Learn how to delegate and stake your ADA with Daedalus.
What is the difference between a trading platform (like Binance) and a Wallet like Daedalus.
A trading platform is an exchange where users can trade crypto:
- store your money
- withdraw your money
- trades between crypto
- stake your crypto
- exchange crypto with fiat
To start trading, you have to sign up on Binance.
You can buy crypto directly with your credit card, with cash previously transferred to your account or by transfer without fees. Then, you can add send funds to your wallet ADA address.
What is a wallet ?
It’s a wallet for your ADA coins. In our example, download and install Daedalus wallet so you can keep your ADA safe:
- receive ADA
- transfer ADA
- delegate ADA to a pool
So let’s begin…
How to create a Daedalus wallet
Dowload Daedalus wallet here -> https://daedaluswallet.io/en/download/
Run Daedalus and at first, you will configure the date and number formats.
Click on “create a new wallet”.
Choose a wallet name only visible by you and a password.
Click on “create”.
So far it’s fast and easy. Now, Daedalus will synchonize with the BlockChain, unbelievable right?
Blockchain is a technology for storing and transmitting informations, transparent, secure, and functioning blah blah … To put it simply, the entire BlockChain will be synced to your PC. In other words, Daedalus will have access to all the informations of past transactions. This is why your funds are safe as long as you keep the key to access them. In the case of Daedalus, this key is materialized by the recovery phrase. It should be kept in a safe place and preferably on paper. Do not risk to store it in the cloud. Your PC could burn, your ADAs would stay safe.
It’s a long process, so take a cup of tea and some cookies!
First, you have to make a transfer from your platform (Binance) to an address that you can find on the “receive” tab.
I recommended to always copy/paste to avoid mistakes and try a transfer with a minimal amount for the first time.
Go to the “delegation center”.
Click on “delegate” or “stake pool” to display a list of all the pool.
Our pool NOOPS.
We are a growing stake pool and so would greatly appreciate some or any support.
At this point, your ADA wallet isdelegated. You ADAs are still available in your wallet. If there’s an issue with pool’s servers, you will only lose a part of your incomes due to unavailability but don’t be afraid, your ADAs stay on the Blockchain and in your wallet. For now we have minted 2 blocks and no unavailabilty to report.
Please, join us!