Rahakott cryptowallet

[Baloo]

I'd like to find out about the cryptowallet in more detail. Is there any detailed info about it? It's just that on the internet at the moment there isn't very much. As I take it, it's completely new?

[Keron]

What exactly are you interested in about it? The wallet is relatively new, yes. The beginning of the wallet came on November 13th 2017. Although it appeared so recently, by the end of Janyary 2018 the amount of users was at 1100 people.

[Baloo]

Interesting. How does it work anyway? I read on several resources positive reviews about Rahakott. How true are they?

[Keron]

I think you just need to get an account and see for yourslef. After all, you can sign up for free. The wallet itself is quite simple to work with, I've had it for a couple of months. It constantly improves and adds new coins.

[Baloo]

I've read somewhere that the setting up was not that easy. There's some mnemonic phrase, right?

[Keron]

There is a mnemonic phrase, it's used instead of your login and email. That's why setting the wallet up is actually easy. There's no need for verification or email.

[Keron]

Does anybody know why Rahakott wallet always takes different commissions? I've been using it not for so long, less than a month. It doesn't bother me a lot, I'm just interested.

[bitkilo]

You can see a news story Bitcoin.com released about the wallet here: https://news.bitcoin.com/pr-new-wallet- ... ccessible/

[Baloo]

When a large number of transactions are committed, the commission increases to ensure speed.
https://image.prntscr.com/image/7ZyhsIO ... ZTsEVA.jpg

[irikan50]

Does it increase a lot? Can the commission take half the money?

[rahakottsmm]

Don't worry, the commission is bearable. The minimal commission is 0.0001BTC. The commission may increase by an average of 0.00005BTC to ensure speed during peak loads, when people sell or buy currency massively. And you won't have to calculate it. The system itself will determine the optimal commission for the amount of your transfer

[rahakottsmm]

In April, our service received the following updates:

1) Now the Wallet supports SegWit transactions for Bitcoin
Why is it important? The initial protocol of the Bitcoin network has a restriction, which significantly limits the speed of online transactions. This is the exact reason why, during the peak loads (e.g. December 2017, when Bitcoin reached highs of $20,000 per coin), the ""execution"" of transactions could take from several days up to several weeks, depending on the charged commission fee. Thus, the restriction made Bitcoin inconvenient to use. SegWit solves this problem – it increases the network bandwidth and reduces transaction costs. Rahakott team supports solutions that increase users' comfort when using the service, and in April, our Wallet has implemented this technology.

2) Besides the support for P2SH addresses, from now on, Rahakott.io also supports sending Bitcoins to the native SegWit addresses (bech32)
P2SH addresses (starting with a “3”) are universal and had been used before the SegWit implementation. Bech32 addresses (starting with “bc1”) are a type of addresses, which were introduced by the developers of SegWit. The advantage of this technology is that it lets reduce the size of the commission fee with the help of the smaller amount of transmitted information per transaction. Also, the register is not important for bech32 addresses (e.g. when dictating the address, you don't have to say where the capital/small letters are in the address).
The amount of the bech32 addresses users is gradually growing, and the amount of services supporting this technology is similarly increasing. In the end of April, Rahakott expanded this list of services.

3) Now, Rahakott supports new addresses (CashAddr) for Bitcoin Cash (BCH).
After BCH separated from Bitcoin (BTC), a problem regarding the same wallet names emerged. One could misunderstand a person and, instead of BCH, send BCT to his/her wallet and vice versa (it was difficult to notice the error, since all the wallets that belonged to one person had the same names). Finally, the community of BCH developers has proposed a new wallet names format (which was also due to the fact that the new format would pave the way for further modifications of the cryptocurrency). You will always be able to identify such wallets since their names start with a “q” or a “p” (whereas the old addresses start with a “1” or a “3”).
Rahakott team has already implemented the CashAddr feature list and encourages you to support the transition to the new format.

[irikan50]

The legend is still fresh but hard to believe. Surely this is camouflage for scammers who make good profit from your money.

