Not Your Keys, Not Your Crypto.
That is the common saying in the crypto world. In the short history of crypto currencies, exchanges have gone under or were out right hacked. Mt Gox is the most famous of these in which a bitcoin exchange was hacked and millions of dollars in bitcoin were stolen. Since then, security on current day crypto exchanges have been much improved and government regulations have made it safer to keep your crypto stored in third party custody.
A note of caution for third party custody: There have been times when governments have raided banks and taken property. Namely in the 1930s when the US government made it illegal to own gold. The US government seized the private security boxes in the bank vaults and took peoples gold only to sell it back to them at a higher exchange rate. This could very well happen again if your crypto is not stored off exchanges and on private keys.
In today's digital age we must all take personal responsibility when it comes to storing our crypto. That means holding the private keys to the wallets the crypto is stored on.
That is the common saying in the crypto world. In the short history of crypto currencies, exchanges have gone under or were out right hacked. Mt Gox is the most famous of these in which a bitcoin exchange was hacked and millions of dollars in bitcoin were stolen. Since then, security on current day crypto exchanges have been much improved and government regulations have made it safer to keep your crypto stored in third party custody.
A note of caution for third party custody: There have been times when governments have raided banks and taken property. Namely in the 1930s when the US government made it illegal to own gold. The US government seized the private security boxes in the bank vaults and took peoples gold only to sell it back to them at a higher exchange rate. This could very well happen again if your crypto is not stored off exchanges and on private keys.
In today's digital age we must all take personal responsibility when it comes to storing our crypto. That means holding the private keys to the wallets the crypto is stored on.
Where to get ADA
The most convenient way to get ADA is through Coinbase. If you do not yet have a Coinbase account, you can support this stake pool by clicking the link below and creating an account. Coinbase now allow instant deposits to purchase crypto. Search ADA. It will be listed under the Cardano heading. After a period of a few days you will be able to transfer your coins off of Coinbase. The wallets below are recommended to start staking.
Wallets
There are several wallets developed for the Cardano block chain. Only download them from their official websites!
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Light Wallets
These wallet are recommended for those who do not want to run a node every time they want to open their wallet. These are browser extensions so you must take extra care if you are using a laptop. When creating the wallet you will be promoted with entering a spending password. Do not forget the password.
Nami is a simple beginners wallet.
Typhon Wallet is also another great wallet. Fast and simple to set up. We recommend single address mode when first creating/importing a wallet.
Eternl is our favorite. It has wallet features that are more advanced that users can customize.
Flint Wallet is created by DCSpark and can access their Milkomeda L2.
Yoroi is a Cardano wallet but it is not recommended to use.
Full Node Wallet
Deadalus is a full node wallet developed for use on the Cardano network to store ADA. A full node wallet is a crypto wallet when running on your computer will store the full block chain and turn your system into a node in the network.
This type of wallet is recommended for more advanced users in the crypto world. Every time you run Daedalus it will have to sync to the block chain. The longer it has been offline the longer it will take to sync. Daedalus allows the import of hardware wallets like Ledger or Trezor as a way to have your private key in cold storage.
TIPS
- Write down your seed phase on a piece of paper with a pen. Never take a picture or write it down on your phone or computer. If you forget your seed phase you will be unable to recover your wallet.
- Write down your password separately. If you forget your password you will be unable to spend your ADA.
- Store your seed phase and password in a secure location.
- Currently there are no mobile apps for Daedalus or Yoroi. DO NOT DOWNLOAD APPS OFF THE PLAY STORE.
- Under the Delegation section in either wallet, type "AGC" and delegate to this stake pool
