Hardware Wallet

Hope you all can help me. Ive got a question concerning hardware wallets, Im curious how they work I got a good amount of ada in my Yoroi wallet and was told i need to move it to a hardware wallet. im really confused how it works. Once i move my ada from yoroi to my wallet how does it work when i buy more ada and stake it do i have to keep updating my HW wallet? Can someone please explain this to me like im 5.
Thank you

Hi @ES1189,

When you stake, you stake your total wallet balance.
When you get yourself a HW wallet, a new wallet will be added to yoroi. this wallet will initially hold no ada. So first thing you do is to send your ada from your non-hw wallet to your new hw-wallet.
Then you delegate your ada in your new hw wallet.
Now your total hw-wallet balance is delegated. Doesnt matter if you deposit your withdraw from this wallet. your delegated amount will just adjust automatically.

By the way you don’t HAVE to move your ada to a new hardware wallet, but it is more secure.

You might also want to check out these:

How to Buy and Stake your ADA (for beginners) - Staking & Delegation / Stake Delegation - Cardano Forum

How to Setup a Ledger Hardware Wallet and the lingo you need to understand (ada4good.com)

How to Setup a Trezor Hardware Wallet and the lingo you need to understand (ada4good.com)

Good luck!

Hello @ES1189 welcome to the forum

Paper wallets are essentially wallets created by software interfaces, but done in such a way that the keys for those paper wallets were never online. These usually provide seeds in two parts - a part printed on paper, and the other part with words (in case of Daedalus) or password (in case of Yoroi) that guarantees that even if someone has access to the paper, they won’t be able to access your keys.

To read more about how it works please read this EMURGO article:
A Simple Explanation of Hardware Wallets, How They Work with Yoroi, and Why They Are Important to Keep My ADA Safe

Hoping this helps,