- Bitcoin (5 TPS)
- Ethereum (10 TPS)
- Cardano (250 TPS)
- Algorand (1,000 TPS)
A higher TPS means it’s better equipped for scalability and massive adoption. This can also mean there’s potential for rapid growth and support because a higher TPS can meet the high requirements of financial institutions.
Aside from Algorand’s high TPS, it also excels in its speed in transaction finality (less than 5 seconds). In contrast, Bitcoin requires 60 minutes. Near-instant finality is crucial in financial transactions and asset transfers (you have to know immediately that the asset is truly and finally yours).
With Algorand’s technical advantages, it has already earned the support of several financial, venture capital, cryptocurrency, and technological communities. These international partners have helped accelerate Algorand’s growth and development.
More than 500 global organizations have already leveraged Algorand’s technology. In addition, Algorand has already enabled the creation of next generation financial products. With its growing ecosystem of applications, the entire network has become dynamic and continuously evolving. Aside from Algorand’s technical advantages, this growth could be partly due to Algorand’s zero downtime (this tells us how reliable Algorand is).
An MIT faculty and Turing Award recipient, Silvio Macali, founded Algorand in 2017. Algorand has come a long way since then because of how the blockchain network empowers developers and users.
With this encouragement and empowerment, Algorand might continue to earn and retain support from developers and investors. This might reflect on Algorand’s price over the months and years.
However, Algorand’s price rises and falls every moment. This also happens to most other cryptocurrencies. One reason is that the crypto market is still rapidly developing and evolving. It’s still far from maturity which is why the prices are wildly fluctuating.
In your crypto investing journey, it helps to do the following:
- Start small
- Don’t put all your investment capital in crypto (analysts recommend just 5 percent)
- Consistently buy more Algorand and other crypto every week or month
For instance, in Coinberry you can start for as little as 50 CAD (also zero CAD deposit and withdrawal fees). You can also set up Autopilot where you can automatically and consistently make small crypto purchases each day, week, or month. With this consistency, you don’t have to watch the market closely and instead have more time and energy to pursue other opportunities.
This strategy applies to most other cryptos with wildly fluctuating prices. The goal is to protect yourself from price dips and huge financial losses. Think of it as a way to further diversify your investments where you explore different opportunities for your money to grow. And as with most other investments, opportunities often have risks in them. It’s especially the case in crypto where everything is uncertain. As a result, it’s good to use a strategy that will help minimize your losses while allowing you to have more time, energy, and resources for other pursuits.