If you need a secure method for storing your Ripple coins I’ve got one of the easiest and most secure methods for you. And best of all is it’s free: A Ripple Paper Wallet
Anyone who plans on holding Ripple (XRP) for more than a few weeks should consider pulling their coins out of the exchange wallet they’re currently stored in and getting them into cold storage. We’ve all heard the stories of exchanges getting hacked, and user’s coins being stolen.
Don’t let that happen to you. Get your coins off the exchange and put them into a Ripple paper wallet, which is completely offline, and nearly 100% safe and secure. With a paper wallet, the only way someone can access your funds is if they have control of the paper wallet itself.
While you could also put your Ripple in a desktop wallet, you’re only secure there until your own computer gets hacked. Sure, you might think it will never happen to you, but it happens to people all the time, and hackers find new ways to compromise home computers all the time too. Better to just make a paper wallet and know that your Ripple is safe from hackers.
With that in mind I have to remind you here to run a complete virus scan on your computer before creating your Ripple paper wallet to make sure the computer isn’t already compromised. The very best solution would be to use a brand new computer that has never been connected to the internet, but I know this isn’t feasible for most people.
No matter what cryptocurrency you generate a paper wallet for, it will have both a public key and a private key. The act of generating the public wallet simply selects a random secret private key and then generates the public key associated with it. To do this so the keys are valid we use an online key pair generator.
Note: To be as safe as possible when generating this key pair you should do this offline, using an amnesiac operating system like Tails. This will ensure your wallet cannot be compromised, and it also ensures no data is sent over the internet, or is available to be compromised. To do this you’ll need to save the Ripple wallet generating website to your USB drive so that you’ll be able to access it offline later with Tails.
After those three simple steps you now have a sheet of paper with a public/private keypair printed on it. This is your new Ripple paper wallet. But you aren’t done yet, because the paper wallet is still empty and needs to have funds sent to it.
Your Ripple paper wallet is created and ready to be used, and now it’s time to send your funds off the exchange and into your safe cold storage paper wallet. Not only can you send Ripple from an exchange wallet to your paper wallet, you can send it from any wallet at all.
For this tutorial I’m assuming you’re sending from an exchange wallet, but the steps are the same if you have your Ripple in any other type of wallet.
There’s no denying that paper wallets can seriously decrease any threat of being hacked or having your coins stolen, but they still have their own unique risks.
This is possibly the scariest threat from paper wallets. There are people in the world who would be more than willing to physically threaten and assault you if that’s what it takes to get at your Ripple coins.
If this type of thief learns that you have a Ripple paper wallet in your home safe they could break in and use physical violence to get you to give up the paper wallet. This is why so many have said never to brag about your cryptocurrency holdings. It doesn’t serve any useful purpose other than vanity, and it can make you a target.
After all, this is just paper. It may last for some time, but anyone who’s ever seen decades old newspapers knows that eventually it will become brittle and worn out. Not only that, it can very easily be damaged by fire and water, and even wind. This is one of the reasons it’s so important to have multiple copies of your paper wallet.
Even if someone doesn’t come and coerce you into giving up your paper wallet it could still get stolen, and often by those you know and trust. They don’t even have to take the physical paper. They could simply take a picture of the Ripple paper wallet and empty it, and you wouldn’t know for possibly years.
You know humans are always prone to making mistakes and this could lead to your inadvertently tearing or destroying the paper in some way. Or you could simply forget where you put the paper wallet. Which is actually another good argument for having multiple copies of any paper wallet you create.
Once you see the funds in your account through the account viewer you’ve successfully created and funded your Ripple paper wallet. Congratulations!
Now it’s time to store it so you’ll be able to access your Ripple at some time in the future. You might choose to have it laminated so it will last longer and be water resistant. You should also have several copies stored in different locations, just in case one, or more, gets destroyed.
Remember when storing each copy that anyone who has access to it also has access to your Ripple coins, so wherever it is make sure its secured just like you would jewelry or cash. Many people choose to have copies stored in separate locations in the event of fire or floods or other natural disasters.
Of course, if you are worried about the risks that we mentioned then your best bet would be to store your XRP on a hardware wallet such as a Ledger Nano.
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