How to Create a safe wallet to store my ADA

Just create new wallet in your Daedalus very time you buy ADA and name the wallet with the price you bought for.

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Thanks a lot @RobJF @Jam35x ! appreciate your help :facepunch:
It’s all clear now…
I got a couple of further questions and after that I’ll stop bothering you:
1- is it possible to enhance the security on Daedalus for every transaction? As I said in one on my previous post I thought that for sending ADA it was required the seed while on my wallet I was asked just the spending password…
2- as far as you know, is the Cardano team working on multi factor authentication for making transactions?
3- installing and disinstalling Daedalus on a computer does not affect your ADA right?

1 - If you do not use it frequently, you can just uninstall the wallet. Remember to write down the 12 word seed phrase, it’s necessary to restore it.
2 - For sure they’re working on integration with Ledger, you should read up on that.
3 - It does not. The coins are not physically locked on your computer. If you want to check if that’s true, just try to restore your wallet on different computer.

Not disagreeing with anything @Tunasalad said, but I’d answer no, no, right. :slight_smile:

:+1::+1::+1:
as far as you know how long does it take generally to restore a wallet to another computer?
Mine has been working for approximately 15 mins, seems very long…

it’s been one hour already loading.
In any case I think they should improve this aspect: for security reasons it is a bit worrying that on your Daedalus page it is written your seed and the computer is loading…
Did it happen the same to anyone of you?

it took about 70 mins, but everything went fine luckily.
Now I know you have to be patient to restore :-)…

Hello Guys and Vladimir thanks for this guide , I just need to ask a couple of questions for my scenario .
Keeping in mind I am \ newbie on crypto world I have made an investment in ADA (Cardano) and wish to hold for long term. I have Daedaslus Wallet on MaC OS . And i am considering as you said to store this on an encypted drive .
My first questions is on step 6, "Write on a PAPER NEW WALLER SEED. (What does seed mean? Are you referring to the 12 Words or something else? )

Next question you mentioned downloading a new wallet and transfering ADA from the OLD one , is this for any particular reason? Or could I just better off remove my original daedalus and make a clean instalation on an encrypted drive , without creating 2 accounts ?

Thanks so much !

Yes, the seed is the 12 word phrase.

If you use it to restore the wallet, you’re not creating two accounts, but getting back the first (only) one.

You might already know this, but to run Daedalus with all its files on an encrypted drive you have to edit the .bat file, changing the paths. (That’s on Windows, not sure whether on a Mac it’s .bat or something else, but it’s the file that is executed to start the program.)

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only give it to a trusted friend… :slight_smile:

Guys, I’ve some question about Daedalus:
1- if I install a wallet and for security reasons (if I’m afraid that my computer gets compromised) I want to create I new wallet, (and at the same time changing computer), do I make sure that the secret keys stored in C of the old wallet would be now useless? In other words, does every wallet have it secret keys folder in C?
2- By deleting the wallet on a computer I don’t delete my Ada stored right? I can always restore it whenever and wherever I want to?

Thank you

Bob

Hi Bob,

  1. Recovering the wallet on a second machine does not affect the first installation in any way. If you stop using it on a particular machine you should uninstall Daedalus and delete the data folder in %APPDATA% (Windows) as well, if the uninstall process hasn’t done that. (For additional security you could also use a disk wiping/file shredding utility.)
  2. Your ADA is actually stored on the blockchain not in the wallet, this is why you can have any number of wallet installations (including zero).

You’re welcome! :slight_smile:

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Thank you Rob!
I have got the last question just to clarify myself about a certain topic: if you think for some reason that your computer was hacked stealing the Secret Keys in ://C all you need to do is creating asap a new wallet (maybe on another computer) to have new secret keys right?

Sorry but I will be very paranoic until it won’t be possible to use Ledger with ADA

Bob

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Yes, as long as we’re clear this is a new wallet, not a restoration using the 12 word seed phrase, by doing that and sending to the new address you’ve solved that prob.

I heard that Cardano going to nano ledger, When should we have it ?

Looks like not before May. Probably May-June.

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Hi , new to the Forum. I have invested in Ethereum, Ripple, NEO, Electroneum and Cardano.

My ADA are still on the Binance Exchange because when I downloaded and tried to install the Daedulus Wallet it took so long to sync blocks and slowed my computer down so much that I gave up and uninstalled it.

What is the problem with Cardano and/or Daedulus? I don’t want to download the entire blockchain or help mine it either. All I want is to transfer my ADA coins to a secure wallet. My Electroneum wallet was set up in 5 minutes, EIDOO where I keep my Ethereum took 5 minutes. I have bought a Ledger Nano S and it took 5 minutes to set up. So what is the issue with Cardano? It is meant to be 3rd generation crypto but is in the Dark ages when it comes to providing a fast secure wallet.

You should try the ZenCash Swing Desktop wallet – a lot slower to sync than Daedalus…

Of course it depends on your connection as well…

Uninstalling Daedalus is worse than getting rid of a virus! I actually created a restore point before attempting to install it the second time. Same problem with syncing blocks and slowing my computer down for any other activity. Ran the uninstaller but that only removes part of it. It still leaves you with the Daedalus folder in C:/users/my name/appdata/roaming/ and in particular the folder DB1-1. Restored my system to before the restore point, then actually moved the entire Daedalus folder to the recycle bin and tried to empty it. But I was then shown a graph of the emptying process with over 85000 items to delete! (And I had only synced about 4% before I gave up the installation.) This is RIDICULOUS! I have an i7 processor and Daedalus seems to want to use my entire processing power to do calculations or whatever? Can someone explain why I have to go through this syncing blocks process when I haven’t had to do it for any other wallet ? And how big does this DB1-1 folder get?

Thats because you have been using light-wallets…

The DB1 will keep growing forever… since you store every transaction in the blockchain…

There will be a light-wallet for Cardano eventually, some months from now… Regarding your issues, I cant help you with that… You have to synch to 100%, takes me about 1-2 hours… So yeah could easily take 5-15 hours with a different setup…

Depending on your internet and hardware.

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