[rahakottsmm]

You're wrong. Rahakott is a long-term project. And scammers do not live long. If it was one, then why take care of safety. Rahakott pursues a tough policy in this direction. The wallet supports only trusted assets. It has 5 currencies for now – BTC, BCH, LTC, ZEC, DASH. This is due to the fact that experts counted more than 200 vulnerable currencies and tokens in the market.

[rahakottsmm]

We are happy to announce, that from now on Rahakott.io supports one more popular cryptocurrency – Ethereum (without smart contracts and tokens).

To get a wallet in ETH, click the button “Wallets”. Type in a random name for the wallet and click “Add”. Your wallet is ready!

The current commission amount for ETH transactions can always be found in our FAQ section (the link is at the bottom of our website’s pages). The current minimal commission for transferring funds to the external Ethereum Wallets equals 0.001 ETH.
We remind you, that our service does not charge any commission for internal transactions (between the wallets that are registered on Rahakott).

[irikan50]

And how does registration work? I do not like long procedures and verification.

[Keron]

The registration is very simple. The system generates the HD Wallet phrase, 12 words that cannot be memorized. These words must be written down and saved.
This wallet is convenient to use in general

[Baloo]

Mind that "save" does not mean clicking the button. This means you need to put it in a safe place. I hope you have not forgotten how to do this, have you? Fast bind, fast find.

[rahakottsmm]

You can use the second authorization step for greater reliability. It can be one permanent password, or a one-time password system. It's up to you. I'd recommend not neglecting it.

[Baloo]

I began to use Rahakott wallet not so long ago. It is quite new and appeared last year. My impressions are not bad in general. registration, you can say, is instant. Funds withdrawal is done quickly. It makes sense to those who like phones like iPhone to pay attention to it, that is, not to be worn out and everything worked well.

[Keron]

I agree with you. My friend recommended it to me and I got used to it immediately. Recently, I use it as the main wallet (internal transfers without commissions rock). I'm pleasantly pleased with transaction speed, but I'd like to have more different features like favorite addresses for transactions and mobile apps.

[rahakottsmm]

Thank you for the feedback. We carefully treat the wishes of our users and take them into account when implementing new features.

[irikan50]

A lot of wallets make internal money transfers free, and one can probably go broke with external transactions. Half of the transferred amount will be required for the transfer to happen.

[Baloo]

I would tell you the exact amount of commissions, but I honestly don't remember it for every currency. I mostly use bitcoin. I'm not obsessed with it because the sums are small there. Once, by the way, the minimum amount of the commission was lowered. It was 0.001 for bitcoin and now it's 0.0006.

[Keron]

I've noticed that commission sometimes changes. These changes are minor, but I was slightly alarmed. If this is permanent, then it's time to give it a thought.

[rahakottsmm]

The change in commission amount is a feature of cryptocurrency transfers. It is inevitable to maintain the speed of transactions. Rahakott automatically calculates commission required to make a quick transaction and our users do not need to enter the amount themselves. The minimum commission threshold changes for exactly the same reason. Indeed, earlier the minimum commission amount for bitcoin was higher than now. But I draw your attention to the fact that there is no commission for transfers between users of the service. And you can check information about external transfer’s specific figures on our website in FAQ section.

[irikan50]

I'd rather enter the sum myself, if it were twice less, or enter zeros with great pleasure. Zero is the ideal amount for commissions. What else can this wallet offer besides transfers?

[Baloo]

Your question contains an internal contradiction. What else should a wallet do besides wallet's functions? You can, of course, drive in nails with a microscope, but Rahakott is unlikely to make you coffee. It's enough for me that it transfers money quickly.

[Dynamix]

I have never heard of that wallet but I would not risk sending money there, there will be crypto hacks all over the place and keeping ur money in an underdevelopment wallet or one thats not fully legislated could mean a catastrophe for your wallet

[Keron]

There's API protocol on the website. Is it only available for businesses or for private traders as well?