If you are one of Ripple fans and have decision to invest in this cryptocurrency, the first thing to do is to set up a new wallet. In this article we are going to talk about all the things you should know about Ripple wallets.
As we know, Bitcoin wallets are totally free. But, the story is a bit different for the Ripple. In order to have an active Ripple wallet, you need to deposit 20 XRP in your wallet at the first step. So, it’s important what wallet you choose for the first time. Because, if you choose the right wallet, then you would not need to try different wallets and deposit 20 XRP in multiple addresses.
Here we are going to introduce different types of Ripple wallets and their advantages and disadvantages.
Software wallets are the most common ways of storing XRP. Most of the users prefer software wallets. There are different types of software wallets, which we are going to talk about in this section. However, you can have access from any devices, anywhere by using an online wallet, they are not a safe option to choose. Online wallets store your private keys online. It means that your asset is vulnerable to cyber-attacks. So, we recommend that you use an online wallet only if they store private keys offline.
As the name says, mobile wallets are an application, which you can use on your smartphone. There are many mobile wallets, which you can download from App store or Google play store. As mentioned before, it’s recommended to use the apps, which store your private keys on your device and not on online servers.
Desktop wallet are some kind of apps, which you can install on your computer. There are some companies out there, which have both mobile and desktop apps. You can even sync your both apps.
Web wallets also known as online wallets. Basically, a web wallet is a website, which provides wallet services. Most of the web wallets offer by exchanges. If you are interested in using a web wallet, it’s recommended to use a reliable and reputable exchange, which provide customers different layers of security. For example, it’s better that the exchange uses 2FA (two factor authentication) or a have one-time password for sign in and transferring funds.
Hardware Ripple wallets
Hardware wallets are specially designed to store cryptocurrency offline. In fact, they generate private keys and digital signature offline. It means, they store it on the device. As a result, they are totally immune against hacking attacks.
There are different types of hardware wallets and each has different features. For example, some have a screen to check and sign off for transactions. Or some have a security grid cards. This type of wallet has an added security layer known as recovery phrase. You can use the phrase in order to restore your fund in case the hardware damaged, stolen or lost.
Paper Ripple wallets
The paper wallets are the safest way to store your funds. However, they are far away from technological advancement. Basically, paper wallets are a piece of paper, which the public and private key printed out on them. In this case, the keys generate offline. So, there is no chance for online hackers to get access to the keys. But, this type of wallet has a disadvantage. All you have is a piece of paper. So, there is a chance of lost, damage by water or fire or even misplaced. What you can do to keep it safe, is to laminate the paper in order to make it water resistance. In addition, you can keep it in a safety box to be sure no one has access to it except you.