Ripple is a large San Francisco-based company that makes decentralized financial products for banks and financial institutions. Ripple’s main goal is mainly to reduce the cost of financial transactions within the banking network. In this article on the shetcoiner site, we will look at the question of how to make or make a Ripple wallet and the types of Ripple wallets.
Many companies and financial banks now use Ripple to make their money transfers. Ripple actually has 3 products that use them to provide banking services.
We will briefly introduce these three products of Ripple company in the continuation of this part of the article, but first we will go to Ripple itself and its general and detailed goals.
Ripple actually wants to provide a secure, decentralized payment and communication network for financial institutions around the world. It can be said that Ripple is in stark contrast to Bitcoin.
While Bitcoin operates with the goal of peer-to-peer transactions and the elimination of intermediaries and banks, Ripple believes that banks are not bad in themselves and that only by modifying the way they work and process can they achieve their goals. Which is common to Bitcoin, meaning the reduction in the cost of financial transactions and peer money came close to peer.
Ripple intends to solve the problems of international currency exchanges in the world forever by offering decentralized banking products, and this has become the main goal of its goals.
These days, more than $ 155 trillion is transferred annually across the globe. The problems of money transfer by banks and financial institutions have not been solved for years and remain, as if these problems end well for banks and financial institutions and benefit them. Due to the growth of technology, today the international transfer of big money still takes about 1 day to 1 week and also requires very high commissions and playing paperwork and writing many documents.
Ripple has entered the banking industry with the goal of ending these problems and making a large portion of money transfers.
You may be wondering if Ripple is the only company providing such decentralized banking services or if it has other competitors. You’re right, Swift and Stellar are Ripple’s two fiercest rivals. Unfortunately, Stellar has not been very active in recent years and has become more of an abandoned project, but Swift, as you know, is one of the largest projects and financial transfer systems in the world used by many countries, the government And traders are placed.
Wallets that can be made for Ripple
- Software wallet
- Hardware wallet
- Wallets under web exchanges
- Paper wallet
Hardware, software, web exchange and paper wallets can be used to store XRP or Ripple crypto currency.
Ripple Software Wallet
Software wallets make up the bulk of the way Ripple stores medium and small amounts in the XRP network. Most of these wallets are easily installed on phones as an application and can be used and recovered. In software wallets you can use wallets such as Trustwallet, Coinomi and Atomic.
Ripple Hardware Wallet
Among the hardware wallets, the two Nano Ledger wallets and the Trezor hardware wallet have received a lot of attention and can be used to store cool and secure XRP.
The advantage of hardware wallets such as Ledger and Trezor is their safe and cold storage, which enables you in the worst global security or software conditions, while many wallet software or exchange sites are attacked by hackers. Take your hardware wallet with you and be comfortable with hacking and its high security
Ripple web wallet
Nowadays web wallets for Ripple, mainly in exchange offices or computer software, there are wallets that have high features. These web wallets are mainly available in exchanges such as Binance, Coinbase, Kucoin, Kraken, Bitmex, etc.
One of the advantages of these wallets is the ability to quickly convert Ripple into any other crypto or token in which the exchange is listed. But the problem that these wallets can have is the problem of their security or hacking. These web wallets are mainly insured by insurance companies such as Coinbase Exchange, or they will return them to you if you lose money and crypto, but still this security problem can be a bit of a hassle for you.
Ripple Paper Wallet
Ripple paper wallets are another way to store XRP. In Ripple paper wallets, you can easily turn your Ripple into a QR barcode or code and keep it for years without being noticed by those around you. No need to install software, maintain an online web wallet, or hardware wallet! Paper wallets have the good advantage of being easy to use, and the major problem they have is that they can be destroyed with some water or drink!
If you want to turn your Ripple into a paper wallet, you can use xrppaperwallet and bithomp.