Rahakott is a cryptocurrency wallet available online at Rahakott.io. Find out how the wallet works today in our review.
What Is Rahakott?
Rahakott is a cryptocurrency wallet that lets anyone send or receive digital currencies. You can use the wallet to monitor your balance online from anywhere.
Obviously, there are hundreds of cryptocurrency wallets available today. What makes Rahakott different? One of the biggest differences is the way in which you log in. With Rahakott, you don’t need to log in using your email, phone number, or even a username: you just type in a mnemonic phrase.
The system is also protected using two factor authentication. Plus, Rahakott lets you create multiple wallets from a single account – say, if you want to set up sub accounts for certain business dealings.
Rahakott wallets are also “algoristic”, according to a writeup by NewsBTC.com, which means new addresses are generated for each transaction to increase user anonymity.
The Rahakott wallet was launched online on November 12.
How Does Rahakott Work?
Rahakott functions similar to other cryptocurrency wallets. You sign up, then deposit funds into the wallet. You can keep funds in your Rahakott wallet, transfer them to other users, or buy more funds from an exchange.
Rahakott doesn’t have built-in exchange services at this time. However, the developers plan to integrate this functionality next. Eventually, Rahakott will be integrated with multiple exchanges, allowing Rahakott users to access the best rates when buying or selling cryptocurrencies from their wallet.
Aside from key features like its algoristic support, two factor authentication, and subaccount support, Rahakott is most unique for its signup process, which simply requires you to create a mnemonic phrase.
The signup process takes just two steps: you click the “Register” button on Rahakott.io, then choose your language and enter a Captcha. At the next page, the company will have automatically generated a mnemonic phrase for you. Any time you want to log into your wallet, you input that phrase into the Rahakott.io homepage.
Mneomic phrases are a series of random words. Some people use mnemonic phrases to memorize certain rules – like “Please Excuse My Dear Aunt Sally” for remembering the order of equations (PEMDAS).
Here’s what my mnemonic phrase looked like after signing up for Rahakott:
“flag rival november make night boy hard piano dust link must pass nature feature festival egg enable jovial essence pig movie clay eyebrow youth”
After checking your wallet, you also get a QR code and an address. If you want to receive payment in other ways, you can also get a payment request URL.
There are no fees for transferring money to another Rahakott address (described as an “internal” address). Fee amount for transfers to an external address are set at 0.0005 BTC.
There’s also a minimum transaction network fee of 0.0006 BTC. This fee is automatically adjusted depending on the transaction size and present bitcoin network load.
All incoming transactions are considered successful after 2 confirmations on the bitcoin network.
Who’s Behind Rahakott?
Rahakott was created by Akke Svenson (founder), an IT specialist and blockchain enthusiast who graduated from the Royal Institute of Technology in Sweden and Stanford University in the United States.
Prior to creating Rahakott, Svenson worked at Ericsson and various European financial companies before serving as CTO at a Silicon Valley fintech startup. Svenson later returned to Sweden and opened his own IT consulting firm. He became interested in blockchain technology in 2013.
Svenson created the wallet in partnership with Maksim Shreyder (co-founder), a graduate from the Moscow Institute of Physics and Technology and the University of London.
Rahakott is another cryptocurrency wallet available online today at Rahakott.io. The wallet lets you sign in with just a mnemonic phrase. The wallet has been live since November 12.