If you haven’t bought a coin or chosen a wallet, see articles 1 and 2, otherwise read on and learn how to set up your wallet so you can start staking, and start earning.
Now that you know which wallet is right for you, we will show you how to set up either online wallet (Yoroi or Daedalus). They’ll give you extremely user friendly prompts, but if you want to know everything they’ll ask for, you can find it here. We’ll start with Yoroi, but scroll down if Daedalus is the crypto wallet for you.
Now that you’ve decided on Yoroi here are the steps you’ll need to take:
We are pausing here to highlight the importance of bullet 6. The recovery phrase is the lifeline to your wallet. We cannot understate the importance of writing it down (maybe in multiple locations) and storing it somewhere safe. The beautiful thing about blockchain is the privacy it allows, but that means there is no central authority storing your data, and there is no customer service line to call should you lose it.
After these steps, you are ready to transfer the Cardano you bought from the exchange of your choice. The next step is to start staking and earning yield on your tokens! To finish the last step, learn how to stake.
Setting up a Daedalus wallet, like most of cryptocurrency, is an exercise in patience over speed. But, trading patience for privacy is a choice most of us would gladly make. To stake through a Daedalus wallet do these things:
Like Yoroi above, this is a critical, critical step. So we will repeat ourselves verbatim: The recovery phrase is the lifeline to your wallet. We cannot understate the importance of writing it down (maybe in multiple locations) and storing it somewhere safe. The beautiful thing about blockchain is the privacy it allows, but that means there is no central authority storing your data, and there is no customer service line to call should you lose it.
Congratulations! You now have a wallet and you are one step closer to staking. To learn how to stake ADA from Daedalus, read the next article in our series.