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Top 5 Ripple Wallets in 2018

  • Vera Thornpike
    📚 WikiCoin

    There’s no better way of securing your crypto assets than a reliable wallet: consider these top 5 choices

Top 5 Ripple Wallets in 2018
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Crypto wallet is an irreplaceable part of your investment activity. But how to select a reliable and functional option? Let’s consider Top 5 Ripple wallets and find out how to pick the right one for you.

It’s been two years since cryptocurrencies started to make waves, and many altcoins grew in price as much as the leader, Bitcoin, did. There are many decent investment opportunities around, and one of them is Ripple (XRP). Having been invented as far back as 2004, it grew at a remarkable rate in 2017, and now is in the Top-10 cryptocurrencies. The coin is widely used for international transactions and is currently being tested by governmental banks, especially the ones in Asia. Despite being the third largest cryptocurrency by market cap (close to 18 billion US dollars), XRP is very cheap compared to Bitcoin and Ethereum, so right now you can still buy a handful of coins without having to take out a second mortgage on your house.

If you’re ready to jump on the Ripple bandwagon, then you need a reliable and functional wallet. Let’s observe five worthy solutions and find out why an accurate XRP wallet selection is more important than you may think.

Main vulnerabilities of cryptocurrency wallets

Like any other online product, online cryptocurrency wallets are prone to attacks and failures. These are the main five crypto wallet vulnerabilities:

Main vulnerabilities of cryptocurrency wallets

How to choose the best wallet for Ripple?

Not all Ripple wallets are created equal, as it were, so you need to perform a thorough market analysis before investing. The prime motivation for using a good wallet is the safety of your assets: without a rock-solid security, no digital solution has any real value.

So, what should be taken into consideration when picking up the best XRP wallet?

  1. Does the wallet support Ripple? This is the most essential question. The Internet offers a myriad of versatile crypto wallets, but sets of supported cryptocurrencies differ from one solution to the next.

  2. Is it secure enough? The absence of proper security measures takes away from most of a wallet’s value, which means that your virtual money could be stolen any time. Check whether the wallet provider implements a two-step authentication, cold storage, backup, and other security tools. An SSL certificate is a must-have for online services, too. An offline Ripple wallet is considered to be a safer option.

  3. What’s the fee/cost? If you’re going to handle huge amounts of cryptocurrency, investing in a hardware wallet for Ripple can be a more cost-effective solution compared to online storage.

  4. Is it compatible with mobile devices? Every self-respecting crypto wallet provider offers both desktop and mobile versions for their clients’ convenience. Make sure that your iPhone, Android, BlackBerry, or any other device supports the software.

Cold vs. hot wallet: which one is better?

Cold storage means using a hardware wallet for crypto assets. It is recommended for users who want to safeguard their coins instead of entrusting funds to third parties. This is a safer but also a less convenient option because you cannot perform cryptocurrency operations on the go. For this reason, some traders use both kinds of cryptocurrency wallets: online services for trading, as well as hardware wallets for storage only.

Now that the stage has been set, the time is ripe to actually have a look at the best Ripple wallet options.

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Binance

When talking about cryptocurrency exchanges, Binance is one of the first names that springs to mind. This crypto service is rapidly growing and now also offers its users Ripple wallets. However, it’s better suited for short-term coin storage: as a general rule, you shouldn’t store currency there for more than 1–2 days, because exchange issues may appear out of the blue.

“Why use it at all?”, you may ask. Well, Binance is perfect for instant buying and storing of XRP since you can claim a 50% discount on trading fees when you exchange Bitcoin to Ripple.

Ledger Nano S

This hardware wallet supports a number of cryptocurrencies, including Dash, BTC, ETH/ETC, Stratis, and Zcash. This crypto storage solution offers high-level security, ease of use, and portability. It looks like a USB device, so you can carry it in your pocket without having to be wary of any prying eyes. It allows you to control transactions with the help of a button and features a secure password system. You can send and receive coins and make automated account backups (there’s an individual recovery sheet applied to every device). The gadget can be ordered online: in 4–7 days, it will be delivered to your doorstep.

Ledger Nano S

Toast Wallet

But where to store Ripple for free? Try Toast, an open-source Ripple wallet which is accessible to anyone. Its salient features include:

  • Compatibility with Windows, Android, Mac, and iOS. Each application is well thought-through and fast.

  • Zero fees for both storage and transactions. Do bear in mind, however, that you need to have 20 XRP in reserve to process your transactions.

  • Toast Ripple wallet App has intuitive navigation coupled with a user-friendly interface.

Toast wallet is a bare-bones solution that will be perfect for starters to get their feet wet and learn the basics of cryptocurrency handling. It is simple enough for beginners to manage, and yet, supposedly, as safe as a Swiss bank. Another good news is that Toast is not a hosted wallet, which means you will have total control over your private keys.

