Forgot Spending Password

English Community Technical Support
1

I went to transfer some ada from Byron to an exchange. After inputting my ada exchange destination address, I was asked for my “spending password.” I do not recall setting one up. Is this something that I should have or is it something originated by Byron? Thanks, Justin

2

Hello,

Everytime when a new wallet is created it will ask u for a wallet name and spending password, in case u don’t remember the spending password, you will need to restore your wallet (you need the seed words) in order to set a new wallet!

PS: You should transffer ur funds from byron wallet to a shelley wallet first!

Cheers?

3

How do I restore my wallet? And when I restore, restore the byron wallet then transfer funds to a shelly wallet?

4

Hello,

To restore ur wallet, in case u don’t remember the spending password, you will need the seed words … do u have them?

Cheers,

5

I have my seed words. So I just uninstall the Yoroi chrome extension and then reinstall it? Use my seed words and this time use a spending password I will remember?

Cheers

PS thank you for your help

6

Nope, delete ur wallet from yoroi and then go to add wallet, restore wallet… u can check the seed words before to delete the wallet… just go to add wallet- restore and enter ur seed words in order to check them

When u will restore the wallet it will ask u for a wallet name and new spending password

7

It worked. I can’t thank you enough. I honestly thought I lost all my ada. Thank you so much my friend.

8

Hei, now u need to move them into a shelley wallet in order to delegate them

So create a new wallet shelley wallet, copy the seed words for the new shelley wallet and then move ur ada from byron wallet to shelley wallet .

First time try with a small amount!

if u move the ADA in your wallet u can delegate them for earning passive income… average 5% on long term!

Delegation is the process by which ada holders delegate the stake associated with their ada to a stake pool. It allows ada holders that do not have the skills or desire to run a node to participate in the network and be rewarded in proportion to the amount of stake delegated.

Delegating your stake to a stake pool is 100% secure.

  1. You should never transfer ADA to a stake pool. If a stake pool asks you to send them funds in a transaction, please DO NOT PROCEED and report that to us.
  2. The delegation mechanism allows you to have full control over your funds. You delegate ONLY your right to participate in the protocol producing blocks. Thus, when you delegate to a stake pool, you only allow them to produce blocks on your behalf, but you NEVER give up control of your funds.
  3. When you delegate, your funds are NEVER locked, you retain full spending power over your funds at any time.

I will appreciate if you will support my project.

9

I plan to donate to your foundation.

I just have a few more questions. You have been very helpful. Once I move my ada from byron to shelly I will have the option to stake from the shelly wallet? How much ada do I need to begin staking? Are those 5% returns pay annually and do they get staked for me with my current ada or dispersed to my wallet?

10

Hello,

You mean to delegate, I don’t accept donations !

  • correct, once u moved ur ADA to Shelley wallet u can start to delegate ( from delegation center)

  • There is no limitation known so far

  • rewards are payed each epoch ( one epoch takes 5 days) if the pool create blocks and will be automatically delegated

When you delegate for firdt time you will receive first rewards after ~20 days and after that u will receive each epoch (if the pool are making blocks)
U can see how the process works
image

Cheers,