07 August, 04:02
If Ledger went broke and their Live service stopped working, would I lose my XRP crypto? Or can I still trade it using the app I have installed? The real cost of using this tech is horrendous, as you have to spend hours figuring out both the paradigm and operational details.
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The Live service is just a service. Your XRP is stored and encrypted on the XRP distributed ledger. The encrypted private key created by the Nano, using the random 24 words generated, is what gives you access to your XRP account on the blockchain. So you guarded the generated private key by writing down the words, in order, and storing them on a piece of paper in a secure place. I use Live and don't believe there will be problems, but if there are problems in the future, you'll be okay as long as have your Nano and/or the paper with the 24 words. Here is a link to LIve alternatives:
https://sourceforge.net/so...
https://sourceforge.net/so...
Best Ledger Live Alternatives & Competitors
Compare the best Ledger Live alternatives in 2022. Explore user reviews, ratings, and pricing of alternatives and competitors to Ledger Live.
https://sourceforge.net/software/product/Ledger-Live/alternatives
04:34 PM - Aug 07, 2022
In response Martin Geddes to his Publication
Only people mentioned by MannyQuestions in this post can reply
Joel Hobe
@J78Hobe
07 August, 04:50
In response Manny Questions to his Publication
So wondering then, it wouldnt matter if you had your XRP all on one Live, or if you spread them out between multiple devices, because its all stored on the blockchain?? Is this correct?
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Manny Questions
@MannyQuestions
07 August, 05:08
In response Joel Hobe to his Publication
Yes. You can have multiple wallets, each with its own key. IMO spreading out the risk is a good thing, but you have to keep it all straight, backed-up and secure. I also have a wallet on UPHOLD, and used to have one on Coinbase, but I don't trust Coinbase anymore. I think I keep like 5 XRP on Coinbase, just to keep my wallet and account. In the final analysis all XRP is on the XRP blockchain, it's only a question of who is holding the private keys. Hence the refrain, "Not your keys, not your crypto." If you are holding XRP in a wallet and the exchange (Coinbase, etc) also keeps your private keys, technically they can drain your wallet and you might have a time getting it back or establishing legal ownership in case of bankruptcy, etc. That was Martin's original concern. Leger does not hold your private keys, you hold your own keys.
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