Toast Wallet

Jaxx Wallet

This software was developed by the man who started investing in crypto very early on and helped to found Ethereum. In trying to figure out how to store Ripple safely and reliably, he developed Jaxx Ripple wallet. This is a multicurrency HD wallet that allows for storage of over 60 coins and lets its users control the seed and PIN. This software boasts the whole gamut of features, including:

  1. Custom fee options: high (fast transactions), average, and low (slow mining fee). The normal fee is recommended for an easy transaction confirmation.

  2. A QR scanner for better precision and accuracy of transactions.

  3. Exporting and importing of private keys.

Jaxx also provides an added bonus of the best exchange for Ripple: one coin can be converted into another in the app itself, so the investors are free to make transaction decisions right there and then.

Check out available Jaxx versions:

Android

Mobile & Tablet

iOS

Mobile & Tablet

OS X

Desktop

Chrome

Browser Extension

Windows

Ripple desktop wallet (x64) / (x86)

Linux

Ripple desktop wallet (x64) / (x86)

CoinPayments

CoinPayments is not just a desktop wallet for Ripple. As its name suggests, it is a cryptocurrency payment website where you can store currency online. It accepts over 900 altcoins, a record-breaking number for an exchange platform. CoinPayments functions like a physical bank — it allows exchanging of coins and shopping online — and has a low transaction fee of 0.5%. The fee is applicable to:

  • commercial deposits;

  • incoming payments;

  • transactions, regardless of their size.

Personal deposits and withdrawals are 100% free unless you use them for commercial items or shopping. To top it off, CoinPayments is highly convenient for online purchases: it partners with a wide range of e-commerce websites and stores, over 296,000 online vendors to be exact. Exceptional security level is achieved thanks to the BitGo multi-sig technology. So if you want a cheap and breach-proof solution for cryptocurrency storage, CoinPayments is exactly the thing.

10 ways to secure your cryptocurrency wallet

All cryptocurrency owners are potential victims of hackers. Although the aforementioned solutions are safe, you, as a user, bear the primary responsibility for the security of your assets. Here are a few professional tips:

  1. Do not install external mobile applications unless absolutely necessary.
  2. Activate a Two Factor authorization in both the app and on the web.
  3. Whenever someone sends you links, always double check them.
  4. Beware of Slack bots! Do not click on any links the bots send you. You can also protect your device against them by using Avira antivirus, Metacert, or Webroot security, as well as built-in Google Safe Browsing.
  5. When you’re engaged in a crypto trading activity, use a separate browser for the operations with crypto coins. It’s also better to choose an incognito browsing mode; in fact, ideally, you should have a separate PC or another device for crypto trading.
  6. Do not download crypto add-ons. Use antivirus for network protection.
  7. Do not perform transactions via public Wi-Fi, even if you use a VPN.
  8. Keep updating your router firmware regularly: hardware manufacturers release updates for protection against key substitution.
  9. Do not interact with websites without an HTTPS protocol.
  10. If something seems suspicious in the messages you receive, close the window and delete that letter from your inbox.

Bottom Line

Although the Blockchain is a safe technology in and of itself, it’s not immune to security breaches, which means you still need a safe place to store your cryptocurrency coins. The Internet offers a myriad of exchange platforms and crypto payment services that provide crypto wallets. These websites should be chosen wisely: some of them are prone to hacking, while the others may charge astronomical fees.

Bottom Line

So, what is better, an offline Ripple wallet or an online service? It depends on the frequency and size of your transactions. Cold storage is used for long-term investment; this feature is provided by hardware wallets. If you are going to trade actively and perform transactions on a daily basis that involve smaller amounts, then online services would be more appropriate for you. They can be used on the go, and their transaction fees are pretty low, though how low exactly would depend on the actual platform you opt for.

All of these Top-5 solutions are dependable and functional enough to meet the desired objectives of any crypto investor. So, if you’re ready to stock up on Ripple, pick up one of them and sleep soundly knowing that your assets are safe!

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Is BTC and Cryptocurrency Crash 2018 Similar to the Dotcom Crash?

  • Denys Serhiichuk
    📚 WikiCoin

    Lots of people compare cryptocurrency market growth with the Dotcom example. This topic was extremely discussed in 2018 when most of the coins decreased in their value by dozens of percentages. Prominent figures of the industry shared their opinions that Bitcoin would face the same crash as it happened with Dotcom. In this article, we will analyze the similarities and differences between them.

