Cardano “Daedalus” Wallet Guide
Daedalus wallet is an open-source platform for the Cardano blockchain's coin, $ADA. With cutting-edge security measures and high-tech encryption, it keeps passwords and users’ information anonymous and protects them from hacks and malware.
Compatible Operating Systems: Windows 11, Windows 10 (Only 64-bit Windows is supported), MacOS Big Sur, MacOS Monterey, Linux OS.
Supported Crypto: Cardano (ADA)
Step 1: Download the Daedalus Wallet
Click on the following link to open the download tab https://daedaluswallet.io/en/download/
You must first download Daedalus Wallet to get started.
Do not download Daedalus or any wallet from unreliable, non-official sources. It’s possible for scammers to make phony versions of Daedalus and try to persuade you to download the wallet from a different website. And please be aware that Daedalus does not yet have a mobile application.
Double-click the “Daedalus-Mainnet” file installer package once the download is finished. The installation will then get started. Use the newly created desktop icon to start the Daedalus application after the installation is finished.
The first time you open Daedalus Wallet, you must choose your preferred language, number format, date format, and time format before clicking Continue.
Step 2: Check the box at the bottom of the window and click “Continue” If you agree with the terms of service.
Step 3: When Daedalus' wallet opens, Cardano blockchain synchronization will start. Note the synchronization indicator in the window’s upper-right corner.
Step 4: Creating a new Wallet
While the update is running, click "Create" on the dashboard and name your new wallet. You must also come up with a “spending” password. Each time you send ADA coins, assign your wallet to a staking pool, or sign up to vote, you will need to enter your “spending” password.
Click "Create Shelley Wallet” after providing a name and password.
Step 5: Recovery Phrase
The most crucial step in creating any cryptocurrency wallet is ensuring the security of the Recovery Phrase.
During the setup, make sure no one can see your screen and carefully read the instructions. The significance of writing down the 24-word Daedalus wallet recovery phrase is impossible to exaggerate. The best place to store your Private Keys is offline.
You won’t be able to access any of your ADA coins if you misplace your 24-word wallet recovery phrase. This is your one opportunity to record the recovery phrase because it cannot be altered or reset.
Finally, you must input and confirm your 24-word recovery phrase a second time.
Congratulations! You have created your Daedalus Wallet.
All that’s left to do is purchase some $ADA coins from your preferred exchange.
To receive, click the wallet icon on the left.
Choose the address you want to use to receive payments. Addresses that are grayed out have already been used. Click “Copy Address” on the right to quickly copy the chosen address to your computer’s clipboard.
To withdraw the coins, select the “Send” option to send your $ADA coin. This will give you a form to fill out where you can enter the recipient’s address and the amount you want to send to that address. Enter the recipient’s address in the appropriate field, then click “Next.”
Daedalus Wallet Overview
Pros of using a Daedalus wallet:
- Daedalus wallet offers six different themes that users can choose from to customize how the wallet appears and feels.
- Additional security: As a decentralized, non-custodial, full-node wallet, the Daedalus wallet offers an additional level of safety.
- Users of the Daedalus wallet have the option of staking their ADA tokens to generate interest-bearing passive income.
Cons of using a Daedalus wallet:
- Daedalus wallet is not mobile-compatible, which is a deal-breaker for customers who want to use their cell phones to access their cryptocurrency assets remotely.
- Supports a single cryptocurrency: Investors who want to manage a range of cryptocurrencies on a single platform consider avoiding using the Daedalus wallet because it only supports the $ADA coin.
- Because there are no third parties to support funding using currency or bank cards, Daedalus wallet can only be funded through peer-to-peer methods.
To conclude, despite having a high-security rating, the Daedalus wallet only accepts $ADA cryptocurrency.
The wallet includes a full node capability that enables independent transaction validation by downloading the whole Cardano blockchain. This makes it the best option for customers who want software wallets with additional protection in addition to being a non-custodial and hierarchical deterministic wallet.
Since there is only a desktop version of the wallet and it only supports one cryptocurrency, it is not the best option for cryptocurrency investors who want to either manage multiple cryptocurrency portfolios on a single platform or have mobile access to their funds.
Where to Buy Cardano (ADA)?
You can Buy Cardano (ADA) here at BC Bitcoin. You can buy $ADA by heading over to the Buy Coins page of our website. $ADA is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $ADA has never been easier, simply place your order and provide your wallet address. Once your payment arrives, $ADA will be sent directly to your wallet.
Daedalus Wallet Resources:
Website: https://daedaluswallet.io/
Twitter: https://twitter.com/inputoutputHK
Reddit: https://www.reddit.com/r/cardano/
BC Bitcoin Resources:
Articles: https://www.bcbitcoin.com/articles/
Twitter: https://twitter.com/bc_bitcoin
Medium: https://medium.com/bc-bitcoin
Buy Coins: https://www.bcbitcoin.com/buy/
Coin Guides: https://www.bcbitcoin.com/crypto-services/coin-guide/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
