Ripple (XRP) is an alternative to Bitcoin
The unprecedented surge in Bitcoin has garnered a huge influx of interest into the cryptocurrency market. In fact, according to Google search statistics, "How to buy Bitcoin" has passed "How to buy gold".
The problem is that the price of Bitcoin is so high, that it pushes people to look at other cryptocurrencies that are still accessible.
Among these new cryptocurrencies is the one that is hailed as the cryptocurrency of the future: Ripple (XRP). On this same website there is a concise Ripple wiki that provides all the necessary information on Ripple. But today we will discuss the very important aspect of how to put Ripple (XRP) once obtained.
How to store Ripple
Currently, there are four different ways to store XRP. All of them have their unique advantages and some disadvantages.
- Identify a trusted name like Gatehub and keep your XRP with them. In return, you receive the bills (IOU) that you can use to redeem an equivalent amount of fiat currency on demand. This is similar to depositing money in a bank and the IOU is the balance of your account.
- You sign up for an XRP wallet and store your Ripple in it. In fact, there's a trick. But, before you learn the trick, you might be curious to know what an XRP wallet is. Do not worry, I've dedicated an entire section to XRP portfolios.
- Store your XRP on hardware that supports multiple blockchain technologies. A good example is "Ledger Nano S", which looks a lot like a USB / pen drive. The challenge will not be to lose it.
- The lazy way to store your XRP is to do nothing, and leave it in your brokerage account.
Of the four, I think the best way to do this is to store your Ripple in an XRP portfolio.
What is an XRP portfolio?
At the functional level, an XRP portfolio is very similar to a physical portfolio, as it allows you to receive, send and store digital currency. Basically, it is software that stores private and public keys. The program interacts with various blockchain portfolios to help XRP owners send and receive digital currency and monitor their balance.
Unlike Bitcoin wallets, which are free, you need 20 XRP to reserve your XRP wallet. So if you add 100 XRPs to your Ripple wallet, 20 XRPs will be used to book the wallet for the first transaction. Additional transactions to the same portfolio will not be pinged. So, unless specifically requested, it makes no sense to use multiple XRP portfolios (this is the trick I referred to earlier).
Since there are many XRP portfolios, the dilemma many investors face is how to select the best Ripple portfolios or what factors are important when it comes to selecting the best XRP portfolio.
How to select the best XRP portfolio
As I said before, all XRP wallets require you to enter 20 XRPs to reserve a wallet. But, besides this, there is a transaction fee that varies from portfolio to portfolio. The other factor to consider is safety. The level of security will depend not only on the portfolio itself, but on the type of portfolio (desktop, mobile, online, paper or hardware) chosen.
Online portfolios are incredibly effective, but they run the risk of being exploited by hackers who can steal your funds. Offline portfolios are much less risky, as they completely eliminate this risk.
If you opt for online portfolios, there are ways to reduce risk. Look for portfolios that allow you to add more levels of security. Use portfolios that provide two-factor authentication procedures and are reliable. You may also consider the idea of using multi-sign portfolios that require another user's authorization to make a transaction. (Source: Ibid.)
The best Ripple wallets
Ripple is the fourth best-selling cryptocurrency in the world after Bitcoin, Ethereum and Bitcoin Cash. So it is not surprising that many investors are curious about the best Ripple wallets. Since most investors are likely to stick to a single portfolio address rather than having multiple XRP portfolio addresses, it makes sense to first understand the long-term requirements and then select the best portfolio for their needs.
This is Ripple's official online portfolio, where you can easily buy and sell XRP using normal currency and also keep your XRP. What I like most about this is the user interface. Another great feature is that Gatehub.net allows you to check real-time statistics and market trends before any XRP transaction. On the flip side, if you forget your Gatehub password, you can not recover funds or store additional funds in your wallet.
If you are in cryptocurrency trading, Poloniex is a great exchange to do it. Not only can you buy XRP by exchanging your Bitcoin, Ethereum or other currencies, you can archive XRP on Poloniex. Exchanges vary from place to place. While Poloniex is great for the United States and Canada, Coinspot is the exchange of choice in Australia and New Zealand, koinon is the most popular in South Korea, e Kraken It is popular in Japan.
This is more than just a wallet. It offers an easy gateway for merchants to accept cryptocurrency payments. Traders also have access to a very safe and secure wallet, where they can easily store their XRP for a limited duration.
Many cryptocurrency enthusiasts prefer to keep their digital coins in their desk wallets, as this gives them full control over them. Among the available desktop portfolios, Rippex is the most reliable and easy way to archive your XRP. And the nice thing about the Rippex app is that you can easily download it to "Windows", "Linux" or "Mac".
Ledger Nano S:
This is the best hardware portfolio that your dollar can buy. If you are a regular in the cryptographic world, you will naturally feel attracted to this type of wallet, as these portfolios are offline. This means that they offer a high level of security and allow you to safely store coins for long periods without problems. The Ledger Nano S hardware portfolio has recently added support for Ripple.
The best chart in the Ripple portfolio below gives you a good idea of how these five best portfolios accumulate.
The best Ripple wallets
|First name||gender||Cost of operations||Safety||shelf|
|GateHub||Online wallet||0.3% +20 XRP||****||***|
|Poloniex||Exchange||variable +20 XRP||***||***|
|CoinPayments||Payment system||0.5% +20 XRP||****||***|
|Rippex||Wallet for desktop||0.2% +20 XRP||****||****|
|Ledger Nano S||Hardware Portfolio||$ 65.00 +20 XRP||*****||*****|
For new readers and investors on Ripple, the previous review of the Ripple portfolio may seem a little confusing, so let me make a simple analogy.
Think of your XRP as your online information. Although "Gmail" may be the fastest way to get and send your information, your inbox may not be the best place to store your information.
Likewise, even if online portfolios offer much convenience, when it comes to security, there is nothing better than storing it in one's own hardware. That's why I would store my XRP using Ledger Nano S.Vero, it's a little bit of initial expense (about $ 65.00) to buy the hardware, but the security that offers your growing stock of XRP and their rapidly growing value makes it more than a good investment.