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Help a Noob out - Best Wallet?


brozamsterdam
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Alright guys, I figured it's time to get serious here and start stashing all my XRP in a wallet. I'm not particularly technical, though capable of following a list of instructions. What do people think is the best wallet? I have downloaded Toast onto my iPhone but haven't begun to demystify it yet. Is the Nano Ledger worth it? Does Ripple have its own hosted wallet the way other cryptos do?

Also, if I want to get my coins back onto an exchange for a quick sell how long does this typically take. I'm thinking that if at some point there's a big spike I might just want to sell some and buy the ensuing dip.

Thanks.

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First of all, everything you ask has been discussed multiple times here. Please do research.

1 hour ago, brozamsterdam said:

Is the Nano Ledger worth it?

No. Why? Because you shouldn't pay 100$ for an encrypted stick. You would have to trust the company to ave a good encryption method. FAIL. This is not a bank to be backed by government, so if it gets cracked, you have no legal actions you can take.

1 hour ago, brozamsterdam said:

 Does Ripple have its own hosted wallet the way other cryptos do?

Rippex desktop wallet

 

1 hour ago, brozamsterdam said:

Also, if I want to get my coins back onto an exchange for a quick sell how long does this typically take.

Typically less than 10 seconds, once you push the send button.

 

1 hour ago, brozamsterdam said:

 I'm thinking that if at some point there's a big spike I might just want to sell some and buy the ensuing dip.

Very difficult to achieve unless you're a professional trader. I'll bluntly state that you'll fail miserably, but that's just my two cents, after half a decade of FX trading.

 

1 hour ago, brozamsterdam said:

I figured it's time to get serious here and start stashing all my XRP in a wallet.

Now, to the fun part. Since you are getting serious.

- Get in touch with @Xilobyte he has a great pdf ( https://xilobyte.com/media/Securing_Your_Crypto_Wallet.pdf )

- If you have a spare laptop, nuke the hard drive with DBAN.

- Install Linux on it

- Encrypt the hard drive in Linux

- Never ever connect that PC to a wifi or any other internet

- Get the Rippex software for Linux from your online computer on a stick and copy paste it on your offline laptop

- Create a wallet with Rippex on that offline laptop

- Write down by hand on a piece of paper. Don't print it out, neither screenshot, nor CTRL+P nor anything. Old school pen and paper.

- Delete the wallet file and recover it by using the secret key. If it works, you know that you wrote down the key correctly.

- Take a that piece of paper and wrap it in transparent scotch paper, so that potential contact with water won't destroy it. Keep this somewhere safe

- Chose a strong password for your wallet access. You can play around a bit here: http://www.passfault.com/ hint: the longer the better. "I'm a Bro from Amsterdam and I like getting riding a bike through the city" is better than "=%ççbdpERqä$IO6" and it's easier to remember.

- Write down the public address

- Send 30 XRP to this adress.

- Log into Rippex on your offline laptop, chose "send" and send 10 XRP back to your exchange. It will create a txt file. Save that txt file. Put it on a usb stick.

- Take the usb stick out of the offline PC, plug it into the online PC, open the Rippex software, in "submit txn" drag and drop the file from the stick into the field and hit "submit"

- If this works, then iyou know all is set up and you can make the big transfer from the exchange to your cold wallet.

- As further measure, you can back up the wallet.dat file on a usb stick and keep it somewhere safe

--> This method allows you to do any transfer without ever exposing your secret key to the internet. The only way to stea your XRP is to either have your secret key, or to steal physically your laptop, crack it and then crack the wallet file.

--> you can always check your balance on bithomp.com

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58 minutes ago, teddybear said:

- Chose a strong password for your wallet access. You can play around a bit here: http://www.passfault.com/ hint: the longer the better. "I'm a Bro from Amsterdam and I like getting riding a bike through the city" is better than "=%ççbdpERqä$IO6" and it's easier to remember.

 

The only thing that I would add here is this:  Do not use any multibyte letters such as the ones above ççä or any other special language characters. The reason is that the text encoding is different than standard ASCII encoding. There is a slight risk that the website or the software that you are using may not properly encode such characters. Stick to the standard "American" alphabet and standard numbers and punctuation to be safe. For example:  if you count the number of characters in this text "  XILOBYTE " your answer would be 8. BUT in a string with multibyte characters such as this " XILOBYTÄ " your answer would be 9 becuase the Ä will count twice when not properly UNICODE or UTF-8 encoded. Again it comes down to the programmer and not all of 'em know the Earth is round.

Edited by Xilobyte
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2 hours ago, brozamsterdam said:

Alright guys, I figured it's time to get serious here and start stashing all my XRP in a wallet. I'm not particularly technical, though capable of following a list of instructions. What do people think is the best wallet? I have downloaded Toast onto my iPhone but haven't begun to demystify it yet. Is the Nano Ledger worth it? Does Ripple have its own hosted wallet the way other cryptos do?

Also, if I want to get my coins back onto an exchange for a quick sell how long does this typically take. I'm thinking that if at some point there's a big spike I might just want to sell some and buy the ensuing dip.

Thanks.

Get rid of any wallet on your mobile device. Do not access a wallet directly with your mobile device.

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Rippex on Mac, inside a VMWare Fusion Mac OSX instance, strong password and keep the file Rippex creates on a USB stick (Not on the laptop)

Secret is stored in 3 places offsite, including bank safety deposit box.

I feel pretty good with this ... no need for a Ledger in my opinion. I can access my XRP in seconds, and transfer them to an exchange also in seconds ....

Just tried Passfault:   Time To Crack: 2.095205233627402e+28 centuries

;)

Edited by Luschka
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2 hours ago, Luschka said:

Just tried Passfault:   Time To Crack: 2.095205233627402e+28 centuries

;)

I hope you didn't just really type in your real password on passfault.com.

I hope you used some deviation of it, replaced numbers with other numbers for example. never type your pw anywhere else other than on your offline PC

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