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Beginners Guide: Creating a Cold Ripple Wallet (3.0)


Mercury
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8 hours ago, panmores said:

So, in a nutshell, the cold paper wallet as per https://ihomp.github.io/ :

  1. Link above produces a unique set of keys (Ripple address and secret key) each time it's loaded.
  2. Send the XRP to the generated paper wallet Ripple address.
  3. XRPs are in cold storage.
  4. When recovering XRP from cold storage, import the paper wallet's secret key to GateHub.
  5. The paper wallet is now a Ripple wallet in GateHub.
  6. Done?

Yep!

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@Mercury i just created my paper wallet and funded it with 20 XRP im hella scared to send my main XRP amount that i want to store offline without truly knowing the secret key works. Of course once i put the secret key into Gatehub its not 'secret' anymore. To avoid spending another 20 XRP, has anyone tested the secret keys generated on the instructions you gave at the top of this thread? This is my first post and thanks for your time.

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55 minutes ago, I_Hustle_Hard said:

@Mercury i just created my paper wallet and funded it with 20 XRP im hella scared to send my main XRP amount that i want to store offline without truly knowing the secret key works. Of course once i put the secret key into Gatehub its not 'secret' anymore. To avoid spending another 20 XRP, has anyone tested the secret keys generated on the instructions you gave at the top of this thread? This is my first post and thanks for your time.

Why don't you test it by importing this key into gatehub? If it works you can then create new accounts. I imported a key from www.theworldexchange.net into gatehub today and it worked just fine. 

Whether in cold storage, exchanges, or wallets, I'd recommend not storing your XRP all in one place. what happens if the paper gets damaged or lost? etc.

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1 minute ago, cmbartley said:

Why don't you test it by importing this key into gatehub? If it works you can then create new accounts. I imported a key from www.theworldexchange.net into gatehub today and it worked just fine. 

 

Because it costs 20 XRP to do so and even though that 20XRP seems like nothing right now if it reaches 1/10th of Bitcoins price that new account just cost me $4400[yeah i'm hella bullish] Im pretty sure the key works or else it wouldn't be listed as a solution for cold storage i just want somebody to make me feel better about sending 75% of my XRP to it. lol

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3 hours ago, panmores said:

Still don't feel confident to do it, gosh, this really is brinkmanship...

I had a hard time going through with it too, offline signing a payment for  a small amount out before sending the rest over is what gave me the confidence. You need an extra piece for this though -a clean offline computer. 

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I tested it out without having to import it and yes the generated secret key works. 

1. Click 'Add Wallet' on GateHub

2. 'Import' > Copy & Paste Your generated cold wallet address

3. Paste your generated secret key [DON'T HIT SUBMIT]

You will notice that the 'Submit' button only shows up if the correct secret key is entered. I changed a few letters & tried other generated keys and it would not work unless the right key was entered therefore i knew the system recognized the correct key and i'm satisfied with that.

I left a certain amount on Gatehub with standing sell orders at $50 & $100[set it & forget it] then moved the rest to this cold storage for even longer holding with detailed instructions for my wife/kids if anything were to happen to me.

My seat belt is buckled and i'm ready for the ride!

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I wanted to share the method I use to generate cold wallets. It does not rely on any third party code, only uses ripple official libraries and a node environment.
Using this method I was able to (1) generate a wallet, (2) fund-it from a different account (3) import it to GateHub (4) transfer funds out. So I guess it works and it's reliable. Just did it to understand a bit more about Ripple and their API.

https://medium.com/@rldm_/how-to-generate-a-ripple-cold-wallet-4a8372d1e878

Cheers!

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What bothers me about this is getting XRP out of cold storage. Once you enter your secret key in Gatehub (as previously mentioned), it's no longer secret.

I'm wanting to move in and out of cold storage. Does this mean that I have to generate a new address each time I bring the zerps out of cold storage?

Thanks. 

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56 minutes ago, Trippy said:

What bothers me about this is getting XRP out of cold storage. Once you enter your secret key in Gatehub (as previously mentioned), it's no longer secret.

I'm wanting to move in and out of cold storage. Does this mean that I have to generate a new address each time I bring the zerps out of cold storage?

Thanks. 

No, you don't have to go to any exchange. There are at least two wallets (Rippex and Ripplerm) which allow you to enter your existing secret key on a secure offline computer, create a transaction blob, copy that blob to an online computer and execute the transaction. See @Kakoyla posts for details.

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7 hours ago, PunishmentOfLuxury said:

No, you don't have to go to any exchange. There are at least two wallets (Rippex and Ripplerm) which allow you to enter your existing secret key on a secure offline computer, create a transaction blob, copy that blob to an online computer and execute the transaction. See @Kakoyla posts for details.

Thanks - very helpful

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So to be clear... The cold wallet is just a normal public address and secret pass for a wallet which in theory will never see the light of day (unless maybe you go online or link it). Therefore when XRP are sent to that address the network knows that there is a value of XRP 'owed' to that wallet address so  if you are the owner of it or have its secret pass, you can access whatever value has been sent to it over time? I am struggling because I thought you needed to enter a valid public address in bitstamp for example to move funds to a wallet. So if you were to purchase XRP on bitstamp and then attempt to send to this cold storage wallet, bitstamp would consider your wallet as a non valid address (since it has never been online?). Struggling with the cold wallet idea a little still ! 

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3 hours ago, gb92 said:

So to be clear... The cold wallet is just a normal public address and secret pass for a wallet which in theory will never see the light of day (unless maybe you go online or link it). Therefore when XRP are sent to that address the network knows that there is a value of XRP 'owed' to that wallet address so  if you are the owner of it or have its secret pass, you can access whatever value has been sent to it over time? I am struggling because I thought you needed to enter a valid public address in bitstamp for example to move funds to a wallet. So if you were to purchase XRP on bitstamp and then attempt to send to this cold storage wallet, bitstamp would consider your wallet as a non valid address (since it has never been online?). Struggling with the cold wallet idea a little still ! 

Provided the wallet address (and secret key) have been properly generated, you can send funds to it from any other Ripple address even if said wallet has never been online. You can then inspect the transfer to prove that the funds have arrived by entering the address at bithomp.com or elsewhere.

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