Ripple update: Storing your XRP
I’ve done a fair amount of digging through various websites and Reddit posts to have a better grasp on XRP storage, and I wanted to create this post to have further conversation on the topic. After reading Hodor’s recent blog post, specifically his mention of Secalot, I am still always brought back to my concern of trusting any of these organizations with keeping track of my previous zerps.
Using Secalot as an example, and not meaning to be abrasive, I have a hard time justifying having my investment on a USB drive that looks like a re-branded MicroCenter USB drive. Not only that, but the website looks similar to a site I could make with WordPress and a few hours of free time on the couch.
Now that I’ve mentioned my feelings, I wanted to pose a few questions to the community.
* How do you diversify your XRP storage? Or, do you trust it all in that one single closet?
* What makes you trust that Ledger or Exodus (just two examples) will never go belly up, or have a ‘vulnerability’ that causes you to lose your coin?
* Cryptography is not something that I fully understand, and I want to learn more. Can you provide any resources that help me understand why my private key can never be determined or matched with my public?
* When your investment becomes scarily valuable, how will you further diversify your storage strategy? I can only wonder how Ripple maintains their escrow XRP…that’d be interesting to understand.
I hope that these questions do not seem too personal, as I think others out there have the same thoughts and we’d all appreciate a forum to discuss further.
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 !