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
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!
How do I restore my wallet? And when I restore, restore the byron wallet then transfer funds to a shelly wallet?
To restore ur wallet, in case u don’t remember the spending password, you will need the seed words … do u have them?
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?
PS thank you for your help
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
It worked. I can’t thank you enough. I honestly thought I lost all my ada. Thank you so much my friend.
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.
- 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.
- 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.
- 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.
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?
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