02: How to Store Securely
You will learn how move your Cardano off an exchange into a secure wallet
02
Learn to store
Overview
You will learn how to secure your funds, Cardano, by moving it off of the exchange into a more secure wallet
01
Before you can withdraw your funds from the exchange, you need a place to store it. You can do this by downloading an officially supported wallet called Yoroi from here: yoroi-wallet.com. Simply click "download" and pick which browser you are using. Then install the extension like below (results may vary depending on browser)
02
Now that we've downloaded Yoroi, it's time to open it and create a new wallet
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Start by opening Yoroi. It is an browser extension so it will be in the upper right corner of your browser by default:
2. After opening, you will be asked which type of wallet you would like to create. Select "simple"
DESIGNER / MAX REINERT
3. When prompted if you want "payment urls"
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Select "skip" (this can always be enabled later on)
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Select "confirm"
4. Select "Create Wallet" from the 3 options
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Pick "Cardano" as your currency if prompted
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Enter a wallet name and password
5. You will be prompted with a recovery phrase. This is used incase you ever want to restore your wallet on another computer, so it is VERY important to keep safe as a backup for yourself. Whoever has access to this has access to your funds!
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The recovery seed will look something like this. Write it down and keep it safe somewhere
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Click "Yes, I've written it down."
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Enter the phrase in the order that it was shown to confirm what you have written it down correctly
03
You have set up your wallet which can be used for sending and receiving! Let us find your receiving address so that we know where to send your Cardano to from your Exchange
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Click on the "receive" tab in the yoroi wallet
2. Copy your wallet address by clicking "Copy to Clipboard" button. Think of this is similar to your banks routing number. If you send cardano to this address (looks like a bunch of random letters and numbers), it will show up in your Yoroi wallet.
04
Now you have a wallet and know where to send it (address from step 3). All that is left is logging in to your exchange where you purchased Cardano and withdrawing it! Exchange (sending) -> Yoroi (receiving). Exciting!
[note: Below shows how to withdraw it from Coinbase, but if you have your Cardano on another exchange it will look a little different. The idea is the same where you have to log into your exchange, withdraw Cardano, and put the receiving address from Step 3 in]
[pictures coming soon]
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Log into your Coinbase account
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View your funds
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Select Cardano
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Click "withdraw"
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When prompted what address you would like to send it to, paste (control + v) your address from Yoroi (Step 3) into the sending address.
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Confirm
Completed!
Wait up to 30 minutes for the transaction to go through. It will show up in Yoroi and that's it! It's now stored securely inside Yoroi wallet!
The hardest parts are done. All that is left is 3 clicks inside the Yoroi wallet in order to start earning passive interest of ~6% (delegating)