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Top 3 Ways to Create Ripple XRP Wallet

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In this guide, we present the top 3 ways to create Ripple XRP wallet and use it to receive and send crypto. As top secure your XRP coins, we propose these wallets based on their intended use. Wallets included here are:

  • Gatehub XRP wallet
  • Exchange XRP wallet
  • Desktop/Hardware XRP wallet

Each of these has its own pros and cons, in terms of asset security, ease of use, and price tags.

Ripple XRP Wallet Specifics

There are few Ripple XRP wallet specifics to understand before you decide to purchase your first coins. Ripple does not enjoy nearly as much support as Bitcoin does. However, it grew in popularity over time, mostly through increased number of exchanges that accepted it.

Compared to other cryptos, Ripple’s network is centralized, as developers hold the supply reigns. Thus, you do not have mining but neither do you have any sort of requirements to purchase the crypto. On the side of XRP transfers, here are few wallet specifics to look at:

  • Standard fee of 0.00001 XRP
  • Transaction confirmations take about 5 seconds

Gatehub Ripple XRP Wallet

Gatehub Ripple XRP wallet is primarily an online payment getaway and storage. One can store and use the platform to pay or goods and services online. With offices located in the UK and Slovenia, Gatehub operates as European e-payment and wallet system.

However, Gatehub concentrates mostly on XRP, above fiat and other cryptocurrencies. The platform dubs itself as an institutions’ XRP payment getaway. Thus, users can get XRP by exchanging these currencies:

  • EUR
  • USD
  • BTC
  • ETH

As to accommodate AML/KYC policies, Gatehub implements ID verification, even for crypto-only accounts. Converting fiats to XRP and vice versa carry a 0.2% cost. It is also worthy to note that Gatehub accepts bank transfers only, including SEPA (for EUR) and wire (for USD) deposits.

Pros

– Accommodates both fiat and crypto exchange for XRP

– One of the largest XRP wallet providers in the market

Cons

– Only bank transfers are available for fiat deposits

– Identity verification is a must-do

Exchange Ripple XRP Wallets

Whereas Gatehub is essentially an e-payment system, online exchanges are a bit different XRP storage service providers. At exchange platforms, you can engage in exchange and trading (if available). They are easy to use but often lack serious security features. Here, we cover most popular Ripple XRP wallets, including:

  • Bitfinex
  • Poloniex
  • Bitstamp
  • Bittrex
  • Kraken
  • io

Bitfinex Ripple XRP Wallet

Bitfinex Ripple XRP wallet has numerous benefits for users to take advantage off. Firstly, it is one of the largest BTC trading centers, offering wallet services for over 30 fiat and cryptocurrencies. Additionally, it has both exchange and margin trade markets for XRP, both of which have favorable fee policies.

However, it is important to know that the platform experienced a hacking incident back in 2016. At the time, the company lost $60 million worth of bitcoins, causing a ripple effect across the crypto market. Now, Bitfinex is hell-bent on never having its security breached like before. Users now have numerous security measures that they can implement. At the same time, Bitfinex itself employs encryption and server safety measure that would counter cyber-attacks.

Pros

– Enhanced security following the hack attack

– Numerous trading pairs and currencies to exchange with XRP

Cons

– Deposits of less than $1,000 in value carry 0.1 XRP fee

– Identity verification is a must

Poloniex Ripple XRP Wallet

Poloniex Ripple XRP wallet is a quite interesting platform to put your coins in. Found in 2014 by Tristan D’Agosta, the company deals with crypto-to-crypto only transactions. In there, most of new cryptocurrencies would try their luck with the market. Traders from around the globe (US citizens now are limited in number of supported States) can purchase XRP using other cryptos.

You do not need any sort of verification to purchase, trade, and exchange XRP at this site. Additionally, apart from network fees, there are no additional costs regarding XRP deposits and withdrawals.

Pros

– Completely anonymous platform

– no transaction fees for XRP deposits/withdrawals

Cons

– US traders severely limited as few States are supported

Bitstamp Ripple XRP Wallet

Based in Slovenia, Bitstamp Ripple XRP wallet offers an easy way to gain and liquidate your cryptos. The platform accepts both wire and credit card purchases, rarely seen in other exchanges. Moreover, transaction fees are minimal, with deposits being completely free while withdrawals having a price tag of 0.02 XRP.

We do need to mention that Bitstamp was hacked in the past, resulting in a $5 million loss in crypto assets back in 2015. Since then, company did take measures to enhance its security.

