How to take your XRP Cryptocurrency off the Exchange
Australians
If you have uses Coinspot ir Independant
It is very important that you take at least half of your Crypto out of your Exchange
Here is why
I hate to bust your bubble but you got to realise when you put Money in the Bank it belongs to the Bank
The Bank simply has an I owe yoU against your account, this is nothing more than a Database Record. its NOT like the old says where the bank has a great big safe, they have a small safe, and the cash or gold in it belongs to them
Your Money has been absorbed into the Banks Assets and Liabilities for them to do whatever they want to do with it
Likewise your Crypto on an Exchange Record is not tuly yours, you do have a Trust Relationship with the exchange but it is ONLY a database record, it is not truly a Crpto Wallet that you are interacting with.. If the Exchange is hacked or gets into Financial Imbalance your Crypto is highly at risk
The only times you should keep your Crypto on an exchange is A, Temporarily after your purchase or B. When it is subject to an open sell order
Firstly, remembering that you may NEVER need to sell your XRP, because the likes of VISA is partnering with well known Crypto Exchanges to introduce cards that allow you to directly spend your Crypto, I have not seen this happen yet in Australian I will update this Article if I do though rest asured that the plans are already underway
so here is what you might do
Set some part of your XRP up with an Open Sell Order, decide when you will sell, is it $1, $10, $100, $1000? do you set your one sell up or do you set your Sell at variuous points like this in a "Take Profit" stepped scale?
Create this order, Take the rest of your Crypto to safe Cold Storage, sit back and relax
What is Cold Storage?
Your Own Wallet
A big thing to get your head around is that your Crypto is always kept on the Public Ledger and it's balance is stored at your Public Key Address, commony just called your "wallet address" i.e ITS NOT IN YOUR WALLET
What is stored in your Wallet is the Private Key that unlocks access to your Public Address
This is why if you are losing your wallet data integrity (Lost your Private Keys) you and nobody cannot ever unlock it
This is also why you can store your Crypto of any value on Paper, i.e you effectivley jist wrote your Key on the paper allowing you to input it again at some later time, via the printed Key String or QR Code
What do I recommend
For a Software Wallet / Do it all yourself wallet. I recomend the Toast Wallet and use the Portable Executable Version of Toast
https://toastwallet.com/
Some Important Considerations for Toast Wallet to Protect yourself
Get yourself at least 2 new and quality USB Keys, Run Toast from one of the keys
Once you are all set up with a small amount of coin copy the Entire Data Structure to a seconf USB Key, you can run fromthis in event of failure of t he first, Also Zip and Encrypt your Daya and Store it in a Third Place such as a CD Rom.
The "Portable Executable" Toast Wallet stores its Data Locally in a walletdata directory under the same directory that Toastwallet*.exe is run from, The other way your Wallet Data is stored in the Windows User Directory and you are subject to Hard Drive Fail and loss of Data
Take into consideration Disaster Recovery such as House Fire, Store the copies of your Toast Wallets Apart like in a sealed Jar burried somewhere safe
Leave clear and detailed instructions for your dependants, such as a sealed envelope with a trusted relative and instructins to give to your most responsible kid in the event of your death from Covid-19 Corona Virus or otherwise
For a hardware wallet I recommend the Ledger Series, I use a Ledger Nano X Myself is simply has a wider crypto siupport though the Ledger Nano S is half the price and great for XRP here is my Affiliate Link thanks for using this link when you buy your Wallet I get a small commission, you can too when you inform your friends
Ledger offer great Bundle Deals you can get a Discount for a Bundle and they make sensible gift/presents for your Kids and Family
My Link, and great info here
https://shop.ledger.com/?r=5b7138377ab9
Hardware Wallets are Awesome, they are designed with the novice in mind with well thought out layers to protect you so long as you carefully follow simple instructions such as recording and safely storing your recovery words even if you Lose your wallet your crypto can be recovered they are highly secure if a third party steals your wallet or it is lost in the fire with your recovery proceedure you will re-establish your wallet, all be it you got to buy another wallet, it is a more expensive option than rolling your own wallet
