Is deadalus wallet safe to transfer my cardano or leave in the exchange

daedalus

#1

i am quit new to this just want to find out. is the deadalus wallet is safe to transfer all my cardano to. i mean some time is no opening. it take like hours to sing in to the network. i am just worry just in case if they update it the wallet will i lose coin or not. i read here on one topic that some one lose his coin after that update. is that possible. i will be much appreciated if you can let know please.


#2

Hi Marzuka, It is safe to use the Daedalus wallet. If you are having troubles opening the wallet or with slow syncing, these issues will not compromise your coins. The most important thing is to make multiple copies or your 12 word seed and store these offline in multiple locations. If you keep this seed safe you will always have access to your coins. Another important safety feature included with Daedalus is a spending password. I recommend setting up the password and storing it offline like the seed phrase. You will use this to send transactions as well as set up new receiving addresses. Also, when transferring money from the exchange for the first time, use a small amount, like 10 ADA, to test the system. Once that transaction has completed successfully it is safe to transfer your remaining coins to the wallet.

The development team has been working on fixes and enhancements to the wallet. If you are uncertain about the current version of Daedalus you might want to wait until it is patched. There has not been an announcement as to when that will happen. I have not heard of anyone losing coins by doing a wallet update. Do you have a source to site? I would be interested to read up on it. As long as you have your seed phrase safely stored offline you will be able to get your coins even if an update fails, your computer blows up or if it is stolen.

Hope this helps.


#3

Do you trust yourself more than an exchange to manage your Ada’s? If you don’t (want to trust) anyone then a hardware wallet is the safest way to store and use your Ada’s. See the Comparison of Ada wallets and exchanges