Where and How to Store Ripple(XRP)?

If one is worried about where to store their Ripple Coins? Then this guide will surely help you to choose the right thing.

As its already known that Bitcoin wallets are free, but the ripple wallet requires its users to have 20 XRP for booking their wallet address, which makes it more important to choose the right thing in one go rather than investing 20 XRP on multiple wallet addresses.

There are various types of Ripple wallets available in the market. Even lot of exchanges offer to buy and store XRP on their exchange. Moreover, it wouldn’t be a wise decision to store Ripple on the exchanges. Otherwise, your coins will be the property of exchange.

Software XRP Wallets:

Nowadays the most common way of storing the cryptocurrencies is in software wallet. There are a variety of online wallets which one can access from any devices from anywhere, but these aren’t the safest approach to store as they keep the private key of wallet online which are prone to a cyber attack.

There are various applications available for the mobile phones, computers running on various operating systems, browser extensions and so on. To be on the safe side while using Software wallets try to use the wallets which stores private keys offline.

Mobile Wallets:

As the name itself suggests that they are apps which are being used on the smartphone. In the case of Mobile wallets also there is a huge variety available, but try to use the wallets which store the private keys offline on the device’s app which is installed rather on some server online. Also, avoid the mobile wallets which are linked with exchanges.

Web/Desktop Wallets:

Desktop wallets are those which can be downloaded to the computer. Some companies offer both mobile and desktop versions of their wallet with an option to sync the two.

Web wallets, also known as online wallets, are websites which include services offered by the exchanges, making them least secure to store the cryptocurrencies. So, if one decides to use such a wallet, he must be aware that private key will be stored on the company’s server. This means that one will not be having the control of the wallet.

Hardware Wallets:

The hardware wallets are tamper-proof USB devices which are especially designed to store the crypto fund online. These devices are capable of generating private keys and digital signatures offline and within the device itself, which makes immune to cyber attacks.

Some versions have security grid cards while some of the modern devices come with a screen to double-check and sign-off transactions. In the case of hardware wallets, there is an added layer of security in the form of recovery phrase, which one can use to restore the funds even if the wallets are damaged, stolen or lost.

 Paper Wallet:

Paper wallets are less advanced technologically in comparison to hardware wallets. These are a piece of paper with public and private keys printed on them. As these keys are generated offline, so there is no chance for them to be hacked.

The major disadvantage with the paper wallet is that- its a piece of paper, so can be easily misplaced, damaged and so on. But there are several measures which can keep it safer, such as ordering tamper-proof wallet or putting it in the safe deposit box and so on.    

How to set up a Paper Wallet:

One of the most secure ways to store the ripple or any digital currency, setting up a paper wallet, as it’s not connected with internet.

The easiest way to create a paper wallet for Ripple is by utilizing the Minimalist Ripple Client. Confirm your identity at the initial step. For which, enter a secret key under the identity heading.

It’s also possible to “Generate Identity” with the aim of the app to generate a private and a public key. As per rule, the public key starts with “r”, while the private one is 2nd key under the public one.

Please note the generated keys properly as it is the only way to access the funds. The wallet will be offline until one send 20XRP to their wallet address.

Note: Send funds from reputable exchanges only.