Hey everybody, so I am coming from Bitcoin and have been wanting some clarifications on things if you can help me please.
If it matters, I am using Rippex, the desktop wallet.
My questions are probably questions that have been answered before, but I just wanted to be sure because I've read so many different terms being thrown around for each cryptocurrency, my head feels like it spinning.
1) Secret Key = Private Key = Private Address ??
With Bitcoin I always just knew private (key) = private (address).
And since "Secret" indicates...well, secret, it goes into the private key/address category right?
Or am I wrong?
This is the key I need to send someone funds.
And just like Bitcoin, this key obviously can't be revealed to anyone else to ensure the Ripple stay safe in the account. Basically, the password to my "account" so to speak.
2) ___________ = Public Key = Public Address ??
So obviously there needs to be a second part to a key pair.
With Bitcoin, like with the private keys, I just thought public (key) = public (address)
What is the Ripple equivalent called? Is it called.....(next question)
3) Regular Key? Ripple Address? Or Both?
So I already have my Secret Key and I have my Ripple address. But I came across this in the settings.
Now, in Ripple, there's an option to generate a regular key, and I am suspecting by the way it's described, it is the equivalent of the public key/address? Or am I wrong?
And if a regular key is the equivalent of a public key/address, then does that mean my Ripple address is considered a regular key as well, they both do the same thing but are just given different names? Is this right?
Public Key/Address = Regular Key = Ripple Address ??
If they are not the same, how do they differ? And which one would be the public key/address equivalent, if at all?
4) Re-use of addresses? Multiple addresses?
So with Bitcoin, I had learned that we should NEVER reuse public keys/addresses. Like when you finished one transaction, for the next, you were supposed to use an entirely different one. You didn't have to, but if you wanted to ensure your coins stayed safe, it was highly recommended.
Does this rule apply to Ripple as well?
If it is the same as Bitcoin and I would need multiple public keys/addresses, does Rippex provide them for me when I need them? Or can I input my own generated public key I get from a key generator. I heard some wallets allow you choose your own public keys/addresses, while some wallets don’t allow you to do that and give you new key/addresses themselves.
If I wanted to change both my Secret Key and Ripple Address, am I able to? Or are they permanent?
If I can change them, can I input keys/addresses I got through a random key generator? Or does Rippex provide new addresses for me?
5) Wallet file?
So I wanted to check my wallet file, and I thought it was supposed to be a file with my secret key and my public keys/addresses. But instead it was just a long string of numbers and letters for a few lines.
If it matters, there was an "e" as the first character in the line sequence.
What's the long number sequence?
What is the file essentially?
What is the file used for?
Is it used for anything important?
6) Wallet file location?
If the wallet file is important, I want to move it off my computer and onto my USB and delete the file from my desktop. If I do that, will it affect anything?
Will Rippex open without an issue?
Will I have any login problems?
Will I have to plug in my USB every time I want to open Rippex or to login successfully?
Will the wallet file still open if I move it to my USB?
If it will affect things, would it be better to create a new Rippex account from scratch to save the wallet file to my USB drive initially?
Or would I still run into problems because the wallet file is on the USB and not on the desktop?
Will I have to plug my in USB every time to get Rippex to open or to login successfully?
Wanted to be sure about this because I don't want to get locked out or lose my coins if I do something wrong.
I've noticed a few wallets have a backup system essentially with "seed word phrases" that can be 12-24 words long.
These would be used in the case that your wallet is stolen, computer fails, or something like that.
The seed words would let you be able to get access to your funds, based on my understanding, adding another layer or protection to your account.
Does Rippex have this feature? If it does, how do I access/activate it?
Other wallets I've noticed let you save/export your keys/addresses/transaction/seeds to save as a backup copy someplace else in the case something were to go wrong.
Does Rippex allow you to do that?
8) Activation and Receiving?
So I know that in order to make a Ripple wallet fully functional and legit, 20 XRP is needed to activate the wallet. An activation fee essentially.
I am planning on buying some Bitcoin on Coinbase and then sending them to my ripple wallet. But I am getting confused because:
1) Some are saying I won't be able to receive any Ripple until the wallet is activated.
2) Others are saying I can receive Ripple, BUT only if the XRP amount sent to me is over 20 XRP. This way wallet activates on that first transaction. And once the the 20 XRP activation fee is subtracted, you would still have some XRP left in your wallet.
I feel like the second one is the truth because it makes more sense, but I just wanted to be sure just in case the first one is true. Because if it true, how would I go about activating my wallet then?
I know it's a lot of questions but I just want to be sure before I start adding Ripple to my wallet. The last thing I want is to add Ripple and then lose it all because something went wrong.