Wallets / Funding & Trustlines

There are several wallet types, but for the most part they all hold the same characteristics. You can send/receive, trade, and buy/sell assets.

You have self custody where you hold your own keys to your wallet and no person or agency can stop you from transacting your assets

Then you have Exchange wallets, these are not your wallets. Your funds could be seized or frozen. For the most part, well known exchanges are safe and don’t commonly practice this method of behavior.

There are times when these exchanges needed to halt transactions or have had network outages that prevented you from accessing your assets.

Important !!!!
When setting up your self custody wallet write down your keys “password” and “do not” loose them! Self Custody comes at a price, loose your keys there is no support to recover your wallet.

Those keys are the combination to your wallet through a series of random numbers or words given to you when setting up your wallet, write them down in order correctly! No one can recover your account with out this combination of numbers or words “your keys”

There are three types of xrpl ledger wallets

  1. Physical usb dongle you can hold in your hand, called a Cold Wallet
  2. Warm Wallets like XUMM & Sologenic Wallet, run on the xrpl ledger and the Native Asset is “XRP”. To make any transaction on the XRPL Ledger “network” xrp is needed for transaction fees.
  3. Hot Wallets Exchange wallets, held on trading exchanges, like: Coinbase, Bitrue

Just like bitcoin or etherium, the difference is that the XRPL ledger is superior in speed & in low fees. One can make several transactions with a total cost of just under a penny, yes that’s amazing.

XUMM is great but you need to already have or obtain getting xrp so that you can send your xrp needed to your XUMM wallet.

There is no method of debit or bank payments to purchase on XUMM

Sologenic is the same as XUMM minus the Xapps which is not a problem if all your needing is to transact with XRP & XRPL Tokens on your wallet.

There is no method of debit or bank payments to purchase on Sologenic

You will need one of these wallets

We will explain using XUMM:

You will need a way to buy XRP to fund
your XUMM wallet.

Now that you have your XUMM Wallet ready and funded with some XRP time to set your Trustline

How to set up a trustline on your XUMM Wallet.

Once you got the understanding of setting up a trustline now it’s time to add XCHN

Click link below to add XCHN trustline

TipBot Setup