What are the best wallets for Cardano (ADA)
Cardano, launched in 2015, ranks among the top ten cryptocurrencies globally in terms of market capitalization ($600 million) at the time of its debut. Currently, according to Coingecko, Cardano has a Market Cap of over $43 billion.
If you're wondering where to store Cardano, our detailed review will help you decide on an ADA wallet.
Exchanges have a bad reputation for storage, so you should look for alternative ways. Security is important because there are new ways for scammers to get hold of your digital currency every day. To safeguard your capital, only use proven ways to store your currency. In case the market rises, you can make good money on your ADAs.
That's why you should take good care of your currency storage and choose the best wallet for Cardano.
This article will look at reliable ways to store ADA and choose the best Cardano wallet. Learn the advantages and disadvantages of each digital wallet and make the right choice to keep your ADAs safe and secure.
What is Cardano?
As you probably know, Cardano is a fully decentralized public blockchain platform. Haskell, a very fault-tolerant programming language, is used to write Cardano. The Proof-of-Stake Ouroboros protocol provides for all cryptocurrency holders to vote. The platform's internal currency is ADA.
Despite its anonymity, Cardano can include cryptographically protected metadata on the blockchain. It will make it possible to work with external regulators while leaving the cryptocurrency owners' data completely private. Cardano applies design principles to solve problems faced by other cryptocurrencies.
“We believe that blockchain technology will only achieve mainstream acceptance when end users are not locked into one blockchain or standard,” IOHK CTO Romain Pellerin said. “Bridges like this are an absolute necessity to ensure that users have a seamless experience.”
The platform launched not long ago, but it has already become popular among digital currency holders. In 2019, New Balance announced a blockchain-based Cardano program to track the authenticity of its basketball shoes. It shows how successful the platform has become in such a short time compared to alternative blockchain platforms. The Ethiopian Ministry of Education recently announced its intention to launch a Cardano-based identification and record-keeping system for students from across the country.
Cardano Hardware Wallets
Pros: the highest level of security.
Cons: inconvenient to use, price.
If you are looking for the safest and most secure way to store ada coin, then we advise you to stop at Cardano cold storage solution. You cannot find a more secure wallet than a Cardano hardware wallet. For those who are most concerned about preserving their ADA currency, it is just the perfect option.
If we talk about the principle of how such a wallet works, everything is very simple. Your private keys, which allow anyone with access to spend your accumulated ADA, simply cannot physically leave your storage device. Hardware wallets protect your private keys offline. They are not connected to the network, which means they are protected from fraudulent attacks.
Perfectly simple and secure solution!
All potential transaction signing processes are done on a hardware device, not a computer or smartphone. This investment in a hardware wallet will keep you safe from a lot of risks. Of course, to choose one of the possible options, you will have to spend time and compare the alternatives. Only in this way will you choose the best option in terms of price and your requirements.
Let's take security as an example. Yoroi Wallet allows you to integrate a hardware wallet. With it, you get all the features of a regular Yoroi Wallet. However, the goal is to send or deliver ADA from it. In that case, you need to confirm the transaction on your physical device.
All of these simple principles make it impossible for an attacker to capture your private key and access the ADA. All of your private key data will not be stored in the wallet database but only on the hardware wallet device.
Cardano Mobile Wallet
Cons: safety is not the main advantage.
To use your ADA anywhere and not be tethered to a hardware device, you should use the Cardano Mobile Wallet. The Cardano Mobile Wallet can be for both iOS and Android. Such digital wallets have a really handy way to send and receive ADA via QR codes.
Of course, such a wallet will have a slightly lower level of security than a hardware wallet. However, you will be able to improve the convenience level of your ADAs and not be tied to hardware.
Let's take a look at specific wallets.
For example, Exodus allows its users to earn bonuses on their ADAs with bets and provides a convenient betting option for five other coins, including NEO, VET, ALGO, XTZ, and ATOM. Plus, you can control your private keys here, and exchange ADA for other cryptocurrencies, for example, with Kraken.
When using a mobile wallet for ADA wallet, you need to be aware of the reduced security level of this option. Keep in mind that mobile wallets are best suited for small amounts. Don't risk large sums. It's better to store the main capital on a hardware wallet to avoid hacker attacks and fraudsters' tricks.
Cardano Desktop Wallet
Pros: combines the advantages of mobile and hardware wallets.
Cons: low speed of operation and data updates.
For those who prefer to keep Cardano on their desktop, an official Cardano desktop wallet called Daedalus was developed. Daedalus is the official Cardano wallet and plans to introduce such functionality as Bitcoin and Ethereum Classic support and an app store for use with Dapps.
Now let's talk about the disadvantages, which, unfortunately, are also there. Even though it is an official wallet, there are pitfalls in using it. Daedalus is a "full node" solution. That means you have to load the entire Cardano blockchain (transaction record) to use it. This process is not quick and can take hours or days. To speed up the process, you need to worry about your internet speed and the quality of your computer or laptop. You will also need a lot of memory to store the blockchain.
