Ripple is a cryptocurrency that acts as a digital payment network for transactions. It works on an open source, peer-to-peer, decentralized platform. Money is transferred from source to receiver via a gateway, which acts as a credit intermediary. Money can be transferred easily (and in any form) be it in litecoin, bitcoin, USD or even Yen. Ripple is the third largest cryptocurrency market. Its market cap is nearly 37 billion USD. In order to store ripple you need to have a wallet. So what are the best ripple wallets on the market today?
There are several ways to buy ripple on the market. A user can buy ripple through direct trade, or on an exchange. Ripple can be bought with other cryptocurrencies as well. Transaction costs are very low, and amount to 0.0001 XRP (ripple). A large number of transactions can be handled in a period of time. A single transaction is generally processed within 10 seconds. All this is possible as ripple is built on the most advanced cryptocurrency blockchain technology. Care must be taken to ensure that the cryptocurrency is stored safely after purchase, and the use of cryptocurrency wallets is recommended for the same.
Best Ripple Wallets
A cryptocurrency wallet is a software that allows you to easily store and manage your private keys (a secure digital code is known only to you and your wallet) and public keys (a public digital code associated to a certain amount of currency). Basically, a cryptocurrency wallet is a secure digital wallet used to send, receive and store digitized currency. A good wallet provides for security and backup, is easy to use, allows you to control your private keys, and is constantly updated. Great care must be taken while choosing a wallet. Here are a few of the best Ripple wallets.
To make use of desktop wallets, they must be installed on a computer system. They are secure until or unless the computer system on which they are stored is hacked (Buy a good antivirus!). It is a secure and private wallet, which is in combination with ‘TOR Network’. These wallets are always connected to the internet.
GateHub is the official wallet for ripple. Creating an account on GateHub is easy. A user must authenticate his identity and link his bank account to GateHub, after which the user can purchase, store, or sell ripple. Ripple can be bought in USD or EUR. All private keys and passwords are hashed and encrypted using industry standard algorithms. This ensures utmost security. Features like one-click email recovery and backup seed keys are used for backup and restoration purposes.
Toast Wallet is an open source desktop wallet. Its source code can be found on Github. It is available on desktop for Mac, Windows, and Linux. It also serves as a mobile wallet and can be used on Android devices. When dealing with small amounts of ripple, toast wallet is the perfect solution. Setting up an account is easy and the verification process is simple. It presents a user-friendly environment and anyone can use it. A user must hold at least 20 XRP in the wallet to send any amount from one address to another. The biggest advantage of this wallet is perhaps the fact that there is no transaction fee required – whatsoever.
Rippex is Brazil-based and is one of the most popular wallets for ripple traders as it is easy to use and very secure. Rippex can be installed on Windows, Linux, and Mac platforms. Setting up an account is easy, and the verification process is simple. Transaction fees are low and high security is provided. Rippex will display the password of a user, the ripple wallet address, and the secret key. It is important to safeguard the secret key as it provides access to the ripple wallet. An amount of 20 XRP must be initially transferred to a ripple wallet to activate an account. Rippex can be accessed in offline mode as well and Ripple can be transferred from a Rippex account to other wallets as well.
Hardware wallets are designed like USB devices and can be connected to any computer. They are very secure as they can be disconnected from the internet, stored anywhere and are not regularly carried on your person (reducing the chances of misplacing it or it being stolen). Some hardware wallets can even be safe when attached to a hacked computer as the device itself has its own security measures. In general, safety is paramount with a hardware wallet and they are secured well with pin codes. An added benefit is that across the board, a hardware wallet is easy to use.
Ledger Nano S
A Ledger Nano S hardware wallet is one of the most inexpensive hardware wallets and is available for $95 US. It looks like a USB device. A user must enter a 4 digit pin to sign into the device each time it is plugged into a computer. Transactions cannot be manipulated with, as they are physically verified on the embedded screen with the press of a button. This wallet can hold other cryptocurrencies like Bitcoin, Litecoin, and Ethereum, yet each of these currencies can be managed from the same device. During setup, a 24-word seed is created offline. This is used for recovery purposes. An additional word (checksum) can be added to the seed but must not be forgotten, as it is added to the original 24-word seed.