XRP Wallet Options

[HazzaHat]

I am still waiting for Authy to update the new mobile number. As soon as that is complete I will try to migrate from Ripple Trade to GateHub. I already lost various currency in the Cryptsy debacle therefore as a precaution prefer to avoid storing them online especially after digging out my old logins for Ripple when I learned about the recent rise in value of Bitcoin, XRP and alike.

What would be the best or safest option to store XRP?

Returning back to the world of Crypto after a significant time out I read about Rippex so downloaded the Rippex wallet on my PC. My first impressions are quite positive, it has a with a nice easy on the eye UI. There does not seems to be any block chain downloading on the PC so it is not eating up space on the hard drive and shows the balance in seconds. I found this link which provided a great intro so thought to give it a try: https://cryptorum.com/threads/rippex-guide-for-storing-ripple-xrp.89/

I also read about offline paper wallets: http://ripplepaperwallet.com/

In my opinion no matter how many benefits and assurances any online solution provider offers, there is a definitely a risk involved and that risk is almost always greater than the risk of storing Crypto on your own PC/Laptop.

There is also (very sadly) a risk of the operators/owners of an online wallet provider to scam customers Cryptsy-style. On top of that risk that hackers want to target Crypto exchanges and online wallet providers as they know where to target them. It seems that apart from regularly updating a home PC with anti-virus, anti-malware and anti-ransomware software along with taking basic steps when online, your Crypto is fairly safe (or safer) on your PC.

Which would be a better solution considering there will always be a need to send and receive XRP from time to time and also to check the balance too: Rippex PC Wallet or Paper Offline Wallet?

Many Thanks

 

[Guest]

Why not migrate to a hardware wallet?

Wallets are a very very hot topic here... meaning that there is dearth of them. Others here have options about exchange wallets. I prefer companies/exchanges with the most money to spend on security. Given thus criteria Kraken would a choice.

Hardware Wallets:

• Ledger Nano S and Blue (very new for Ripple support)
• Keepkey has threatened to deliver Ripple support, maybe this year... holding my breath.

Desktop Software:

• I don't trust any of these unless you can compile all components... and you really really think your computer is clean. Good luck with this. You might consider the Tails OS as a VM.
• i am not convinced that web browser plugins are secure. I do know of any... maybe Jaxx, but I am not a fan.

Mobile:

• Ripple says Bitgo is to complete a software wallet this summer. I guess this might be for mobile. Not sure.

Special Case:

• It is understood that a Ripple Core developer is on special assignment for wallets.

 

There should be place for wallet reviews...

[HazzaHat]

Thank you for the reply Max Enthropy.

I looked up Ledger but see no need to pay $69 or so for a USB attachment which for the sake of security (and if a PC wallet is considered a bad choice) can be countered by the paper wallet. After all, regardless of which wallet is used, the point is the Security Key is the fall back to recover.

So far I have found several threads mentioning XRP going missing and all having online wallets and some exchanges in common. Not one thread has so far mentioned XRP going missing from desktop wallets or paperwallets.

I do agree though there should be a place for wallet reviews so we can all bounce ideas for improvements off each other.

[ZIGXRP]

After looking into it some, I've decided on a Hardware Wallet.  Past incidents show that if something is going to happen, it's most likely to happen on an Exchange.
I intend to use exchanges exactly for what they are called.  Exchange, not storage.  I find the option to have a hardware wallet secured and portable very attractive for holding the bulk of my cryptos.  When I do decide to move or exchange currencies around - I'll put online what is necessary to do what I need to at the time.

Everyone has their own level of personal security and comfort - there is no right or wrong answer (other than putting your secret key in your avatar signature).

 

[HazzaHat]

Thank you for your input ZIGXRP.

After your investigations what was it that made you feel comfortable using a hardware wallet rather than a PC wallet considering neither is an 'online exchange'.

And what about your views on offline paper wallets vs hardware wallets?

[ZIGXRP]

My preference came down to having it on my person or stored away somewhere at all times...off a PC and not pieces of paper.

I can lose it, and not lose anything, other than the time it takes to get another compliant device and apply the seed.

The seed can be innocuous enough to store in several places around the house or elsewhere without having any indication as to it's relevance.

Case in point - the statement above was written to be 24 words long.

 

[ZIGXRP]

Another thought I meant to include was this:

Lets say you're using whatever particular style/method of storing/securing currencies you're comfortable with today.  
If you woke up tomorrow, and it was several thousand multiples higher in value - would you be scrambling to change your security of those coins?

If the answer is yes - then why aren't you doing it already?
Basically you should be exercising the same safe and secure practices that are right for you whether your stored value is $10 or $10 million.

My comfort level hasn't been reached yet until the hard wallet is setup, and I'm not touching my Ripple wallets until such time.  
Using the time to instead get everything else I need setup - various Exchange verifications, 2FA, etc.

I will do everything I can to not be the lowest hanging fruit in case of an attack.

[HazzaHat]

Many thanks for your opinions ZIGXRP.

I agree with much of what you stated including your views about exercising the same levels of secure or safe practices regardless of the value of the XRP or other Crypto being stored.

I am quite happy to accept offline paper wallets as being the most secure way for storage. After/If I manage to get my XRP to migrate from RippleTrade to GateHub, I will immediately transfer them on to my desktop Rippex wallet. As mentioned before, I would like to store them anywhere but not on an exchange nor an online wallet regardless of their prevention or security measures.

ZIGXRP have you purchased a hardware wallet? If so, please elaborate as to make/model and cost please. If you have not purchased one, please advise as to which you are most probably going to purchase and reasons for doing so. After a quick online search I see only two hardware wallets on the market and both seem out of stock.

[ZIGXRP]

Not endorsing by any means, but my preference was for the Ledger Nano S, which now supports Ripple. Bought direct, and waiting on the ship date. 

Lots of Arc left to build before that comes in, so just spending it getting various Exchanges verified and I might put some funds in (very small) to exercise moving around until it's in my hands. 

Once it all gets arranged on the hardware Wallet, I suspect I'll tuck it away and hibernate again for a few years. 

[HazzaHat]

Yes the Ledger Nano S does stand out as a cost effective means of storage ($69) as the other ledgers are quite expensive. This seems interesting too but as of yet no mention of XRP being added: https://www.keepkey.com/

I like your idea of tucking away the hardware wallet to hibernate... wishing for you top up well.

[HazzaHat]

Scrap that mention about KeepKey, they seem to be having issues!

https://www.reddit.com/r/keepkey/comments/6dfmwr/so_what_is_going_on_with_keepkey/

[ZIGXRP]

Ledger recently added a Ripple companion app. Check under that section on their site. 

[HazzaHat]

I looked it up... seems promising. I guess I have some decisions to make within the next few days.

I am still waiting for the Authy confirmation emails to stop and for my phone number to be updated. If I manage to successfully migrate my XRP over the next few days then I need to think about wallet options.