Hi from Madrid, Spain


#1

Hi there,

I’m starting with crypto coins, ADA is my second investment. I’ve been reading about Cardano project and it looks very promising. Yesterday I installed the Daedalus wallet on my Mac, it took like 2h30m to sync the blocks, everything was pretty smooth (I’d read about the process and I was expecting to be slow).

Today I bought my ADA tokens at Binance, and after the transaction was done it took a few seconds to synchronize with the wallet, so I’m pretty happy with the whole process, everything worked smoothly. I’ve read in the roadmap that it will get better with time. Good to know.

I have 3 questions (please forgive my ignorance):

  1. I understand that Daedalus is an online wallet, so the only thing that I need is to keep my password and recovery phrase safe and I don’t need any other backup. Am I right about this?

  2. I’m investing long term, so it would be a good idea to delete the wallet from my computer to protect from possible attacks or do I need to update it from time to time to keep the blocks synced?

  3. I invested before in GVT (Genesis Vision) and to my surprise I need-ed to buy ether to transfer my tokens from myetherwallet to Binance. Do I need gas if I want to move my ADA tokens from Daedalus to Binance? Sorry if this is a really stupid question -but- still don’t get it.

Thanks a lot, HODL Cardano 4 eveeer :grinning:


#2

Hi @jorge! Welcome :smiley:

Glad to hear your set up worked smoothly.

  1. Yes that is correct. If you would like to, there is a way to make a backup wallet. See instructions here: Daedalus wallet backup

  2. This is definitely a possible method. Though it should be noted that as the blockchain grows, syncing may take a long time when you do restore your wallet.

  3. No additional steps required in transferring out of Daedalus, but note there are transaction fees, which you can read about here: https://cardanodocs.com/cardano/transaction-fees/

Hopefully I answered all your questions :smiley:


#3

Hi @cf_maki.mukai!

Thank you very much for answering my questions.

Yes, I read yesterday about those instructions about making a Daedalus wallet backup. But I wasn’t sure about understanding the whole picture. I also read from other user about deleting the wallet. So according to your explanations, probably the smarter thing would be:

  1. Creating a backup as explained at that link.
  2. Syncing the wallet from time to time, maybe once a month, and updating the backup.

Regarding question 3, I understand there will be fees (there are fees for everything in this dimension LOL), my doubt was if those fees had anything to do with ethereum gas. Just my own ignorance, you know.

Have a great day :yum:


#4

Welcome @jorge :smiley:


#5

Hi @Jorge, I’m also from Madrid, nice to see a “neighbour” here.

About question 3, you should learn about platforms, coins and tokens to understand but i’ll explain shortly.

If I’m not wrong, Cardano has it’s own platform, and Gas is ADA itself. Think of it as a new Ethereum. In the future, when Dapps and ICOs appear in Cardano platform, ADA will be used as gas the same way Ethereum is used to transfer tokens.


#6

Hi @irwing1988 nice to see more madrilenyos here. :smiley:

Yeah, I’m understanding it now.

Thanks!


#7

Hi @jorge i am from Madrid as well.

Thanks @cf_maki.mukai for the wallet backup info, i need to look at that as well.