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Paper Wallet questions/concerns


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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.

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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 :o 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.

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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 by gray
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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: 

 

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