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Ripple vs Hosted wallet Gatehub


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Hi all,

I'm new in this but searched on different platforms and couldn't find if it is better to store XRP in the hosted wallet or ripple wallet?

Gatehub says (info on website) it's safer to store in hosted wallet. Other say it is better to store in ripple wallet in case gatehub is down/cracked you still have your ripple secret key....  not clear for me what best choice is.

 

I also noticed that it is not possible to transfer the XRP from Ripple wallet to hosted in XRP units. I can only select BTC, ETC, REP or ETH if I want to send XRPs from ripple to hosted wallet...?

 

Thank you for helping me,

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For now, I'm using the ripple wallet BUT I'm also storing XRP in GateHub, Kraken, Poloniex, and BitStamp.  That way if one of the exchanges goes down I don't lose it all.

As far as sending out XRP from GateHub, you'd have to first trade it into those other currencies so it's best thought of as a place to let your XRP sit and not leave until you sell.

You can freely withdraw and deposit XRP on Kraken, Poloniex, or BitStamp.

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Personally, of those two I would use the Ripple wallet as that wallet is stored on RCL (the Ripple blockchain) - that means you can access it even if GateHub would go down or freeze your GateHub account. That way I feel more secure of having control over my XRP. Don't forget to save the secret key if you choose to use the Ripple Wallet.

If you want to have your XRP really secured then the best wallet you can have is a cold wallet. A cold wallet can be a bit technical but there are tutorials on this forum.

Read more on the difference between Ripple Wallet and hosted wallet on this post made by @cmbartley:

https://steemit.com/gatehub/@cmbartley/gatehub-brief-overview-of-ripple-vs-hosted-wallets

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You're missing the most important here:

 

- Always have an antivirus / antimalware up-to-date.

- Have 2AF enabled and print recovery code (don't keep it on anything connected to the internet).

- Print your Gatehub recovery key (don't keep it on anything connected to the internet).

- If you want to save the secret key, print it, store it safe (don't keep it on anything connected to the internet).

 

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  • 2 weeks later...
On 5/15/2017 at 7:09 AM, Kylo Ren said:

As far as sending out XRP from GateHub, you'd have to first trade it into those other currencies so it's best thought of as a place to let your XRP sit and not leave until you sell.

That doesn't make any sense. Why would you have to convert XRP to BTC, etc to send it out of Gatehub? Kind of defeats the whole purpose.

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  • 4 weeks later...

My XRP's are stored in a Ripple wallet at Gatehub.

Is this where it is suppose to be stored for the long term?  

I hear there is talk about a "paper wallet", but that does not make any sense to me. One save the keys offline while the actual coins is still inside some other exchange. Maybe I don't understand this clearly.

Someone please help this newbie to get a grip on this concept.

 

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