New ADA holders will find Yoroi very helpful for creating their first Cardano wallet. Emurgo designed Yoroi to be simple and safe to set up. Emurgo is a company driving the adoption of Cardano and adding value to ADA holders by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem.
You can safely download Yoroi for free here:
Yoroi provides quality instructions during the wallet creation process. Follow their instructions precisely during this step! It's not overly complicated, but don't get complacent, as a mistake during this step could have devastating consequences down the line.
Don't forget, when you set up a cryptocurrency wallet, you're taking responsibility for the risks associated with having full control over your wealth. You have sole authority over your funds, which means you're fully responsible for protecting your wallet information from both thieves and errors that lead to loss of funds.
Do more research on how to protect your Yoroi wallet here:
Now that you've downloaded Yoroi and created your new wallet, it's time to purchase some ADA. Before you go any further, carefully consider the decision you're about to make. There's a myriad of risks and challenges presented by buying and holding a cryptocurrency like ADA.
CARDANO420 DOES NOT OFFER FINANCIAL ADVICE!
Do your own research and never invest more than you can afford to lose!
That having been said, there's a 'BUY / SELL ADA' button on the top right corner of the 'My Wallets' page. Click the button and select your newly created wallet as the destination for purchased Ada. Next, you will be prompted to complete a KYC (Know Your Customer) review. This is a standard regulatory invonvenience that is meant to limit money laundering and other illicit activity.
Upon completing KYC, you will have the option to buy ADA! It's a relatively straightforward process from there, involving entering debit card information, etc...
A helpful tutorial video for this is available on the YouTube channel Think & Grow Crypto, watch it here:
Congratulations! Now that you've got ADA in your Yoroi wallet, you can stake it with Cardano420! The ADA you own is your 'stake' in Cardano!
There's a tab in your newly created wallet that says 'Delegation List' - this is where you go to select which Cardano stake pool you're going to delegate your stake to! Type Cardano420 into the search bar and we'll appear, ready and willing to accept your delegation! Our pool's statistics will be display beside your name. On the far right, you'll see a 'DELEGATE' button. Click it and you're now ready to...
STAKE. SMOKE. EARN.
It takes about two weeks for your stake to become active, so be patient and watch the rewards begins to roll in! Always remember, Cardano420 never has control over your ADA and we will absolutely never ask you for private information about your wallet (anyone who does is extremely suspect and most likely wants your ADA). You're free to spend and receive ADA at any time during the delegation process, and you can change the stake pool you're delegated to without restriction!
For more information regarding what it means to delegate your ADA in Cardano, click here:
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