Jump to content

  • Advertisement

Keeping Zerps on Bitstamp


Recommended Posts

  • Replies 34
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

1. Bithomp paper wallet is public, download and use offline https://octillionsa.github.io/ripple-paper-wallet/ https://bithomp.com/paperwallet/ download the code from github https://git

As others have recommended the Ledger Nano S is a solid choice for a hardware wallet.  I use one and highly recommend it.  I also have extreme peace of mind with the double-2FA protection (once on led

send them to Toastwallet, where you have control over them, never leave crypto on exchanges where they have control... toastwallet.com

All depends on what level of protection your looking for.  I suggest you research cold and hot storage scenarios and narrow it down to what will work best for you.  I uses BITSTAMP also and at any given time I have no more than 50 zerps up there the rest is on cold storage

Edited by Guest
Link to post
Share on other sites

Ledger nano s should be sufficient. One advise though - it's one thing to store your zerps securely, but also, avoid telling publicly the amount of your holdings, this is just as important as the place you store them.

Edited by iLeeT
Link to post
Share on other sites

As others have recommended the Ledger Nano S is a solid choice for a hardware wallet.  I use one and highly recommend it.  I also have extreme peace of mind with the double-2FA protection (once on ledger side and again on Bitstamp side).  Unless you are a day trader you should avoid keeping the bulk of your digital assets on an exchange.

Also, another thing to keep in mind...you aren't technically storing your XRP on the exchange.  You are transferring ownership to the exchange controlled wallet.  A lot of people miss this point, but when people bring it up they get freaked out.  If you've transferred your XRP or any other digital asset to an exchange you have quite literally given that exchange complete ownership of your digital assets as the exchange wallet utilizes a different private key than your own user-controlled wallet.  You are thereby extending a lot of trust to that exchange by doing so as those digital assets are no longer in your exclusive control.  ToS restrictions and hacking incidents aside that exchange can theoretically do anything they want with assets.  Humans are not infallible.  Mistakes can happen.

Many people have been burned keeping even small amounts of digital assets on exchanges.  Please...do yourself a favor and get a hardware wallet like the ledger nano S or at least a decent software wallet like the Toastwallet.  No one in this community wants to see a member lose their investment to something that could have been easily preventable.

Edited by Zedy44
Clarification!
Link to post
Share on other sites
10 minutes ago, Zedy44 said:

As others have recommended the Ledger Nano S is a solid choice for a hardware wallet.  I use one and highly recommend it.  I also have extreme peace of mind with the double-2FA protection (once on ledger side and again on Bitstamp side).  Unless you are a day trader you should avoid keeping the bulk of your digital assets on an exchange.

Also, another thing to keep in mind...you aren't technically storing your XRP on the exchange (or on a hardware wallet like the ledger nano s).  You are storing your private keys.  A lot of people miss this point, but when people bring it up they get freaked out.  If you've transferred your XRP or any other digital asset to an exchange you have quite literally given that exchange ownership of your private keys and you are extending a lot of trust to that exchange by doing so as those digital assets are no longer in your exclusive control.  ToS restrictions and hacking incidents aside that exchange can theoretically do anything they want with your keys.  Humans are not infallible.  Mistakes can happen.

Many people have been burned keeping even small amounts of digital assets on exchanges.  Please...do yourself a favor and get a hardware wallet like the ledger nano S or at least a decent software wallet like the Toastwallet.  No one in this community wants to see a member lose their investment to something that could have been easily preventable.

So wait a sec. If I send half of my XRP that is in my Toast Wallet to an exchange and the exchange gets hacked, instead of just having access to half my funds they have my Toast key so they have access to all of it?

I thought a new wallet is generated by the exchange with a new private key.

Link to post
Share on other sites
22 minutes ago, Trader-to-the-Crown said:

So wait a sec. If I send half of my XRP that is in my Toast Wallet to an exchange and the exchange gets hacked, instead of just having access to half my funds they have my Toast key so they have access to all of it?

I thought a new wallet is generated by the exchange with a new private key.

No, this isn’t right. The exchange won’t have access to your private key. 

Link to post
Share on other sites
1 hour ago, Trader-to-the-Crown said:

So wait a sec. If I send half of my XRP that is in my Toast Wallet to an exchange and the exchange gets hacked, instead of just having access to half my funds they have my Toast key so they have access to all of it?

I thought a new wallet is generated by the exchange with a new private key.

Apologies I have re-worded my post so it is more clear as I wrote it a bit hastily.  By moving your funds to an exchange wallet address you're putting your digital assets under the control of the exchange's private key(s) (depending on how they implemented their user wallet(s)).  So you are not exposing your own private key, but those digital assets are explicitly no longer under your control.  Your own non-exchange wallet private key is still protected and in your ownership.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Advertisement
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.