XRP is one of the most promising digital currencies in today’s cryptocurrency market. Currently, it is the second largest crypto coin worldwide when viewed in terms of market capitalization. Its success lies in the fact that it works more seamlessly with traditional financial systems than most cryptocurrencies do. However, it is not free from being hacked. Therefore, storing XRP in a wallet instead of a cryptocurrency exchange platform is an excellent idea. Here are 5 tips to using a XRP wallet.
- Backup Your Data Regularly
Accessing stored data is possible if something happens to your XRP wallet. Doing so gives an elevated starting point after a major crisis occurs instead of starting from scratch. For example, you will have access to your XRP information including the value of XRP traded and stored. Unfortunately, many people assume that the wallets they use will backup their data automatically. That is not the case for every XRP wallet. For example, the Toast Wallet has manual features for backing up and recovering data. One of them is prompting you when a new backup is necessary.
- Track Your Coins
Connecting XRP wallets to a laptop or desktop computer is possible. A simple USB connection would help you do that. XRP wallets are also compatible with various operating systems including Linux, Mac, and Windows. Unfortunately, connecting them with these systems increases their susceptibility to hacking or malfunction. Therefore, keeping track of your coins is critical. Remember, malicious software transferred to your wallet through the internet or other devices could be stealing your coins without your knowledge.
- Secure Your Pin Code
PIN codes prevent unauthorized access to your XRP wallet. Remember, people can exchange, sell, or transfer cryptocurrencies once they gain access to your wallet. They can introduce Trojan programs as well. Therefore, securing your PIN code is critical to ensuring that your XRP coins are secure. The Ledger Nano S and the Toast Wallet come with a secure PIN code. Do not share this code with anyone. Avoid storing it online as well. Instead, write it down on a piece of paper and then store that paper in a secure location.
- Use a Two-Factor Authentication System
Limiting access to your XRP wallet is also possible through two-factor authentication systems. Remember, some people can remember your PIN code after they see you typing it. Locating the code that you wrote down manually is also possible for other people. Fortunately, a two-factor authentication system makes it difficult for them to access your XRP wallet even if they have your PIN code. Numerous XRP wallets have this feature including the Cryptonator XRP Wallet making them more secure than other XRP wallets are.
- Use a Trusted IP Address
An unsecured IP refers to a computer network that is accessible to many people within a particular area. That includes unscrupulous people as well. They can use this network as a gateway to gain access to your XRP wallet. Avoid unsecured IP addresses as much as possible. Remember, losing a particular trade because you took some time finding a secure network is an acceptable outcome. In contrast, losing control of your XRP wallet because someone hacked it over an unsecured network is an excruciatingly painful experience.