Gatehub

[icei]

Can anyone explain to me how gatehub works? 

 

so what i want to do i store my ripples which i bought from an exchange to a paper walle.

 

Is gatehubs "default wallet" which is created when you create and account a paper wallet? is it safe? or should i make my own paper wallet somewhere else then import it?

 

what fees does gatehub charge? i know its 20xrp for a paper wallet but the transaction fees are what? 0.2% for both ripples coming in and out or?

 

also do i need to upload all my details just to use the wallet (already have an aussie exchange i use - BTCmarkets.net)

[gray]

Gatehub is a gateway. You can change USD, EUR, etc. to XRP or any other pair. It is also a piece of wallet software. Your XRP wallet on gatehub is not a paper wallet. It is a hot wallet (meaning it has been exposed to the internet). It should be safe for small amounts, but I wouldn't trust it with large sums.

So, what is a paper wallet? Well, first you need to understand what a wallet is. A "wallet" is literally just a secret key. From the secret key, you can derive the public address. If you own the secret key then you can do whatever you want with the funds that are sent to the public address. In order to actually use the secret key to interact with the network, you use piece a wallet software. One of the things gatehub does is provide a wallet software. You can import any valid secret key into Gatehub and use it to make transactions from that wallet. 

Now, what is a paper wallet? A paper wallet originally meant literally a wallet that you print onto a piece of paper. Since a wallet is just a secret key, the most basic form of a paper wallet is literally writing down by hand your secret key on a piece of paper. Now, to make things easier on the user, most paper wallets will include the secret key, the public address, and a QR code matching each. Paper wallets are one type of "cold wallet," a cold wallet being any secret key that has never touched a computer that was connected to the internet. As long as you don't lose the paper wallet, don't physically show anyone else the private key, and don't type it into an internet-connected computer, you'll be the only one with access to it. As soon as you type it into an internet-connected computer, that wallet is now "hot" and has a chance to be stolen if your computer or any other piece of the path it travels is infected with some kind of malware.

With this knowledge, the best practice is to use a gatehub "hot wallet" for XRP that you think you might want to spend in the short term, some small amount. Then you make a cold paper wallet and store any significant amount of XRP you buy in it. When you decide you want to sell it or use it months or years down the line, you enter the private key into gatehub or another wallet software on a computer and internet connection you trust and send all the ripple to wherever you want it to go. Since this wallet is now "hot," you would ideally then make a new paper wallet and send any ripple you want to keep storing in it. Alternatively to entering the private wallet into gatehub and making the wallet hot, you can use what are called "offline transactions" to keep the wallet cold and still send ripple from it (google this if you're interested).

Now, there are some other alternatives to paper wallets for cold wallet options. I would argue that a superior option to a paper wallet is a deterministic wallet that uses a good passphrase. A deterministic wallet basically means that you make a passphrase that you remember (or write down and store somewhere safe, much like a paper wallet) which can then be used to derive a single secret key and public address linked to it. To then use your account, you would go back to the same tool you used to generate the wallet, input your passphrase, and it would give you your secret key which you could then use exactly like a paper wallet secret key. If you use a good deterministic wallet generator and a good password, this is one of the most secure options available. Alternatively, if you use a bad password, you could be royally screwed. 

If you want to go the paper wallet route, use this tool (follow the guide they provide there) https://github.com/ihomp/ripply-paper-wallet

If you want to go the deterministic route, go here: https://termhn.github.io/ripplewarpwallet/ then right click the page and choose save as and save it wherever you want. Read the password best practices part. If you want to use the tool recommended, click on the link and then right click on the page and choose save as and save it wherever you want as well. Then, restart your computer and disconnect it from the internet by pulling out the ethernet cord or disabling wifi, making sure not to open the browser yet. Then, double click on the file for the password generator you saved earlier (use either edge or firefox, it won't work offline with chrome) and click on one of the buttons. Use at least 7 words. Feel free to generate as many as you want to find one you like, but DO NOT rearrange the words or use different words than the ones it gives you. Write down one you're happy with. Then, open up the first page you saved. Input the newly generated password and your email address and click generate. Write down the public address, this is where you will send XRP to. Don't save the secret key. Whenever you want to withdraw from the wallet, open this same page again and input your password you generated before and your email and click generate. It will give you the same secret and public address (feel free to test this if you want). Then, close the browser and restart your computer before re-enabling the internet.

[DarthTrader]

@gray wow that's an anwser

[natethesnake]

4 minutes ago, DarthTrader said:

@gray wow that's an anwser

Member since only yesterday, and I'm already liking this guy.

[DarthTrader]

@natethesnake looks like the community quality is recovering after the trollbox was closed

[gray]

Hehe, thanks guys @natethesnake @DarthTrader

@natethesnake girl*, btw ;p

[natethesnake]

8 minutes ago, gray said:

Hehe, thanks guys @natethesnake @DarthTrader

@natethesnake girl*, btw ;p

NOW I LIKE YOU TWICE AS MUCH!!!

[Weedzy]

Should one create the paper-wallet and connect it with the the same GateHub secret key? Or create a new empty one with a new secret key ( I figure it's for more protection ).

Edited July 5, 2017 by Weedzy

[Mercury]

Should one create the paper-wallet and connect it with the the same GateHub secret key? Or create a new empty one with a new secret key ( I figure it's for more protection ).

What do you mean by connect? Copy the Gatehub wallets secret key onto a paper wallet? That wouldn't do anything as the paper wallet is still 'hot' by being online via Gatehub. Create a new key pair for the cold wallet and don't allow it to touch the net. Now you have a cold wallet, use the Gatehub wallet as your hot wallet for day to day transactions and for sending funds to the cold wallet.

[gray]

20 hours ago, Weedzy said:

Should one create the paper-wallet and connect it with the the same GateHub secret key? Or create a new empty one with a new secret key ( I figure it's for more protection ).

You should read this post I made, I don't think you actually understand what a wallet is or how it works which is pretty essential information: