How to install Daedalus Wallet and safeguard your ADA


welcome everyone today we’re gonna be
talking about Daedalus and the reason why we need to talk about this is because I
think it’s very important whether you’re long Cardano or you just have maybe a
shorter term or medium-term goal of holding it for a few months or maybe a
year or a few years or you see yourself still holding a the decade from now you
need to know how to keep your fun secure and you need to know how to get the most
out of the Cardano ecosystem let’s say you’ve bought ADA you’ve purchased a
ADA from an exchange I mean you transferred your BTC or your
Ethereum or your Litecoin from coinbase or your Ethereum classic or your
Bitcoin cash from coinbase to an exchange and you are swapping it for ADA well technically you can buy ADA directly with US dollars with Bittrex now but that’s only for a few states but regardless you’ve gotten ADA
and you want to know how do I keep my funds secure how can I get the most out of
this project the way to get the most out of this project is the Daedalus wallet
so if you’re keeping your funds if you’re keeping your ADA on an exchange I
think you’re doing it wrong you want to secure your funds in the best way
possible I’m not saying that Binance or Bittrex are going to get hacked
anytime soon or there’s gonna be another Mt. Gox situation but hacks do happen
and you want to make sure that you’re as secure as possible we all work hard for
our money and it’s important that we keep it and the way we keep it is
through daedalus in addition you want to try to get the most out of this
ecosystem in the months coming we’re coming out with ledger support
soon Shelley is releasing quarter 1 of 2019 all of these features are not going
to be accessible to you through an exchange you’re not going to be able to
use Binance and get everything that you want out of the ecosystem or you’re not
going to be able to use Bittrex to get everything you want out of an
ecosystem rather that exchange is going to use your funds and profit off of you the
exchanges are already making enough money if you are long term short term or
medium term Cardano I think you should have Daedalus on your computer this is
not investment advice this is just the wallet the official Cardano wallet to
store your ADA and it is a great wallet there are a lot of complaints regarding
speed there are future iterations of this wallet that are coming out that are
going to improve on all of these features we’re approaching quarter four
quarter four starts in October ends in December and I’ve made a previous video
about how I believe that this is I look at my ADA investment as a small business
this means that I am working for my investment I want to work with inside
this ecosystem so if you want to work with inside this ecosystem if you want
to work and contribute to this ecosystem this is what you can do this is how you
can contribute the most of the ecosystem downloading your Daedalus wallet and
securing your ADA it’s going to make you feel empowered and give you that
autonomy feeling give you that connectivity feeling towards the
Cardano project download Daedalus I highly recommend it and future
iterations are coming out and your homework for quarter 4 treat this as a
school assignment your homework for quarter four should be to get familiar
with Daedalus just the install process regardless of your technical expertise I
think that you should understand how this system works how this cryptocurrency wallet works get yourself involved that’s your homework for
quarter four you have three months and even if you’re seeing this video in the
future any time is good but download Daedalus see how it works out for you
so if you want a more technical video as far as making sure that you don’t have
any key loggers key loggers are basically malicious software that’s
embedded into your computer regard depending on what you’ve downloaded in
the past and hackers could basically see exactly take screenshots of exactly
what’s going on at a particular time that your computer is active so say that
you’re putting in credit card information they could just take
screenshots or see your exact movements on your computer and just replicate it
so as long as your computer is not you’re pretty sure that it’s not
there’s no malicious software on your computer you can go ahead and download
it go to Rick’s video I’m gonna link it below if you want a more technical
download tutorial that helps you out and figures out exactly the safest and most
