G'Day!

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Archived
Joined
Oct 2017
From
Sunshine Coast
Total newbie to crypto's. I've recently bought some Ripple from a site called Coinspot. I could purchase the coins straight from my Australian bank account via b-pay so that was pretty easy.

I've now read somewhere that I should store the coins in a more secure wallet than just in coinspot?

Wondering what, why, where, and of course how? Haha

I'm sure there is already a forum topic here I can check out.

Cheers, Skoey.
Sunshine Coast. QLD. Australia. [emoji1360]

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V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
Total newbie to crypto's. I've recently bought some Ripple from a site called Coinspot. I could purchase the coins straight from my Australian bank account via b-pay so that was pretty easy.

I've now read somewhere that I should store the coins in a more secure wallet than just in coinspot?

Wondering what, why, where, and of course how? Haha

I'm sure there is already a forum topic here I can check out.

Cheers, Skoey.
Sunshine Coast. QLD. Australia. [emoji1360]

Sent from my SM-G935F using Tapatalk
Welcome! The reason why isn't not a good idea to leave any coins on an exchange long term is because there is a greater possibility for the exchange to get hacked and funds stolen. Additionally, exchanges typically hold your private keys for you. It makes it more convenient from a user interface perspective because you can log into your account, view all of your balances, and quickly exchange between other coins. But, because you don't control your private keys, it's kind of like putting your money in an uninsured bank, rather than leaving it in your own safe at home. Even if you trust the bank, they can still be robbed either from without or within. Of course there are ways where you can be robbed by leaving it in your safe, however, you hold the key, you know where it is, and you control the environment. Same with crypto; the more control you have over your own coins, the more control you have over their fate. So with that, your storage options are either exchange wallets, desktop wallets, paper wallets, or hardware wallets. In general exchange wallets are relatively safe, but there's always that chance that you could be the victim of a hack. If you do decide to leave your coins in an exchange, set up as many security factors as you can (two factor authentication, etc). Paper wallets can be good also and recommended as a back up. But like anything else that exists on paper it's subject to wear and tear, misplacement, fire or water damage, etc., so you should have a backup for that as well. desktop wallets can be good, but you have to make sure you have all your password and keys backed up on other hard drives, or on a paper wallet so if your computer gets destroyed or wiped out you can use the keys you've backed up to restore the desktop wallet on another computer. Hardware wallets are good for many of the same reasons, but once again, make sure you have all your private keys backed up (perhaps in multiple places) because hardware can eventually fail, given enough time. So my advice would be to have multiple backup plans to secure your coins. We have a guide to set up a Rippex wallet which stores XRP which you can read here (https://cryptorum.com/threads/rippex-guide-for-storing-ripple-xrp.89/). If you're more interested in short term trading, you way just want to leave them on an exchange for easier facilitation. But for coins you want to store long term, I would look at either: a desktop wallet like Exodus (or Rippex for XRP) or a hardware wallet like the Ledger Nano S. Just make sure to look at the official site of whatever solution you are choosing to determine what coins they support.
 
Joined
Oct 2017
From
Sunshine Coast
Welcome! The reason why isn't not a good idea to leave any coins on an exchange long term is because there is a greater possibility for the exchange to get hacked and funds stolen. Additionally, exchanges typically hold your private keys for you. It makes it more convenient from a user interface perspective because you can log into your account, view all of your balances, and quickly exchange between other coins. But, because you don't control your private keys, it's kind of like putting your money in an uninsured bank, rather than leaving it in your own safe at home. Even if you trust the bank, they can still be robbed either from without or within. Of course there are ways where you can be robbed by leaving it in your safe, however, you hold the key, you know where it is, and you control the environment. Same with crypto; the more control you have over your own coins, the more control you have over their fate. So with that, your storage options are either exchange wallets, desktop wallets, paper wallets, or hardware wallets. In general exchange wallets are relatively safe, but there's always that chance that you could be the victim of a hack. If you do decide to leave your coins in an exchange, set up as many security factors as you can (two factor authentication, etc). Paper wallets can be good also and recommended as a back up. But like anything else that exists on paper it's subject to wear and tear, misplacement, fire or water damage, etc., so you should have a backup for that as well. desktop wallets can be good, but you have to make sure you have all your password and keys backed up on other hard drives, or on a paper wallet so if your computer gets destroyed or wiped out you can use the keys you've backed up to restore the desktop wallet on another computer. Hardware wallets are good for many of the same reasons, but once again, make sure you have all your private keys backed up (perhaps in multiple places) because hardware can eventually fail, given enough time. So my advice would be to have multiple backup plans to secure your coins. We have a guide to set up a Rippex wallet which stores XRP which you can read here (https://cryptorum.com/threads/rippex-guide-for-storing-ripple-xrp.89/). If you're more interested in short term trading, you way just want to leave them on an exchange for easier facilitation. But for coins you want to store long term, I would look at either: a desktop wallet like Exodus (or Rippex for XRP) or a hardware wallet like the Ledger Nano S. Just make sure to look at the official site of whatever solution you are choosing to determine what coins they support.
Thanks so much for the detailed reply!! I'm pretty PC illiterate at the best of times. Haha is there any mobile apps that would do the trick for ripple and other coins, or is that just an exchange? Thanks again!

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V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
Thanks so much for the detailed reply!! I'm pretty PC illiterate at the best of times. Haha is there any mobile apps that would do the trick for ripple and other coins, or is that just an exchange? Thanks again!

Sent from my SM-G935F using Tapatalk
There are a few mobile apps for cryptos but generally they are linked to the profiles you established on your desktop computer (eg Coinbase app links to your Coinbase account you set up on your desktop). One of the few exceptions is an app called CoinPouch. They don't support Ripple but do support a few coins. However, I'm not crazy about the idea of having all my crypto info, including private keys linked specifically to my mobile device. There's too much that can go wrong with that scenario (theft, damage, hacking, etc). Another reason Rippex is good for Ripple is that even if you delete the wallet application from your computer, (provided you saved your keys somewhere other than on your computer) you can just redownload the Rippex wallet onto another computer and view your balance again. The only thing that would be deleted by doing that is any transaction history you had that was saved in the previous wallet file. But your balance will still show and you'll be able to have access to your coins.
 
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