The new age of online payments through cryptocurrencies is upon us. Like it or not we are very quickly becoming a cashless society and these blockchain micropayments are the future. But how can we safely store our precious XRP Ripples?
Many of you have realized this and are investing at the early stages of development on a lot of new cryptocurrencies hoping to strike it rich if one of the small ALT coins gets world recognition and goes to the moon.
One of these cheaper cryptocurrencies that are taking the banking sector by storm is a company called Ripple. They have a ledger based coin called XRP which can be used by banks to send funds anywhere around the world in around 3 seconds. The main reason apart from speed is a cost saving to the bank by around 60%. Its still early days but there are already over 100 banks signed up to do some trials.
I wanted to start investing in Ripple XRP but I also didn’t want an online wallet or a cold/hot wallet solution. The most advanced form of protection is a Ripple Hardware Wallet.
- Hot Wallet is an online wallet like Gatehub or Toast wallet or even an exchange line the very popular Binance – Which could possibly be hacked.
- Cold wallet is an offline or Ledger Ripple Hardware Wallet – Virtually Impossible to be hacked.
Best Multi Cryptocurrency Wallet
Apart from these online wallets like GateHub and Toast Wallet, the Ripple hardware wallet also is made by a company called Ledger, the Nano S is the best out there. They not only support Ripple XRP, they are also fully compatible with a whole heap of cryptocurrencies such as:
- Ark, Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum/ Ethereum Classic
- Expanse, Dash, Digibyte, Dogecoin, FIDO, Hello, Hcash, Komodo, Litecoin
- Neo (available soon for the Ledger Blue), Pivx, PoSW, Qtum, Stealthcoin
- Stellar, Stratis, Ubiq, Vertcoin, Viacoin, Zcash and lastly Ripples XRP
Some other Ethereum tokens (ERC20 tokens) can be managed using Ledger Nano S and Ledger Blue with MyEtherWallet.
This makes it easy to store multi cryptocurrencies in the one hardware wallet. Otherwise, you would have many different wallets and passwords scattered all over your computer. If you are getting serious about investing in cryptocurrencies invest in the best hardware wallet.
All these Alt coins are supported by the Ledger Nano.
Ripple hardware wallet – Ledger Nano S Review
I have owned my Ledger Nano S for around 6 months now and decided to do a quick review of it from someone who stores Bitcoin, Litecoin, and Ripple XRP on it.
The Nano S is considered to be the best multicoin wallet around. What I like about is that is nice and small and looks just like a fold-out USB flash drive. My XRP Ripple is nice and safe on the blockchain with my secret passwords stored on the Nano S. All I need to remember is my pin code. This makes it easy to store and use.
After reading many online reviews and talking to some hardcore Ripple coin investors, the consensus is that the Ledger Nano S is the best cryptocurrency wallet by far.
Trezor.io VS Ledger Nano S
For purchasing XRP these are no comparison. The Trezor.io at the time of writing doesn’t support hard storage of XRP. This may happen in the future.
Trezor coins supported
|Bitcoin Cash / Bcash (BCH)|
|Bitcoin Gold (BTG)|
|Ethereum Classic (ETC)|
As you can see the Ledger supports so many extra crypto coins so Trezor VS Ledger, then the Ledger Nano S wins hands down through not only many more crypto coins supported but also because it supports the main coin we are interested in the Ripple XRP.
Whats in the box with the Ledger Nano S
It nice to see some thought put in with the packaging and extra long micro USB cable. In the box, you get the Ledger Nano S hardware wallet as well as the following items.
- Micro USB cable
- Instructions to download programs and apps
- Backup recovery word list page to write your words down.
- Neck and Keychain Lanyard
How to Set up Your Ledger Nano S – 1st time.
Once of open up your Ledger Nano S plug in the supplied Micro USB cable into the Nano and also your computer.
Once it is powered up, go through the quick setup guide which will walk you through setting your pin code as well as your 24 secret word list. Write this list down in at least 2 places and keep one off-site in a secure location. This is a recovery phrase to restore your Ledger Nano S is it gets destroyed, stolen or fails.
It comes pre-loaded with Bitcoin, Ether, Litecoin, and Fido. This means we need to install the XRP Hardware wallet application. All you need to do is go to the Ledger apps download section and install the Ledger Manager app. This will enable you to install different cryptocurrencies on the Nano S like Ripple XRP. At the same time download the Ledger Wallet Ripple application for your PC. This will talk to your Ledger Nano S and provide you with the ability to Send and Recieve XRP.
Once you have installed the Ledger Wallet Ripple app on your computer and on your Ledger Nano its time for a quick reboot. I couldn’t get my Nano S to talk until I did a quick reboot of Windows 10.
Problems that myself and others have encountered with the Ledger Nano
I have noticed that the Ripple desktop application does not like any chrome web browsers open when it starts. Its ok to open these up after you are communicating with the USB Ledger Nano S, otherwise, you may have problems.
When first plugging in the Nano S if you can’t view any funds or it won’t connect try disabling your anti-virus and Malwarebytes temporary.
Also, make sure browser support is set to Off in the Ripple Hardware Wallet settings.
To do an XRP Ripple transfer it’s easy.
- Plug in the Ledger Nano S into a spare USB port
- Put in your pin code and select XRP Ripple on the Nano S
- Open up Ledger Wallet Ripple on your computer.
- Press the top right refresh button to get any available balance.
- You can now send and receive XRP from the available tabs.
