Step 1: Obtain anD Set Up your Pockets

We’ll be utilizing the Daedalus pockets for this information. It’s the unique full node pockets developed by IOHK. There are options, like Yoroi, that are simply pretty much as good. Nevertheless, they’re developed by totally different corporations, so their options and growth timelines is perhaps barely totally different. The Daedalus Pockets may be downloaded right here:

After you have downloaded Daedalus, comply with the directions to create a brand new pockets. The identify of the pockets doesn’t matter. One of many steps is to write down down your secret passphrase. DO NOT retailer this info digitally by taking a screenshot or making a textual content file. Truly write it down, and retailer it in a protected place. Anybody who is aware of this passphrase can have entry to your pockets and any funds inside.

STEP 2: DOWNLOAD THE SHAKEPAY APP

There are a number of exchanges on the market that permit you to convert your Canadian {Dollars} to Bitcoin. Some examples are Coinsquare.com and Coinbase.com. The method is barely totally different for every change, so take note of charges and look out for affirmation emails. We’ll be utilizing Shakepay on this information. You possibly can click on on the picture beneath to go to the web site and create an account. The app shall be required to really ship your Bitcoin to ChangeNOW when it’s time.

STEP 3: FUND YOUR SHAKEPAY ACCOUNT

Now that we’ve got all of the accounts and instruments that we want, it’s time to start out shifting your cash by. We advocate you allow 2FA (two-factor authentication). It’s a great apply and an ordinary for shielding your cash. Log into Shakepay and choose “Add Funds” on the menu to the left.

You will notice an choice so as to add funds utilizing Interac e-Switch. There’s a restrict to the quantity you can switch, which may be elevated by offering KYC (Know your buyer) info like photograph ID and many others. For now, we’ll skip the KYC step, and proceed with funding the account. When you choose Interac e-Switch, you will notice info that you should utilize to e-Switch from any main financial institution.

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This course of is fairly simple and fairly fast. When you’ve transferred your cash, return to “Wallets” in Shakepay to confirm your steadiness in Canadian {Dollars}.

STEP 4: Purchase Bitcoin

The subsequent step is to purchase Bitcoin along with your Canadian {Dollars} inside Shakepay. Choose “Purchase & Promote” on the menu to the left. You possibly can enter the quantity that you simply need to convert, or simply choose “Max” and it’ll convert all of the funds you will have out there in CAD to Bitcoin. Be aware that the worth/charge within the screenshot beneath relies on the speed on the time this information was written. It would possible be totally different if you do that, and can end in a unique quantity of Bitcoin (BTC). Hit “Proceed”, then evaluation the transaction and choose “Verify”. Congratulations, you now personal some Bitcoin.

STEP 5: CONVERT YOUR BITCOIN TO ADA

This final step is to transform you Bitcoin to ADA and we’ll do that utilizing a service referred to as ChangeNOW. We like ChangeNOW as a result of it permits you to change digital currencies instantly into your pockets somewhat than have your currencies sit on an change. Go to Changenow.io and choose the pair that we need to convert: BTC to ADA as proven within the screenshot beneath. Additionally, hearth up the Shakepay app, you’re going to want it now.

NOTE: Make sure to decide in case your change takes any charges for transactions. In the event that they do, you’ll must account for them when figuring out how a lot Bitcoin you might be sending to ChangeNOW.

Open the Shakepay App and enter the quantity of Bitcoin you need to convert (0.01293235 within the instance beneath) into the ChangeNOW BTC field (the place it says 0.1 above)

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Choose “Change” in ChangeNOW,

ChangeNOW will ask for the “Recipient Pockets”. That is the place the ADA will find yourself — like your ADA inbox. We’ll must open up Daedalus for that. Choose the pockets you created in STEP 1 and click on on the “Obtain” tab.

You will notice an inventory of addresses that you should utilize to obtain funds on this pockets. Copy an tackle (doesn’t matter which one), in our instance it’ll finish in a “q”. Now, paste that tackle into the “Recipient Pockets” field in ChangeNow and hit “Subsequent”

You’ll now see a affirmation web page that may inform you how a lot ADA it’s best to count on to be deposited in that pockets tackle you simply offered. Hit “Verify” and do the checkbox factor. I’ll go away the choice to learn by the Phrases of Use and Privateness Coverage as much as you 😉 however it is advisable to examine the field.

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Subsequent, ChangeNow will ask you to deposit the Bitcoin within the quantity you offered earlier. For different exchanges, you’ll copy the tackle offered (ends in 4Zx1 on this instance), and put that within the “sending tackle” in your change of selection. In our instance, we’ll open up the Shakepay app and ship funds by utilizing the QR code (so handy!)

As talked about, open up the Shakepay App, choose BTC (Bitcoin), hit “Ship”, then hit that little icon (appears like a mini QR code), and also you’ll have the ability to get the QR code from ChangeNOW utilizing your telephone’s digital camera. Double examine the quantity of BTC you might be sending and hit “verify”.

Now, all that’s left to do is wait. This can take a couple of minutes, so go prime up that espresso.

As soon as full, you’ll obtain affirmation from ChangeNOW and see your ADA in your pockets. You have to to let Daedalus totally sync earlier than you see your transaction seem. Congratulations, you are actually a proud member of the Cardano Group!

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