As the time of this writing, the Ripple is currently the fourth in cryptocurrency rankings based on the market capitalization of over $27.96billion, and there are also 99.99billion Ripples in existence. See XRP Charts for current statistics.
Ripple is not a minable cryptocurrency; only it’s originators hold the rights to create or take out of existence the number of Ripple tokens at any point in time. Despite this, Ripple has continued to grow in value as we’ve seen a high demand of the cryptocurrency over time.
Ripple is to be more than just a digital currency but to be the world’s first open transaction network. It will serve as a decentralized, shared record of accounts and transactions of any kind. By creating this global ledger, Ripple does for money what the Internet did for all other forms of information.
Like any other cryptocurrencies, Ripple likewise is stored in wallets, and there are quite a couple of wallets for the Ripple cryptocurrency.
Here are top recommendation wallets for Ripple.
Gatehub is an online wallet. It’s a great place to start but make sure you don’t leave too many Ripples in there. You can have enough for just your regular day-to-day transactions or enough for exchange for other cryptocurrencies.
Gatehub.net has made signing up for a wallet pretty quick and easy. After a successful registration, you are required to enter some information about you to fill their KYC requirements. You will need an identification document uploaded alongside a utility bill or bank statement that holds your residential address for full verification.
Security on the Gatehub platform is good enough. You have your account level password which you can use alphanumeric words which are difficult to guess and make sure you don’t allow your browser save the login details. You also have the 2FA Google Authentication option which you can enable for an extra layer of security on the Gatehub platform.
The Rippex wallet is a desktop wallet for the majority of operating systems out there. You can download the wallet here on the Rippex Official Website. Downloading and installations is straightforward and needs no super techy knowledge to complete the process.
After successful installation, the application guides you through creating a new wallet address and generates a passphrase and a secret key which you would have to write down and keep in a safe place. You don’t want this information getting into wrong hands.
Note that before you can activate your wallet, you need a 20 Ripples deposited. You can send this from an exchange like Bittrex or Poloniex, and you are good to go using your Ripple Desktop Wallet.
Security tips for the Ripple Wallet Desktop application are to have your password for the application hard to guess. Also make sure you have your keyphrase and secret key written out on a piece of paper. Don’t save this on your PC, if your PC gets compromised, you risk your Ripple coins.
The Ledger Nano S remains the most secure way of storing cryptocurrencies and having support for Ripple; it’s a good choice if you intend keeping Ripples for investment and also a means of monetary transactions.
Setting up the Ledger Nano S is easy and having to generate your passkey phrases on device levels makes it an excellent choice as your security information cannot be exposed. Transactions are also verified using the double buttons on the device so anyone who hasn’t got your device at hand can’t transfer any of your Ripple coins.
Transaction Costs On The Ripple Network
The standard transaction fee required by the Ripple network for a standard transaction is 0.00001 Ripples (XRP), and this sometimes increases due to highly unusual load on the network.
Now you know how to take full control of your Ripple cryptocurrencies and best practices for keeping them safe.