The Quick-Start Staking Guide

How to Choose a Wallet

Welcome to the Sonarch Quick-Start Staking Guide; a quick-start tutorial to help you invest in a digital future.

If you already have a wallet in mind for storing your coin, then feel free to skip this article and continue on to step 3 to learn how to set it up. But if you’re wondering: “What is a crypto wallet?” then this article is for you.

How To Buy Your First Coin
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How To Set Up Your Wallet
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How To Stake
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What is a Crypto Wallet?

A crypto wallet is a container for your coins that are private to you, and only you. They allow you to send, receive, and spend cryptocurrencies like Cardano.

It does not store your currency within it. Your coins exist on the blockchain. But it gives you a unique identifier to access your cryptocurrency and make transactions. If you lose the keys to your wallet (your unique passwords), you lose your money, so be doubly or triply sure that you have that stored in a secure location after you set one up.

As for the categories of wallets, there are: Hardware wallets (think USB), paper wallets (exactly what it sounds like) and online wallets. For the purposes of today, we will teach you how to set up an online wallet, as it is an effective, secure way to store your crypto for most people.

Choosing a Wallet

Every wallet has its tradeoffs. When you stake ADA, you do it through Yoroi or Daedalus.

Yoroi

Yoroi is a light wallet, meaning you can quickly set-up the wallet through your browser with easy set-up.

Daedalus

Daedalus is a full node wallet, meaning for every transaction it downloads a full copy of the Cardano blockchain and independently validates every transaction made.

If you prize ease-of-use and efficiency of set-up, use Yoroi. If you prize safety and security at the expense of a lengthy download time, use Daedalus, but both allow you to stake on the Cardano blockchain.

Now What?

For step-by-step instructions for setting up your wallet, using Yoroi or Daedalus as a guide, click to the next article in the Sonarch Guide to Staking, which you can find here.

Thought Leadership
Why Sonarch Chose to Stake Cardano?
TL;DR. Sonarch spent months vetting protocols to stake crypto. We chose Cardano for these reasons: 1. Leadership we believe in. 2. That gave power and resources to their people (who they’ll never meet). 3. They support decentralization with a fully-researched proof of Stake design that’s more than lip service. 4. They incentivize small pools to succeed. 5. They have a really, really cool name.
Thought Leadership
Why Sonarch Chose to Stake Avalanche?
TL;DR. In a space that rightfully prizes security over speed, Avalanche is a rarity that supplies both. The combination of low fees, high efficiency, and potential growth are worth a pinch to the arm, followed by a purchase.
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