We usually keep our money in a wallet. When it is to digital money, there are wallets where you can keep your virtual coins. The digital wallets function and look variable from normal wallets, even though the aim stays the same. In this article, we will talk about something similar to that. Let us have a look at the Daedalus crypto wallet review 2022.
Every digital currency requires a wallet compatible with it. You cannot keep any crypto in any wallet. The Daedalus wallet is created for Cardano, which is among the most valuable crypto across the globe. Let us begin with this Daedalus crypto wallet review.
Daedalus Crypto Wallet Review: An Overview
The Daedalus wallet is the official wallet released by IOHK, the team that formulated the Cardano crypto. The wallet was constructed to be employed across various platforms. It allows the secure storage and transfer of ADA tokens to and from other addresses.
Daedalus is generally a hierarchical-deterministic wallet that assists the formulation of the number of accounts in one wallet. Cardano is a smart contract blockchain platform that offers a home to Cardano (ADA). This crypto ranks 8th in the complete list of top 10 digital currencies in the world according to market capitalization.
This crypto wallet has received much fame within a short time because of the broad range of characteristics it provides to its users. Users can control their wallets securely and easily using high tech features.
Daedalus Crypto Wallet Review: An Detailed Review
Released in 2015, this crypto wallet is supported by IOHK (Input Output), a famous engineering and research firm that is behind the Cardano blockchain. Without delaying further let us begin with this Daedalus crypto wallet review.
Daedalus is basically an open-source software wallet that is congruous with several platforms like MacOS, Windows, and Linux. It also enables users to handle several wallets via its HD (hierarchical deterministic) wallet execution. This allows users to manage their funds in an organized way.
Even though there are no limitations in formulating accounts, users may be turned off by the incompetence to fund the wallet via fiat methods, along with support for ADA (Cardano) tokens only.
Since its release in 2015, Daedalus has had a reputation of not seeing any security breaches. Users can employ their passwords or private keys formulated when setting up the wallet to avail their accounts. If the device of a user gets lost or damaged, the wallet can be revived using the 24-word backup seed phrase that is randomly created when the wallet is being set up or installed.
While this crypto wallet is open-source, it is also permissioned. This implies when a transaction is done, a different ADA network is formulated, and the complete Cardano blockchain is downloaded and is then independently validated. Moreover, Daedalus is a non-custodial wallet that offers users full control over their private keys.
Privacy And Anonymity
Daedalus wallet is primarily a non-custodial wallet that offers users with a high level of anonymity and privacy. Users often take relaxation in the fact that transactions are fully anonymous and they do not have to offer any form of data to verify their identities via KYC (Know Your Customer) standards.
Daedalus wallet does not aid Coinjoin transactions. Coinjoin is an approach used to improve the privacy of users, allowing them to transact without understanding the destination or origin of the transaction. The important aim is that those included get an equal portion of tokens.
The three important steps needed to install Daedalus wallet involve:
- Downloading and then installing the wallet
- Backing it up with the arbitrarily generated 24-word seed phrase
- Formulating a password to secure it
Since this wallet has only a desktop variant, we will talk about how to set it up on such devices.
- For downloading the Daedalus wallet for desktop, visit their official website and navigate to the “Download” part where you would see the choices to download for Windows, MacOS, and Linux operating systems. Download the software that is compatible with the device you are using and then install it.
- Next, open your wallet, fill in some basic data like preferred language, read and agree to the terms and conditions, and send logs to the server. It is crucial to note that since Daedalus is a complete node wallet, you must enable it to synchronize with the Cardano blockchain.
- Next, select “create a new wallet,” then enter a wallet name, and then activate it by using the randomly generated 24-word seed phrase and setting up a password for your extra security.
- Remember to keep the 24-word backup seed phrase and also password safe as they will come in handy if your device gets damaged or lost.
- Ultimately, you can fund your wallet along with ADA and begin trading.
With the Daedalus wallet, users cannot select what exchange to handle their ADA portfolio from, as only a desktop choice is available. The crypto wallet has a user-friendly interface, and users can avail their funds through a Windows, MacOS, or Linux OS.
Even though this wallet is a software wallet, users will like the fact that they are able to integrate their wallets with both Trezor and Ledger hardware wallets for higher security.
Daedalus Crypto Wallet Review: How To Restore The Daedalus Wallet?
We have already seen how you can register this wallet on your desktop. But now we will see how you can restore the Daedalus wallet.
Step 1: Select on the Wallet icon that is present on the top left if you do not see Add wallet on the bottom left of your screen.
