Hi I’m new in ADA, i would like to seek a safe way to create and store my ADA. Im currently store my DAEDALUS WALLET. SAFE to Store Here?
Daedalus wallet is safe. Question is are you safe? In 99.99% of the cases your own mistake will lead you to lose your ADA.
Do you need to move your ADA from wallet for trading or similar? Or you just want to store it for a long time?
Hi, Im looking for store for long time.
Firs of all MAKE SURE YOU HAVE YOUR CURRENT DAEDALUS WALLET SEED WRITTEN DOWN. Not on computer in text file but on paper. DON’T LOSE IT!
Take 8GB or more USB thumb drive.
Follow this guide how to reinstall Windows(I assume you are using Windows machine?) https://www.youtube.com/watch?v=8j_x6bVvWqI Note: at around 2:57 when he is selection partition where to install go and delete all partitions you have(maybe one or more are locked by the OEM and can’t be deleted. Leave these). After you have deleted all partitions click NEW to create a new partition and select that one to install Windows on. IN THIS PROCESS ALL OF YOUR FILES FROM THE COMPUTER WILL BE DELETED! So make sure to backup everything you need.
Don’t install any software, you can use Microsoft Edge.
Download Daedalus wallet from. https://daedaluswallet.io/
Follow this video how to create new wallet https://www.youtube.com/watch?v=R30tXyePc2s
WRITE ON A PAPER NEW WALLET SEED! DON’T LOSE IT! STORE IT SAFE! NEVER SHARE IT WITH ANYONE! EVEN IF JESUS PERSONALLY ASK FOR IT! If you do all your ADA is gone.
Go to receive in Daedalus Wallet, copy receive address and save it in .txt file. Save file on any thumb drive to have it handy.
For the sake of making this simple and safe as possible go back to step 2 and reinstall Windows again.
Format USB with Windows installation on it.
Install Daedalus wallet again.
Recover your OLD wallet you have ADA right now on it. It can take a while, be patient.
Send small amount to receiving address of the new wallet you’ve created to test it.
Copy your receiving address on https://cardanoexplorer.com to check did it pass through.
If it did you can send rest of your ADA to the same address and keep track of your balance on https://cardanoexplorer.com
15,16,17,…2000. DON’T LOSE YOUR NEW WALLET SEED AND DON’T SHARE IT!
Hope this helps.
NEVER SHARE IT WITH ANYONE! EVEN IF JESUS PERSONALLY ASK FOR IT!
Thanks Vladimir, If I’m using mac…i need to reinstall?
Well I would recommend to for the sake of being 100% sure everything is clean. On mac OS is even easier to do a clean reinstall, no need to create bootable USB. Personally i feel safer on mac OS than on Windows.
Make sure when you are reinstalling mac OS to erase/format partition, not just reinstall OS.
I will do exactly what you had told. Thanks Very Much Vladimir!
You are always welcome.
I’m sorry, I guess doing it this way is more secure, but I really don’t believe it’s worth reinstalling Windows. I’m in the pc repair business and I’ve done it many times, but even so, when you consider the implications not only for user files but also drivers and applications…
When we speak about securing thousands if not hundreds of thousand dollars nothing is a overkill. Reinstalling Windows/macOS is fast and easy in 2018. I would even recommend detaching computer from internet but Daedalus wallet needs to sync before you can create wallet.
OK, I haven’t done it recently so I can’t say it’s not now fast and easy (though it would always depend on how many apps have to be reinstalled on top of the OS and whether app data was backed up). Also, I agree if we’re talking about large amounts of money then several hours of work (which is what it used to always take) is not a big deal. I guess it’s up to the individual…
One point though: ok it would compromise confidence of cleanliness of ultimate system, but if a system image was made initially which could be restored instead of doing the second Windows reinstallation, that would make things much easier.
Personally, I just bought another computer unplugged the old one and just put the old one away, had too much money on it. Simple.
“My computer has too much money on it!” Nice problem!
As long as you record your seed you should be fine as long as you don’t send Ada. Daedalus only requires a PW to send - not to sync and receive. So, if you keep your wallet on your computer just to check the balance then you should be fine.
I’ve got some questions about the wallet Daedalus, since I’m new in the cryptocurrency world I don’t perfectly understand how wallets work.
1- if my computer (where Daedalus is installed) is stolen is there any way to retrieve my ADA knowing my 12 word seed from another computer?
2- Similarly, if because of an antivirus upgrade my computer is completely empty (or because of a virus), reinstalling Dardano and using the seed would allow me to retrieve my ADA?
@VladimirKrstic great reply - thanks for taking the time to write it
I have the Daedalus wallet already on PC but I keep my coins (not a huge amount but I’m trying to accumulate them little by little) on an online exchange. I have more Alt Coins than ADA. I have about 4 or 5 Alt Coins in sum, with ADA being one of them.
Would buying an 8GB encryptic USB flashdrive be sufficient for keeping all the Altcoins (I guess I would have to get different wallets for them) or do I need to buy one with more GB like 30 or 64GB?
I read online some guy said he had to download the whole blockchain onto his encryptic USB to cold store his cryptocurrency, and it quickly took up 50GB or something. I’m lost on this.
Or should I cross fingers and and wait for the Nano Ledger S or Trezor (sp?) to finally include ADA on their old storage hardware?
Encryptic USB flashdrives give out your keys once connected don’t they? Whereas the Nano S and Trezor never give out your keys when doing transactions right?
I would put my ADA coins on my Daedalus wallet–but like you said in your first post asking if the owner is “safe”–I’m not sure I’m safe enough (grasp enough) to keep them there. My concern in viruses and malware and my lack of grasping proper cyber security. Exchanges get hacked but as of now I’m thinking the exchange might be more secure than my personal competence.
What are you thoughts?