If you’re a beginner in a world of crypto, you will probably want to start somewhere near one of the most popular coins — XRP, also known as Ripple. Good choice! To assist you in that, we’ve created a guide on Toast Wallet!, a popular XRP client, “simple enough for your grandma but safe enough for a Swiss banker”.
A different token for a different wallet
Before starting the guide, let’s recall all the online wallets we’re having at our fingertips right now. How many are there on your mind? So now ask yourself a question why, for crying out loud, you might need one more specific wallet for XRP.
Although the answer is far from being child’s play, there is no need to go into details here and now. Just note that the Ripple blockchain is different than all the other blockchains existing out there. In fact, it’s so much different that Ripple Labs don’t even consider Ethereum and Bitcoin as their competitors. Intrigued? Then, read on.
Coins or tokens?
Which one is XRP?
Thank you for the question by the way. XRP is a product of the private, centralized and permission-based blockchain, which is totally opposite of everything listed above. In fact, XRP coin is not even the main feature Ripple Labs have come up with. This is an inner currency that acts as a payment bridge between financial regulators. The company’s principal contribution to the fin-tech sector, though, has been the set of banking solutions, xCurrent, XVIa and xRapid.
So yes. For one thing, XRP is a black sheep circulating around due to the participation of banks and other official financial bodies. On the other hand, that black sheep does act like a token. It might represent commodities, fiat currency, cryptocurrency, frequent flier miles and mobile minutes.
The ground truth is that in the undefined blockchain ecosystem of nowadays there can hardly be right or wrong answers, and let’s embrace XRP as the bridge between the traditional financial world and upcoming decentralized future, shall we?
Why Toast Wallet?
Now when you know what kind of money you’re about to get, let’s talk about a proper wallet for it. AirdropAlert has already reported on cold storages, the best possible storages to hold your crypto funds. Plus, we’ve covered multiple issues possible with all the hot wallets, aka mobile apps and online clients. And yet, we are opting for a mobile version of Toast Wallet! because it’s easy and has got a good reputation. Besides, it’s fast for the reason that it downloads only a little part of the whole blockchain.
Take into account, Ripple doesn’t have an official wallet.
All the same, before we proceed to the installation process, you should know that Toast Wallet! has obtained miscellaneous competitors on the web. Abra, Exarpy or Cryptonator, to name just a few. Each of them is a nice suit for a beginner. So you’ve got plenty to choose from.
Install your wallet
With Toast Wallet!, you’ve got, actually, two ways to go. You either download a PC/Tablet version or, like us, choose the mobile app.
This is the first window that launches when you access the app.
What that red notice basically implies is that you can’t use your wallet until you have minimum 20 XRP on your address. But don’t freak out. It’s not about Toast Wallet! This is the XRP thing in general. Take a look at the official announcement of the company.
The XRP Ledger applies reserve requirements, in XRP, to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. The goal is to constrain the growth of the ledger to match improvements in technology so that a current commodity-level machine can always fit the current ledger in RAM and the full ledger history on disk.
The current minimum reserve requirement is 20 XRP. (This is the cost of an address that owns no other objects in the ledger.)
The control question: how many XRP do you want to transfer from your offline storage to your new account, to sell 20 XRP on a crypto exchange? Right, 40.
Be prepared to donate 20 XRP
To activate your Toast Wallet! address, send to it 20 XRP. If you don’t want to lose your money, don’t send the amount less than 20 XRP to your new account. A not-yet-activated address results in a failed payment.
Here is a quick hint. Do you want to make sure the account has been activated? Use RPC Tool to look up the address you are sending to. If the tool says account not found, then the address hasn’t been activated yet.
Scroll down and you will see three following options
Let’s start from the red tab. You’re going to need it if you want to, say, transfer some funds to your Toast Wallet! app from your Toast Wallet! software on an offline laptop. Why do you want to do that? Because your funds are safer with the cold storage.
This next blue tab “Restore an existing wallet” you hit if somebody stole your phone and now you want to get the access to the funds.
But in our case, you’d rather want to push the green button.
Here we finally prompting to the next step, setting our PIN
To give you the truth, guys really messed up with the terms on their FAQ page. But we’ll try our best to leave you with the feeling of absolute clarity.
So this third step is an important step. Set your passphrase, print it out and keep in someplace safe. Why do you need it? For several reasons.
First, to send XRP from your account.
Second, to recover your Toast Wallet! account if you lost your phone or deinstalled the app.
This is a good one.
Yes. In order to recover your Toast Wallet! account, you’re going to need the backup code (we’ll talk about it later) plus either this following passphrase or your recovery phrase (the 4th step).
We know. This window kind of looks surprisingly unattractive but the phrase we’ve blurred is your recovery phrase mentioned above. In the future, you might need it together with the backup code, to access the wallet. In case you lost your phone or uninstalled the app.
After you have the recovery phrase written down, hit the “+” sign and generate a new address. Why no picture on the 5th step, though? You will totally get it. We promise. There will be only one sign on the whole screen, a “+” sign.
Next, generate/import a new address by hitting the blue button
…and create your backup. To have a backup is, actually, a very good idea. It will help you keep your funds safe in case you lose your phone or forget your access details.
Congrats! You’ve created your Toast Wallet and even have a backup! The only thing left to do is activate your account by sending to it 20XRP!
This is what your Toast Wallet! address will look like. Go to one of the crypto exchanges, buy 20 XRP at least and send it to your wallet using this address! Note! If you send money to a particular address and your app returns an error that means the address has not been activated yet.
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