Ripple wallet starter guide
We choose not to manage the assets of our clients. If you buy Ripple (XRP) through us, you will receive these funds in your wallet. At first, managing your crypto wallet may appear overwhelming, but once you get the hang of it, there is no going back! On this page, we will explain to you the basics of managing XRP with your wallet. Feel free to contact our support team if you need any help setting up your personal XRP wallet. You can contact us directly using the live chat function at the bottom of this page. We’re happy to help!
Lesson 1: Stay in control of your own XRP wallet
Ripple (XRP) is a fully digitalised currency, just like Bitcoin and other cryptocurrencies. The cool thing about cryptocurrencies like XRP is that you can manage them independently from third parties. There is no need for a bank to manage your assets digitally. With your wallet, you are in complete control over your own assets. This is one of the founding ideas behind the cryptocurrency revolution, and it also informs our daily operations at SATOS. Having your own Ripple wallet is very important. The wallet gives you complete control over your private XRP credits. What’s fun about cryptocurrencies, is that you play bank. Think about it: the money on your bank account is technically not yours. The amount displayed is merely a receivable. As soon as the bank falls, your receivables become worthless. It’s a risk you don’t run when managing your own wallet. Your wallet’s inventory truly belongs to you.
What is the best way to create Ripple wallet?
There are plenty of Ripple wallets available on the internet. At first, it may seem difficult to assess what kind of wallet is suitable for a starting crypto trader. To help you out a bit, we list the different types of wallets here and briefly describe the pros and cons of each. You can always opt for a different wallet, but it is nevertheless vital to do some research on this topic before you start buying cryptocurrencies. Make sure that you choose the correct cryptocurrency for the wallet. There are different wallets for different cryptocurrency. For the specific wallets for cryptocurrencies see:
There are generally four types of wallets used for storing XRP: mobile wallets, software wallets, hardware wallets, and web wallets. Each of these boasts its own set of features and carries certain advantages and disadvantages. It depends on your preferences which wallet will suit you best. Concerning Ripple wallets, it is even more essential to make the right choice in advance, as Ripple requires you to deposit 20 XRP before you can open a wallet. It is a measure implemented to prevent the unnecessary creation of new wallets. Think of it as a spam filter.
Mobile wallet
Do you always want to keep your cryptocurrencies at hand? Then installing a mobile wallet may be a good option for you. Mobile wallet applications are usually free of charge. They are also easy to install and to use. Have you just started investing in crypto? A mobile wallet will then probably suffice. But, once you start making more substantial investments, mobile wallets become vulnerable. After all, no one would feel comfortable walking down the street carrying their entire capital.
Software wallet
Are you planning to invest a bit more? A software wallet installed on your computer may fit you just well! Managing your crypto inventory from a laptop or desktop computer is much safer than storing them in a mobile wallet, as you do not carry your computer with you everywhere. Besides, it is easier to properly secure your computer with a good virus scanner than to secure your phone. Do you need even more security? Then you could consider purchasing a hardware wallet.
Hardware wallet
A hardware wallet is the safest alternative. It is a physical device made for the sole purpose of managing cryptocurrencies. A new model will set you back a bit over a hundred euros. Are you planning to make significant investments, or are you simply a more experienced trader? In that case, a hardware wallet may be the best option for you.
Web wallet
The final option we review here is the web wallet. It is the least safe option. Hence, we discourage you from creating a web wallet. Web wallets forward their responsibility to third parties, which means that you do not have complete control over your wallet’s security. Of course, there are a couple of good web wallets available, but we advise you to opt for a mobile, software or hardware wallet instead.
How can I send and receive Ripple?
We have already briefly discussed this subject, but essentially, a Ripple wallet only consists of two elements. These are the public and private keys. The public key serves as your recipient address. Compare it to your email address. You hand people your public key when they send you XRP. The other component — and perhaps the most important one — is the private key. It allows you to transfer XRP to others. Make sure that you secure this key well and that you keep it a secret.
Once you have installed a wallet, sending and receiving XRP becomes a piece of cake. To receive XRP, people will need your recipient address, your public key. Before we explain this process, you might want to have a look at what a standard Ripple recipient address looks like. Ripple addresses always start with an ‘r’. They look like this: r3kmLJN5D28dHuH8vZNUZpMC43pEHpaocV Of course, this is merely an example. You should always use the address of your own wallet when receiving XRP.
Sending, when for example selling Ripple (XRP) is just as simple. To do this, you copy the public key of the person who will receive your XRP and paste it in the wallet application you installed. You then select how much XRP you like to transfer and click on the ‘send’ button. That’s all!
How can I securely store my Ripple?
Having a cryptocurrency wallet means you act as a private bank, but this also entails some responsibilities. Once you have obtained assets, you become responsible for your capital’s security. To help you in this, we at SATOS provide you with a couple of security tips.
- When preparing a transaction, always double-check the recipient address. To prevent mistakes, we advise you to always copy-paste addresses, and not to retype them. You will spare yourself a lot of frustration this way.
- Before you start using your wallet, make a backup and store it in a safe location. This way, you can always recover your wallet in case a device gets broken or stolen.
- Ensure that 2FA (Two Factor Authentication) is enabled if your device or application offers this option. It provides you with an additional security layer, which makes it more difficult to steal your assets.
- Always ensure that someone you trust has access to your crypto inventory. You might not want to consider this, but it would be regrettable if your family and friends lack access to your capital after you have passed away.
- Finally, if you are managing your cryptocurrency from a computer, it is vital that you install a good virus scanner. It sets you back a couple of euros, but it guarantees your device’s security.
