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2020 Import Paper Wallet??


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On 11/21/2020 at 5:48 PM, MalluJohn said:

Hi guys,

I have three questions. Hoping someone can chime in with an answer.

  1. If I transfer xrps from a paper wallet to xumm, does xumm act as a different wallet and require the same 20 xrp min balance in XUMM too? That would mean 20 locked in paper wallet and another 20 in xumm. I hope this is not the case. 
  2. If I transfer only part of my xrps from my paper wallet to xumm, does it affect the security of remaining xrps on my paper wallet? If xumm is compromised does that mean the paper wallet will also be compromised?
  3. Is XUMM the best way to transfer part of the balance in a paper wallet to an exchange of our choice? Or are there better alternatives out there?

Thanks.

Hi,

1. if you import existing wallet(xrpl account) xumm doesn't create new xrpl account so it doesn't require any xrp reserve.
2. you may read this article: https://support.xumm.app/en/articles/3852597-how-does-xumm-security-compare-to-a-hardware-wallet#:~:text=We%20dare%20to%20say%20XUMM,measures%20we%20added%20to%20XUMM.&text=updating%20it%20with%20compromised%20firmware,is%20more%20secure%20than%20XUMM.
Generally speaking if your device is not compromised(malware, viruses etc) xumm shouldn't compromise your xrpl account.
I suggest installing few free anti-virus anti-malware apps like Avast and Kaspersky and run scans regularly. Keep Android up to date. I also like to import an xrpl account (write my family seed on xumm app) when my mobile is on 'flight mode'. Importing wallet doesn't require access to internet. I do not know if it gives more security but I like to be extra cautious.
I used Xumm app 1 month ago and had no security problems yet. Since I will not need xumm for some time I deleted my imported xrpl accounts(which should have deleted an encrypted xumm file on my device) and to be even more secure I uninstalled whole xumm app for the time being.
So, basically if you trust your device - xumm don't compromise your xrpl account. It's up to you to keep your device free from viruses/malware and up to date.
3. In my opinion it's the best option at the moment. There are no 100% safe methods for transferring funds from paper wallets, even hardware wallets could be exposed. I may not know everything but pretty much all options require to write family seed so at that moment you could be exposed if your device is compromised. So there is always theoretical risk. Which can be greatly diminished(basically eliminated) if you scan your device with anti virus anti-malware apps and write your keys while offline (on 'flight mode').

Edited by subfor
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