I bought my ADA on Bittrexx; why do I need Daedulus Wallet?

daedalus

#1

Hi Guys! Total Newb Questions:

  1. I bought my ADA on Bittrex. Why do I need the Daedulus wallet? :face_with_raised_eyebrow:
    How do I get it to Daedulus?
  2. Is there a fee to go back and forth?
  3. Does anyone know the ETA on other exchanges for ADA? Its a top 10 or 15 Curreny now, should me more readily exchangable I would think.

I’ll think of more I’m certain. TIA.

Cheers from NYC! :beers:


#2

why my wallets always connecting to network?i waiting for longtime but it doesn*t work


#3

Hi @wilpollock

  1. It’s generally considered to be safer to keep control over your own assets, therefore transferring them to a wallet which you control. Daedalus is currently just a wallet but in the future it will be home to the Dapp store for the Cardano network as well as allowing you to stake your asset for the PoS implementation.

Daedalus is available here

  1. The fee is around 0.2 ADA, so just a couple of pence.

  2. Binance was added yesterday with BTC and ETH pairings which joins Bittrex who recently also added the ETH pair.
    The roadmap is being updated tonight, in just over an hour so we may get more info on upcoming exchanges.

Hope that helps


#4

Thanks @Justice0320!! This does help! I have Daedalus Wallet installed.It took a while but I’m hoping that’s the proprieratry nature of the beast.
I’m just concerned about fees back and forth between the exchanges. This new one “Binance” looks interesting thanks for the info. I’ll take a look. What about iOS apps and the like? anuy thoughts?
Cheers mate,
Wil


#5

I can’t help you with iOS or Binance I’m afraid as I haven’t used either.

As for Fees, Moving ADA is very cheap. i think it’s about $0.03 per transaction right now.

I just moved some money to Bittrex to buy some more ADA if it dips tonight, but instead of BTC i used ETH as it is faster and cheaper!


#6

Thanks again! I heard that about ETH; Good luck!


#7

I’m new to the crypto world. Sorry if I ask stupidly.

I bought ADA at Bittrex and sent 10% to my wallet. It went really fast, nice. I would like to transfer the rest from Bittrex, but I have questions. I fear not to be able to access my coins. But I do not like to have them on bittrex

  1. I need a new computer, how do I access my wallet?
  2. I have not received any certificate, is that a problem?

Thanks


#8

Hi @Lavidall81

The Daedalus FAQ should help, linked below.

Basically, as long as you have your 12 word recovery phrase you can recover your wallet. This acts as the verification. You would select Add wallet, then chose to recover. Just make sure you keep your 12 word phrase safe.


#9

I keep them safe yes. thanks. Think the best will be to transfer it all to my wallet then.


#10

In addition to other good reply, you havo to know that the coin are not stored inside wallet. They are stored very very very securely in the blockchain.

Think at the wallet as point of access for your coins.

This means that if you hold the word (AND YOU MUST!!), you can access the money anytime anywhere! Also in a new wallet that you install on a new pc.

If you do not want to trade ADA, my suggestion is to get the money from Exchane to your wallet because if you leave the money in the exchange, you do not hold full control. If the exchange quit, you loose all.

Hope this help


#11

ahhh ok, think I understand. I have the words in a bankbox. I have send all coins from the exchange to my wallet now.

Very good info, thank you so much


#12

As an additional info, check out the paper wallet. Another way to store safely your coin.

Another type of wallet that definitely help to understand what is a cryptocurrency and the concept of blockchain.


#13

I hold my BTC and LTC in paper wallets. How to make paper wallet for ADA


#14

Its implementation is on the roadmap. Soon will be available hopefully


#15

On transaction fees, they are very, very cheap. POS is so cheap to run. This is why IOHK put so much effort into proving its security. Fun fact, the fees were set to the highest estimate (done by the math guys) for the bootstrap era. We will have a better fee number after more modeling.


#16

oi_jeremy, I am trying to buy Cardano for 6 days now. I want to buy from USD to bitcoin to ADA but I could not see how to that. I tried to buy Bitcoin but I was unsuccessful. Could you help me out giving me some direction? Coinbase does not accept me because I am in Denmark, and I could not buy bitcoin on Bittrex. I do not know what to do. I am serious about this.


#17

As long as you get the bitcoin, you can flip it to Ada. I think (but do not endorse, never used it) coinswap has Ada and you don’t need an account. Perhaps there is a local bitcoin meetup you can go and learn more? I am not sure what exchange are in Denmark.

But the basic thing is you need to find a place to swap fiat for bitcoins or Ada. Find an exchange that takes deposits or visit a bitcoin meetup.


#18

The only thing I was able to find here was Localbitcoin, but it is not safe. I would like to exchange my fiat for bitcoin fast but safely and it has been 6 days now since I started. I live in a rural area in Denmark and it is difficult to find meetups around. I will try that anyway. Thank you.


#19

You could work for Ada :slight_smile: That is how many of the early bitcoiners did it.

Wish I could be more helpful.


#20

I would love to work for Ada. :grin: