Bank accounts, Credit cards and all of our beloved items that we have are usually covered in case of fraud or theft.
What exactly happens when your XRP is stolen or you forgot your secret key?You will forever lose access to those funds, which in your case is unfortunate. That is however what can make XRP so secure. You yourself are the holder of your keys and you can decide how secure they are.
Where should I store my XRP?First off, there is many different places or types of ways you can store your XRP so let me explain that first. Exchanges, in many ways can be thought of as your bank , but with one exception. Those usually aren't covered like your bank account is in the event of a theft. In most cases you also don't have access to your private keys so are they really your XRPs? I would recommend never holding your XRP on an exchange longer than you need to. Software Wallets or also known as Mobile and Desktop wallets are secured using software obviously 😋. The two I use are Toast Wallet & Harbor Wallet. I will shortly explain why using these two wallets is better than using a hardware wallet.
- You own the key outright and no one else but you know it.
- With Toast Wallet, you can submit transactions to the ledger with an offline wallet so your wallet never touches the outside world!
- With the harbor wallet you can Escrow your XRP so only time itself can unlock it.
- You can trade other digital assets in XRPs decentralized Exchange!
Hardware wallets, such as the ledger nano s are great for holding but not really user friendly if you want to have XRP to use on a daily basis. Not only do you have to stash ur 24 word phrase but it has to be safe. If someone found my backup file to my toast wallet or Harbor Wallet they are encrypted with a passphrase. Most people buy ledger wallets and stash them away. What's the point of having XRP if you can't use it?
So you've seen the options I have said above, but what is the Most Secure?
Escrow your XRP. It's more secure than a hardware wallet and a bank vault. The only thing that can beat your escrow is time itself. The Harbor Wallet by Secure Block chains makes this stupid easy!