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How to Store Ripple Safely – Ultimate Guide 2021

Jul 2, 2021

What Is XRP?

XRP is a native currency of the Ripple network. We should say a couple of things about the network as its characteristics played a huge role in making XRP one of the leaders on the market. Most early cryptocurrencies were kind of opposing the banks and conventional financial systems. However, Ripple has a different attitude.

Ripple was launched in 2012. While many crypto coins are promoted as an alternative to banks, Ripple is rather mentioned as a service using blockchain to improve the experience of customers of banks. Ripple was openly partnering with banks when it was something unorthodox in the crypto community. Ripple is a payment network allowing remittance, real-time gross settlement, and currency exchange. Ripple is used by busy networks to improve performance. More than that, financial institutions can reach new markets via Ripple. What’s especially good is that the decentralized nature of XRP allows quicker cross-border interactions.

Thanks to XRP, it is possible to nearly instantly send money in large amounts to any place of the world, paying little commissions. Ripple doesn’t require pre-funding while doing cross-border remittance which makes the process faster and hassle-free. The Ripple transactions are irreversible. The network doesn’t provide chargebacks.

In 2013, only a year after a launch in the times when cryptocurrencies were still very marginalized, banks started to eye Ripple as an interesting project and began approaching Ripple for collaboration. In 5 years, the number of banks that signed up to Ripple has exceeded 100. However, only a few of them were using XRP at that time as institutions were approaching cryptocurrencies without much trust.

In contrast to many cryptocurrencies, XRP performs fast transactions. According to the Ripple website, the transaction usually takes a bit over 3 seconds. Compare it to 10+ minutes needed for a Bitcoin transaction and you’ll get why XRP attracted attention. The Ripple network works as a ledger in which people are exchanging the transaction info presented in the form of XRP transactions. Thus the XRP ledger represents debt in some real-world assets whether it be currencies, precious materials, air miles, or anything else. This approach makes it easier for banks and other traditional financial institutions to implement solutions by Ripple. By 2018, XRP became one of the top 3 crypto coins in terms of market cap. The platform didn’t endorse or promote any XRP wallet so people were deciding on how to store XRP themselves.

Wallets Good For XRP Storage

Ripple doesn’t offer or recommend any particular wallet for XRP storage but we, at Freewallet, do! You can store XRP alongside 150+ cryptocurrencies via a multi-currency wallet called Crypto Wallet. If you don’t need that much info in your wallet interface you might opt to install a dedicated XRP wallet by Freewallet.

Both wallets are safe and provide enough features to elevate this safety to a higher level. More than that, we did our best to make the use of both wallets easy and pleasant. Soon we will let you know how to store XRP safely but first, we’d like to tell you about the features of these wallets in detail.

Crypto Wallet Features

Crypto Wallet is a multi-currency wallet with tons of features. It can be installed as an app on iOS- or Android-based mobile devices. Alternatively, you can access a web version via a preferred Internet browser. You won’t find functionality differences between the mobile app and web versions, although they have different interfaces fitting the devices the wallet is accessed on.

You can send, receive, and store XRP coins using Crypto Wallet effortlessly. The respective buttons can be easily found on the homepage of the app/website. If you send coins to a different Freewallet address, you can use a receiving party’s email address instead of an address. Thanks to our partnership with Simplex and Moonpay, you can buy XRP and other cryptocurrencies by card right in the wallet app (there’s a Buy with a card button on the main page). This feature helps to dip your toes into a cryptocurrencies ocean without much hassle. We have an opposite feature, too. When you believe that it’s time to spend your XRP coins you can do it in Freewallet, too. For that purpose, we provide an opportunity to buy gift cards from over 800 well-established brands. We accept payments in all cryptocurrencies supported by Crypto Wallet, including XRP.

Another feature that makes Crypto Wallet especially convenient is the ability to instantly exchange cryptocurrencies for free. You can exchange your XRP or dozens of other coins for a different cryptocurrency from our list. The transaction doesn’t take any notable time and is commission-free. If you are looking to exchange coins as quickly as possible you can not waste your time on the trading process on the exchange but convert your coins right in your wallet.

The overall interface is very intuitive so you will barely need advice on how to store XRP safely because you will quickly get how to turn the security measures on from the app itself. However, we will name the main options in the respective section of the article.

Dedicated XRP Wallet Features

A dedicated wallet has many of the features that Crypto Wallet does. The main difference is that the only coin you can store on the XRP wallet is XRP. The homepage contains the Receive, Buy, Send, and Scan QR buttons. So you can use the wallet for such basic functions as storage and incoming and outcoming transactions. Apart from that, you can buy XRP coins using a bank card. You can do that both by clicking a Buy button and via a Lightning icon button. The latter also opens a page with the price stats of XRP. You can quickly convert a different cryptocurrency to XRP via the Receive button. Just click on it and open the Smart Address tab. There you will be able to swap one of the crypto coins to XRP. Below we will finally tell how to store XRP safely.

How to Store XRP Safely?

Now let’s name the most important opportunities you can use to enhance the protection of your wallet whether it’s an XRP wallet or Crypto Wallet. First, we’ll mention the features available in the Security section of the app. One of the first things you do when you create a Freewallet account both via a web version and via a mobile app is setting a PIN code. This code is one of the two most basic security measures available on Freewallet. Anyone who tries to enter your account or perform any critical action will be required to tap a 4-digit PIN that you set yourself. Another important security feature that shouldn’t be neglected is 2-factor authentication. This protective layer will make it impossible to access your account without entering a one-time password generated locally on your mobile device.

Additional protection measures can be applied for further safety. One of them is email confirmation. If enabled, it requests you to confirm critical actions via tapping on a link sent to your email hence those who have no access to your email won’t be able to perform actions in your account. More than that, you can set the withdrawal limit so if an intruder accesses your wallet he won’t be able to withdraw all of your money. In the App preferences, you can turn the balance alerts on. So you’ll always be aware of balance changes. In the Sessions section, you can see the info about all the logins with related data and terminate all sessions in one click. If you have questions and requests, feel free to contact our support team eager to assist you 24/7.

Conclusion

In conclusion, we want to stress that if you turn the safety features on you can feel secure about your funds and data. PIN and 2-factor authentication alone can make it nearly impossible for strangers to enter your account. Don’t neglect the security measures, just switch them on as soon as you sign up, and rest assured that your XRP will be kept safe! Hopefully, this article has provided you with enough information to let you know what Ripple is and how to store XRP safely.

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