Ripple update: Clarification on ToastWallet/Ledger in case of my demise
I want to move all of my xrp into cold storage, print all the keys etc and store it in multiple places, along with instructions to recover xrp for my family members in case I kick the bucket.
So from my understanding –
**Ledger Nano S -**
1. Order 2 Ledger Nano S.
1. Use one to generate a new wallet
1. Transfer all xrp from exchange to the new wallet
1. Backup the 24-word recovery phrase onto paper/steel/ass tattoo/whatever
1. store the Ledger Nano S in a bank vault or the sock drawer and let my
family know how to get it
1. write down instructions on how to create an account on a trusted
exchange, and transfer the xrp and sell or hodl
7 A ) In case the ledger Nano S shits itself, write down the instructions to use ledger’s instructions to recover the wallet onto the second nano s and repeat the last step.
7 B ) In case Ledger is taken over by an all-star team of freelance terrorists..
use https://iancoleman.io/bip39/ to recover the private key? and create a GateHub account and use the private key to access xrp and send to an exchange to sell
**Toast Wallet -**
1. Download DMG on our family mac
1. Create a new wallet and store the dmg, 6 digit pin, 6 word recover phrase, the pass phrase and also the backup code in the family 1password account.
1. create a recovery of 1 password
If toast wallet is taken over by an all-star team of freelance dinosaurs…(life uh.. finds a way) then, use dmg to install toast wallet on an air-gapped mac, use the 6 digit pin, 6 word phrase, pass phrase and backup code to gain access to the xrp and copy the secret, then create a GateHub account, send to exchange and sell.
Am I missing anything here?
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Don’t forget to share the post if you love it !