Jump to content

Total newbie question on wallets + the whole 20 XRP thing (sorry in advance)


lostInZerp
 Share

Recommended Posts

Hi guys,

Have been totally out of the loop for a couple of years. I had a fairly chunky amount of XRP stored with the - now decommissioned - Rippex desktop app. Was bumbling around the internet today and noticed Rippex support had been stopped and figured I should move my XRP on pronto.

Did some digging around and downloaded Atomic and imported my XRP using my secret key. All good so far.

Now, onto the 20 XRP that I can still see on the Rippex Desktop Client...I understand that 20 XRP is required to fund a new wallet in order to stop spamming the ledger etc.

BUT from what I'd read I was under the impression by importing using my secret key I wouldnt lose the 20? OR is it because Atomic generates new address "r%" automatically which is what costs the 20 XRP, whereas something like Toast allows you to use same address which was generated when I first set the wallet up. I can't find the specific answer... my reading says that by having the secret key I wont lose the 20, but that seems to be what has happened.

It's not the biggest of deals... but I'm just wondering what happens when support for Atomic is dropped and I want to move them on else where...

Thanks for advice (and sorry for probably asking the same question just a year late),

Link to comment
Share on other sites

  • Replies 11
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

2 hours ago, lostInZerp said:

is it because Atomic generates new address "r%" automatically which is what costs the 20 XRP, whereas something like Toast allows you to use same address

Yes.

You've got the private key, so abandonment of the software that you previously used to manage it is inconsequential. You didn't need a new address, but Atomic Wallet made you one anyway.

2 hours ago, lostInZerp said:

just wondering what happens when support for Atomic is dropped and I want to move them on

You now have two addresses on the XRPL rather than just the one. To make sure you never lose control of the new one, study this link before Atomic gets abandoned! Non-electronic back-ups of your private keys (paper in a fireproof and watrproof place?) are always a Good Idea.

Link to comment
Share on other sites

Wallets just store the keys...  the actual xrp start on the XRPLedger and never leave it.  Eg. People don’t “move” their xrp onto their Nano Ledger device.. they just have the key stored there.

This link is to the widely respected ledger explorer tool at Bithomp:

https://bithomp.com/explorer/

if you type your PUBLIC address in there (the one starting with ‘r’ ) and click ‘Check’ then you can see exactly what the situation is.  Do it for both public addresses.

I don’t know anything about the Atomic wallet,  but if you haven’t actually funded the new address then you have not locked up anything...  just the original address would have the reserve (and your other xrp).

But maybe Atomic moves the xrp into the new address...  if so then yeah...  you have two amounts locked as reserve.

Anyway you can see for sure using the explorer.

Link to comment
Share on other sites

2 hours ago, lostInZerp said:

Any recommendations for wallets

Yes. Click below to see a very positive discussion about some recent wallet software written by a regular contributor to xrpchat:

 

Edited by Guest
It can also create new addresses, but only if you tell it to. For your situation, it's enough to use it with your existing addresses/keys.
Link to comment
Share on other sites

3 hours ago, lostInZerp said:

Finally got it! Thanks for your help guys.

Any recommendations for wallets that dont require you to setup and fund a new public address?

My wallet. You just send it on over to me. I'll take care of it for ya! 😏

Link to comment
Share on other sites

  • 2 weeks later...

I've almost given up with the so called Ripple SUPPORT TEAM.....there is none, they consistently palm you off when asking about the 20 xrp. Very arrogant at times. I have asked 3 or 4 times now how they can justify keeping people's money/xrp, esp if they hit $1000 or more one day.

I've read the posts above from some clearly very IT savvy peeps but I'm not. I have a varied holding of coins but couldn't right a program if my life depended on it. So in short can I ever release these 20 for sale one day (with the others I hold) or will Ripple always keep our 20 tokens.

I'm really starting to feel Ripple is not sincere. Hope someone can advise.....in layman's terms. No other crypto companies do this to their investors 

Cheers 

Mik

Link to comment
Share on other sites

2 hours ago, Groover said:

I've almost given up with the so called Ripple SUPPORT TEAM.....there is none, they consistently palm you off when asking about the 20 xrp.

Please allow me to calm your fears and correct some misunderstandings.

I’m sorry but you have things all wrong.  You are completely barking up the wrong tree.  

Ripple do not own the ledger or have any responsibility for it.  If you have problems they are not Ripples’ problems.   They use the ledger in their software like many others do. 

RIPPLE DO NOT HOLD YOUR TOKENS   

The tokens you own on the XRP ledger are yours...   and it is a requirement of the open freely usable ledger (NOT Ripple) that an account has a 20XRP fee.  It’s sole purpose is to make it uneconomical for bad people to try and break the ledger by spamming the opening of millions of new accounts.

Ok, having got that sorted...   

You are worrying about nothing, but it is understandable if you are unaware of how all this works.   

The ledger account fee has been adjusted downwards more than once already as the price of each XRP has risen over time.  It probably will be again if the price ever went mooning.  Ripple have a vote in that like all the other node operators do.

So I’m sure the reason you didn’t get the help you wanted was kind of like you’ve gone up to Mitsubishi Ship Building and complained about the coffee your local library provides.

Sorry if I’ve been too frank in this...   it’s about the twentieth time I’ve explained it over a couple of years.

 

Link to comment
Share on other sites

10 minutes ago, Tinyaccount said:

Sorry if I’ve been too frank in this...   it’s about the twentieth time I’ve explained it over a couple of years.

I'm just glad you didn't unleash a drop bear on him. It is his first post, after all.

There is a logical reason for the 20 XRP requirement, as it benefits all of us. And there is no reason to believe it will ever be a major hardship to be borne.

Link to comment
Share on other sites

Thxs all and fair one re the shipping yard and the complaint about the coffee. Sorry you've had to explain it for the 20th time as well lol.

You guys are tops and much appreciated. In my defense tinyaccount I have been asking Ripple for an explanation or response for a little over 19 months. Just find their complete lack of response to me and others, completely unacceptable. All they had to do was explain it as fluently as you all have in one simple email. I couldn't have written my emails (to them) any more courteously.

Thxs all and also for the link.

Time for a coffee ;)

Link to comment
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
 Share


×
×
  • 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.