Pros

– No fees connected with XRP deposits and withdrawals

– Credit cards allow instant XRP purchase

Cons

– Identity check at the account registration phase

Kraken Ripple XRP Wallet

If you are into exchange and trading with EUR fiat currency, Kraken Ripple XRP wallet would be a good place to start. The European exchange offers a plethora of cryptos, all swappable with Ripple XRP. Moreover, the coin has 5 trade pairs, including 4 fiats (EUR, USD, CAD, and JPY).

For beginners that do not have large investment funds, Kraken offers unverified accounts that have low purchase limits. For a bit more serious trading, ID verification is a must.

Pros

– No deposit or withdrawal fees for XRP

– Possibility to purchase and sash Ripple XRP without ID verification

Cons

– Verification can take a long time to finalize

CEX.io Ripple XRP Wallet

If you wish to purchase cryptos through credit cards, CEX.io Ripple XRP wallet should be within your radar. The exchange offers bank accounts and cards as well as deposit and withdrawal methods. Thus, it is possible to get Ripple and sell it instantly. However, you should also account for verification requirements that demand scanned ID from clients.

There are no fees for Ripple XRP transfers. Credit cards, on the other hand, carry a 2.99% cost. Lastly, although XRP is not part of the margin trading market, traders have four (EUR, USD, BTC, and GBP) XRP pairings at their disposal.

Pros

– Ability to get XRP instantly through credit card

– Exchange and trade with fiats possible

Cons

– Identity verification a must-do

Hardware and Desktop Ripple XRP Wallets

In terms of security, hardware and desktop Ripple XRP wallets reign supreme. Armed with the latest security features, hackers would find it quite hard to break through your defenses. However, they are not exactly easy to install and use, especially desktop Ripple wallets. Hardware devices might be a bit easier for beginners but do come with a price tag.

TREZOR Ripple XRP Wallet

TREZOR Ripple XRP wallet is a new service coming from the device manufacturer. Namely, you can store your XRP in a TREZOR Model T while the software involved is Trezor Beta Wallet. It is still going testing procedure for many cryptocurrencies, Ripple included. However, it already operates under full safety protocols, much like its parent version, TREZOR. You have PIN, recovery code, private keys, and physical button used for transaction confirmations.

The purchase price for the Trezor Model T is around $165 at the time of this writing, shipped anywhere in the world. It is advisable to purchase the wallet directly from the TREZOR.

Pros

– High-end security features and functions

– Ability to exchange other cryptos with XRP

Cons

– Not free like exchange or desktop wallets

Ledger Nano X Ripple XRP Wallet

The main difference between Ledger Nano X Ripple XRP wallet and TREZOR is basically in the software. Ledger works as a USB while TREZOR is a mini-computer, which can be switched off just like PC. Ledger, on the other hand, can be plugged in your computer or laptop.

On the side of security, most functions are the same, including private keys., The price tag is $69 for Ledger Nano S and can be shipped anywhere in the world.

Pros

– Very easy to use and install

– Top-notch security features

– Cheaper variant of hardware Ripple XRP wallets

Cons

– Still more expensive than free XRP wallets at exchanges

Toast Desktop Ripple XRP Wallet

Toast Desktop Ripple XRP wallet is open-source software that anyone can download and immediately use. It is free and holds most of the necessary features that cold storage wallets have, including passphrase, PIN, private keys, and other functions. Toast is downloadable on Microsoft, Mac, and Linux systems and there are app versions as well (Android and iOS).

Pros

– Free to install and use

– Available for mobile devices as well

Cons

– Backup and security functions might be a bit confusing for beginners

Which Ripple XRP Wallet to Use?

Taking into account all possible factors, which Ripple XRP wallet to use? Each of these wallets has its own set of advantages and disadvantages. Thus, depending on the situation, each wallet type is useful.

Trading and quick currency swaps – exchange Ripple XRP wallet is the best

  • Cold storage and HODLing – hardware and desktop Ripple XRP wallets are suitable
  • Large trade & OTC – hardware and desktop Ripple XRP wallets are suitable
  • Transfer between wallets and short-term HODL – Gatehub Ripple XRP wallet

The post Top 3 Ways to Create Ripple XRP Wallet appeared first on Cryptocoinzone.

Source: https://www.cryptocoinzone.com/bitcoin-wallet/top-3-ways-to-create-ripple-xrp-wallet/

Blockchain

Why Do Bitcoin Transactions Take So Long to Become “Final” and Can It Be Fixed?

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When it comes to the question of mainstream or enterprise adoption of blockchain technology and Bitcoin, much of the discussion tends to focus on barriers such as scalability. However, a valid concern for any organization considering the use of blockchain in transaction processing is that of finality.

