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How to design your personal XRP Wallet System
PardonMyFrench posted a topic in New MembersHello everyone, new member here after a month or two of lurking. As I've been exploring the forum and learning all I can, I've been unable to find an answer to the original question that brought me here, which is this - how can someone new to Cryptocurrency investing establish an XRP position quickly via one of the exchanges (Kraken, Poloniex, etc.) without having reserve requirements eat into my overall investment? Allow me to clarify... I would like to purchase XRP for long term cold storage utilizing a Nano Ledger S, which I ordered a couple weeks back and am still waiting for it to arrive. In the meantime, I've missed some pretty large moves in XRP (from $0.42 to current price, bummer!) and am starting to get antsy about my entry position. When the Nano does arrive, 20 XRP will be needed to reserve the wallet address, and preferably that's the only XRP reserve I will ever need unless I want to move XRP to a hot/mobile wallet for transactions. The problem is understanding the various wallets I might need during my XRP investment journey, while limiting the amount of investment lost to reserve requirements. Now that a single wallet costs over $20 USD to setup, this becomes a much larger concern for someone just starting out. Understanding the security risk, is it reasonable to keep an initial investment on an exchange (Kraken, Poloniex, etc.) for a week or two until my cold wallet arrives? Is there utility in setting up a toast wallet for initial storage, and then sending the XRP to the cold wallet when it arrives? Would I have future use for the toast wallet? In general, how many wallets do folks use to manage their XRP investment? Thanks everyone in advance for your thoughts and suggestions, and I apologize if this is addressed somewhere I was unable to locate. Cheers and best wishes to all! -PMF
Going cold - or hot? - issues
Trippy posted a topic in Technical DiscussionHello people, I have been wanting to get my xrp into cold storage for some time now, but I have been hesitant to do it and I know why now - it's the 20 xrp "reserve" required for using a new address. I want to be able to put the money into cold storage then sell off my xrp at certain price points. However, I'm not able to sell any xrp without making the wallet hot. I would then have to create a new cold wallet at each price point and burn through 20 xrps each time, which is really annoying. In fact, the 20 xrp reserve is annoying full stop. So apart from getting a Nano S Ledger or the like is there a way of keeping my wallet cold and still selling off some xrp at each price point? Alternatively, I'm considering using Twarden's Ripple client to create a hot wallet instead. This wallet would be hot only for the time that I transfer my xrp to an exchange for purposes of sale. My private key would remain on an encrypted file and would only be accessed when I'm making these transfers. Would tech people here consider this less likely to be hacked than on an exchange? Antonopoulos on YouTube recently said that there are two types of exchanges: 1) Those that have been hacked. 2) Those that are going to be hacked. This gives me pause and I'd really like to take more ownership of my zerps. Thanks for any help.
Can the Ledger Nano S work as a Ripple cold wallet yet?
Matthew posted a topic in General DiscussionJust wondering if the Ledger Nano S works as a cold storage Ripple wallet yet or does it still need to be updated. P.s. I know I'm retarded give me a break...
Article About Ripple Wallet Options
Hodor posted a topic in Software and Hardwarehttps://themerkle.com/top-3-ripple-wallet-options/ The article basically points users / readers to the Rippex wallet for a desktop storage device. They also included the link for the source code at Github.
Official Cold Wallet From Ripple.com?
Guest posted a topic in Technical DiscussionSo after a while I have wanted to create a new cold wallet (like in the clip above). But now I can't seem to find one on Ripple.com?
Understanding Software Wallets
Guest posted a topic in Technical DiscussionI'm beginning to get an understanding of Software Wallets for storing XRP. In doing so, I see that other people have been having problems with some of the Wallets they have generated, and some of these problems may be have been caused by Wallets that have software defects. Unfortunately, in some instances this can leave people without access to their XRP. Hopefully, the information in this thread will help avoid some of this from happening. Before I get into too much detail, I'd like to just go over some of the basics, as I understand them. If anyone has any comments, I'd appreciate their sharing them, as this will help everyone. Here's what I understand, so far: There are five pieces to the puzzle: 1. XRP Repository Location, 2. Public Key, 3. Private Key, 4. Software Wallet 5. Secret Password The XRP Repository Location is an address that is associated with the user's Ripple account, with the account being used for recording account related XRP transactions (deposits & debits). The Public Key is the long string of alpha-numeric characters that identifies the address to which a user sends XRP coin. The Private Key is a long string of alpha-numeric characters that gives the user authorization to SEND xrp FROM that same address to another address, by using someone else's Public Key. The Secret Password is what gives the user access to their own Private Key, using the Software Wallet, although the secret password isn't necessary if the user has saved their Private Key in a place where that they can read it, and where it can not become lost. The XRP Repository Location is on a Ripple server that is maintained by Ripple Labs. The Software Wallet is software that is downloaded from a trusted site, such as Github.com, and then stored on a secure computer, secure USB flashdrive or CD. Secure, in this context, means the computer, USB flashdrive or CD have not been compromised, and so are not infected by a virus or hacking, and can be taken offline or removed from the computer to eliminate any future possibility of being compromised or hacked. A USB flashdrive simplifies things because it can be easily disconnected from a computer to take the flashdrive offline, and the computer can then be used online, so that the security of the flashdrive is never compromised. If a USB flashdrive or CD is used, it should contain a stored operating system, such as a Linux version (Ubuntu, for example) that has not become virus infected, as well as the Software Wallet software. If using a non-secure computer, it should be booted from the USB flashdrive or CD. The computer, or computer with USB flashdrive, or computer with CD can then be put online by the user, who then executes (runs) the wallet software that provides a user interface and connectivity to the Ripple network for sending and receiving XRP. If a new Repository Location (account) is needed by the user, the Wallet Software will work with the Ripple Labs server software so that the new account is created on a Ripple Server, along with a Public Key and Private Key. All this information is then stored in a file that is generated and saved locally by the Software Wallet, available for future access by the user. If a new account is not needed, the user just uses the Software Wallet to access an existing locally saved account file to get the Public Key and Private Key, and perform transactions on the Ripple network (send/receive XRP). Afterwards, the non-compromised computer, USB flashdrive or CD should be again taken offline to prevent them from becoming compromised. This means the computer is disconnected form the internet, or the USB flashdrive or CD are removed from the computer. If it's an unsecured computer, then there is no need to take it offline, after the flashdrive or CD have been removed. Is that it? Did I get it? After some comments to correct/improve this explanation, I'd like to add information about Wallet Software that can be downloaded.
How to create a cold wallet for XRP (new user)
goripple posted a topic in Wallet ActivationI am new to RIPPLE so am still a noob so hope someone can help me out here. I have done some research about the wallet but they seem to need verification, which I don't trust/like. So I just came across this 'cold wallet' thing, and can anyone tell me how to set one up? And is this a good cold wallet : https://github.com/segrax/xrp-wallet/releases/tag/2 I have some XRP on Poloniex so if you can also tell me if I can just transfer them straight to this cold wallet or how then it is much appreciated. Many thanks in advance.
Hardware Wallet Design Team
Guest posted a topic in Technical DiscussionI started this topic because I am tired of waiting for someone else to furnish a hardware wallet to the Ripple/XRP community. I'm a former product developer, with hardware and software experience. This project will need skill-sets in hardware development, micro-computer coding, internet coding, testing, and manufacturing. I feel that with the right group of people we can make a world class HW Wallet that will enhance the value of XRP (besides giving everyone a convenient and safe place to store their XRP). Beyond that, we can leverage the knowledge gained, with our experience, to go on to bigger and better things with Ripple. This project should be considered a commercial project, and sales profits of the wallet will be distributed to the team. In other words, this is a serious development project for experienced people, willing and able to put in the time and effort. If you are interested, please post here, talking about your skill set and how this could proceed.
Wallets offline, cold, desktop --- LINKS
nik posted a topic in Technical DiscussionNoticed that the links to offline wallets is rather scattered across the forum. It might be useful to have all the available links in one place. The first one ( @rippleric was kind enough to quickly share the link) is this one: https://jatchili.github.io/minimalist-ripple-client/ The second is this one: https://rippex.net/carteira-ripple-eng.php#/ The third one, wavewallet.net, has been discontinued. Any other options? EDIT: found the fourth one: https://yxxyun.github.io/ripple-wallet/