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Can you have an XRP Paper Wallet and store the same XRP on a Ledger Nano simultaneously? and What is the best way to create a Paper Wallet? Thank you!


TwoDogsCrypto
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  • TwoDogsCrypto changed the title to Can you have an XRP Paper Wallet and store the same XRP on a Ledger Nano simultaneously? and What is the best way to create a Paper Wallet? Thank you!
11 hours ago, TwoDogsCrypto said:

Is is possible to store your XRP on a Ledger Nano and in a Paper Wallet at the same time?  Thank you!

 

To the essence of your question: Yes.

But semantically, your wording indicates some possible confusion...

The Ledger Nano is a hardware device to manage your interaction with the XRP Ledger account (aka XRPL), and your secret key required to perform transactions with your XRPL account.

There is nothing else "stored" on your nano. 
You could throw it into the ocean, and as long as you have a copy of your secret key somewhere, like on a piece of paper (aka "paper wallet"), you will be able to always access your XRPL account, where your XRP tokens are actually "stored."

Hope that helps.

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Thank you JAS I really appreciate you taking the time to reply.  I am new to this arena and learning a lot.  So, then is a paper wallet the safest way to retain your secret key?  I have read from a few sources that we should not leave our crypto assets on the Exhanges (my XRP is on Uphold) as your account can be hacked and all your assets stolen.  Is that not correct?  At the end of the day, I just want to make sure my XRP is safe and that no one can steal it.  Thanks again!

Edited by TwoDogsCrypto
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Everyone's version of "safe" is different. For example if you plan to keep your secret key literally on a piece of paper in your house, but your house is located in an area where flooding is likely, then it's arguably safer for you to hold it on an exchange.

On a purely technical level, "safeness" from highest to lowest is generally considered to be: Paper wallet -> Hardware wallet -> Software wallet -> Exchange

But you should assess your own capabilities and situation before leaving it in any of them long-term.

 

Also consider, that a hardware wallet is really just a convenient front-end for a paper wallet (you need to keep a record of your 24-word backup, usually on paper).

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4 hours ago, TwoDogsCrypto said:

Thank you JAS I really appreciate you taking the time to reply.  I am new to this arena and learning a lot.  So, then is a paper wallet the safest way to retain your secret key?  I have read from a few sources that we should not leave our crypto assets on the Exhanges (my XRP is on Uphold) as your account can be hacked and all your assets stolen.  Is that not correct?  At the end of the day, I just want to make sure my XRP is safe and that no one can steal it.  Thanks again!

It's a long and steep learning curve, but it's been worthwhile for most of us here (I hope). I have been buying Crypto for 4 years now and I still learn things that I really should have found out a few years back. 

Good Luck

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13 hours ago, TwoDogsCrypto said:

Thank you JAS I really appreciate you taking the time to reply.  I am new to this arena and learning a lot.  So, then is a paper wallet the safest way to retain your secret key?  I have read from a few sources that we should not leave our crypto assets on the Exhanges (my XRP is on Uphold) as your account can be hacked and all your assets stolen.  Is that not correct?  At the end of the day, I just want to make sure my XRP is safe and that no one can steal it.  Thanks again!

Safe is a relative term, and heavily depends on your choices and practices. 

Good practices include...

  • A comprehensive disaster recovery plan (house fire, your death, stolen laptop, etc)
  • NEVER use the same device (phone, laptop, etc) for fun and for banking/trading
  • Only keep important assets on accredited exchanges (eg. Kraken, Binance.us, etc) 
  • Be paranoid, it's healthy :) 
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