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Hello, Weedzy here with a couple of questions :)


Weedzy
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Hello community, I'm a newbie when it comes to the crypto-currency market and I just finished installing my Gatehub account (rBLHKvrNrd73kkCGfwFEu1e7Lhkgn281Ax)

 

  • First of all, let me say how enthusiastic I am to get involved into the Crypto affairs as I find it more interesting and awarding than the classic stock trade. I remember talking about potential investments/mining into the virtual market for quite some time now with some friends when BTC was in its early stage. However, we were young, stupid and restless because we didn't actually seize the opportunity of holding and farming BTC. A few years later, I started researching stock trades and coins and had a look on the world coin index. The first coin to capture my attention was of course, XRP. Why? I don't know, it was just a positive feeling I had when I laid my eyes on it and afterwards, I started researching more and more about the coin. For me, XRP is now an opportunity which I don't want to miss just like I missed out on BTC a few years ago. I started to read the sub-reddit, to use this lovely forum, joined discord and also keep up-to-date with the latest news on Ripple.

 

  • Second of all, I made my wallet on GateHub and I want to connect my EU Bank to the GateHub wallet and deposit some EU in order to exchange it into XRP. It now says that I must wait for a verification process after I delivered all the necessary documents for my account. I even have 50 XRP from someone who was nice enough to share it with me on Reddit. I have acknowledged that there are many other alternatives but I chose to stick with GateHub because I do not want to complicate myself with too many accounts on different websites. I even made a bank account specifically for the potential gains. I do not usually get involved with banks since I'm more of an anti-bureaucracy type of fella', however, I thought that the best way to withdraw/deposit easier was through the bank method present in GateHub.

 

  •  My questions are the following:
  1.  After the verification process is completed ( I hope soon enough :D ), can I actually connect my bank account to the GateHub wallet and exchange EUR into XRP on it? If so, are there any fees implied which I might have to take into account?
  2.  Can I trust GateHub in order to keep my funds secured and not lose any assets while I deposit/withdraw from it? 
  3.  Should I use a 'Cold Wallet' in order to secure my funds even further after I deposit them in the GateHub wallet? If I should, where can I get my hands on a sturdy Cold Wallet? Should I use my GateHub secret key on the cold wallet? ( I know, sorry, too many questions in one question, lol:flirt: )
  4.  Should I always have 50 XRP desposited to avoid any account restriction?

 

Thank you very much!

-Weedzy.

Edited by Weedzy
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Hi @Weedzy,

welcome to XRP Chat!

Allow me to answer your questions:

After the verification process is completed ( I hope soon enough ), can I actually connect my bank account to the GateHub wallet and exchange EUR into XRP on it? If so, are there any fees implied which I might have to take into account?

Once your verification is completed you will be able to deposit money from your EU bank account directly to your ripple wallet (via SEPA). You will simply open your GateHub Wallet and click "Deposit" > "EU bank". There you will find further instructions how to deposit money from your bank account.

Can I trust GateHub in order to keep my funds secured and not lose any assets while I deposit/withdraw from it? 

GateHub uses end-to end encryption, meaning only you can access funds in your wallet. As long as you use strong and unique password + enable 2-Step verification your account will be secure.

Should I use a 'Cold Wallet' in order to secure my funds even further after I deposit them in the GateHub wallet? If I should, where can I get my hands on a sturdy Cold Wallet? Should I use my GateHub secret key on the cold wallet?

For large amounts of XRP we do recommend using "Cold Wallet". There is a great tutorial about cold wallets written by @RafOlP here:

If you follow the instructions closely you can generate a secure cold wallet on your PC.

Should I always have 50 XRP desposited to avoid any account restriction?

50 XRP should be fine for normal wallet usage. You can learn more about the XRP reserves here: https://ripple.com/build/reserves/

Hope this helps!

Kind regards,
Enej

 

 

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Just now, natethesnake said:

Hi @enej, let me squeeze in one more question while you're at it: I'm currently using Authy 2FA. Does GateHub support Google Authenticator and can I switch the 2FA mechanism I'm currently using?

We do support Google Authenticator. To switch simply disable your current Authy 2FA and re-enable it using Authenticator app.

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How long does it take to verify the accounts? I'm asking this because I'm sure that if I deposit through EU Bank it will also take some time. I'm afraid that XRP will go up in any moment like a ticking time-bomb and I'm stuck in this virtual bureaucracy cycle. :help:

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