Ripple is a cryptocurrency that acts as a digital payment network for transactions. Ripple works on both an open source and peer-to-peer decentralized platform and is the third largest cryptocurrency with a market cap of nearly $37 billion. Money is transferred from source to receiver via a gateway which acts as a credit intermediary. Money can be transferred in any form, be it in USD, Yen, Litecoin or Bitcoin. Transaction costs are low and coins can be bought through direct trade or an exchange. Ripple can be purchased with other cryptocurrencies as well, but firstly users are advised to safeguard their coins by storing them in a cryptocurrency wallet.
Great care must be taken while choosing a wallet. It takes hours of hard work to earn money, yet a few seconds of hackery can take it away. A cryptocurrency wallet is a software that allows you to easily store and manage your public keys (a public digital code associated to a certain amount of currency) and private keys (a secure digital code known only to you and your wallet). Basically, a cryptocurrency wallet is a secure digital wallet used to send, receive and store digitized currency. A good wallet provides for security and backup, allows you to control your private keys, is easy to use, and is constantly updated.
Rippex is one of the most popular wallets for ripple traders, as it gives them control over private keys. It is Brazilian-based and very secure. Rippex can be installed on Mac, Linux and Windows platforms. Setting up an account is easy, the verification process is simple, and transaction fees are low and high security is provided. An amount of 20 XRP (ripple) must be initially transferred to a ripple wallet to activate it. Rippex can be accessed in offline mode, which is an added advantage and you can transfer Ripple from a Rippex account to other wallets easily. To set up a Rippex wallet, here are the steps:
How To Setup A Rippex Wallet
Step 1. Create A New Rippex Account
Rippex can be downloaded on Mac, Linux and Windows platforms. An account must be created for new users. After clicking on the new account option, users are diverted to a page which asks to save their Rippex wallet in a location on the computer (Rippex being a desktop wallet). Users can store the wallet in the default location provided by the application, or choose a location of their own liking. The next step is very important. Users will be asked to choose a password for the wallet. Users are advised to choose a strong password with a mix of uppercase letters, lowercase letters, special characters, and numbers. The account is encrypted after this step. Rippex will display the password of a user, the ripple wallet address, and the secret key. It is extremely important to safeguard the secret key as it provides access to the ripple wallet on Rippex. The secret key allows a user to access their account on different computer systems as well. A user must then confirm that he/she has safeguarded the account access details, after which the Rippex account is officially created. This process does not take too much time and is fairly easy to follow.
Step 2. Activating The Rippex Account
The first step ensures the creation of an account, but not its activation. An amount of 20 XRP (ripple) must be initially transferred to a ripple wallet to activate an account. A user can send this amount from a different cryptocurrency wallet. Popular ripple wallets like Poloniex and GateHub can be used for the same thing. Make sure to transfer the amount from a wallet which supports ripple. If a user has an account based on a different cryptocurrency wallet, the user will have to convert the amount into ripple first. Users are to ensure that there is no mistake in the wallet address (the location of the wallet in the cryptocurrency world) while sending the amount, as the room for error is little. A small fee is cut for each transaction, which is near to negligible. Once the amount is received and approved by the Rippex team, the Rippex account is deemed active. Users can now transact with their Rippex account, sending and receiving sums at will. Users are advised to connect their computers to the internet as the confirmation for the amount received is not visible in offline mode (discussed in the next step). You can see the status of your withdrawal by clicking the recent activity column, which is present on the far right of the screen.
Step 3. Using a Rippex Account
Once a user sends 20 XRP to his/her Rippex account, it will only be visible to the user when he/she has an internet connection (as Rippex works in offline mode as well). Do check the server settings as Rippex needs to access these servers to interact with the ripple network. You will receive a notification (on the top right corner) when the amount has been transferred to your Rippex account. Once the amount has been received, the account is activated. Ripple can now be sent, received and traded with other cryptocurrencies. A small transaction fee is cut every time a transaction takes place. The default transaction fee is set to 1/5th of a ripple (0.2 XRP). The entire process of verification is not time-consuming, and should be completed sooner than expected!
The below-mentioned link serves as a guide as to how to use Rippex. Please do click on the link and watch the video!
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