The Rahakott wallet is an online wallet designed for ease of use, universal access, security, and speed which supports multiple cryptocurrencies. The team behind the wallet claims that over $30 million in various cryptocurrencies are currently stored in its proprietary wallets. The wallet uses a registration system featuring a mnemonic phrase and optional two-factor authorization.
Another feature touted by Rahakott is its anonymity. A new wallet user does not have to provide identifying documents.
“At times [sic] when almost every exchange is hacked and more than a billion dollars has been stolen by hackers, when public ‘wallet companies’ demand personal data and documents from the holders under the pressure of tax and special services. Rahakott remains independent, reliable, and the most convenient wallet in the world,” the wallet’s makers declare on their website.
How Much Does It Cost to Use?
Rahakott accesses service and network fees and requires certain minimum balances for transfer. The fees vary by coin and type. Service fees range from 0.00003 for ZEC to 0.0005 for BTC, BCH, and LTC. Network fees range from 0.00001 for BCH to 0.0005 for LTC. Likewise, minimum transactions range from 0.001 for LTC to 0.00001 for BCH.
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External Transfer Fees
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Registration and wallet creation, however, are free.
What Coins Does It Support?
Rahakott currently supports BTC, BCH, LTC, ZEC, and DASH.
How Do You Use It?
Rahakott prides itself on the ease with which a new user can set up a wallet. Clicking a “Create Wallet” link in the upper-right corner of the website takes you to a screen where a 24-word mnemonic phrase is generated as the private key for your wallet. The next screen allows you to choose a one-time password or a long-term password. The one-time password is a form of two-factor authorization. A code will be texted to your provided cellphone number, granting you one-time access to your account. A new code must be generated every time you access the wallet. By contrast, a long-term password can be used repeatedly to access the wallet.
It is also possible to say, “No Thanks,” to any password at all, which will deliver you directly to your wallet and your public wallet address. In cryptocurrency, it is never recommended to have a weak password or authorization protocol, let alone none at all.
How’s the Wallet Interface?
The basic wallet interface is relatively self-explanatory. The balance is displayed along with your basic address, an address generator, and a history of transactions. A large deposit button above the current balance isn’t clickable – it merely tells you what you can do with the information on the page. More commands, like send, are available from a menu in the upper-right corner.
The wallet also features a handy payment request URL that automatically generates a wallet address and barcode for display.
Can You Create New Wallets?
The main wallet is BTC by default. Additional wallets can be created for accounting purposes. Those auxiliary wallets can be renamed and even completely removed, although a wallet can only be removed if it is completely empty. You can switch between wallets easily by clicking.
How Secure and Private Is Rahakott?
Rahakott provides several layers of security for your cryptocurrency funds. The most obvious – and universal – are the standard 24-word private key phrases and the option to either set a long-term password or use two-factor authorization via cellphone. Rahakott also encourages its users to further protect their identities and funds by accessing their wallets with the Tor network. Links to the Rahakott wallet through the Tor network are provided.
In addition to the Tor protocol, Rahakott uses a built-in mixer to hide your identity when transactions are made, and all wallet services are deterministic.
“Hacking does not make sense,” Rahakott’s developers declared. “All the data on the servers is securely encrypted, even the developers cannot reach it. The only way to access your wallet – your mnemonic phrase.”
Who Is Behind the Rahakott Wallet?
Company co-founder Akke Svenson was educated at the Royal Institute of Technology in Sweden before serving as chief technology officer for a Silicon Valley financial technology startup. He started work in the cryptocurrency sphere in 2013.
Fellow co-founder Maksim Shreyder is a graduate of the Moscow Institute of Physics and Technology and the University of London. He has served in various information technology departments for both Russian and English companies, and he entered the blockchain world in 2015.
Rahakott has begun offering a special multi-user wallet for business and corporate users. The idea was to give multiple users within a single company easy access to a shared wallet. An administrator for the wallet is set who can then delegate access and roles within the wallet interface to other users, like manager, trader, and auditor. The administrator can also set different security levels for different employees. Some employees, for example, might not be able to access API keys or can only view certain data sets.
“We promise to keep improving the service, constantly enhancing the integrated features, so that customers will enjoy the process time and again,” Svenson said in a statement.
True to its word, Rahakott is fast. The company claims that a new wallet can be created within 15 seconds, and that seems totally realistic. The website is fairly easy to navigate, and the wallet itself is user friendly. Built-in tools for URL payment requests are a bonus, as is the ability to segregate, name, and remove wallets from the main account. The multiuser feature for businesses promises to be useful as the cryptocurrency world evolves and different permission levels are needed for different organizational levels. The front office secretary, for instance, likely will not need full withdrawal access to cryptocurrencies stored in the company’s long-term growth fund.
Overall, the Rahakott wallet is simple, secure, and fast, as the developers make clear in another statement.
“The market does not currently offer that many choices of suitable, easy-to-use wallets that would give both security and speed in processing transactions,” Svenson said. “We have had the audacity to address all the existing issues with the Rahakott wallet.”
We would not recommend using Rahakott to store large amounts of cryptocurrencies as online wallets are never as secure as Hardware wallets as they are susceptible to various methods of attack. It would be nice to see support for Hardware wallets integrated into the system so you could use your Trezor or Ledger to sign in and authorize transactions.