If you just store your ADAs and don't use Daedalus regularly, you will need to download all the latest transactions manually. It is a critical disadvantage if you need constant access to your currency. So pay attention to this disadvantage and analyze how willing you are to accept it.
You might say that your home computer is much safer than your mobile device, and you would be right. However, the desktop also has access to the Internet, so you should be wary of hacker attacks. If your case involves large sums to store, it is better to opt for a hardware wallet.
By the way, Daedalus is available for Windows, macOS, and Linux.
Cardano Web Wallet
Web wallets like AdaLite are the most convenient storage for ADA. It's worth remembering that if you don't connect them to hardware wallets, they become vulnerable and completely insecure.
You can access your web wallet using any device without even creating a personal account. This way of working makes the web wallet very easy to use. You will have no problem accessing it wherever you are.
There are some risks too. For example, the platform that hosts your web wallet can be hacked by attackers, and your savings will be at risk. Consider these risks when choosing the right type of wallet.
Blockchain security is very important because transactions are irreversible, and you can't get your lost capital back. It would be a shame if the ADA went up in value at some point, and you lost it.
Review: Best Cardano Wallets
Where to store ADA coin? If you are going to store large sums of ADA, we still recommend you stop on hardware wallets. Reliability and speed are the main parameters, which must be focused on when choosing a wallet. To make the right choice, you should read user reviews and contact wallet representatives to answer your questions.
Let's take a look at the five best wallets for cardano so you know which cryptocurrency storage leaders you need to focus on.
Ledger Nano X
Type: a hardware wallet
Pros: storage, security.
Ledger Nano X has a large amount of memory for storing your ADA. In addition, this wallet also supports the installation of more applications. The battery life is up to 8 hours. You can make transactions with just two buttons on this device, which is very convenient.
This wallet gives users the ability to receive, send and store more than 1,500 varieties of cryptocurrency.
Type: a desktop wallet.
Pros: designed by Cardano.
Daedalus is an official Cardano wallet with a high degree of protection. This wallet has backup and restores version functions. You will not spend much time installing the wallet and start working with it. There is an option to integrate a hardware wallet, which is very convenient if you want to get the maximum level of security. You can get all updates on the official website.
Type: web and mobile wallet.
Pros: easy and fast installation.
Cons: no cons.
Yoroi is a very simple and easy ADA storage wallet. You won't experience any problems during the installation process and use it on Android and iOS. If you are more comfortable working on the web, then use the browser-based version.
Being a product designed to store ADA, the developers have made the private keys fully encrypted, making their use as safe as possible for users. You don't have to worry about fraudsters gaining access to your wallet.
Unlike Daedalus, you don't need to download the full blockchain, which allows you to get started right away.
Type: web wallet.
AdaLite is a very easy-to-use Cardano web wallet. The developers of this solution are the official partners of Cardano – Vacuumlabs. Since it is a web wallet, you need to consider that it cannot provide the appropriate level of security as hardware carriers do.
Nevertheless, you will have the option to connect a hardware wallet to it, making it even easier to use ADA. You can always find up-to-date updates and information on the wallet's official website.
Type: desktop and mobile wallet
Pros: the ability to synchronize with other wallets.
Exodus Wallet is available for most popular platforms, both smartphones and desktops. Synchronize your wallets with each other, so you can access your currency from any location and not be tied to a hardware medium. The wallet supports other cryptocurrencies as well. On the official website, you can find information on how to work with the wallet. It is a great opportunity for beginners to get theoretical knowledge and practical instructions.
So, how to store ADA coin?
As you can see, the issue of security in storing your cryptocurrency is a top priority. To keep your ADAs safe, you should worry about ensuring a high level of protection. In this article, we looked at the types of wallets for storing cryptocurrency.
All wallets have their advantages and disadvantages. You can analyze what your exact requirements for a wallet are to make the right choice. Keep in mind that not always the safest option will be the most convenient one.
You will need to accept that it will not be easy to use, but a hardware wallet will give you the highest level of security.
Here are some brief facts about how to choose a wallet:
- If you are interested in a high level of currency protection and convenience, then use a reliable hardware wallet, for example, Ledger.
- The most convenient option is a web wallet. For example, AdaLite. But remember that it is the least secure option, so look at the Cardano paper wallet.
- When choosing a wallet, you should be guided by user reviews, ratings, and reliability. Do not trust your currency to unverified carriers and wallets so as not to expose your capital to risks.
Remember that if your ADA goes up, your capital will go up too. Not to lose your savings, use only trusted cryptocurrency storage options. It is the only way you can be sure that you are safe from risks.
With Alligat0r you can exchange ADA at the most favorable exchange rate.