How do you safely store Ripple (XRP)?
Storing Ripple is a little different than storing Bitcoin or Ethereum as you’ll see below. Here are your basic options.
- You store them at a vault with a trusted player like Gatehub, think Coinbase and your Bitcoin vault for comparison. You get an IOU for the Ripple you store. See Steemit post on how the IOU works. I think of it like storing cash in a bank vs. storing the cash in your own home. At the bank they use the cash as they see fit but have an IOU for whatever you’ve deposited. So in theory they could go under and you’d lose that money but at a regular bank they are FDIC insured and that’s not yet the case with much of the crypto world.
- You open a paper wallet with a place like Rippex and print out your keys and stash them in multiple places and you use those physical keys to get into your wallet.
- You use something like the Ledger Nano which supports multiple blockchain technolgies and you store it on that hardware. Think of a USB device and that’s the only way you get access to your coins. Just make sure you don’t lose them. I’m leaning this way for my Ripple coins.
- You leave them on the exchange in your brokerage account and hope for the best.