Daedalus Wallet review – what is it and how does it work? Learn about the best wallet for Cardano

Do you want to know which is the best wallet for Cardano? Watch our latest video of Daedalus Wallet review, to find out what it represents, and how to use it.

Daedalus Wallet review – a guide on how it works

Hello, and welcome to Diary of a Trader. Again, this is John, and in today’s video, I want to go over a specific wallet that is used for only a single cryptocurrency as an example of those.

In this video, we’re going to be going over an example of a wallet that is specific to a certain coin or a specific network. These are fairly common, where you have certain types of cryptocurrencies. They may not be available to store on other wallets, but they are able to be stored on their own native wallets, and one of those is the Daedalus Wallet, which is from Cardano. Interestingly, the name Cardano is a reference to the Italian polymathematician, and the naming that they’ve done is actually quite clever for a lot of these things that are part of the Cardano project. Daedalus is the name of their wallet, and Daedalus, that is the name of the architect who created the maze in Greek mythology, to keep the Minotaur inside. So the Daedelus Wallet represents an impenetrable maze and that is certainly meant to tell the story that you cannot break into it.

Now, one thing that you’ll notice with this wallet, and the way that we find it, as we go to cardano.org and if we scroll down, we can see the Daedalus here and just click here. You can see that it looks like a maze and that it has the horns of the Minotaur, depending how you want to pronounce it, and we just hit download and there’s certain versions that come up, so we have Windows or Mac OS and the Linux is coming out here pretty soon, but I’ve already downloaded this wallet so I don’t need to do this. But, when you do it, you will get a screen that pop and here’s the wallet.

Now, mine has already downloaded the Blockchain, so when it says connecting to network, if you haven’t opened it for a week or so, you’ll probably have a little bit of an update. Your update, when you first open the Daedelus wallet, it will take a little while to do, because you are downloading the entire Blockchain and all those transactions. That will change in the future, where they’re going to be able to prevent the length of time it takes to sync all the blocks on the Blockchain. But then, here’s the wallet, it’s a very smooth, simple wallet. Cardano is an extremely fast form of transaction. It’s very affordable, it’s very speedy. In fact, I want to send some money to this wallet. If I want to send Cardano to this wallet, it’s very easy to do, it’s very fast. In previous videos, when we’ve done transactions, if you’ve watched our tutorial videos on how to initially set up a Coinbase account and send money to an exchange like Binance, you should really watch those videos first, before this. We have to kind of pause the video and edit it so that the process is pretty seamless, otherwise, we would be sitting here for up to 10 minutes or longer, waiting for that process. However, with Cardano, we don’t really even need to wait that long.

So, I need to go to Receive and I just click Copy, and you can generate new addresses if you want, but I’ll just click Copy and it’s copied to my clipboard. And then, I already have my Binance pulled up and I just type in 88, that’s Cardano, and what I’m going to do, is I’m going to Deposit, Withdrawal rather, I want to make sure I’m doing a withdrawal. And I copy the address. I always like to make sure that I get the right one, though, because you never want to accidentally put in the wrong address, so NVCTS, that’s good. And let’s see, I want to, let’s say, I’ll do 5000 Cardano. Submit and I put in my Google authentication code. This is a fantastic form of security, that everybody should do because it is preventing anybody from…Actually, it is a double form of security, because then they send you an e-mail. So now I just check my e-mail and I’ve clicked the link and now it is telling me that the withdrawal request was successful and that it’s on its way. Now, I go back to the wallet, and as we’re talking here, going over this, this will update very soon. It does not take long to have that sent and for this to update.

So, the wallet is fairly simple. We have our Summary, we can Send, Receive, Paper Wallet Certificate. This is a highly secure form of keeping your wallet protected. So, with a paper wallet, what they mean is that you’ll get this twelve-word security word. That is a very frequent form of security, where it’s a series of words, in that particular order, that you have to have copied or written down somewhere. Don’t ever lose that, because, the thing with cryptocurrencies, and wallets, and Blockchain is that you can’t just send an e-mail to get your password if you forgot it. If you lose your twelve-word phrase, you’re really in trouble. Now, the paper wallet, what it does is, you’ll print off your 12 words, but then, the last nine words, you write down on the paper itself. Like physically, to be printed off and then you physically write the words down. And that way, now it says that your paper wallet will be offline so it will not be held in Daedalus. To check the balance of your wallet, input the address on their certificate into the Cardano Explorer and what that does, this is the actual Blockchain network itself and it’s telling you, actually as we were just talking the… There you go, it’s actually showing in the Blockchain Explorer that the Cardano is actually there, already. There we go. And you can see that the Cardano has arrived. It does not take very long for this to happen. That’s definitely one of the faster transactions that happen, probably Steam is faster and Nano is ultrafast, instant. So, yeah, Cardano is a very fast way to send and receive.

Again, the wallet is not very full of any big bells or whistles. It’s very limited, still. But as a wallet, you really don’t need a lot for it to do. We can change the themes if we want to. There’s the Terms of Use, the Support, if there’s any bugs, you can send the logs, if there’s any issue. But other than that, that is the Daedalus Wallet, and you could expect to see the Daedelus Wallet show up a lot more down the road. This is as the Cardano team is finishing up the last phases of their network, and this becomes the first, kind of, third generation Blockchain. We’re definitely going to see a lot more of Cardano taking a more important and prominent role in the entire cryptocurrency sphere. They are also coming out with a light wallet version soon, so it will be web-based and you will not have to download the Blockchain the whole time. It will be a little bit easier to access, but otherwise, this is just an example of one of the currency, or cryptocurrency coin specific wallets and currently, it is a top 10 Market Cap coin. So, that’s why I used it. It’s actually a personal favorite of mine and full disclosure, obviously, I do own some Cardano.

Anyways, I wish you all the best and I hope you enjoyed this video and I look forward to talking with you on our future videos.