proper way of downloading Daedalus so the site that you need to download it
from is called daedaluswallet.io if you’re using Chrome or you’re
you’re on a Mac just make sure that this site is secure and make sure that
everything is spelled out correctly you know it’s daedaluswallet.io let’s click download and I have a windows 64-bit operating system so if
you’re running Mac OS then you download the Mac OS if you’re running Windows you
download the Windows and right here this is sha-256 which is a way of verifying
hashes and what are hashes what’s sha-256 think about it as a special code
so there’s lots of code that goes behind the Daedalus wallet so when that code is
finished all that code is inputted into a hashing algorithm or its input into a
hashing program and this is the hash the original hash that corresponds to the
code that was released by the Daedalus team and it’s unique and it can’t be
replicated unless you replicate every single line of those every single line
of code that was was released by the Daedalus team so if a hacker created a
program and basically mimicked the Daedalus wallet and inside embedded a
couple lines of code to try and steal your steal your ADA this hash would be
completely different so once again you can go to Rick’s videos and see exactly
what you need to do to protect yourself and move forward but let’s start
downloading and see what happens so all you have to do is click download
and it’s taking about a minute here I’m going to attach my internet speed just
so you can use it as a best benchmark of where you should be as where your
computer should be once you finish downloading it’s going to show up on your bar right here and this is for Windows computers so we’re gonna
click this do you want to allow this have to make changes on your device you
click yes and once again the space required is 482 MB I have around 180
gigs left on my hard drive so 482 MB it’s like half a gig so that’s how much
space you need on your hard drive in order to successfully install it and I’m
also going to include the specs of my computer so you can compare your
computer to mine and see exactly what you’re doing so half a gig that’s what
you need on your hard drive so we’re going to go ahead and install setup was completed successfully you can
look at the details everything was completed successfully we’re going to go
ahead and close this we’re going to go ahead go to the desktop we’re gonna
select our language in my case it’s going to be English there’s a drop-down
so you can put it in English or Japanese go ahead and continue
you can go ahead and read the Terms of Service scroll all the way down we’re
gonna say I agree with Terms of Service and we’re going to continue and we
started this at 9:09 a.m. so we’re going to see exactly how long it takes to sync
the blocks I will return welcome everyone so a couple hours later
actually like three hours later the Daedalus wallet has appeared and the
reason why I say a couple hours later because I think that it with my computer
specs I think it took around two hours although the ticker says around three
hours but I lost power literally four times while filming in this video so
this was just a bad day to film this video it’s sunny outside but I still
lost power and I didn’t even realize it wasn’t sinking so I had to I had to
restart my router and my modem a couple times so everything was just bad
I lost electricity as well so I think it took around two hours to install the
wallet on my computer and now we’re we have the Daedalus wallet in front of us
and we have a couple of options that are available to us one of them is creating
a new wallet and the second one is restoring a wallet so we are going to go
ahead and create a wallet so let me go ahead and maximize this screen or let’s
go ahead and create the wallet and we’re going to type this as philpa wallet
that’s going to be the wallet name for myself once again you enter a password a
spending password this is what’s going to allow you to send ADA directly from
your Daedalus wallet either back to it exchange or to someone else and another
Daedalus wallet this is your password think about it as your debit card PIN
number so if you lose your Daedalus or you lose your computer you can just
reinstall Daedalus and as long as you have your private key you can create a
new password so this is not a permanent password we’re just going to create a
password right now for the time being give me one second I’m just going to
create a password so I can remember it and I want to use this wallet for
