A beginner’s guide to Ripple (XRP) wallets
Are you concerned about where to store your Ripple coins? or you want to learn how to open ripple wallet? How to buy ripple wallet? This handy guide will help you go about it, and also answer all the questions you might have regarding ripple wallet.
Unlike Bitcoin wallets that are totally free, Ripple wallets require users to have 20 XRP for securing their wallet address. So it’s essential to pick the proper wallet right the first time to avoid spending 20 XRP on multiple addresses.
Currently, there are many types of Ripple wallets available on the market. Also, many exchanges offer to buy and to store Ripple on their platform. However, keeping your XRP on an exchange is not a really good idea, because your funds would be the property of the exchange in that case.
Let’s take a look at each of the Ripple XRP wallet types and their weaknesses and strengths.
Software Ripple wallets
The most common way of keeping your digital currencies currently is using a software wallet. These come in a diversity of patterns and shapes. There are online wallets, which you can use on any device wherever you are as long as you have internet access, but they aren’t the most secure option as they store your private keys on the internet and are susceptible to cyber-attack.
There are also applications for your computers, mobile devices, running on several operating systems, browser extensions and so on. To ensure the safety of your funds, you are advised to use software wallets that only store your private keys on the particular device that you’re currently using offline.
As the name suggests, mobile wallets, are applications that can be used on your smartphone. As usual, there is a wide variety of such applications available, but we recommend only using those that do not store your private keys on some server online, but solely on the device on which the app is installed. This also implies that you best desist from using mobile wallet apps associated with exchanges.
Desktop wallets are applications which you can download and install on your computer. Some companies provide both desktop and mobile versions of their wallet with an option to link the two.
Web wallets, also known as online wallets, are basically web-based wallets (including wallet services offered by exchanges,) and they’re probably the least secure method of keeping digital currencies. However, if you choose to use such a wallet, bear in mind that your private key will be saved on the company’s server. This implies that you’re not really in charge of your wallet and, invariably, your XRP.
Hardware XRP wallets
Hardware wallets are probably the best ripple wallet, as they are compact, tamper-proof USB devices explicitly made so that you can store your digital assets offline. They are immune to hacking and cyber-attacks, as they are capable of generating private keys and digital signatures offline and within the device itself.
Furthermore, most modern ones come with a screen to confirm and sign off for transactions, and some versions have security grid cards. There is also an additional layer of security in the form of a recovery phrase, which you can use to restore your cryptocurrency even if the device itself gets damaged, lost or stolen.
While being significantly less technologically advanced than hardware wallets, Paper wallets can be conveniently placed on par with them in regards to storing cryptocurrencies safely. Typically, paper wallets are a sheet of paper with the wallet’s private and public keys printed out on them. The keys are usually generated offline, so the Internet and hackers out there won’t even know about it.
However, one significant downside they have is that they’re a piece of paper that can be easily damaged by fire or water, misplaced or lost. But there are some measures you can set in place to keep it safer, such as laminating it, buying a wallet with a tamper-proof seal, putting it into a safe deposit box or burying it in your garden.
How to set up a Paper Wallet
Setting up a paper wallet is one of the safest ways to store your cryptocurrency, including Ripple, as it is not connected to the internet. The simplest way to set up your Ripple paper wallet is to use the Minimalist Ripple Client. First off, you’ll have to verify your identity.
You can also set up a ‘Generate Identity’ with the aim of the application to generate a public and a private key. As a rule, the public key begins with “r,” while the private one is the 2nd key under the public one. Bear in mind that you must write down the generated or chosen keys on a piece of paper. Only this way you can access your funds. The wallet will be offline until you send 20 XRP to your wallet address.
Lastly, don’t forget to send coins to your wallet from a reputable exchange only.