Bitstamp XRP Gateway

[engine44]

Has anyone used the Bistamp XRP Gateway to move XRP off of the XRP ledger to Bitstamp? Thanks.

Edited June 12, 2018 by engine44

[stefanosd]

There is no "off the XRP ledger". If you want to deposit XRP to your bitstamp address you can do it, just don't forget to use the destination tag along with the address. If this is your first time and you want to test it out just to make sure you can just a few XRPs at first. Afterall XRP is the fastest and cheapest crypto for transactions

 

 

[engine44]

24 minutes ago, stefanosd said:

There is no "off the XRP ledger". If you want to deposit XRP to your bitstamp address you can do it, just don't forget to use the destination tag along with the address. If this is your first time and you want to test it out just to make sure you can just a few XRPs at first. Afterall XRP is the fastest and cheapest crypto for transactions

 

 

When I received my XRP a few years ago, Ripple advised to move it to a Gateway account such as Gatehub.  Gatehub has a procedure setup to accomplish that.  Bitstamp is also an XRP Gateway but I can’t find an equivalent procedure.  That is why I am asking the question.

[XRPforALL]

Not sure I understand what you're trying to do? Are you trying to move XRP to Bitstamp or from Bitstamp?

Edited June 12, 2018 by XRPforALL

[tulo]

1 hour ago, engine44 said:

Has anyone used the Bistamp XRP Gateway to move XRP off of the XRP ledger to Bitstamp? Thanks.

Yeah, in Bitstamp you can do "deposit" or "withdrawal" of XRP.

In deposit Bitstamp will tell you a XRP address to send XRP to, and a DESTINATION TAG (very important!).

For withdrawal, you can put the XRP address of choice to receive the XRP.

[zenkert]

2 minutes ago, tulo said:

Yeah, in Bitstamp you can do "deposit" or "withdrawal" of XRP.

In deposit Bitstamp will tell you a XRP address to send XRP to, and a DESTINATION TAG (very important!).

For withdrawal, you can put the XRP address of choice to receive the XRP.

Exactly how it is done at Bitstamp ? @tulo

Edited June 12, 2018 by zenkert

[XRPforALL]

To deposit XRP to Bitstamp, log into your Bitstamp account.

Click Deposit in their header menu.

Click Ripple (XRP) on the left side of the deposit page. 

Copy the address and Destination Tag listed there to send your XRP to. Don't forget the Destination Tag on your transaction. 

If you're sending from Gatehub (your XRP on the ledger), click on the Wallet menu item in the Gatehub UI and then the Send Payment link. Then in the send payment popup, paste in the Ripple address Bitstamp provided and then the destination tag and you should be good to go.

[engine44]

3 hours ago, tulo said:

Yeah, in Bitstamp you can do "deposit" or "withdrawal" of XRP.

In deposit Bitstamp will tell you a XRP address to send XRP to, and a DESTINATION TAG (very important!).

For withdrawal, you can put the XRP address of choice to receive the XRP.

That is the standard Bitstamp deposit procedure that assumes your XRP is sitting on another exchange (for example Gatehub)..  My XRP is not sitting on another exchange.  It is only listed in the XRP ledger. It needs to be moved through an XRP gateway with a special procedure.  Bitstamp is an XRP gateway but I don’t know what their gateway procedure is for my situation.  People are saying I should put it on Gatehub first and then move it to Bitstamp.  That doesn’t make sense to me because both Gatehub and Bitstamp are XRP gateways.  I shouldn’t need Gatehub at all.

Edited June 12, 2018 by engine44

[engine44]

5 hours ago, XRPforALL said:

Not sure I understand what you're trying to do? Are you trying to move XRP to Bitstamp or from Bitstamp?

I am trying to move to Bitstamp.  The standard Bitstamp XRP deposit procedure will not work for my special case.

[Guest]

6 hours ago, engine44 said:

My XRP is not sitting on another exchange.  It is only listed in the XRP ledger

Do you know the secret (or private key) for the address that holds your XRPs? If you know it, you can use it to sign a transaction that moves your XRPs to another address. If you don't know your secret, then your XRPs are stuck there forever. Assuming you do know your secret, and you're using it to sign a transaction that sends your XRPs to the address that Bitstamp instructs you to use, be sure to include a Destination Tag in the transaction.

In order to construct, sign, and broadcast the transaction, you will need to use ‘wallet’ software. The only ripple ‘wallet’ software that I can comment on is this one, since I've not tried any others. The @ripplerm ‘wallet’ (in the link) has a lot of functionality, which may make it confusing. It denominates everything in drops (1 XRP = 1 million drops). When you first open it, it's set to a demo account, so you would need to reset it to your own account by clicking the blue Change box and then clicking use secret key to get a dialog box where you can enter your own secret. Or just enter your address to get a passive view of your balance.