multiple things so I’m going to blur out some of the confidential information so
all my funds are that lost okay so the password and the repeat password are
created so this is basically keeping your private keys saved and encrypted
by setting the spending password so this is the spending password that you need
to spend your ADA okay on the following screen you will see a 12 word phase this
phrase this is your wallet backup phrase it can be entered in any version of Daedalus in order to restore your wallet so you want to make sure that people are
not looking at your recovery phrase because this is your private key you
don’t want people having your private key because all they can do is just
create a new Daedalus and then or download Daedalus under their computer
restore your wallet with your private key your phrase words your twelve word phrase and it’s a wrap for your ADA so we’re going to go ahead and click this we’re going to continue and I’m gonna blur this out
because I want to use this for other purposes in other videos and I don’t
want the funds in this wallet wiped out so I’m going ahead and writing this down
right now just give me a second we’re going to tap each word in the correct order
for the recovery phrase so we click that and now we have to say I understand that
my wallet and tokens are held securely on this device only and not on any
servers we can click that and I understand that if this application is
moved to another device or is deleted my wallet can be only recovered with the
backup phrase that I have written down and saved in a secure place so this has nothing to do with your spending password this has to deal with your recovery phrase you need your
recovery phrase that’s the most secure aspect of your Daedalus wallet once you
have that you own your ADA no one can take your ADA away from you unless
they take away those keys and your phrase and then they restore it on
another computer so we’re gonna go ahead and click this and we’re going to head
go ahead and confirm and once you see that you see that my philpa wallet and
as you can see there are zero ADA so once I send ADA to this wallet you’ll
see the amount of ADA we’re gonna do that in the next video
the number of transactions we have a send button we have a receive button we
have a transaction button and we have a Settings button and you can go ahead and
look at all the different features on this wallet it’s pretty impressive so
for example I can change the name of the wallet transaction assurance security
level you can do normal or strict this basically just means the number of
confirmations that you’re receiving for each transaction normal is just regular
mode strict is going to take a little bit longer for the nodes to process
these particular transactions and when staking is live it may take a little
bit longer for transactions to go through for now we’re gonna keep it on
normal mode normal security mode I can send it to a particular address and I
can go through all these different features I’m gonna go through all these
different features in future videos we have the paper wallet certificate
feature we’re going to go over that later and we also have the themes for
Daedalus so you can customize it change the language here again you can change
the colors so you know you have like blue Cardano and dark blue personally
I like we’re gonna stick with the Cardano theme that black theme for
round and the Terms of Service the Terms of Use you can go through that and then
you can go through support so if you’re having any issues you can just click
this support feature support request and once again on the Daedalus on the Daedalus website there’s also on the Daedalus wallet website you can also
create a support ticket there so they can you can send him your logs and you
can send them information about what’s happening and they can help you
troubleshoot this issue but the number one concern for you should be to try to
get the Daedalus wallet up and running on your computer and right here you can
go back to here and you can do this and it takes you right to the support in
terms of use and everything like that go back to your wallet and I can add a
wallet as well I can create a new wallet I’m going to be doing a Daedalus series
so I’m going to do a restore video I’m going to do I’m going to go into this wallet
in-depth and this is what we’re going to be using in order to stake and live with
inside the ecosystem so let me know what you think please like comment subscribe
if you have any questions let me know and we’re gonna take it from there thank
you

54 thoughts on “How to install Daedalus Wallet and safeguard your ADA”

  1. Bundle of thanks bro to making video on this topic. sometimes I wonder that when you got so many subscribers i.e million. then your reply is as fast as today. Thanks again bro

  2. I also want to know certification process and all others features. so plz make another video regarding this. As I am waiting. Thanks bro

  3. Hello Philpa: I downloaded my wallet in early September. Your demo shows the "New" icon next to the download. Does the Daedalus wallet that I installed a couple weeks ago update with the new version, or am I supposed to download the newest version? Thanks for all your great videos. I watch every morning. Keep up the amazing work.

  4. I have installed and uninstalled the pos wallet it wont work it was syncing for 6 days and only got to 60% now I cant get my ada out !

  5. Nice video bro! Very helpful. I am still waiting for the Ledger Nano S to support ADA, but definitely going to keep most of my ADA in the Daedalus wallet. Thank you.

  6. Hi Philpa I'am having difficulty with Daedalus wallet for some reasons. I have download Daedalus wallet from the past and lost a small amount of ada because the wallet just stop connecting to network which I the end I just let it go and cut my misery. I believe in Cardano project so I contenued buying ADA and my coins are stacking up since then but, keeping it on different exchanges. Recently I have re-downloading Daedalus again it was a succes. I keep it running to test it before sending my coins into my wallet. But today the problems started again says having problems connecting to the Network. Is the wallet has to be open/running 24/7 or I can turn it off and just open in the morning and evening just to keep sync with the network which that is what I been doing. This is my delimma with my wallet. Would I be able to stake on Nanoledger S with my ADA if when it's support and integration kicks in. I started to wonder if my MacBook Pro is got a problems with the connections to the Wallet. Can you please shed some light with my problem. Your assintance is appreciated.

  7. I really thank you deeply for this great work, not only this one but always my friend. Your videos are made in a very professional manner.

  8. Here is a comparison of Ada wallets and exchanges: https://cardanowiki.info/wiki/Comparison_of_Ada_wallets_and_exchanges

  9. Hi Philpa, How about ABRA wallet on our cell phones? You can send money to the wallet and exchange for ADA or other cryptos? Just a thought! Even though it acts like a derivative, it still goes up with the price of ADA, and you can decide to exchange it again at "said price" to your local currency. Thanks

  10. This is taking me WAAAY longer than 2 hours for the synching of block to complete. It's only 38% complete after more than 4 hours! I have Time-Warner Spectrum cable service, so my internet is fast and I have an iMac with latest OS.

  11. I had a scare today with binance and google 2fa………I thought i lost everything. Turned out well, but the scare made me download Daedalus right after.

  12. i have been delete the wallet because it wasn't work at all and i tried to install it again but it doesnt open it doesnt work anything i have ritten to the IOHK TEAM but they told me to unistall and delete i did this and now i cant install it ….. i vave the secred words but how can i install the wallet i have a lot of ADA but i dont know this DEADALUS WALLET is so anoyng they dont have a real walllet… i need some help philippa

  13. I've had my Daedalus wallet from the beginning of my crypto career starting last year. It was a pain with connectivity issues but now with the latest upgrade 1.4 0.12.0 version, much better.Though I had to wait 2 days for the wallet to reconstruct with this latest version. ( My internet extremely slow) Very nice now and I'm a happy ADA camper.
    I also checked my seed phrase to confirm it's good, very easy ( instructions on Cardano's website)
    I also downloaded the Yoroi ADA wallet as a back up, or for future use as a day to day wallet. But all my ADA on Daedalus the best.

  14. Your title is misleading, One,it should not reflect on financial advice to a tutorial on how to install a wallet. just bullshit. The Wallet has been nothing but a disaster from the beginning. I own ada up the ass and keep it in the exchange until charles comes up with a wallet that is secure.

  15. you seem to highly invested , to take serious , you set all the complaints aside , for " future promises" . It is ridicoulous it takes them that long to make a proper wallet , seeing them make all the claims they tend to be ! Expectation vs reality !

  16. Daedalus Wallet is the last please where you put your cardano. If you're finished, your money is gone. Forever. No way back. It was your support to make Charles Hoskinson a really rich man. You, by the way are poor now. No way back. Its all just a huge fraud..

  17. Bro I faced a problem when I open my daedulas wallet the sync cardano node crashed and wallet cannot open what should I do plz plz help me I am waiting for your help. Thanks

  18. Mine doesn't want to open, it says this app can't run on my PC. Could you please help? Anyone?

  19. Hi Philpa you should show the most secure way to create a paper wallet also which is a paper wallet created by a offline computer that never goes online. This is the safest method especially if the computer used has never been online and will never go online. I use a specific computer for this process that has been disabled to never be able to go online via any means. Transfer the wallet via a safe USB. I know this is possible with bitcoin wallets but is this process possible with the Cardano wallets. Also how will the paper wallet be effected when the transition to shelley is completed. I imagine it should be ok due to Cardano simply taking a snap shot of the Byron system for the transfer to Shelley from Byron.

Leave a Reply

Your email address will not be published. Required fields are marked *