No one will deny Cardano has become a rather popular cryptocurrency over the past few months. Consequently, a lot of users are looking for ways to store their ADA balances in a safe and secure manner. Surprisingly, the options for doing so are very limited as of right now, even though we may see some interesting shakeups moving forward.
Even though no one should ever store large amounts of any cryptocurrency in an exchange wallet, it seems to be the most convenient option for Cardano right now. Although this is far from what most people would like to see, the undeniable truth is that Cardano only has one actual working wallet as of right now. Using an exchange is a better option for most people who hold small amounts, assuming they take account security seriously and enable 2FA, among other things.
With a few exchanges trading Cardano as of right now, it should not be difficult for one to find a solution they like. At the same time, one has to look for an exchange which lets users enable as many layers of security as possible. Losing one’s money because an exchange was hacked or one’s account was compromised is something to be avoided at all costs.
2. Ledger Nano S (Upcoming)
It is quite interesting to see how the Ledger Nano S will allegedly offer support for the Cardano cryptocurrency. Although there is no official release date for this integration, it is something to look forward to. Especially given the lack of other viable wallet solutions, a hardware-based solution will certainly be appreciated by the majority of the Cardano community moving forward.
For the time being, it remains to be seen when this integration will effectively come to market. Considering how Ledger is apparently looking into adding other cryptocurrencies as well – some even before Cardano even gained any traction – it is likely to assume ADA integration may take some time to come to fruition. It will be something to look forward to as far as most ADA community members are concerned, though, as developments like these will effectively bring more legitimacy to this project moving forward.
As of right now, the only working wallet for Cardano is known as Daedalus. It is available for Windows and macOS as of right now, as there is no Linux support to speak of. It is possible this situation will change, but for now, Linux users will have no option to securely store their ADA balance unless they trust an exchange. It is far from an ideal situation, for obvious reasons.
While eight Cardano developers are working on Daedalus, it seems a lot of people still are having issues with this wallet as of right now. Getting it to install can apparently be tricky, although it caused no real issues for us. Connecting to and synchronizing with the network can take some time, but that is to be expected from any cryptocurrency wallet these days. An SPV wallet or even an Electrum fork for Cardano would certainly go a long way in this regard.