MultiHODL is structured as multiple collateralized loans and is provided by YouHodler SA.
Cardano is a popular “third-generation” blockchain that aims to make smart contracts, decentralized applications, and side chains to the next level. Led by Ethereum co-founder Charles Hoskinson, Cardano is seen as a large competitor to Ethereum and therefore, is not accepted on the many Ethereum wallets out there since it runs its separate blockchain. No need to worry though. In this article, we’ll cover some basic facts about Cardano wallets to help you get the best one.
Key talking points:
A Cardano wallet is a wallet that enables users to interact with the Cardano blockchain to store ADA and transact with it. Cardano wallets come in many forms like desktop wallets, mobile wallets, paper wallets, hardware wallets, and web wallets. More on that later.
How does a Cardano wallet work? Well, this all depends on the type of wallet you choose. A Daedalus wallet for example enables users to essentially run their full node and download the whole Cardano blockchain on their desktop. With Daedalus, you are 100% in control of your money and you hold the private keys that enable you to interact with the wallet. However, Daedalus is very limited in what it can do so it’s worth trying other wallets.
When researching your Cardano wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy ADA on a crypto exchange, then that exchange will have a built-in ADA wallet for you to hold ADA until you decide to trade it or withdraw it. Even if you manage to buy ADA with cash from your friend, you still need a wallet to store Cardano.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure ADA wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good Cardano wallet should be free. If someone is trying to sell you a Cardano wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Cardano wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, Cardano wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Cardano using your wallet, just open up your app and find Cardano in the wallet section. You should then see buttons to deposit or withdraw Cardano. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Cardano can do so. If you are withdrawing ADA, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Cardano there.
Cardano wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop ADA wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile ADA wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile ADA wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are ADA wallets for all types of operating systems like Android or iOS.
Web ADA wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Cardano wallet.” To be honest, there is no “best ADA wallet” for us as a collective whole. However, there is a Cardano wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Cardano wallet? Well, that’s for you to decide.
When asking what the best Cardano wallet for beginners is, it’s important to first dissect what a beginner demands from a Cardano wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced Cardano users and investors also appreciate clean simple interfaces on their Cardano wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Cardano wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Cardano wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy a Cardano hardware wallet to use in cooperation with your mobile or web wallets. Cardano hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best Cardano wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best Cardano wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Cardano wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Cardano wallet functionalities for your iPhone.