Ripple Network has 14% of XRP Transactions

[joebob]

By review of https://charts.ripple.com/#/ Ripple has 14% of XRP transactions.

Can individuals store their XRPs into the Ripple Network?  if so does it have any benefit storing them there?

Thank you

JoeBob

[winston]

7 minutes ago, joebob said:

By review of https://charts.ripple.com/#/ Ripple has 14% of XRP transactions.

Can individuals store their XRPs into the Ripple Network?  if so does it have any benefit storing them there?

Thank you

JoeBob

All XRP's are stored into the ripple network in some kind of way. However, as an individual you can store your own XRP's into a wallet or an exchange(make sure you always use 2 factor authentication for safety on an exchange).

[joebob]

Thanks Winston.  

Best of luck, from reading and your other posts you appear to have your ambitions aligned for the better of humanity.  I appreciate that.

 

[Guest]

52 minutes ago, joebob said:

Can individuals store their XRPs into the Ripple Network?  if so does it have any benefit storing them there?

Your question is partly about semantics! As explained above, all XRPs are stored in the Ripple network; so if you say "I have stored my XRPs into the Ripple network", what you're really saying is "I alone know the secret key to a given Ripple address, and this allows me to shift XRPs out of that address if I choose to do so." If you say "My XRPs are at an exchange", what you're really saying is "My XRPs are at a Ripple address for which the Ripple secret key is known only to the exchange."

Edited April 11, 2017 by Guest
spelling

[joebob]

Great! Thanks that was also very helpful !

[teamalok]

Where should i store my XRP's so that they are safe & secure.. Where i don't have to worry losing them?

 

[Guest]

To add to the answer above, if your XRPs are "at an exchange", you're entrusting safety & security to the exchange. But if your XRPs are at an address for which you alone know the secret key, then it's up to you and you alone to avoid losing the key - e.g. keep backups in two or more different places in case of fire, but don't let anyone find your backups. If you want to be extra careful, you could always write down half of your secret key in one place and write down the other half in another place, so that the same thief is unlikely to find both halves (and then, of course, you would want backups of both halves in two more places!).

[teamalok]

Thanks TEV.. Currently my XRP's are with poloniex & gatehub and i believe both of them are exchanges..  So where should i store my XRP's if i don't want to keep them at the exhange.. Sorry this may sound little dumb but i am absolutely new to this..

[Apollo]

Personally, I would avoid using exchanges for storage. They can be hacked or go out of business, which can result in a loss of some or all of your funds. SO, once you are done trading, make a cold wallet and send your XRP there. You can search the forum for instructions on how to do this. 

[Guest]

Download all of the files from https://github.com/ripplerm/ripple-wallet and then open the index.html file in a web browser. For better security, disconnect from the internet before opening it. Or better still, copy ripplerm's files to another computer that never gets connected to the internet.

There's a "Generate Account" tool under the "Tools" tab   — click the "Random" button and it will tell you the details for your new account (seed, private key, public key and address). Never let anyone find out the seed or the private key, and keep the seed in at least two safe places. The address is where you send XRPs if you want to keep them in cold storage. If someone else wants to pay you in XRPs, then you can tell them the address (they can't use it to steal your XRP's but keep in mind that anyone who knows your address can find out how many XRP's you've got there).

Spending XRPs from your cold storage address is slightly more complicated. You have to:—

1. enter your address (not your secret or private key!) into an internet-connected instance of your wallet (in place of the default address in that wallet)
2. construct an unsigned transaction in the internet-connected wallet
3. open your offline wallet and switch it to your account by entering your secret via the "Change" button
4. transfer the unsigned transaction to your offline ("cold") wallet
5. sign it
6. transfer the signed transaction back to your internet-connected wallet (e.g. on a USB stick if you have separate online and offline computers)
7. send it!

Steps 1, 2, 6 and 7 are exposed to the internet, while steps 3, 4 and 5 are offline if you're doing it right! Hence, you use your secret only in steps 3, 4 and 5.

All of this will take some practice — you may find it helpful to send very small amounts between two addresses with private keys held by you. Also, there's a similar tool at https://github.com/jatchili/minimalist-ripple-client that I've not looked at so closely.

Edited April 11, 2017 by Guest
clarification

[namini]

Rippex desktop wallet if you want to trade once in a while:

https://rippex.net/carteira-ripple.php#/

 

 

For long term storage:

Generate a paper wallet https://www.bithomp.com/create

or

Generate an wallet offline https://github.com/whotooktwarden/generateSecretOffline

 

 

Easier.

Edited April 26, 2017 by namini

[ripplerm]

 

Thanks TEV.. Currently my XRP's are with poloniex & gatehub and i believe both of them are exchanges..  So where should i store my XRP's if i don't want to keep them at the exhange.. Sorry this may sound little dumb but i am absolutely new to this..

I dont think Gatehub is an exchanges.

the XRP stored in an ripple-account created with gatehub's wallet is still yours, it's stored in your account on RCL, not on Gatehub. The gatehub wallet is only a GUI to access your own account. You still control your XRP even if Gatehub gone, as long as u have your secretkey.

p/s: it's a different story if you are using a 'hosted wallet' (which you don't have its key).