Sending ADA to paper wallet vs Staking


#1

Just to make sure I got this correctly, I can send all my ADA to the paper wallet and can continue to send ADA to the paper wallet as I am accumulating however I do need Daedalus wallet to delegate at least some of my ADA for staking (I assume I can specify the amount of ADA I want to use for staking)

Thank you


#2

Hello!

This is totally correct.

For now we know for sure that you will be able to “stake from a paper-wallet”. How exactly it will be implemented is not know at this moment as staking itself is not yet available on the system.

Once it is available - you will for sure need Daedalus itself to control the staking, but how exactly staking from papwallet will work is not entirely known.

I can speculate that you will have to input your 27 secret words once and then optionally specify the amount of coins you want to stake from this address. This will create a delegation certificate that you can assign to a pool of your choice. But most probably this operation will not restore a wallet into Daedalus, meaning that you will not “spoil” the cold paperwallet.


#3

Just an extra question, is it known how I will be able to send ADA in my paper wallet back to Daedalus wallet or to an exchange?

Thank you


#4

You can restore your paper-wallet like a normal wallet in the Daedalus using those 27 words. Just use “Add wallet -> Restore” and then select “Paper wallet certificate”:

Once you restore it - it will work like a standard wallet with an option to send ADA.

Note: that once you restore a paper wallet - it is not considered anymore to be “cold” and the paper certificate itself is now “spoiled”, because its key has touched a computer with an internet connection. You should restore a paper-wallet only when necessary, and then never use it again as a cold storage, but rather create a new one and send all ADA there.


#5

That is very helpful
It seems it will be much easier to store ADA on Daedalus or a hardware wallet. Since Daedalus has the password feature for sending ADA for some extra security. So far I am not aware of any hardware wallet that can store ADA or how will staking work from a hardware wallet as we will still need to wait quite a while before information will become available.


#6

For differences between paper-wallets and storing in Daedalus plz read this comment:


#7

It does seem paper wallet is a lot safer than having Daedalus on the computer. I think it might be good to have Daedalus until staking is available then delegate some ADA for staking then delete Daedalus from the computer entirely


#8

After I recover the paper wallet in Daedalus I assume I can generate a completely different brand new paper wallet by using the paper wallet option again in Daedalus. I noticed the new version of Daedalus is a lot faster when connecting to network and syncing blocks. Has anyone else noticed that?


#9

You can generate any amount of paper wallets at any time :slight_smile:

Yes. This is because team was actively working on making it faster, we should really thank them.


#10

Thanks, it is very good to see improvements the dev team are constantly making


#11

I have not downloaded Daedalus 0.10 yet but I am pleased to hear the sync speed has been improved …well done team and thanks for all your work - since this was a major frustration for me


#12

There is no hardware wallet for Ada yet. There first hardware wallet that will support Ada is the Ledger nano S. See https://cardanoroadmap.com for the status.


#13

Love the paper wallet - put it to test - completed the process and it worked flawlessly.

fyi - Took roughly 20 hours to complete a full paper wallet recovery.

Even though you can check and verify the wallet deposits using cardano explorer - in the end - It is still a blind faith commitment that the provided 27 word key will unlock the wallet in the future.

-Double check your 9 words and spelling are correct before using-

You simply can’t test the phrase and still have the same legit cold paper wallet - as testing the phrase for recovery defeats its primary purpose of staying cold.

After a few successful tests and recoveries I am confident in the paper wallet.

Big Thank You to the development team!