When it comes to storing your XRP, there is no shortage of options within the cryptocurrency community. You can keep it on an exchange, store it in a hot wallet, or hold it in a Ripple Paper Wallet.
A paper wallet is one of the quickest and easiest ways to securely store your XRP. If you’re looking for a secure yet simple method, you might consider a Ripple paper wallet.
If you’re the type of person who prefers to hold your XRP for more than a few weeks, you may not want to keep your Ripple on an exchange. It makes more sense to withdraw your digital assets and keep them in cold storage.
Think about it. What happens if the exchange gets hacked? You could potentially lose all your hard-earned Ripple in a matter of moments.
That’s just one of many reasons why it might make more sense to keep your cryptocurrency in an XRP paper wallet. This type of wallet is arguably one of the safest available and when you use one, the only way someone can access your XRP is if you allow it.
There are also desktop wallets that let you store your Ripple offline. However, keep in mind that PCs can also be hacked or wind up with a virus that can wipe out your XRP in an instant. With a Ripple paper wallet, your coins are protected against the dangers of malware.
It’s not difficult to set up an XRP paper wallet, but many people don’t know how to get started. We’re here to help walk you through creating your very own paper wallet and sending your Ripple to it.
First, though, let’s talk a little more about why you might want to use a Ripple paper wallet.
Why Use an XRP Paper Wallet?
Paper wallets have long been thought of as one of the most secure methods to store your digital assets. If the proper precautions are taken, it is nearly impossible for someone to access your Ripple holdings.
And remember that a Ripple paper wallet is a very secure way to keep your XRP protected against malware, cyber-attacks, and other nefarious attempts to get your XRP. With a paper wallet, you’re “printing” and keeping your coins offline. We’ll talk more about that in a bit.
What’s important to remember is that you’re not printing out your Ripple on a piece of paper. Instead, you’re printing out the information that’s stored in a digital wallet. Doing so provides several security advantages over other types of wallets.
We’ve already mentioned one. Your Ripple cannot be accessed through malware or cyber-attacks when it’s stored on a paper wallet. However, a physical Ripple paper wallet does not guarantee complete safety.
If someone discovers where you keep your XRP paper wallet and decides to steal it, they can then access your Ripple and move it to their own wallet. That’s why some people choose to disguise or hide their paper wallets.
How to Create Your Ripple Paper Wallet
One of the first things you should know is that your XRP paper wallet comes with both a public and private key. When you create your wallet, a secret private key is randomly created, so no one else knows what it is. This, in turn, generates your public key, which is directly tied to the private one.
Generating Your Paper Wallet
There are several sites that will create a Ripple paper wallet, but one of the more popular options is XRPnow’s paper wallet. Navigate to the site, find the blue “Generate Your Paper Wallet” button, and click on it. Your new wallet will automatically appear below the button.
You’ll see your public key, your private key, and your public Ripple address on the paper wallet. Make sure you copy and paste your Ripple address somewhere safe, so you can easily access it anytime you want to verify your balance information or move your funds.
Printing your Ripple Paper Wallet
With your information safely stored, you can now print out your XRP paper wallet. If you’re worried about someone accessing the information, you can always connect to your printer through a USB cable prior to printing your wallet. You could also save it to a flash drive and print it straight from there if you prefer.
For those who intend to store a fair amount of XRP on your Ripple paper wallet, you might think about keeping several copies. You can store one in your bank deposit box, keep one in your home safe, or in other secure locations.
That’s all there is to it. You are now the proud owner of your very own XRP paper wallet. Most likely you’ll have a piece of paper with your public and private keys on it. Make sure you keep it in a safe place. However, first, you’ll want to send your Ripple to your wallet.
Sending Funds to Your XRP Paper Wallet
Once you have your Ripple paper wallet printed out, you’ll want to take a moment and send your funds to it to ensure that they are safe and secure. Sending your XRP to your paper wallet is a lot like sending your funds to any other wallet you might have.
If you’ve ever transferred cryptocurrencies from one wallet to another, then you are already familiar with how it works.
The first thing you want to do is log in to the wallet that currently houses your XRP. Go to the withdrawal section of the wallet so you can see how much Ripple you hold. You’ll find an option to withdraw your XRP, which will ask how much you’d like to transfer. There will also be a place to insert your new Ripple paper wallet address.
Keep it Small to Start
When you’re ready to send funds to your XRP paper wallet, it’s wisest to send a small amount first. That way, if it doesn’t go through successfully, or if something goes awry, you’ll only lose out on a little bit of your Ripple instead of everything you own.
However, bear in mind that you have to send at least 20 XRP, plus associated fees when setting up your paper wallet.
Now, find the file you created with your paper wallet information. Copy your Ripple address and paste it into the withdrawal address field of the wallet that currently holds your XRP. Double and triple-check that everything is correct before you click on that withdrawal button.
After you’ve confirmed that everything matches, send your Ripple over to your XRP paper wallet. Now all you have to do is wait for the coins to show up in your paper wallet. Of course, you need a way to verify that, which you can do using a Ripple account explorer. Enter your public key into the search option to validate your funds arrived.
When you see the amount you sent in the account explorer, you’ll know that it worked. Now you can move over the XRP you want to keep in your Ripple paper wallet. Simply use the steps you followed above to get your Ripple moved to the safety of your paper wallet.
Remember to verify everything moved using the account explorer. Once it does, you’ll have successfully generated and funded your own XRP paper wallet.
You’ll want to be sure you keep your new Ripple paper wallet in a safe location that only you know about. Preferably somewhere safe but easily accessible. Some users like to laminate their paper wallet for waterproofing. Others make several copies to store it in multiple locations.
These are just suggestions. You are, of course, free to determine the method that works best for you. However, keep in mind that anyone who can access your paper wallet can also access your digital currency.
Having an XRP paper wallet means that your Ripple is now in a secure and safe location. Be sure you’re doing what you can to make sure it remains that way.