I sent ADA to a Daedalus wallet from Coinbase. After many hours of syncing, the ADA arrived. However, instead of showing only one ‘received at’ address, it shows two. One address is correct with the correct amount of ADA. The other address shows three times the amount of ADA. But the Cardano explorer says the address above does not exist.
I only executed one transaction and it seems my Coinbase balance is correct (shows the correct amount depleted from my balance).
Why would the transaction show this address that does not exist and why did it happen in the first place? I am 100% confident I only executed one transaction. Thanks!
Cardano ledger works on what is called Extended Unspent Transaction Output (E)UTxO. When ever transaction takes place the whole amount is taken and divided into transactions. So if I have 100 ADA and send 10 ADA transactions would look like:
90 ADA to starting address (Some wallet addy here)
10 ADA to receiving address. (Another wallet addy here)
So while it looks like you have a traditional account with tokens in it, there is actually no accounts. Your coins are actually stored as list of UTxOs and when you make a transaction those UTxOs are burned and new ones created. So what you saw was just part of that process.
I did see the address before you made an edit and that string was way too short to be an address. I think you cut of about 30 to 40 digits when you tried to cut and paste that.
While it’s not crystal clear to me yet, I do understand that only 37 ADA were sent to my Daedalus wallet and that my current Coinbase balance is correct (so no worries).
My next move is to send all of my ADA to my Daedalus wallet so that I can begin staking. I have safely stored (after confirming they work) my recover phrases. How do I pick a safe, productive staking pool? I would like to stake all of my ADA as I plan to hodl for many years. Can you advise on the safest way to stake my ADA?
Oh, you would want to use a Ledger or Trezor. I can only speak of Ledger because, I’ve had that for years. If you are going to have < 3 cryptos on it, Ledger Nano S for $50 would do. The Nano X for $100 also supports Bluetooth and has much more storage - it is generally the much better device IMHO.
When you create a Tx, it is nothing more than a human readable JSON file. The file needs to be signed by your wallet (in your case Daedalus), for that the wallet needs to have access to your private key, which also resides on hard disk on your computer. The attack surface is huge and there are endless stories how these software wallets get hacked - sometimes not directly but through a hacked third party library that the devs of the wallet are unaware of. In short, every time you put your private key in a piece of software, you need to worry who/what is reading your screen, keyboard, clipbaord, etc. Has anyone stolen the wallets HD storage and now has all the time in the world to crack your password? The list goes on …
With a HW wallet it’s different. The private key is generated on the device and stored in a special chip with a guarantee that it will never leave the device. The wallet software i.e. Daedalus, ADALite, Yoroi can create the Tx, but cannot sign it (because it doesn’t have the key). Instead the SW wallet needs to send the raw Tx to your HW wallet, you can confirm on the display that everything is in order and if so press the buttons to confirm. No hacker can do that unless they sit on your lap.
It is orders of magnitude more secure than juggling those 24-words and entering them in numerous software wallets.
I am curious about the fee to move the rest of my ADA to Daedalus. Is the fee determine by the amount of ADA I send? When I sent 37 ADA, the fee was .31 (cents USD).
tomdx, I am looking around in Daedalus and I don’t see where I would integrate the Ledger Nano X (to sign the JSON file. I have the Nano X in a cart to purchase. Just want to make sure I’ll be able to use it with my current software wallet (in Daedalus). A bit new to all of this. Thanks!
I prefer to use ADALite.io because I it doesn’t need to download a copy of the blockchain and perhaps even more importantly, it supports BIP44 - Multi-account hierarchy for deterministic wallets, which means means I can have multiple independent accounts on the same Ledger.
Thank you again. I’ll purchase the Ledger Nano X and then consolidate my ADA. For the small amount currently in daedalus, I assume I can just send that to the new ADALite wallet once ready (with Ledger Nano X in place).
Yes. You unbox your ledger, it’ll generate your 24-words, you make a safe hardcopy of that, you install the Cardano app on it, you hook it up with the client software of your choice (e.g. ADALite) and from your Daedalus you send all to the Ledger address that you see in ADALite - then you delegate to the pool of your choice.
Would it be a good idea to move my ADA from the exchange I use to Daedalus and then move to ADALite once I receive my Nano? Or should I avoid fees and do it once?
tomdx, if I move the rest of my ADA from exchange to current Daedalus wallet (not linked to Nano yet) now, can I then configure that same wallet with the Nano X or will I have to create a new wallet to integrate the Nano (once it arrives)?
There is an unfortunate incompatibility with Cardano wallets. Ledger/Trezor are compatible with each other and Daedalus/ADALite/Yoroi are compatible with each other, but you cannot use the 24-words of one class with the other class. This is because the software wallets use a different elliptic curve algorithm to generate the addresses.
In short, you could in theory initialize the Ledger with the 24-words from Daedalus, but you will get a different address space i.e. no access to your funds. You might as well have Ledger generate a new mnemonic, transfer your funds and forget about the old one.
If I understand you correctly, I would need to create a new wallet within Daedalus (or ADALite etc.) and chose the option to use a hardware wallet to access and then send ADA balance to that wallet.
and that string was way too short to be an address. I think you cut of about 30 to 40 digits when you tried to cut and paste that.