Does 20 XRP become unusable once deposited to an exchange or wallet?

[AniketBhadane]

If I'm sending, say 50 XRP, first time to an exchange or wallet, will 20 XRP be locked forever and become unusable? Since 20 xrp are required to activate that account.

Edited August 26, 2017 by AniketBhadane

[Guest]

It's amazing how many times the same question needs answering....  doesn't anybody ever search first?  I haven't tried,  but I bet wallet fee in the search would return the answer....

Anyhooo.....   yeah it's gone forever.      

Until and unless the price of XRP rises in which case it will be lowered.... freeing the difference.   It will probably remain around 4 USD ish I'm thinking...   It's a anti spam fee so it's a good thing.

[AniketBhadane]

36 minutes ago, Tinyaccount said:

It's amazing how many times the same question needs answering....  doesn't anybody ever search first?  I haven't tried,  but I bet wallet fee in the search would return the answer....

Anyhooo.....   yeah it's gone forever.      

Until and unless the price of XRP rises in which case it will be lowered.... freeing the difference.   It will probably remain around 4 USD ish I'm thinking...   It's a anti spam fee so it's a good thing.

So what is this locked price? Do you mean to say xrp amounting to some USD are locked? How do we know at what price would we get access to remaining xrp?

[kanaas]

1 hour ago, AniketBhadane said:

If I'm sending, say 50 XRP, first time to an exchange or wallet, will 20 XRP be locked forever and become unusable? Since 20 xrp are required to activate that account.

Yep, that's the price you got to pay for your wallet. But you just need to buy it once in a lifetime. And it costs you less than that leather wallet in your pocket.... and instead of the leather one, the ripple one can not wear out....

Edited August 26, 2017 by kanaas

[RecentChange]

I started with  1 gatehub wallet  + 2 private wallets ( 60 xrp ) in the spirit of learning about wallets.

It would have been nice to close a wallet permanently. But there must be a reason why they hold it? 

[kanaas]

Just now, strikerjax said:

But there must be a reason why they hold it? 

They? Who do you think is holding those 20XRP?

[Guest]

Do you know....   I wrote three different snarky replies before finally deciding it's better to inform than badger....  So this is the milder fourth version.    

To protect Ripplenet from potential bad guys trying to spam it with spurious Wallet create transactions, the smart folk at Ripple decided to apply a fee to activate a wallet.  A token amount..  around the price of a cup of coffee.  Right now that is 20 XRP worth.  Earlier it was higher and one day soon it might be down to 0.5 XRP.  Even later it might be 0.05 XRP.

As the value of XRP increases the fee will be reduced and the unneeded portion of the original 20 will be available again to use as you wish.  So to own a wallet costs a cup of coffee, but you probably only need a few in your whole life.  A small price to pay for a brilliant system protected from spam.

If my original reply wasn't clear I can't understand why you didn't search around....      

[AniketBhadane]

17 minutes ago, Tinyaccount said:

Do you know....   I wrote three different snarky replies before finally deciding it's better to inform than badger....  So this is the milder fourth version.    

To protect Ripplenet from potential bad guys trying to spam it with spurious Wallet create transactions, the smart folk at Ripple decided to apply a fee to activate a wallet.  A token amount..  around the price of a cup of coffee.  Right now that is 20 XRP worth.  Earlier it was higher and one day soon it might be down to 0.5 XRP.  Even later it might be 0.05 XRP.

As the value of XRP increases the fee will be reduced and the unneeded portion of the original 20 will be available again to use as you wish.  So to own a wallet costs a cup of coffee, but you probably only need a few in your whole life.  A small price to pay for a brilliant system protected from spam.

If my original reply wasn't clear I can't understand why you didn't search around....      

I saw this link https://ripple.com/build/reserves/  But what is this "price"? $4? Will it always be $4 or will it change in the future? 

Edited August 26, 2017 by AniketBhadane

[Guest]

2 minutes ago, AniketBhadane said:

I saw this link https://ripple.com/build/reserves/  But what is this "price"? $4? Will it always be $4? 

Yeah that's it.   Down the bottom there it explains how the fee can change by a link to:

https://ripple.com/build/fee-voting/

So no it might not always be $4...   it's adaptable.  I don't understand your concern....   Unless you are creating a whole bunch of wallets I can't see why a once-of fee of a cup of coffee price is anything to be concerned about.  It's a once of fee, don't worry about it.