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newneighbour
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i am new to the world of digital assets and i am asking for some information on the methods used to store coins. right now my coins are on the exchange and it seems the consensus is they need to be moved. i have opened a Toast Wallet and right now plan to move all the coins there but i though to ask the community first to maybe learn more details about the overall process of storage. i do have a bit of a bitcoin, a few litecoin and iota, any information about storing those is also welcome

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1 hour ago, newneighbour said:

i am new to the world of digital assets and i am asking for some information on the methods used to store coins. right now my coins are on the exchange and it seems the consensus is they need to be moved. i have opened a Toast Wallet and right now plan to move all the coins there but i though to ask the community first to maybe learn more details about the overall process of storage. i do have a bit of a bitcoin, a few litecoin and iota, any information about storing those is also welcome

There is a lot of stuff to research in all that.  The reason it's not as easy and straightforward as a bank account is because it's still very early in this new Fintech.

So all I can suggest is read the links and resources page about wallets.  Having said that,  if you are happy to keep a phone wallet then Toast is a straightforward option.  I think they named it Toast because another app wallet that is popular for other coins is called Bread.  I'm not recommending them since I can't vouch for them but so far I haven't heard any worrying reports and they have been helpful as far as I can see.  @ToastWallet is a user on here.

If I had to rank safety I would put Toast higher than an exchange.  But that's just my opinion.  The safest is either a cold wallet or a hardware wallet.  Again, just my opinion.

 A few tips...   Whatever you decide on don't put all your coins in on the first transaction....  Put 22 XRP in that first tran, then transfer 1 back to your exchange.  If that goes ok it proves that you have it all set up correctly.  Don't forget the exchange will possibly need a Destination Tag as well as the 'r' address.  That isn't necessary when sending into the Toast wallet.  Once you are happy,  you can send the rest in one tran.

When Toast tell you to record the phrases etc,  follow that advice religiously.  Never ever let your phone camera or any other camera (eg laptop) near that written record.  Keep it secure because with that record someone can steal your XRP in seconds.

Whatever you decide please be careful and follow directions because if you get this stuff wrong there is no. warrantee....  Your XRP can dissapear down a rabbit hole never to be seen again.  Good luck with it.   :) 

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10 minutes ago, newneighbour said:

Thank you for the information.  I just signed up for the Gatehub site and was thinking that site would be a possible place to store XRP. Your thoughts on that?

First up let me say that I am no expert.  My opinions are worth the electrons they are carried by...   In fact my wife is certain that I am almost always wrong...   :) 

Gatehub seem to be as vigilant as any at trying to protect assets.  They have a system of putting your XRP into essentially cold storage but I do not know the details and can't vouch for it.

All exchanges have been either hacked or had their users hacked in various ways...   often the fault is caused by the user themselves.  Phishing is common.  Social engineering hacks.  Users not using 2FA.  Users 2FA being bypassed by hacks at the users end.  If any of those terms are not familiar to you then please google them....   you do need to understand them.

All that said...  of all the exchanges I would think that a actual Ripple wallet on Gatehub (assuming 2Fa and good practices by the user) is probably one of the safest exchange storage options.  But you need to be aware that Gatehub have some very unhappy users because of overloaded support staff and they have been addressing that but I don't know the current state of play.  My experience with Gatehub has been excellent but others have had various issues.

When I said a Ripple wallet on Gatehub please be aware that is not their normal default host wallet.  It's not storing your XRP on Gatehub but rather on the XRPLedger which is more secure than being in the host wallet.  It's a complicated interplay of various factors but essentially it is more secure.  But you will need to ensure you use a actual Ripple wallet not the default one if you want best security on Gatehub.

Also be aware that all Ripple wallets (as in a real wallet on the XRPLedger as opposed to hosted exchange ones) have a wallet reserve fee of 20 XRP.   That is the minimum balance...   an amount that cannot be removed from the wallet.

Hope that all was helpful and not just downright confusing....   :) 

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I should have added that Toast wallet is a real Ripple wallet....  it stores your XRP on the XRPLedger not on your phone.  You phone only has the encryption key to access that wallet and software to allow you to see and transact.  Hardware wallets and Cold wallets are also Ripple wallets on the XRPLedger. 

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1 minute ago, newneighbour said:

Thank you for taking the time to educate me on some of the issues involved.

Your most welcome....  thanks for the thanks....   :) 

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