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moonrover

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Hey guys, Im new here so hello, and well, since Im new Im restricted to this forum for the day but I had a question that has been bothering me for a while, maybe someone could give/point me to the answer. If not I'll just post it in the proper forum tomorrow, cheers!

If xrp say gets to $10 for example, what does that mean for new people opening wallets? It's my understanding that a wallet must always have a minimum of 20xrp in it. Does that mean a new user would then need $200 to open a wallet? The only thing I can think of is that exchanges would take this cost but also stipulate that they still own that initial 20xrp at the end of the day. 

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1 hour ago, moonrover said:

Hey guys, Im new here so hello, and well, since Im new Im restricted to this forum for the day but I had a question that has been bothering me for a while, maybe someone could give/point me to the answer. If not I'll just post it in the proper forum tomorrow, cheers!

If xrp say gets to $10 for example, what does that mean for new people opening wallets? It's my understanding that a wallet must always have a minimum of 20xrp in it. Does that mean a new user would then need $200 to open a wallet? The only thing I can think of is that exchanges would take this cost but also stipulate that they still own that initial 20xrp at the end of the day. 

The amount of xrp needed to open a wallet can change. If or when it reaches that amount the 20xrp can be lowered to accommodate that. Especially when it hits the 100$+ range they will definitely have to lower the amount needed to open a wallet. Just be glad you already got your xrp now cause it may be a while before they change that

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1 hour ago, moonrover said:

Hey guys, Im new here so hello, and well, since Im new Im restricted to this forum for the day but I had a question that has been bothering me for a while, maybe someone could give/point me to the answer. If not I'll just post it in the proper forum tomorrow, cheers!

If xrp say gets to $10 for example, what does that mean for new people opening wallets? It's my understanding that a wallet must always have a minimum of 20xrp in it. Does that mean a new user would then need $200 to open a wallet? The only thing I can think of is that exchanges would take this cost but also stipulate that they still own that initial 20xrp at the end of the day. 

The XRP reserve only applies to "wallets" (ledger addresses) on the ledger.  However, in much the same way that your local bank might open an account for you by assigning some numbers to your name, an exchange can have only a few "main" wallets (many keep a small amount in a "hot" wallet - for transaction volume - and most in a cold wallet - for higher security storage) - then pool client funds inside those wallets and assign "destination tags" (like account numbers) that, when appended to their "main" XRP ledger address, will address individual clients.  It's, for explanatory convenience sake, sort of like how, in the US, you'll see at the bottom of a paper check your bank's nine digit routing number ("main"), then your account number ("dest tag") - which means, for XRP, that those who are using an exchange for transacting - rather than XRP ledger, directly - won't be subject to per address reserve 20 XRP requirements.  (Make sense?)

As others have already mentioned, the reserve requirement amount per ledger address is definable (subject to a vote of the validators) and can be changed - if people agree that it should...

Hope that helps, without being too technical.  If you really want to delve into the technical aspects, the search functionality on the forum is helpful and all of the code is readable on Github.

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