How do I secure my ADA?

As a holder of a wallet of a decentralised cryptocurrency, you are your own bank, i.e. you have full control over the value on the corresponding address.

However, this also means that you should now take on the corresponding tasks yourself.
This includes securing your ADA.

If you use a wallet, you have a password and usually a certain number of words that you have to write down in a certain order when setting up the wallet.

This means that these keys are stored on the device used (PC, mobile) and could theoretically also be stolen from there.

To separate these keys from the device, there are so-called hardware wallets. 

Here, the keys to the ADA are stored on a type of USB stick. In contrast to the simple password entry directly in the wallet, a predefined pin must now be entered on the stick in order to move the ADA from the wallet.
This ensures that the ADA in the wallet can only be transferred if the stick is connected & the code has been entered there.

ADA Suisse recommends the Trezor T brand hardware wallet.

Advantages:

  • Open source software (hardware wallets work independently of the company)
  • User experience (easier set-up for beginners)
Author
Author

I am Patrick, operator of the ADA Suisse Cardano Stake Pool.
My motivation is to make the world less unfair.

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About me:

I've been in the blockchain world for just under 10 years & started with ADA Suisse in August 2020.
More about me can be found here..

If you have any questions and/or uncertainties, please do not hesitate to contact me.

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