You could think of a Bitcoin transaction like the process of a fly becoming trapped in resin. When the transaction is processed, the fly is embedded in the resin. However, the overall process is only considered final once the resin has hardened, and the fly is trapped forever. This takes a certain amount of time – in the case of Bitcoin, around an hour.

The extent of the finality problem in terms of enterprise blockchain adoption cannot be underestimated. In a 2017 paper discussing the use of distributed ledgers in payment, clearing, and settlement infrastructure, the Bank of International Settlements quotes “ambiguity relating to settlement finality” as one of the key risks to adopting blockchain.

The sluggish pace of enterprise blockchain adoption since the paper was published in 2017 indicates that the risk is indeed a valid one.

So, what are the risks posed by blockchain finality in its current state, and how can they be solved?

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What is Finality?

In a traditional Nakamoto-consensus blockchain, transactions are grouped into blocks and undergo a validation process by the network, using the consensus model of the network. In Bitcoin, miners confirm a block, or in a delegated proof-of-stake blockchain such as EOS, the block validators perform a comparable role.

However, confirmation does not mean the transaction is final. Finality is only achieved once the transaction can no longer be canceled or reversed by rolling back or forking the blockchain – once the fly cannot be removed from the resin.

In most blockchains, parties must wait until a certain number of subsequent blocks have been confirmed by the network before the transaction can be deemed final. The further back in the chain that our transaction becomes, the more likely it is that our transaction is in the longest chain of a fork.

tx_unconfirmed-min
An unconfirmed transaction. Source: Blockchain.com

This is known as probabilistic finality. Effectively, the transaction is never considered a 100% final. However, as more and more subsequent are confirmed over time, the more difficult or costly it becomes to roll back the blockchain and create a new fork without our transaction in it. Eventually, it becomes prohibitive to undo the transaction.

So the time that it takes to consider a blockchain final also relates to the speed at which the blockchain can process transactions. In Bitcoin, which has a block time of around ten minutes, it takes six blocks, or one hour, for a transaction to be considered final, whereas it’s around 2.5 minutes for Ethereum.

Unacceptable Business Risks

From an enterprise perspective, the time lag involved in probabilistic finality introduces too much vulnerability and ambiguity to a business transaction. As the Bank of International Settlements points out in its paper, there needs to be a legal basis for transaction settlement.

Cosmos’ Tendermint is one example of a consensus model that achieves absolute finality. Any block that achieves a minimum of two-thirds consensus is considered final. However, a critical design challenge of this model is that the network halts if one-third or more validators become unresponsive and fail to validate a block.

Once again, this is unacceptable from an enterprise perspective, as it cannot simply stop doing business due to a dispute over a single transaction.

Finality-as-a-Service

A new enterprise-grade blockchain platform called Concordium is now claiming to offer a solution to the finality challenge. Within its technology stack, it operates a layer that ensures fast and unambiguous transaction finality, via a mechanism called “Finality-as-a-Service.”

The developers at Concordium appear to have solved the conundrum by creating an entirely separate process for finality. While the platform operates a standard Nakamoto-consensus layer that uses proof-of-stake, it runs another layer for finality. Each layer has its own set of validating nodes, with proof-of-stake validators known as “bakers,” and validators on the finality layer known as “finalizers.” Bakers are only permitted to extend the chain beyond the last block that has been finalized by a committee of finalizers.

Any baker holding a minimum required fraction of the overall stake can be included in the finalization committee. This requirement achieves a balance of ensuring that finalization committees are composed of honest stakers, without allowing the committee to become large enough to slow down the finalization process.

Once blocks are validated by bakers, they proceed into the finality layer. If all finalizers agree on the block, it is considered final, and a finalization proof is included in the subsequent block. However, if they don’t agree, the consensus mechanism is designed such that finalizers continue to retry iteratively, looking for a shared common prefixed block, until finalization succeeds.

Concordium also uses sharding, with a central control chain to which shard chains can connect. Each shard runs an individual blockchain, with the central control chain providing “Finality-as-a-Service” to shards. Ultimately, the control chain holds a record of finalized blocks on all shards.

Any entity, such as an enterprise or individual, can launch its own blockchain and connect into Concordium as a private shard. It would mean that they can operate their own consensus algorithm while tapping into Finality-as-a-Service.

Achieving the Right Balance

The net effect is that Concordium achieves an optimal balance between two competing requirements. Transactions can attain a high degree of safety together with fast finality. At the same time, the control chain monitors shards for node uptime and ensures continuing finality, which keeps the network running without interruption.

Concordium is led by teams of developers, entrepreneurs, and industry professionals who understand the challenges of legacy blockchains. Finality is among the most critical of these challenges. By introducing a platform that allows enterprises to finalize transactions in a way that aligned with operational and legal requirements, Concordium may have broken one of the most significant barriers to enterprise adoption.

