Everyone has heard the saying “let your money work for you”. This usually means making some form of passive income from an investment. In this tutorial we’ll show you how to make passive income right from your cell phone using Cardano ADA cryptocurrency. This quick and totally free tutorial will teach you how to do just that 6 easy to follow sections. Just make sure you join our mailing list as we will be constantly updating this page as new technology is available to make this even easier. Let’s get started!
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Table of Contents
When starting out in crypto the very first thing you should consider is security. You’ll be dealing with a real live currency and unfortunately some people will do anything to try and get your money. However there are some really simple things you can do to insure you protect your investment. Below are a few steps that will help you get started:
- Only use a device/computer you own to do crypto transactions. Never use a public computer or a computer that you are not familiar with. Your crypto wallet can be compromised.
- Triple check your sending address. When sending your Cardano ADA or any crypto you want to always make sure you’re sending it to the correct address. Even though the address string can be very long you want to make sure at the very least the beginning and the end matches because there are no refunds in the crypto world.
- Do not fall for the crypto sweepstake scam. There are some websites and youtube pages that say they will double or triple your money if you send them some crypto. Don’t do it. If it’s really a give away then they would just ask for a public address and it will not require you to send your crypto anywhere.
- When delegating with a stake pool, the stake pool owners will never have access to your ADA. Delegating is just an agreement on the network saying that you want to be rewarded whenever a specific stake pool is rewarded. Your fund will stay in your control at all times.
- Write down your key phrases. When setting up your wallet you’ll be asked to write down a series of words. Make sure you actually do that and save it somewhere safe. If you lose your phone then that is the only way you’ll be able to recover your funds in the wallet.
Tools you’ll need
To get started investing in Cardano you’ll need a couple of apps on your phone.
The first app you may actually already have and that is a cash app. This will allow you to buy bitcoin with a debit card or credit card directly in the app. This bitcoin can then be converted into Cardano. We will cover that in the next section.
The next app you’ll need is the Yoroi wallet by Emergo. This is where you store your Cardano ADA and also stake your coins to make passive income. You can just install it for now and we’ll walk through setting it up in the next section.
Setup your wallet
Now that you have everything installed let’s go ahead and get it setup.
First lets setup your Yoroi (screenshot below):
- Open Yoroi
- Select your language.
- Agree to the terms
- Click “Add Shelly -Era” wallet.
- Click create wallet
- Give your wallet a name and password
- Make sure no one is watching your screen then click “I understand”
- Write down the recovery phrase in a safe place then re-enter it on the next screen.
- You’re now in your empty wallet.
Funding your wallet
Now that you have purchased some bitcoin you can now turn it into ADA by using the changelly form below. Here’s how you do that:
- Open your Yoroi mobile app and copy your address by clicking on “receive” at the bottom of the app.
- Click on the address below the green button. A window will pop up allowing you to copy the address.
- Come back to tis page and in the changelly form specify how much bitcoin you would like to exchange for ADA.
- Agree to the terms and click the swap now button.
- Past in your ADA address, enter your email address and click proceed.
- Copy the bitcoin address that changelly has generated
- Open cash app, click on the graph line at the bottom, click the arrow button then click send bitcoin.
- Type in the exact amount you plan on exchange with changelly, past in the bitcoin address with changelly and hit send.
Now you can keep this page open to monitor the progress of the transaction or wait for a status email from changelly letting you know that your exchange has been completed.
Once the coins have arrived in your Yoroi wallet all that’s left to do is stake your coins with Citrus Pool. This can be done in just a couple of steps:
- Open Yoroi
- Click on dashboard >”Go to staking center”
- Past in this ID: ad709eb28c6e98eee65ac4022cf6219258dc4907d704c286e6ca047f
- Citrus Pool should pop up, click delegate.
- Follow the prompts and that’s it.
You’re now staking with Citrus Pool!
Rewards and conclusion
Now that you’re staking you’ll be reciving a reward on your investment every time we mint a new block. The more people who stake with us the more often we all will receive rewards. So tell a friend or two 😉
Thanks for follow along on this tutorial and I hope you learned a a bit more about Cardano and Citrus Pool. If you have any question please feel free to contact us any time.
Welcome to the Citrus family!