Paper Wallet questions/concerns

[Darksouldesign]

Ive done some searching, but havent really been able to get a crystal clear answer, hoping one of the more experienced people can help. Just so you know, I already have a Gatehub account with XRP in it, I'm verified and so on, thats all good to go, my questions, as the title states, are about paper wallets / cold storage.

 

1. Once i choose a paper wallet (liking ripplepaperwallet), i understand the safety protocols to create a new wallet and address etc, so to be clear, I simply now send the XRP to that address, and thats it?

 

2. Assuming that is in fact all there is to it creating the paper wallet, and i then send XRP to it,  where is the XRP? I get that this paper wallet sort of becomes like a bearer bond, but is it sort of "removed" from the blockchain with a digital bookmarker that says "X amount of XRP exists, but its in cold storage somewhere"? I guess im curious about the backend of such a process.

 

3. To get the XRP back into the exchange, is it simply giving my account in the exchange the secret key, and it puts it back?

 

Im sure this has been answered a bunch of times, but so many of the threads have gone off on tangents, and I hate wading through all of that, so a big thankyou in advance.

[namini]

1/ yes ( btw, send at least 20 XRP to activate the wallet) but personally I would try the wallet once. For example you can use Rippex desktop wallet on a fresh Ubuntu install, import your secret key and send a tiny amount of XRP to another wallet.

 

2/ This question is really too complicated for me Your XRP are on Ripple ledger, a keypair generator will generate a mathematical valid wallet without a need for an internet connection (and wallet will actually exist on Ripple network once you deposit 20XRP or more) but don't use any link you find on internet to generate a keypair, check the tutorials: https://www.xrpchat.com/forum/41-tutorials/

 

3/ Just import your secret key in any wallet software you trust.

[gray]

1 hour ago, Darksouldesign said:

Ive done some searching, but havent really been able to get a crystal clear answer, hoping one of the more experienced people can help. Just so you know, I already have a Gatehub account with XRP in it, I'm verified and so on, thats all good to go, my questions, as the title states, are about paper wallets / cold storage.

 

1. Once i choose a paper wallet (liking ripplepaperwallet), i understand the safety protocols to create a new wallet and address etc, so to be clear, I simply now send the XRP to that address, and thats it?

 

2. Assuming that is in fact all there is to it creating the paper wallet, and i then send XRP to it,  where is the XRP? I get that this paper wallet sort of becomes like a bearer bond, but is it sort of "removed" from the blockchain with a digital bookmarker that says "X amount of XRP exists, but its in cold storage somewhere"? I guess im curious about the backend of such a process.

 

3. To get the XRP back into the exchange, is it simply giving my account in the exchange the secret key, and it puts it back?

 

Im sure this has been answered a bunch of times, but so many of the threads have gone off on tangents, and I hate wading through all of that, so a big thankyou in advance.

Edit: I originally typed out a response but then moved it to its own thread. It should answer all your questions, but if you have more feel free to ask away here  

 

Edited July 5, 2017 by gray

[Guest]

@gray thank you for your thorough explanation. Made a copy of it for when I need to explain this to someone. 

[gray]

22 minutes ago, Annevanzwol said:

@gray thank you for your thorough explanation. Made a copy of it for when I need to explain this to someone. 

Note, I moved my reply into its own thread and expanded it slightly: