Options for Storing Cardano (ADA)

Apr 2017
Texas
#1
In lieu of the recent rumors surrounding Bittrex and reports of the closure of accounts and people being kicked of off their Slack channel for trying to get answers, people are looking for better options for storing coins somewhere other than on an exchange. Currently, Cardano (ADA) is only trading on Bittrex, and as I wrote in a previous post there was some potentially questionable behavior on their part during the most recent ADA surge; it could have been a coincidence, but the timing was quite odd. Nonetheless, it is good to have multiple storage options when you are trying to diversify your coin portfolio. Unfortunately, with as limited as the purchasing options are with ADA, the wallet options currently are equally limited. Essentially the only option outside of storing it in Bittrex is to store it on ADA's open source community built wallet called Daedalus which you can read more about and download here: https://daedaluswallet.io/

Also, here is a video guide for Windows: https://www.youtube.com/watch?v=TjWKvM9s5Mw
Some users have complained that their PC says that the "daedalus\uninstall.exe file was flagged as a virus." However, others have said that this is a technical flaw and amounts to a "false positive" as mentioned here ( https://www.reddit.com/r/path%3D%252Fr%252Fcardano%252Fcomments%252F746e1a%252F ).

I haven't been able to find a video guide for iOS but the installation process is self explanatory. Essentially you will download the version you want (Windows, iOS, or Linux), install and store the installer package, go through the initial settings and wait for the wallet to sync ("syncing blocks"). This may take some time. Once the application is done syncing, you can create a wallet (or restore a previous wallet if you're changing to a new device). Upon wallet setup you will have to choose a password and then be given your recovery passphrase. Don't forget to write down your recovery passphrase exactly as it appears and store it someplace safe. If you lose it, you will lose your coins. After you've saved your passphrase you can start using the wallet to send or receive ADA coins from Bittrex (or wherever else they may be stored at in the future).
*Note: when you send ADA to your wallet, under the amount sent under the transactions tab, it will have a color with a word like "low," which will later become "medium," which will later become "high." All this refers to is the:
  • Configurable transaction assurance level monitoring, allowing users to be sure when transactions become irreversible.
(https://www.cardanohub.org/en/the-daedalus-wallet/). But transactions are usually fast. My deposit took less than a minute to arrive.

For a more technical look at Cardano and what they're trying to build from a development position you can read about their Settlement Layer here: https://cardanodocs.com/introduction/