The issue of liquidity while making trans-border transactions between various parties has been one that many stakeholders in the financial markets aim to eliminate. And with the inauguration of the blockchain as a futuristic approach to handling payments, this has been made possible through Ripple.
As an investor or user of the ideal real-time global payment cryptocurrency system, you certainly don’t want to be left out of the advantages accrued from the decentralized network over time. However, the only way to achieve this is by keeping up to date with the latest market trends covering Ripple.
Not to forget is the security of your hard-earned XRP Coins, which you have stored in either a hot or cold wallet. Given that a crypto wallet constitutes the most critical part of your cryptocurrency journey, a few key guidelines that will aid you to make most out of your Ripple wallet include:
Always adapt the latest software version related to your Ripple wallet
By the first half of the year 2018, $1.1 Billion worth of cryptocurrencies had been stolen from various wallets and exchanges. The ability to commit cybercrime is easier than ever before, with more than 10,000 marketplaces in the dark web offering crypto theft solutions to hackers, according to a post published by CNBC.
This means updating your Ripple Wallet to the latest software version is the first step to ensuring your coins remain in your possession. Updating any software tied to your XPR wallet to the most recent releases ensure you are covered with the latest security measures.
Backup your crypto wallet
Cases of losing phones or getting computers stolen are common across the globe. Backups play handy when you lose the Ripple software wallet installed on any of your devices upon hardware failures or theft.
Backups, especially offline storage options such as Nano Ledger S can help you recover your XPR wallet when lost or stolen.
‘Tamperproof’ your wallet’s security
As evident in the amount of cryptocurrency that was stolen in the first half of 2018, theft is among the most significant risk facing cryptocurrencies. Therefore, like a ripple wallet holder, it is critical that you activate the most robust security measures to protect your crypto wallet.
The most basic security implements entail coming up with lengthy passwords that are difficult to guess by third parties. Also, activate a two-factor authentification step for anyone in need to access your wallet, which should only be you. This can be coupled up with instant message notifications on any logins via text messages sent to your mobile phone in case you are using a wallet supporting such alerts.
Store only what is enough for your given XRP wallet
Finally, as a Ripple investor or user, learn to leverage the services of both hot (online) and cold (offline) wallets. Keep only what you need for your day’s trade or transactions in an online portfolio which is more prone to hacking. It is also important to keep in mind that a bulk of your investments should remain in a cold (offline) wallet if at all they not in use.