Ripple is looking like it will be the cryptocurrency to focus on in 2018, with over 80 banks adopting the Ripple platform, it is time to consider Ripple tablet as a viable investment. To invest in Ripple you will need a Ripple wallet. Below we have highlighted a service that will walk you through the process as well as other good wallet options.
Ripple, instead of trading via one of the many brokerage firms that support XRP and other cryptocurrencies, you will, at some point, have to decide on which wallet you want to store your precious XRP tokens in. Ripple wallets require you to have 20 XRP to reserve your wallet address. Having said that, the charge only applies if you’re planning on holding XRP on the Ripple ledger. So, when you deposit into or buy from an exchange, you shouldn’t be charged because it’s the exchange that technically owns the address, not you.
There is a lot of confusing jargon surrounding cryptocurrency wallets. Do you want a software-based cryptocurrency wallet? Software XRP Wallet This is a Ripple wallet which isn’t physical but, instead, sits online. Hardware XRP Wallet These are physical wallets which can be purchased online or in specialist stores. Most of them look a bit like USB sticks and have a small screen with a few buttons to allow you to check your funds and perform basic functions. Hot Wallet When people say a hot wallet, they just mean a wallet which is more or less always online and connected to the blockchain to allow for fast sending and receiving of funds.
Cold Wallet So, cold wallets are obviously the opposite of hot wallets. They are usually physical, and are left online when not in use to allow for the safe keeping of coins. Paper wallets could also be described as cold wallets as they are, of course, not connected to the internet. So, let’s begin by examining the differences between hardware cryptocurrency wallets and software cryptocurrency wallets, followed by the pros and cons of hot wallets and cold wallets. So, what do we mean by an exchange-based wallet?