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Friday, September 30, 2022

TESLA To Accept Cardano (ADA) as Payment

Cardano tesla will accept ADA tokens as a payment method. Charles Hoskinson believes that ADA is superior to BTC and tesla should adopt it as a payment method. Instead of the primary cryptocurrency Charles Hoskinson, the founder of Cardano stated that the project’s native cryptocurrency ADA is one of the greenest and most eco-friendly digital assets. He further opined that tesla TSLA should choose it. If it really cares about environmental sustainability.

Today, we’re going to discuss will tesla ever accept ADA token, as a payment method to know the answers to all these questions. Watch this video till the end, hi Cardano lovers welcome to cardanol and your daily dose of Cardano if you’re interested in everything around Cardano. This is the place for you make sure to hit the like button and subscribe for us to provide you with more Cardano news before we get to the topic. Let’S analyze the ADA price. As of the 24th of July, the BTC price drop beneath 30 thousand dollars.

Yesterday caused many altcoins to follow suit during the decline ADA dropped below the 200-day ma and eventually broke beneath the descending price channel that it was trading within it, continued to decline and reached as low as one dollar before rebounding to close the daily candle at around 1.05 dollars today, ADA surged by a strong 12 percent, as it pushed upward from 1.05 dollars reaching as high as 1.18. It’S now back above the 200-day ma and is battling the upper angle of the previous descending price channel.

It was trading inside looking ahead. If the bulls can break beyond 1.16 to penetrate the price channel, the first resistance lies at two zero dollars. This is followed by one point: two, eight dollars twenty-day m, a one-point: three: zero dollars and one point: four: zero dollars. Fifty days man on the other side.

The first support lies around one point: one three dollars: 200 AMA. This is followed by 1 10, 1.05 dollars and 1.00. The rsi is in bearish territory but is pointing upward indicating the bearish momentum might be fading.

Now, let’s get back to the topic, the founder of Cardano Charles Hoskinson has revealed. He believes tesla Nasdaq TSLA should start accepting ADA payments, as it is one of the greenest cryptocurrencies on the space if it cares about environmental sustainability.

In an interview with lex Fridman, first reported on by crypto potato Hoskinson highlighted several benefits of the cryptocurrency Cardano’s ADA uses a proof-of-stake pos consensus algorithm, which per Hoskinson is much more energy-efficient than the proof of work. Pow consensus, algorithm BTC uses per Hoskinson if the electric vehicle maker truly cares about alternative energy sustainability, carbon reduction and carbon neutrality. It can’t be in a system where there is no built-in mechanism to constrain energy consumption.

As such, he said. Ada should be the first cryptocurrency Elon musk’s company should look into Cardano’s founder, went on to list numerous shortcomings of BTC while supporting his thesis on ADA itself. He said bitcoin is the least programmable of all cryptocurrencies, and if you want to do interesting, sexy and unique things, there’s just no real way to do that. He also pointed out that every cryptocurrency project is experimental and incurs significant risks, while Cardano has been successful. So far, it may not reach its goals in the future.

As reported input-output, hong kong has recently announced the launch of Alonzo blue 2.0 test net for the cryptocurrencies blockchain in another step forward to bringing smart contracts to Cardano. The upgrade provides an important update to the command line interface that will allow future smart contracts to be built upon its network.

Alonzo blue is part of a series of upgrades that will bring smart contracts to the Cardano network and allow developers to create decentralized applications on it, bringing the decentralized finance ecosystem to ADA. Currently, smart contracts have allowed developers to create defy applications on Ethereum finance, smart chain and Solana.

For example, Alonso will roll out in three phases: blue white and purple. Each opens up more to the public until the upgrades. Full integration is complete with the process taking 90 days. It’S expected to be completed by the end of August. It will include a converter to allow ERC 20 tokens from the Ethereum blockchain to run on Cardano.

At first glance, ADA appears to be a good choice for tesla, given its high market ranking, it’s currently the fourth largest cryptocurrency boasting a market cap of 60 billion dollars. Ada reached an all-time high of 1.93 dollars today, and its price is up 10 over the past 24 hours, plus.

The fact that Cardano transactions are confirmed through staking rather than mining means that it meets one of tesla’s requirements, a coin that uses less energy than bitcoin. On Twitter, Cardano asserted that its project is in line with many unsustainable development goals and that it is transforming the industry’s green credentials and reducing environmental impact.

It added that running a node is accessible and affordable. Ada has little commercial acceptance. Despite those advantages, tesla is unlikely to select Cardano for one simple reason: ADA is rarely used in commerce according to crypt work, less than 200 merchants accept ADA.

By contrast, 6600 merchants except for btc and 3200 merchants accept eth, even dogecoin, which is accepted by more than 1 300 merchants, is a more likely choice for tesla’s next payment option, though tesla could turn this trend around by becoming the first major company to accept ADA. It seems unlikely that it will do so in light of a general lack of previous commercial interest.

Cardano is better than Ethereum. This is not the first time when Charles Hoskinson elevates Cardano over its rivals in late May. He criticized Ethereum’s network by calling it overrated and outlining a lack of vital qualities. Subsequently, he revealed his three reasons. Why Cardano is the better blockchain project?

First Cardano can operate with metadata and also with automated regulation. In his opinion, Ethereum can only process smart contracts, while its rival can do that with governance and compliance. Second, Ethereum has never cooperated with local governments of developing countries to benefit their citizens, while Cardano has done that in Ethiopia, Tanzania and Georgia.

Third Hoskinson opined that Ethereum has a very confusing structure and the upcoming eth 2.0 release will lead to the demise of the entire network. First of all, Ethereum is killing itself they’re replacing Ethereum with Ethereum 2.0. In the end, eth 2.0 will kill. Eth 1.0 Cardano would change the laws of the market, just as Ethereum did in its time.

For every reason, significant profits may be generated now by investing in this project. Negative perceptions and attitudes on the market will be the only thing that might interrupt this bullish momentum. Our analysts think that by 2025 Cardano ADA can hit the eight to ten dollar mark very easily. Talking about how the coin behaved in the past, things aren’t looking to be good. Although the past is the past in the crypto world, the past is directly proportional to the future of coins.

One of the highest market caps in a massive amount of trade every day shows Cardano is popular with cryptocurrency lovers, despite periodical price declines. The four-year history indicates steady development of the value of the coin. Many partners support the long-term growth potential of Cardano. Well, that’s it for today’s video guys. Also.

We would like to mention that this is not a channel intended specifically to provide financial advice, and we do not ask you to invest in any company. This is merely a channel directed towards bringing educational content to your doorsteps. With that in mind, before you invest in anything, we recommend you do thorough, wide-spectrum research on the topic.

Read More: Will Amazon Accept Crypto?

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