Today, we’ll take you through the process to start making passive income by delegating your Cardano Ada. This is a pretty easy process, although I must add it’s not very straightforward. Which is why we bring you this guide. The setup is easy but the path you’re taking definitely isn’t smooth and straight. So sit back, and go through this guide carefully. Without further delay, we’ll get right into how you can make passive income with crypto and how to delegate your Cardano Ada.
The first thing you need to do is, of course, purchase some Ada unless you have some with you already. To purchase Ada, you can use a reputable wallet like Coinbase. If you already have or know a wallet that you personally prefer and trust, do go ahead with that one. Registration and transactions are easy on Coinbase, just the usual sign up and verification.
Once you have your wallet set up and Cardano, or Ada, bought into your wallet, the next step is to set up the Yoroi wallet. Click this link to head to the Yoroi wallet’s website.
Once you’re at the website, the next step is to install the wallet’s extension. Just click the download button and you’ll see multiple options from which you can choose your preferred platform to install the extension. For the demonstration purpose, we’ll use the Chrome extension but the setup is pretty much same in all given browsers.
Once you click on Chrome, you’ll be redirected to the Chrome web store, where you’ll get to add the actual extension. Once you’re here, simply go ahead and click the blue Add to Chrome button. Depending on your browser’s security, you may get prompts to install the extension. Just agree the prompts and you’ll do fine with the installation.
After you have the Yoroi wallet extension installed, click on the puzzle icon at the top right of your Chrome browser. This will give you a dropdown of all the extensions you have installed on Chrome.
Find the Yoroi wallet extensions from the list and click on the pin icon. Just make sure the icon turns blue, which will now pin the extension onto your Chrome browser.
This will now display the Yoroi icon at the top-right side of your browser. Click on the Yoroi icon and you’ll be taken to the wallet’s setup page.
From there, select your preferred language, agree the terms and conditions, and then allow Cardano Payment URLs. Again, this might pop out some prompts so just allow them to continue.
Next, click on the Create wallet option
Choose Cardano
Click Create wallet
Next, you need to type in a username and a spending password. The username is important but the password is much more important than that. So choose a username of something that no one else can ever guess.
Now, for the password, you can either come up with a complicated password that only you know or you can use an online password generator for super security. Here, we generated a password of 24 characters in length to ensure the maximum security. When the password is generated, copy it to the computer or onto a piece of paper to make it pretty much impossible from being breached.
Once you’re done with that, Yoroi wallet will now give you a recovery phrase. This is something of extreme importance in case you ever want to recover your account if its lost. However, we’d always suggest that you copy the phrase onto a piece of paper or into an external USB to keep it away from hackers. While copying, make sure it’s in the right order as shown on the screen.
Once done, click the green YES, I’VE WRITTEN IT DOWN button.
This will now load up your actual Yoroi wallet.
The next step in the process is to transfer the Ada you purchased over to the Yoroi wallet. To do this, navigate to the Receive tab and copy the provided Wallet address.
Then, go back to the wallet where you have the Ada. Choose to send your Ada to the receiving address that you just copied and wait for the transaction to successfully finish.
After 5-10 minutes of waiting, head over to the Transactions tab in your Yoroi wallet. There, you’ll see the transaction of Ada that you just sent over. Keep an eye out for the Status section, which will fluctuate from Low, Medium, and High. The status will reach high when the transaction is complete and successful.
Once you’re done with loading up your Yoroi wallet with Ada, or Cardano, the next step is to delegate your Cardano Ada to a staking pool. And this is how you get to earn Cardano passively, which means passive income for you right from your computer.
To start the delegation process, head over to the Delegation List tab in your Yoroi wallet.
Then, type in scez, which stands for Smart Contracts Made Easy, into the search bar at the left hand side.
Next, click on the green Delegate button at the right.
This will now display a new popup window, asking how much Ada you wish to delegate. Delegating Ada comes with a small one-time fee so make sure you take that into account. Then, enter the amount of Ada you want to delegate and then type in the spending password that you set earlier.
Finally, click the green Delegate button at the bottom.
Now, head back over to the Transactions tab to see your delegating history. The transaction of Ada we just delegated will show here, where you’ll see the Status slowly jump from Low to Medium, and Medium to High. It will take a while for the transaction to complete so please stay patient and wait.
After the transaction is complete, go back to the Dashboard. Here, you’ll see all the delegation history and addresses under the Upcoming Rewards section. And clicking on the pool server name will take you to their official website.
After you’re navigated to our website, scroll down and click on Verify.
There, you’ll find all the info about our staking pool, including how many people are staked with us. We’re just starting out so we’re to grow big in the near future.
Make sure you guys delegate with us to be a part of this awesome up and coming community. This lets you passively earn Cardano and make passive income with barely your computer and an internet connection.
We believe that Cardano will be an extremely strong cryptocurrency going into the future. So make sure to keep yourself a part of the network to help and earn. Thank you for sticking with me to the very end. We hope this has been valuable information to your journey to skyrocketing with Cardano Ada. And as always, make sure to keep your kids protected with CleanRouter and CleanPhone so that you have the ultimate parental controls with how your kids use their phone 🙂
Spencer Thomason is the CEO and Co-founder of CleanRouter, as well as many other products.
2021, SCEZ
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