HODL wallet strategy

I want to set up a friend to buy some ADA and stake it. They probably won’t do anything else with it for a while. We have a good plan for them to store the seed phrase.

They use a laptop and don’t want to buy a cold wallet.

I’m thinking of two strategies. Any suggestions?

  1. load Deadalus on an external HD and lock it away. This will take a long time to sync when they want to do anything. But they are OK with that.

  2. Install Yoroi, create a wallet and then delete the wallet. Later use the seed phrase to restore the wallet.

Thank you


Both startegies are fine, as long u will not keep the seed words on public locations… for example I am using yoroi since 2018 and I don’t have issues

Just remeber to bkp the seed words (in case u will need to restore the wallet) on 2-3 places (offline USB, on paper, etc)

Now I can recommend and alternative:

  • install yoroi
  • create new wallet and bkp the seed
  • transfer 10 ADA for test
  • delete the wallet from yoroi
  • restore the wallet using the seed words, if u will see the 10 ADA then it means that the seed words is ok and u can transfer all the funds
    Now, before to delete/uninstall the yoroi u can restore on phone as read-only wallet (the ADA can’t be spend in this version) but u will have the visibility of the funds, rewards, etc

To restore the wallet in read-only mode install yoroi → add wallet (shelley era) → restore → read only and read the instructions

Now, most of the people are losing the ADA because they are inserting the seed words on hacked app, they participate to fake giveaway, etc
If u ever have doubts ask here on forum and
download the wallets only from official sources!

Also for delegation… u can check my project if u wish or check one of the many great pools :beers:


1 Like

Thank you. Your solution sounds great. One question about Yoroi on phone - is that another app, or is there a mobile browser extension?

Yoroi app for android and IOS

!!! Remeber that daedalus it’s a full node and can’t run on mobile… if u will see a daedalus app available for mobile ignore it… it’s fake


Both strategies sound ok. Maybe you can put a public key link on their phone/computer as a watch only wallet. So they can keep track of their funds and/or buy more Cardano. Like Address addr1q8xyg77unrxu4ztqfqxu898vh47p8hpwhm8xu69wxamgs0ntc9a0w7ky5wp9q3kx5xlyyeruw3y0z0v4k6wyfn90az0q2h9286 - Cardanoscan
And here are some tips on how to split the seed phrase for a robuust backup: Seed phrase wallet backup template - Google Docs