Step 2: Select the “Add wallet” option and then now on “Restore”.
Step 3: Now choose your wallet type and then continue.
Step 4: Now enter the name of your wallet and the 12 word seed phrase wallet recovery phrase.
Step 5: Now name your wallet and then set your spending password. Then you will have to wait for the synchronization of your wallet.
Step 6: Once your wallet is completely synced, you will get to see your balance.
Daedalus Crypto Wallet Review: Steps To Send And Receive Funds
Now you may also wonder how you can send and also receive funds through this wallet. To make your job easy, we have illustrated a step by step guide on how you can send and also receive funds on the Daedalus wallet (ADA).
In this Daedalus wallet review, here are the steps on how you can send funds on the Daedalus wallet 2022.
Step 1: Select the “send” tab.
Step 2: Copy and paste the Daedalus wallet address of the receiver.
Step 3: State the amount you wish to transfer.
Step 4: After you have seen all the details, then click “Next”.
Step 5: Next you will have to confirm the transaction.
Step 6: Once you do that, you can view the wallet address of the receiver, mount, fees, and the total fund.
Step 7: Now you will have to enter the password of your wallet.
Step 8: Finally click the “Send” button.
Here are the steps on how you can send funds on the Daedalus crypto wallet.
Step 1: Choose the “Receive” tab.
Step 2: Copy the address that has been shown above “Your Wallet Address”.
Step 3: Then paste the address to the sender.
Step 4: After you have checked all the details, click “Next”.
Step 5: Confirm the transaction.
Step 6: Now enter your password and click “Receive”.
Step 7: Now you will have to wait for the funds to get credited to your wallet.
Daedalus Crypto Wallet Review: Advantages And Disadvantages
Now that we have seen almost everything about the Daedalus crypto wallet review, let us end this with the various advantages and disadvantages of this wallet.
Let us have a look at why you should consider this wallet for storing your ADA. Here are the Daedalus wallet benefits.
- Customizable user-interface themes: Daedalus wallet has six varied themes, enabling users to individualize how the wallet feels and looks.
- Added security: Daedalus wallet offers an extra layer of security provided that it is a completely non-custodial, decentralized, and full node wallet.
- Avenue for passive income: Daedalus wallet consumers can stake their Cardano tokens and receive passive income in the form of interest.
Before we end this Daedalus wallet review, let us have a look at why we should think twice before considering it.
- Not available on mobile: This wallet does not have a mobile variant, making it a deal-breaker for consumers who wish to access their crypto assets remotely through their smartphones.
- Supports only one cryptocurrency: Because this Cardano wallet only supports the ADA token, it is not ideal for investors who would like to handle a wide range of crypto assets on a platform.
- Fiat funding is unavailable: This wallet can only be funded through P2P (peer-to-peer) methods as it lacks intermediaries that facilitate funding via fiat or bank cards.
- Not Responding: There have been complaints about Daedalus wallet not verifying the blockchain.
Even though Daedalus wallet ranks well when it is to security, it supports only the Cardano (ADA) digital currency. After this Daedalus crypto wallet review, it can be asserted that the wallet arrives with the complete node feature which enables for the whole Cardano blockchain to be downloaded for independent validation of transactions. This, along with being a hierarchical deterministic and non-custodial wallet, makes it perfect for users who wish for software wallets with extra security.
Since this crypto wallet has only the desktop variant and supports only one digital currency, it is not perfect for crypto investors who will either wish to have access to their funds through their smartphones or handle various crypto portfolios on a single exchange. Another such famous wallet is the Yoroi wallet. Experts often compare the Daedalus wallet vs Yoroi wallet to obtain the best one.
Frequently Asked Questions On Daedalus Crypto Wallet Review
1. Is Daedalus wallet trustworthy?
You may wonder, is Daedalus wallet safe? Cardano is a highly safe blockchain platform created in Haskell, which is a programming language that uses complicated mathematical logic for coding and offers a high fault tolerance degree.
Since Daedalus is also dependent on a similar platform, it is as safe as Cardano (ADA) itself. Cardano wallet technology is more secure in comparison to most because of the highly groundbreaking peer-reviewed research. Daedalus has an encrusted framework along with formal verification codes.
2. Can Daedalus wallet hold Bitcoin?
The Daedalus wallet is the wallet for Cardano. It only supports the ADA coins.
3. Is the Daedalus wallet free?
No, the Daedalus wallet is not completely free. You will have to pay a charge that is levied while you send or receive funds via that wallet.