The problem of liquidity in cross-border transactions between different parties was one that many stakeholders in financial markets wanted to eliminate. And with the introduction of blockchain as a futuristic approach to payment processing, this was made possible by Ripple.
As an investor or user of the ideal global real-time cryptocurrency system for payments, you certainly don’t want to be left out of the benefits that come from the decentralized network over time. The only way to achieve this is to keep yourself updated on the latest market trends for Ripple.
Not to be forgotten is the safety of your hard-earned XRP coins that you kept in a hot or cold wallet. Given that a cryptocurrency wallet is the most important part of your cryptocurrency journey, here are some key guidelines to help you get the most out of your Ripple wallet:
Always update the latest software version related to your Ripple wallet
By the first half of 2018, $ 1.1 billion worth of cryptocurrencies had been stolen from various wallets and exchanges. The opportunity to commit cybercrime is easier than ever. According to a post published by CNBC, more than 10,000 dark Internet marketplaces offer crypto theft solutions to hackers.
This means you’ll need to update yours Ripple wallet Getting the latest software version is the first step in ensuring your coins stay in your possession. Updating all software tied to your XPR wallet to the latest versions will ensure that you have the latest security measures.
Secure your crypto wallet
Cases of lost phones or stolen computers are rife around the world. Backups come in handy when you lose the Ripple software wallet installed on one of your devices due to hardware failure or theft.
Backups, especially offline storage options like Nano Ledger S, can help you restore your XPR wallet if it’s lost or stolen.
Your wallet’s security is tamper-proof
As can be seen from the amount of cryptocurrency stolen in the first half of 2018, theft is one of the biggest risks for cryptocurrencies. Therefore, like with a ripple wallet holder, it is important that you activate the most robust security measures to protect your crypto wallet.
One of the most basic security implementations is the creation of lengthy passwords that are difficult for third parties to guess. Also, enable a two-factor authentication step for anyone who needs access to your wallet. This should be just you. This can be combined with instant message notifications for logins via text messages sent to your mobile phone if you are using a wallet that supports such alerts.
Save only what is enough for your XRP wallet
Finally, as a Ripple investor or user, you will learn to use the services of hot (online) and cold (offline) wallets. Keep only what you need for your day’s trading or transactions in an online portfolio that is more prone to hacking. It’s also important to keep in mind that much of your investments should stay in a cold (offline) wallet when not in use at all.