Cardano wallet Daedalus download experience
Months ago when Cardano ADA was real cheap took a small position for long term speculation. Had it just sitting on Bittrex exchange and had been tempted many times to sell it off and take some profits. Even did once only to get back in a few days later because I really want to long term hold this coin (years). That is just one of the many problems of just leaving it on the exchange. To easy to give into sell temptation. Another issue is security. Seems like every week some thief is making off with someones coins on an exchange. So for those reasons finally got started downloading their wallet, Daedalus.
https://www.cardanohub.org/en/the-daedalus-wallet/
I was surprised to learn how long it took to download and install this wallet. During the installation the wallet synced the whole blockchain. Was about an 8 hour process to install. I got concerned about how much hard drive space it was taking. Fears were unfounded as the folder only filled to 312 MB.
Afterward it was easy to get the receive address and paste it into the Bittrex send box. Tested it with tiny amounts twice to make sure I would get it. The fee was just 0.2 ADA per transaction (about a dime) no matter how much was being sent, very reasonable. The transfer was really quick compared to btc but slow compared to moving Steem or BitShares. It updates every 2 minutes. It needs to validate twice before it shows high confidence in the blockchain update.
Now the tokens are home and secure as best I can hold them. The website lists lots of other benefits to downloading the wallet and stashing the coins there. I guess in the months to come will be the introduction of staking. As I understand its kind of like mining and participating in the block generation process. May even earn some more ADA if I get lucky. Speaking of, I was surprised how long the ADA receive address is. Check it out. Feel free to send some if you got extra ;)
DdzFFzCqrht4BSdYMho3bT42wFNiwj25Mn6tgt1uUz2B5uiu6Z31UCQsRDbKCUPMsPWs7RrstPByF7eLvUbkQHWwoVrvNY9XYidAXarZ
I hold ripple 😆😆
I got in and out of that while it was hot. After reading that its more of a centralized not really a blockchain and that they could freeze the assets anytime they want kind of soured them for me. Thanks for the comment and best of luck with your coins. Hope we all see some good growth this year.
Great
yes its very big thats why i have kept at exchange only at biance ... ;-)
@adityajainxds #thealliance
LOL, nice piece mate. did anyone actually send you some ADA?
LOL, no donations yet. But that sort of validates my feeling that the blockchain may be considered to have some longtime growing value in the community. Even giving away a .50 cent token now might have much more value in a few years. I think if I was get any it might be a gesture from someone on the Cardano team itself that noticed the post and choose to reward the mention. Thanks for the comment.
I like ADA and have thought about setting up the wallet. Takes that long to download the blockchain ay? not too bad. Would be nice if there was a liteclient version, which is essentially what an exchange has. I would suggest holding ADA for sure, it's got promise.
I think you would find it worth the time. I had just got it going and walked away from the computer and did other stuff. Was checking out all the developer tools offered with it. It's kind of cool and got me wanting to tinker with it. Worst case I break it, delete and restore. Well ... I guess the worst is losing my ADA....mmmm