The @ripplerm ‘wallet’ allows cold signing, which is a very good idea (means your secret is never exposed to the internet), but you may struggle with it. For cold signing, you  switch the ‘wallet’ to your account on an internet-connected computer (but don't enter your secret: just use your address), and you use its Tools>Raw Txn tab (plus Payment sub-tab)  to construct the transaction (amount, destination address, destination tag, fee (12 drops?), account sequence etc.). You then replicate the whole process on an internet-disconnected computer with a downloaded copy of the @ripplerm ‘wallet’ web page (but this time you switch the ‘wallet’ to your account using your secret, as in the previous paragraph) until the text just below the Sign button looks the same as it did on the internet-connected computer. Since this instance of the ‘wallet’ knows your secret, it allows you to sign the transaction; and you can then save the signed transaction (USB stick?) and take it back to your internet-connected computer. On the internet-connected computer, use the Tools>Submit tab to load the signed transaction and broadcast it. I have only one computer, so I have to reboot it off a USB stick for the internet-disconected part of cold signing.

Gateways don't come into this at all because you're moving XRPs and there's no IOU issuance happening. Also, your XRPs never leave the XRP ledger: they just move from your address on the ledger to Bitstamp's address on the ledger.

Edited June 13, 2018 by Guest
spelling, punctuation

[engine44]

6 hours ago, tev said:

Do you know the secret (or private key) for the address that holds your XRPs? If you know it, you can use it to sign a transaction that moves your XRPs to another address. If you don't know your secret, then your XRPs are stuck there forever. Assuming you do know your secret, and you're using it to sign a transaction that sends your XRPs to the address that Bitstamp instructs you to use, be sure to include a Destination Tag in the transaction.

In order to construct, sign, and broadcast the transaction, you will need to use ‘wallet’ software. The only ripple ‘wallet’ software that I can comment on is this one, since I've not tried any others. The @ripplerm ‘wallet’ (in the link) has a lot of functionality, which may make it confusing. It denominates everything in drops (1 XRP = 1 million drops). When you first open it, it's set to a demo account, so you would need to reset it to your own account by clicking the blue Change box and then clicking use secret key to get a dialog box where you can enter your own secret. Or just enter your address to get a passive view of your balance.

The @ripplerm ‘wallet’ allows cold signing, which is a very good idea (means your secret is never exposed to the internet), but you may struggle with it. For cold signing, you  switch the ‘wallet’ to your account on an internet-connected computer (but don't enter your secret: just use your address), and you use its Tools>Raw Txn tab (plus Payment sub-tab)  to construct the transaction (amount, destination address, destination tag, fee (12 drops?), account sequence etc.). You then replicate the whole process on an internet-disconnected computer with a downloaded copy of the @ripplerm ‘wallet’ web page (but this time you switch the ‘wallet’ to your account using your secret, as in the previous paragraph) until the text just below the Sign button looks the same as it did on the internet-connected computer. Since this instance of the ‘wallet’ knows your secret, it allows you to sign the transaction; and you can then save the signed transaction (USB stick?) and take it back to your internet-connected computer. On the internet-connected computer, use the Tools>Submit tab to load the signed transaction and broadcast it. I have only one computer, so I have to reboot it off a USB stick for the internet-disconected part of cold signing.

Gateways don't come into this at all because you're moving XRPs and there's no IOU issuance happening. Also, your XRPs never leave the XRP ledger: they just move from your address on the ledger to Bitstamp's address on the ledger.

Thank you for your extensive explanation.  It seems logical and I will look into it.  The one thing that concerns me is that it differs from Ripple’s instructions.  They recommend using an XRP gateway to move the XRP. Please comment as to why you prefer your method.

 

I just began looking into the Toast wallet.  Not surprisingly, they say I must keep 20 XRP in their account.  Does that mean that when I move my XRP from the XRP ledger to the new wallet and then on to Bitstamp, I will have lost a total of 60 XRP - 20 on the XRP ledger and 20 on the new wallet and 20 on Bitstamp?  Thanks.

Edited June 13, 2018 by engine44

[smoothy]

no, bitstamp does not "cost"  20xrp to store your xrp. It's free

[tulo]

15 hours ago, engine44 said:

That is the standard Bitstamp deposit procedure that assumes your XRP is sitting on another exchange (for example Gatehub)..  My XRP is not sitting on another exchange.  It is only listed in the XRP ledger. It needs to be moved through an XRP gateway with a special procedure.  Bitstamp is an XRP gateway but I don’t know what their gateway procedure is for my situation.  People are saying I should put it on Gatehub first and then move it to Bitstamp.  That doesn’t make sense to me because both Gatehub and Bitstamp are XRP gateways.  I shouldn’t need Gatehub at all.

Nope, it doesn't assume XRP are in an exchange. They only care about receiving the XRP on their address.

If you know the secret you can use one of the many wallets around, or use some API (powerusers only).

[engine44]

25 minutes ago, tulo said:

Nope, it doesn't assume XRP are in an exchange. They only care about receiving the XRP on their address.

If you know the secret you can use one of the many wallets around, or use some API (powerusers only).

I have x amount of XRP listed on the XRP ledger.  When I create a wallet (e.g. Toast) will all that is listed show up in the Toast wallet or will 20 have to stay showing on the XRP ledger?

[SamK]

19 minutes ago, engine44 said:

I have x amount of XRP listed on the XRP ledger.  When I create a wallet (e.g. Toast) will all that is listed show up in the Toast wallet or will 20 have to stay showing on the XRP ledger?

If you can import the wallet then there is no extra 20 charge, it is the same wallet as on the ledger. If you have to create a new wallet in Toast then you will have to leave 20 in that one also.