What Is Ripple ?
Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn’t rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.
The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges.
Why do I need a Ripple wallet?
Just like you need physical wallets to keep your physical fiat money, you would require an equivalent wallet for cryptocurrencies. It is used for storing, transferring, receiving and managing your coins all in one place.
Storing of cryptocurrencies doesn’t mean to actually store the coins there. Instead, it generates a private key (hexadecimal code) which is used together with the public key (another hexadecimal code) and that is eventually linked to a certain amount of currency. So, a wallet is used as a personal ledger of transactions.
There are several types of cryptocurrency wallets on different platforms such as the Desktop, Online, Mobile, and Hardware. In this article, we will see the best wallets for XRP and their various features depending on the category they belong to.
So, let’s get started.
Top 5 Wallet For Ripple { XRP }
1.Ledger Nano S
The Ledger Nano S is the best hardware wallet option if you plan on investing in many different cryptocurrencies.
Ledger Nano S is a hardware wallet that comes in a compact shape like that of a USB drive with an attached OLED screen. It is considered to be the safest Wallet due to its tiny size and its ability to store private keys which limits a hacker’s ability to steal the currency.
While other Wallets restrict the number of coins to be stored, It allows you to store unlimited XRP coins. Moreover, other cryptocurrencies can also be stored.
Ledger Nano S makes currency usage easy, secure and hassle-free. You just need a device compatible with this device like a PC or a mobile and then you can start sending and receiving XRPs.
Steps to use
- In order to create and launch XRP Wallet, Install the Ledger Wallet Ripple application on your PC through the link on its official site and install Ripple Application on a device through Ledger Manager.
- You can change the settings using the device itself, scrolling is done by one button and clicking on an option by both buttons. Likewise, close “Browser Support”.
- Launch Ledger Wallet Ripple on your PC. It will synchronize automatically and then you can use it.
2.Toast Wallet
Toast Wallet is one of the most convenient wallets being used for storing your Ripple XRP. The process of store Ripple is quite simple in this wallet that anyone can use it easily. It offers a lot of security for the transferred funds. Following are the main features of this wallet.
This is a type of a hot wallet, meaning it is an online wallet. All the encrypted keys are generated on the phone using Toast and never leave, thus making it more secure and less prone to cyber-attacks
Its source code and the software binaries are open and therefore claiming to be a safe Wallet for transactions and storing.
Developed by StarStone Limited, it can be downloaded for iOS, Android, Windows, Mac, and Linux. It is a completely free Wallet and doesn’t charge anything from their side.They do not send any information or secret passcodes from you Phone to their servers, thus claiming it to be secure.
Steps to Use
- Download the Toast App according to your device specifications.
- Click on “Create a New Wallet”.
- Then Enter 6 Digit PIN and after that, you need to set a “Passphrase”. Your Passphrase is used to encrypt your wallet and hence should be kept confidential.
- Recovery Phrase is also shared to recover your account if you forget your Passphrase. Note down those 6 words somewhere for future reference.
- Now click on “Add Account” and generate new Ripple address.
- After generating an address, you need to activate the wallet by putting minimum 21 XRPs in it.
- You can send payments by using recipient’s Ripple address and the amount to be sent.
3.Gatehub
If you’re searching for a web wallet you can use to store your XRP holdings, GateHub is well worth a closer look. This online wallet supports XRP as well as several other cryptocurrencies, and it allows you to send and receive payments via Ripple, SEPA, international wire and more.
The biggest strength of GateHub is its ease of use. The user interface is simple to understand for crypto novices and also allows you to access a comprehensive overview of your crypto assets (including analytics) on a single page.
Usage Steps
- For the Ripple wallet to operate, a minimum of 20 XRP is required, otherwise, the wallet is disabled.
- To create a new wallet, first, make an account on their site using your email ID.
- Go to wallets page. Click on “+” to add new wallet.
- Enter a wallet name, select a wallet type and then, click Create.
- The process of sending payment is straightforward, just select the Wallet and click “Send Payment”.
- You can use recipient’s information like email address, Ripple address, Ripple name, Gatehub name, Wallet name and Contact name.
- Enter your Amount to be sent and click “Confirm” to start the transaction.
4.Coinpayments
CoinPayments is a cryptocurrency payment website which allows you to store your digital currency online in their wallet. It works in same way as your physical bank work. They accept more than 300 different types of altcoins where their transaction fee is only 0.5%. This fee is same for all types of investors. The company is registered and based in Canada and known as one of the most authentic and legit cryptocurrency payment platforms.
Like other cryptocurrency platforms, the CoinPayments does not limit you to only exchange and invest your altcoin through their network, but they allow you to use your money for online shopping purpose too. Today, there are thousands of online stores which accepting CoinPayments as their method of payment.
Steps to Use
- Create an account by registering on their official website using your Email Id. Creating an account and withdrawing money is entirely free.
- Confirm your Email Id.
- Log In with your Username and Password.
- It uses a 2 Factor Authentication method, so a code will be sent to you on your Email Id, to log in further.
- Next, generate Deposit Address, Go to My Accounts and then into “Coin Wallets”.
- Select Ripple and then click “Deposit” to generate the Address.
- You can send and pay currency using this generated Address.
5.Cryptonator
Cryptonator is an online wallet that provides support for Ripple, bitcoin, Ethereum, Dash, Litecoin, Zcash and a range of other coins. In all, 19 currencies are supported, and all are simple to view and manage through Cryptonator’s user-friendly interface. You can also instantly exchange between currencies in your account without incurring any fees, though you might want to check how Cryptonator’s rates compare to those offered elsewhere before using this feature.
You can manage the XRP in your Cryptonator account 24/7, and another bonus is that you can access your account from multiple platforms. As well as access from your PC or Mac, Cryptonator has apps for Android and Chrome.
Security is a strong component of this Wallet as it has taken care to include two-step verification process, encrypted SSL connection over HTTPS, and trusted internet protocols to enhance the account protection and its safety. It is also said that it provides Bank Grade security and thus privacy and anonymity of your identity is never at stake.
How to Use
- There are two types of account with Cryptonator, Personal and Merchant Account.
- Create an account by entering Email Id and Password.
- Confirm your Email Id. While using Mobile App you will have 2 Factor Authentication code using OTP sent to your mobile.
- Log into your account and generate your Deposit Addresses.
- Click on “Create new address” from the drop-down menu next to Account name. Each cryptocurrency can support up to 10 addresses.
- You can now use these addresses to send and receive coins and for transaction purposes.
- You will be asked for OTP again when confirming your payment information to make it more secure.
Tips for securely storing your Ripple
Want to store Ripple or any other cryptocurrency as safely and securely as possible? Make sure to keep the following tips in mind:
- 20 XRP. Unlike bitcoin wallets, which are usually free, Ripple wallets require you to pay 20 XRP to reserve your wallet address. With this in mind, it’s probably best to store all your XRP in one wallet unless you want to spread your funds across multiple wallets and you’re happy to pay 20 XRP each time you set up a new one.
- Set up 2-factor authentication. If your wallet allows for it, make sure you enable 2-factor authentication. This provides an extra layer of security for your crypto funds.
- Keep your private keys private. Make sure you never share any private keys with anyone else. Keep a backup and store it in a safe place.
- Backup. Security is paramount when storing XRP or any other crypto, so choose a wallet that provides an easy-to-use backup option. Remember to make use of the feature regularly, as it provides important protection against losing your funds.