Ledger Nano S Specifications
DIMENSION & WEIGHT
Size: 98mm x 18mm x 9mm.
Weight: 16.2g. Made out of brushed stainless steel and plastic.
Compatible with Windows (7, 8, and 10), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium, and one USB port to plug your Ledger Nano S.
MICROCONTROLLERS & CONNECTOR
Connector: USB Type Micro-B.
Certification level: CC EAL5+.
Chips: ST31H320 (secure) + STM32F042.
Where can I buy the Ledger Nano S?
You can purchase the Ledger Nano S from either Amazon or direct from the Ledger website. Please be aware that due to the popularity of crypto trading that these Nanos are often out of stock.
eBay also has the Ledger Nano S for sale but they may be the older firmware and you may have warranty issues if anything goes wrong. There are also some ebay scams involving the Nano S which we will go over later in this review.
One thing I noticed that there were no anti-tampering stickers on the box. A notice inside explains the reason why. A cryptographic hardware checker is run everytime you power on the Ledger Nano. It checks the firmware against a security element chip which prevents any backdoor interception or firmware modification.
Ledger devices are designed and engineered to be tamper proof. This I am grateful for knowing my hard earned funds are fully protected.
How to restore the Ledger Nano S with your recovery phrase
After you have set up your Nano S with a pin number and the recovery phrase it’s a good idea to copy this phrase in 2 different places. I keep one in a fireproof safe at home and another at work in a secret location.
Be aware if anyone gets access to this phrase then they can set up a new Ledger hardware wallet and have access to your XRP or other cryptocurrencies.
So let’s go through the steps to use your recovery phrase to set up a new device. When setting up the new device, you will have to choose the option to “Restore configuration”.
Make sure to choose a pin number that you can remember as this is what you will input everytime you start your Ledger Nano Hardware wallet.
After selecting restore configuration, you will have to enter your original recovery phrase that you had written down to restore your wallet.
You will need to choose how many words are in your original recovery phrase. More words the better.
Next comes the hard part. You will have to type in every one of the words in the recovery phrase. This will take a while so be patient. You will have to use the left and right Ledger hardware buttons to scroll through the letters to type in the 24 recovery words.
Once that is complete pat yourself on the back as you have just recovered your XRP. Now connect to the Ripple Ledger wallet and check out all your wonderful XRP.
Should I Invest In Ripple XRP?
For starters, we cant invest directly into Ripple like a stock. We can only at this stage buy and hold its cryptocurrency the XRP coin. I really like Ripple’s vision and transparency on where they want to be in the future.
As I can’t tell you what you can and cannot invest in, (I’m not a financial advisor) I can tell you that I am now 98% invested in XRP. I have seen XRP as the coin which will eventually take over the top market cap in cryptos. They are like the turtle and the hare story. Many other famous cryptocurrencies like IOTA, Bitcoin, Litecoin are very volatile. XRP tries to be different as all banks like stability.
I like to buy some XRP whenever it dips, then I tend to hold. I use BTC Markets to purchase with Australian Dollars. This is a seamless transaction and there is no swapping between cryptos. Once all the exchanges allow direct XRP purchasing with Fiat money I’m sure Bitcoin and some other ALTs will begin to drop in value. As currently they are used as trading pairs. If you would like to know how to buy XRP in Australia then check out our BTCmarkets XRP buying guide.
If you want to buy XRP or just about any other crypto then check out the Coinbase to Binance option. Basically, it just using a credit card on Coinbase to buy Ethereum and then send the Ether to Binance. From here you can convert it to XRP fast and simple.
Note: If using my Coinbase and Binance link above we will both receive a free $10 voucher. Win for all.
You can also buy Physical Ripple XRP Coins so you can hold them in your hand. Many other crypto tokens are also available as an imitation coin so check them out.
Can the Nano Ledger Be Hacked or Compromised?
As far as I’m aware there haven’t been any Ledger Nano S that have been hacked. The 24 recovery words generated are unique. And with the thousands of available English words and different combinations, there is virtually no possible way someone could hack or crack the Nano S.
Ebay Ledger Nano S scam
I recently came across someone who has lost over $25k dollars in having his cryptocurrencies stollen from his Nano S. This is very disturbing as new investors unfamiliar how the Ledger Nano S works can easily fall for this scam.
The Nano S scam works like this – Someone purchases A Ledger Nano S from eBay or another unauthorized seller. The seller has already opened and set up the Ledger with a predetermined 24-word list. This word list is then made into a genuine-looking scratch card. (ledger don’t use scratch cards)
When the new user opens up the Ledger they see the scratch card and then read the instruction to set up the Ledger Nano S inputting the new words from the scratch card.
After a few weeks, the eBay seller will probably have closed their account. They then set up a new Ledger Nano S with the same 24-words. he now has access to all your added cryptocurrencies.
Don’t fall for this scam, if you have a Ledger with scratch cards report this user to the police. If you have used a scratch card IMMEDIATELY log into your Nano S and transfer all of your XRP, Bitcoin, Ether or any other cryptos to your exchange or a hard wallet.
Reset your Ledger Nano S by putting in the incorrect pin number 3 times or more. Now go through and reset up your Nano S with a new pin number and a different set of 24-words. Transfer back all of your cryptos, they are safe now.
Good luck with your investing and if I have helped you in any way feel free to send a small token to my family’s Ripple XRP address. Note: Ripple XRP public address usually starts with an “r”.