One of the ways of managing valuable items is knowing how to effectively store them and keep them away from thieves or from persons that do not understand their value.
The same applies to cryptocurrencies such as ripples also known as XRP. Well, buying ripples, which is a good, valuable crypto asset is one thing, knowing how to effectively store this unique cryptocurrency is another.
Generally, in storing any crypto asset such as ripples, you have to be sure that the method or location is very compatible with the cryptocurrency you want to store.
You also have to assess the flexibility of the method or the wallet that you intend to use to be sure that the utility of the storage system does not compromise the security of your crypto assets.
So, in this article, various ways or places where you can store your ripples are highlighted. They are as follows:
Just as the name implies, these are pieces of paper, upon which details of ripples are written and stored. Wallets of this kind are created on specific websites and the details are then printed on a sheet of paper.
The details include a wallet that makes buying ripples and receiving possible; and then a private key that protects and grants the holder access to the wallet. A paper wallet can also use QR scan codes, which makes it very easy to access even though, this is not necessarily safe.
The major disadvantage of using this method to store your ripples is that it makes the holder vulnerable to phishing and unauthorized access depending on how the paper that bears the private key is handled.
To avoid this, the holders must double-check the websites before opening these paper wallets. Self-education in the areas of security in the crypto industry will be very helpful in storing your ripples using this method.
These wallets are safe locations used in storing digit assets such as ripples. They do this by storing the private keys to crypto assets thereby allowing the owner to interface with the wallet without revealing the parameters that ensure that those crypto assets are kept safe.
This type of wallet is very useful and compatible for storing ripples because ripples are one of the most important crypto assets due to their market capitalization.
The hardware wallet just as the name suggests stores ripples offline. This implies that you don’t need the internet to always access your ripples. it is domiciled in your physical device, when it is lost, your crypto asset can be recovered using your recovery or seed phrases.
These phrases are a specific array of words that are used to help an individual recover a wallet. They also ensure that the wallet is protected from a third party. This makes it hard for malicious attackers to be very successful with this type of wallet.
Users, however, have the sole responsibility of protecting these offline locations as well as the seed phrases as they can be useful in accessing similar wallet funds.
Therefore, to keep your ripples safe while storing with a hardware wallet, these phrases should be secret. They can be written in two or three places as backups in various locations.
They should not be stored online, if they must be then they should be grossly encoded to minimize any form of attack on the wallet. Good examples of hardware wallets are the USB devices dedicated to keeping and sending ripples when off the internet.
Mobile and Desktop wallets
This is another good location for storing ripples. These wallets are apps installed on the phone or PC.
Some of these wallets have their web version which can be accessed on the preferred browser of your personal computer. These wallets have a user interface that is quite friendly as you have little or no need for a guide during usage.
You have no worries about security as soon as you launch the wallet, its security features are made available for you to make a decision. Some of these wallets use passwords to secure your XRP, some others use recovery phrases.
These passwords or recovery phrases should be stored in a good offline private location to keep your wallet safe in times of damage or theft.
The ripples owner must ensure that the wallet is not installed or downloaded from malicious sources that are often disguised as though they are legitimate.
Doing this involves utter carefulness, else in a bid to store your ripples, you may end up losing all of it to online scammers. Out of the two, mobile wallets are quite easier to use to store ripples as they are handy and easy to use for buying ripples even in very small quantities.
All you need to do is to ensure that your recovery phrases and password does not leak into the wrong hand.
Another place to store Ripples is in a specific kind of wallet known as the exchange wallet. The exchange wallets serve as a good location for buying ripples, storing ripples as well as trading ripples for other cryptocurrencies.
However, every crypto coin on this wallet has its specific location, this makes the transfer on the blockchain, quite easy and traceable. It also makes the organization of all your crypto assets less cumbersome.
Nevertheless, these exchange platforms have their advantages and disadvantages concerning storing ripples. Using this method guarantees that your ripples are safe during storage with its passwords and 2-factor authentication (2FA) system.
The 2FA system uses a code to grant you access to your account, the code is always generated in real-time to ensure maximum protection of your crypto asset.
This security management system eliminates the stress associated with trying to remember the recovery phrase. Furthermore, while this system is very good in protecting your account from hacks however if the entire backend of the exchange system is compromised via hacking, then the 2 -FA system would be helpless in protecting your ripples.
Conclusion – Where to store Ripple?
When it comes to storing ripples, the methods are important but not enough. The knowledge, as well as the understanding of keeping your ripples safe using these storage methods, are equally very important.
This means that for every method that must be used to store ripples, the user must have a good grasp of the security systems that is compatible with that method.
This will minimize the losses associated with the theft of ripples due to third-party access and phishing scams.
Furthermore, learning how to buy ripples, send and receive this crypto asset as well as being abreast with the recent security updates in the crypto industry is also helpful in managing your XRP and other crypto assets.