What is more secured than a good old exchange ?
Everyone in the crypto world is familiar with exchanges. You can easily create an account with your ID. Your coins stay on the exchange and your access is secured with MFA but there is some caveats: you can only stake with the service provided by the exchange.
Let’s take a Binance example:
Flexible saving 1.45% APY
Sometimes locked saving: 30 days 5.5% APY
Meanwhile BNP (Ticker of Binance’s pool), have a couple of stake pools, they earn more than 5.5% APY because they are delegator and operator.
This is totally normal, your traditional bank does the same.
I want to own my ADAs and earn rewards 5,5% APY
You are at the right address.
First thing to do is to create a wallet. You can easily create a wallet with Daedalus and Yoroi, we have guides if you need help.
You don’t need to send ADA to create a wallet, so to begin, I invite you to create one, just for fun.
I’m afraid to have ADA on my PC or mobile
You don’t have to, your ADAs stay in the blockchain.
A wallet is just an interface with the blockchain to do transactions.
Your wallet application creates addresses on the blockchain.
On your PC there’s just the protected key to validate transactions from these addresses. The key is protected by the password you have choosen.
Ok a wallet is safe, my ADAs stay in the blockhain
The important things are:
- Don’t give access to someone to your PC with your password.
- Don’t share or store online your recovery phrase.
Your password is important, but if you lose it, you can recreate your key without. If someone steal your password, he can’t control your address without your protected key stored on your pc.
Your recovery phrase is the “sesame” or the “master key” to control your address on the blockchain.
With your recovery phrase you can recreate the key from any other PC.
Do a small transaction to validate your address
Take one of the addresses created with Yoroi or Daedalus and copy/paste it to your exchange. Don’t try to type it letter by letter, i have tried…
Do a first small transaction to validate the new address added on your exchange.
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