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Source: https://cryptopotato.com/why-do-bitcoin-transactions-take-so-long-to-become-final-and-can-it-be-fixed/

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Blockchain

Failure To Break Above $11K Could Send Bitcoin To Monthly Lows: BTC Weekend Price Analysis

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Even though the past week was positive for Bitcoin, the recent price action could raise some question marks for the bulls.

After starting the week below $10,500, Bitcoin was able to break above the old tough resistance and reach back to the $11,000 area.

However, while BTC gained 5% over the past week, most of the leading cryptocurrencies lost market cap. LINK  at -18% and even Ethereum at -2% are only two examples. The trending DeFi tokens suffered even harder.

This tells us that some or at least part of BTC’s price gains were coming from the altcoins sell-off, and not from funds entering crypto – just like in a healthy bull market.

Double-Top On the 4-Hour?

Looking at the following 4-hour chart, we can see a double top formation around $11,100, which is textbook bearish.

Moreover, there is also a bearish divergence on the RSI. This happens when the asset’s price is increasing, while the RSI is decreasing.

Another issue to consider is the decreasing amount of volume over the past week, which shows that the buyers are losing their power.

Despite the above, and just as in crypto, the momentum might change very quickly. Keep in mind that Bitcoin is also waiting for the equity and gold markets on Monday as both had a significant effect on the price recently.

The level to watch is, of course, the recent high from yesterday around $11,100. In case Bitcoin breaks above it (further above lies the 50-days MA at around $11,250), the momentum could change quickly.

However, as long as Bitcoin continues having trouble at that area, the price can easily drop.

From below, the first level of support lies around $10,800; followed by $10,500 and $10,400 – where lies the 100-days moving average line (the white line).

Total Market Cap: $357 billion

Bitcoin Market Cap: $202 billion

BTC Dominance Index: 56.8%

*Data by CoinGecko

BTC/USD BitStamp 1-Day Chart

btc_sep20_d-min

BTC/USD BitStamp 4-Hour Chart

btc_sep20_4h-min

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/failure-to-break-above-11k-could-send-bitcoin-to-monthly-lows-btc-weekend-price-analysis/

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Blockchain

Sunday Price Watch: Bitcoin Amid $11K, Uniswap’s Token Airdrop Value Reached $3500

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Bitcoin jumped to a fresh 2-week high above $11,150 but got rejected once again and is down below $11,000.

Meanwhile, the value of the 400 UNI tokens airdropped to anyone who used Uniswap before September 1st reached almost $3,500.

Bitcoin Paints A New 2-Week High

As reported by CryptoPotato yesterday, Bitcoin displayed issues when trying to overcome the psychological $11,000 level. In the past 24 hours, the primary cryptocurrency initiated another attempt, which seemed significantly more robust. In just a few candles, BTC surged from $10,900 to about $11,179 (on Binance).

Bitcoin maintained its level above the coveted $11,000 level for a few hours. However, the bears decided to interfere and drove the price down below to where it currently sits – $10,950.

Consequently, $11,000 remains the most critical resistance in BTC’s path to new 2020 highs. If it spikes above it again, Bitcoin would have to fight off the next obstacles at $11,200, $11,350, and $11,500.

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BTC trades above the first support at $10,900, which intercepted the recent price dip. A breakdown below that level could send Bitcoin to the next support levels at $10,500, $10,330, $10,140, and $10,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Untypical Lack Of Volatility From Large-Cap Alts

In the past 24 hours, most larger-cap altcoins have been performing somewhat stable.

Ethereum, Ripple, Crypto.com Coin, and Litecoin are situated approximately at the same levels as yesterday. ETH trades at $380, XRP – $0,25, CRO – $0.165, LTC – $48.

However, Bitcoin Cash has overtaken Polkadot for the 5th spot as DOT tanked by 5%. On the other hand, BCH, similarly to Binance Coin, is down by just 1%.

cryptomarket_heatmap

Despite the price stability among the top 20 coins, severe volatility is evident among lower-cap alts. Hyperion leads the way with a 94% surge. HYN’s massive surge comes only a few days after the company announced launching a built-in exchange function in its wallet Titan.

Elsewhere, it’s interesting to note that the value of the 400 UNI tokens airdropped to everyone who used the Uniswap platform before September 1st reached a value of $3,500. This happened as the price for the token surged to around $8.7 on Binance before retracing to where it currently sits at around $5.6.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/sunday-price-watch-bitcoin-amid-11k-uniswaps-token-airdrop-value-reached-3500/

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