Daedalus wallet and fiat


#1

Hi,

From the Daedalus wallet do we have the ability to convert those to fiat (USD) or do we have to deposit back into an exchange like Binance and then deposit the ADA into something like Coinbase and then convert to USD or is the upcoming debit card going to take care of this? Is the card going to support USD?

Thanks for your time.
Dave


#2

I’ve no idea what the card will do but I think it’s some way off yet anyway.

Otherwise, no, you can’t convert in Daedalus, it has to go the long way around, except it would be ETH or BTC going Binance -> Coinbase, but I guess that’s what you had in mind, otherwise there would be no need for Binance!


#3

Yep ADA from Daedalus to Binance, then trade ADA for BTC then Deposit BTC into Coinbase then do BTC to USD.


#4

Also, for those who decide not to stake (maybe can’t keep pc running 24 hrs) is there any other Daedalus benefit besides keeping it off an exchange because of the possible hack?

Thanks again :smile:


#5

As I see it a big benefit of Daedalus when staking starts will be to delegate staking to one of the official list of pools. I don’t know whether there will be any other way to join a pool.


#6

I don’t know exactly how it all works. How do you actually delegate staking to one of the official lists of pools? Do you have to have your computer on all the time with Daedalus running or is that required if you are running a full node? Sorry for my ignorance. This is somewhat hard to understand. Too much partying back in the day lol


#7

If you delegate to a pool you don’t need to run 24/7, or at all even, once it’s set up. Yes, running a full node is a different ball game. I think when staking starts and Daedalus is updated accordingly the process of choosing a pool and delegating your stake to it will be very easy.


#8

Ok I understand it more clearly now. Are people rewarded for delegating their stake to a pool and how would they be rewarded?


#9

Well yes there are rewards, that’s rather the point! They’ll receive ADA at a rate yet to be determined but speculated to be around 9% per year for the first year or two then reducing to around half that amount.


#10

Ok thank so much. Appreciate it!


#11

One more thing…If after delegating for awhile and one decides they want to “cash out” their ADA, I assume they can just stop the delegation within their Daedalus wallet?


#12

Yes. Don’t know if it will take immediate effect or there might be some delay but it will certainly be possible.


#13

I think it will be immediate (means <1min), as what delegation removal process does is just simply create a new delegation certificate for the issuer/stakeholder herself (means the originally selected slot leader revoke the delegation certificate by creating a new one to himself and send it to the network, of course, an adversory delegate can avoid this request). Assuming, we are only talking abt lightweight delegation as the heavyweight one is stored in the blockchain and expires at the end of the epoch.


#14

Thank you so much!


#15

9% is so little. The cost of electricity and you have to have ha computer running all the time. It is worth it?


#16

Staking as an individual is definitely not worth it unless you have a very large amount of ADA. Otherwise, use a pool.


#17

Coinbase only accepts 4 cryptos, Also If you get a Shift Debit Visa Card it will debit directly from your Bitcoin account in Coinbase without having to transfer USD back into your bank account, but remember Coinbase reports to the IRS, so don’t forget there is capital gains tax.