Rahakott

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.

Rahakott Fees

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 Conclusion

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.

4 COMMENTS

  1. Now you cannot send funds out of your wallet.Its happening to me now as I have got great balance in there but I had sent out payment since yesterday but nothing had been sent all showing pending without any informtion to track even its confirmed or not.But Incoming funds only takes minutes to enter.What is the issue Rahakott? Bad experience

    • Hi there, Pascal! I don’t understand how you could transfer dollars with this cryptocurrency wallet. If you’ve just written the sum in dollars, then you shouldn’t have done this cause the rate is constantly changing, and sometimes dramatically! A while back 1 BTC was $7 500, today it’s $20 000 and some say it’ll be $20 000 by the beginning of 2018. The forecast for 2020 is $200 000. Each wallet has its own transaction fee but usually it’s a payment for the network transfer service and not that of the wallet. Haven’t you noticed that the transaction fee can vary and sometimes a lot! Everything depends on the number of orders and your order priority. The sooner you want to have it processed, the higher your transaction fee. I haven’t set up this wallet yet but I’m looking into it. I’m not trying to protect it or anything, it’s just that I see that you probably don’t quite get how blockchain and fees work. That’s why I want to help you wrap your head around it. It’s not a good idea to transfer small amounts cause sometimes it’s cheaper to transfer 1 BTC than 0.1 BTC. All in all, the problem is not on the wallet’s part, they’ve done their job. As for the fees, you’d better read a couple of articles or something. And if you don’t have time, you can contact the support and ask them why the fee was so high. Btw, have you tried that yet? What did they reply?

  2. Hello world I bring to your notice that rahakott.io wallet is a total scam.Yes I stand on my words that they are scamming internally.They are charging more than 50% of the actual balance as the transfer fee.I have monitored all my sent transaction on its receiving wallets and all the money I receive are almost half of what I sent from my wallet in rahakott. Just this Morning as at the date of writing I sent $25 to my wife wallet on blockchain.info and I only saw $12.43.Meaning they had charged me over 50% if am right and I have proof from all my wallets for further investigations.Rahakott.io wallets are the worst and scam in the market because they will never disclose the fees charged during the transaction period like blockchain.info and Exodus wallets are doing.The funny thing about this scam wallet is that you can not trace your transaction to see the number of confirmations it had got but all they do is assign some scrips to your transaction that state (SENT TO).Rahakott.io had scam me on my transactions I made with internal mining fees being 50%.Here is a professional platform and I need you on board to answers to my concerns raised.Thank you

  3. I don’t deal with large sums of money, but in terms of quantity I perform a lot of operations. I like that the wallet doesn’t demand any personal information like email for registration. I never understood that crypto currency having the advantage of confidentiality, why many markets and wallets where I’ve held bitcoins, kill this advantage by having a complicated registration. In any case email is one thing, but passport data that’s just ridiculous. On rahakott everything is stripped down to the bare minimum – mnemonic phrase + password and you’re in your wallet! No complicated registration is necessary! Complete confidentiality! It suits me!

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