Is BTC and Cryptocurrency Crash 2018 Similar to the Dotcom Crash?
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Many analysts compare Bitcoin with the largest bubbles in the economy of countries, such as “tulipmania”, which in the 17th century led all of Holland to a crisis, or an unjustified increase in the value of shares of Internet companies in the late nineties. In the latter case, the Dotcom bubble burst in 2000, and $1.5 trillion literally disappeared in a short time.

Like this situation, an unprecedented influx of funds greatly increased the capitalization of Bitcoin from the end of 2017, and by the end of January 2018, the fate of the great crypto-bubble became similar. But for all the similarity of the model, it is still early to compare Bitcoin with the Dotcom bubble and fragile economic systems.

What is the Dotcom bubble?

In the late 1990s - early 2000s, the sphere of high technologies was on an unprecedented rise. During these years the popularity of the Internet among ordinary users and among large companies reached a peak. In the wake of the HYIP, more and more new companies opened, and the old ones issued their shares to the stock exchange, seeking to attract as many investments as possible. Intensive growth in stocks continued for several years, but then almost all companies lost more than half, and about 90% of capitalization.

At this time, there was a rise in the stock market, and the NASDAQ index, determined by the rate of shares of high-tech companies, rose from a value below 1000 to above 5000 in the period from 1995 to 2000.

NASDAQ index

The Dotcom bubble has grown out of a combination of speculative investment or investment in popular products, an oversupply of venture financing for startups and the inability to generate revenue. Investors poured money into the Internet projects in the second half of the 90s, hoping that someday these companies would shoot up.

The bubble, which was formed over the next 5 years, was fueled by cheap money, easy capital, excessive investor confidence in the market and blatant speculation. Venture capitalists who were looking for a new great opportunity invested in any company whose name used the “.com” domain. Such investments could pay off only after several years of successful existence of these companies; however, investors, embraced by the desire for easy profit, ignored the fundamental calculations. Companies that were yet to start generating revenue, and often finish the product, went to an IPO, and their shares soared 3-4 times a day.

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Within a few weeks, the stock market lost 10%. Investment capital began to flow from the market, and along with them began to dissolve the viability of the Dotcoms. The market capitalization after having reached hundreds of millions of dollars lost all value in a matter of months. By the end of 2001, most of the Dotcoms whose shares traded freely on the stock exchanges had closed, and trillions of dollars in investment capital evaporated.

The similarity and differences between the Dotcom bubble and the cryptoсurrency crash

Dotcom bubble

The main similarity between the Dotcom bubble and the cryptocurrency market is the correlation of the graphs. In both cases, the explosive growth and the repeated overcoming of the historical highs were followed by a strong decline.

In the early 2000s, Internet companies were “in vogue” and in the West, any average citizen could buy a stake in such companies. Now the whole world is talking about digital currencies and the process of buying coins has become easier.

On the other hand, the capitalization of the entire digital market even at its peak was several times lower than the capitalization of the NASDAQ stock exchange, where most high-tech companies trade. Many experts argue that digital assets have not become such a popular financial instrument so that they can be compared with stocks traded on one of the largest stock exchanges in the world.

NASDAQ and Bitcoin graphs)

In the 2000s, the Dotcom bubble burst; in 2018, the crypto market collapsed. The main question is: how to avoid major losses, using the experience of past years?

How to avoid losses when the market collapses

We should admit that at the moment the opportunities of investors are limited. The market has already managed to take off and collapse. And in the most unpleasant situation are those who bought cryptocurrency in December 2017 - January 2018, at the very peak.

Some experts argue that even in this situation, universal tactics of HODL (a distorted buy-and-hold option) will save investors.

Billionaire-businessman Tilman Fertitta, founder and CEO of Landry’s, a multi-brand corporation, expressed his point of view about the similarities between cryptocurrency growth and the Dotcom bubble, but noted that Bitcoin is real and “here to stay”.

Fertitta, who is also the leading reality show “Billion Dollar Buyer”, compared the growth of the entire cryptocurrency ecosystem with the Dotcom bubble and mentioned that people most likely just forget that the addition of “.com” to the end of the company name helped grow stocks.

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Despite numerous statements by skeptics and opponents of Bitcoin, Fertitta believes that digital currencies are not going anywhere. The main risk of cryptocurrency lies in the fact that governments of different countries do not regulate it in any way.

“Go to the bank and try to withdraw a million dollars, they don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it,” stated the billionaire.

Another famous person in the financial industry is the co-founder and partner of the cryptocurrency company Crypto Oracle, Lou Kerner. He is confident that cryptocurrency will succeed as Amazon did, and Bitcoin investors should calm down and follow the lead of technology giant, which lost 95% of its value in two years but has now become the world's largest online store by market capitalization.

