When starting out in cryptocurrency it can be a bit confusing. In this quick ‘how to get started’ with Cardano guide we show you how to set up a Cardano wallet and fill it with crypto.
First things, first, what exactly is Cardano? Cardano is what is known as a blockchain. A blockchain is a digital ledger or a list that holds all details of all transactions that are carried out by users. The advantage of a blockchain is that it cannot easily be altered, therefore any transactions that are carried out on the blockchain are considered ‘immutable’. Think of it as a list of transactions in your bank account.
Another advantage of a blockchain like Cardano is that it is ‘decentralised’, in effect the information or list of transactions stored on the blockchain is not stored in one place, the data is stored on thousands of computers across the globe. So, if a bad actor were to attack a single computer it would not affect the blockchain and transactions can carry on normally.
Cardano was started by ex Ethereum co-founder Charles Hoskinson and offers a way for individuals to transact with each other without middlemen (Banks etc) much like the original cryptocurrency and blockchain, Bitcoin.
Before you can begin making transactions on Cardano you will need something called a digital wallet. Your wallet will need to be Cardano compatible. It’s important that you use the right digital wallet for your chosen blockchain or you will lose your funds if you send them to an incompatible wallet.
Digital Wallets on Cardano.
Here are a number of suitable compatible wallets on Cardano:
We would not recommend using Daedalus if you are new to Cardano as it requires downloading a full copy of the blockchain and takes a lot of time to set up. Nami is very user friendly and easy, so we will use that to start off.
Go to the Nami website by going to:
Select your required browser, Chrome for example.
You will then be prompted to add Nami to your browser
Click the Blue Button to add Nami to your browser.
Confirm adding the extension
And that’s it Nami Wallet should be added to your browser! Who said crypto was complicated!
Setting up your new wallet.
Click on ‘New Wallet’ and accept the terms and conditions. In the next part of this setup, your seed phrase will be created. Consider your seed phrase a confidential password that you should not give to anyone. If anyone gets hold of your seed phrase they can take all your valuable crypto and there will be no way you can get it back.
Write down your seed phrase and keep it in a secure place.
Once you have written down your seed phrase select ‘next’ to continue.
You will then be prompted to enter your seed phrase to confirm that you have it down correctly. You can then enter your Account Name and a Password.
Congratulations, you have successfully created your wallet!
Funding your Wallet
Click the Nami extension in the top right of your browser and you should see your newly created wallet with zero balance. You will now need to fund your wallet with ADA (The native currency on Cardano).
In order to fund your wallet you’ll need to find a ‘receive address’ that can be used to fund your wallet. Think of a receive address as an account number to your wallet that allows someone to transfer ADA and Cardano tokens to your wallet.
To get a receive address to your wallet click on ‘Receive’ on your Nami wallet and copy the address.
Your receive address will look something like this: addr1q8w6k26wcuseysajmxqnna8mcs6l2f0wtytfzengteptv40zvjmn7ff5vc9sh3gnpcve7qh7ljsurups8zhnvep6cdus7dnwp6
To fund your wallet with ADA go to a centralised exchange like Coinbase, purchase ADA and SEND it to your wallet using the receive address you just copied.
Once you have ADA in your wallet, you can begin to transact on Cardano and purchase other native tokens using your wallet on Decentralised Exchanges (DEXs) like MuesliSwap, MinSwap, SundaeSwap, and WingRiders.
And you’re done! Don’t forget to pick up some Pop Up World Tokens (PUW) on the way!
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