According to Kerner, the current weak position of cryptocurrency in the market can be explained by the fact that digital assets lack confidence. Meanwhile, the expert calls Bitcoin “the greatest savings that ever existed”.

“It should surpass gold over time. It won't happen overnight”, Kerner predicts.

What is more, it is foolish to sell an asset that has already lost 80-90% of the cost. The compensation will be scanty, and with long-term retention, there is a chance that, although not soon, the asset will restore its value and the investor will be able to recoup the investment. On the other hand, even leading high-tech companies took 10 - 15 years to update their historical highs after the collapse in the early 2000s.

Investors who are well versed in digital assets can now try to purchase some of them at a relatively low price.

One of the reliable ways to eliminate the risk of losing capital is to invest in new promising projects while their assets are sold at a starting price.

It can also be an excellent option for diversifying investment assets that have a real product or service.

Reasons why Bitcoin is not a bubble

Bitcoin bubble

We selected the top 5 explanations why the main cryptocurrency cannot be considered a bubble.

  • Legal exchange

One of the most serious problems of Bitcoin so far has been a cautious attitude on the part of legislators and financial regulators. They are confused by its decentralized nature and connection with criminal elements in the darknet at the dawn of its existence. However, the position of the authorities is gradually changing. In April 2017, Japan officially legalized Bitcoin as a means of payment, which immediately spurred its cost and degree of distribution in the country.

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In the Philippines, people are increasingly using Bitcoin for low-cost remittances. The country stated that it would regulate Bitcoin, thereby giving the cryptocurrency legal status and approving the use of remittances. In the near future, Bitcoin may become a full-fledged means of payment in these countries. The trend is likely to continue, given the growing demand for Bitcoin from investors and users of online payment systems around the world.

  • Demand from commercial structures

In the early stages of the Bitcoin existence, it was used as a means of payment by only a few shops (usually owned by cryptocurrency enthusiasts). Currently, the situation has dramatically changed. Bitcoin can be used with leading technology companies and online stores. The rapid rise of the Bitcoin price, media attention, and acceptance in countries like Japan have led to increased interest in cryptocurrency from commercial structures. Arguments in favor of Bitcoin in online trading are very strong: the commission is lower than on credit cards; the risk of fraud with the return of payments is zero. Cryptocurrencies allow you to reach customers in regions with poorly developed banking infrastructure and attract new, tech-savvy customers. The more Bitcoin will spread, the higher and more stable will be the demand for digital currency. And given its limited distribution in the trading environment, the opportunities for growth are truly immense.

  • The preservation of wealth in countries with distressed economies

Another reason why Bitcoin is not a bubble is that cryptocurrencies are in high demand in economically disadvantaged countries. For example, in Venezuela, Bolivia, and Zimbabwe, Bitcoin is used to preserve savings and acts as an alternative means of payment in the context of a rapid devaluation of national currencies. This is evidenced by the increase in trade volumes, inversely proportional to the value of local currencies and economic growth in problem regions.

A look inside Bitcoin allows companies and people in countries with strict capital controls to receive remittances from abroad. In other words, wherever there is a crisis in the economy, the demand and distribution of Bitcoin are growing.

  • Bitcoin has become known relatively recently

2017 was the year when the public first learned about cryptocurrency. If you asked any passerby about Bitcoin five years ago, he probably would have looked with bewilderment. Today, most people have heard of Bitcoin, and some even know that it costs more than gold. Now that Bitcoin has gained popularity, the potential demand for it from new investors is huge. Institutional investors also have started to think about investing money in Bitcoin and other digital currencies.

  • The number of Bitcoin is limited

Finally, another key reason for such a high cost of Bitcoin is that growing demand is facing limited supply. The cryptocurrency was designed in such a way that the maximum number is 21 million. In addition, the rate of creation of new coins decreases with time. Thus, the growing demand for digital currency is faced not only with a limited amount but also with a constantly falling supply. Apparently, the debate about whether Bitcoin is a bubble will continue. However, comparing cryptocurrencies and shares of Internet companies should not be done given the serious fundamental differences between the two classes of assets.

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So, is Bitcoin a bubble or not?

“Bubble or not” logo

It is logical that everyone who enters the cryptocurrency market shows some caution, especially when it comes to investment and trade. At the same time, one cannot deny the innovations brought by Blockchain technology itself.

The consequences of the Dotcom bubble not only showed how dangerous bubbles can be but also demonstrated that truly innovative and technologically advanced companies can survive the crisis. For example, Amazon and eBay, which were able to stay afloat despite all market fluctuations thanks to the creation of new ideas and a good grip.

Of course, the situation with cryptocurrencies and Dotcom will be different. Businesses implementing blockchain technologies should be guided by the experience of Dotcoms, forming their own strategy.

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