We’ve received numerous complains about Rahakott services related to their services and we decided to mark this service as SCAM.
What Is Rahakott?
Rahakott is a wallet which designed for sending, receiving and storing cryptocurrencies. Users can access the wallet to manage their fund online from anywhere in the world.
The wallet offers a unique log-in system, as it doesn’t require the use of an email, phone number, or even username. The only thing you need to access your wallet is a mnemonic phrase.
The Rahakott Team
Rahakott was developed by Akke Svenson and his team on November 12, 2017. Svenson holds graduate degrees from both the Royal Institute of Technology, Sweden and Stanford University.
Rahakott resulted from the experiences he accumulated from working at several fintech companies both in Europe and the US. His co-founder is Maksim Shreyder, an alumnus of the Moscow Institute of Physics and Technology and the University of London.
No fees are charged for transfers from one Rahakott wallet to another. A fee of 0.0005 BTC is applied to transfers to an external address.
Network service fees are also added, which can vary depending on the coin you transact with, its size and the current load of the network.
Rahakott employs a number of security measures to ensure that your funds are safe and protected. They use a standard 24-word private key phrase and you can also opt to set a long-term password or enable two-factor authentication.
Rahakott also recommends to its users to complete anonymity when signing into their wallets and use the Tor network. Rahakott provides links to its wallet via Tor network connection on its website.
An algoristic wallet involves a system which creates a new address each time you make a transaction. By doing this, you enhance your transactions’ anonymity.
In order to use the wallet, no identity proof is required like in the case of other wallets or exchanges. No emails, phone numbers, or usernames are needed to operate this wallet. the only thing you will need to get to your funds is a mnemonic phrase, which is a unique phrase consisting of 24 words generated by the website.
Two Factor Authentication
By enabling this option, users can access their accounts by confirming transactions using their smartphones, thus adding an extra layer of security.
Fully Encrypted Servers
All the servers the wallet uses are claimed to be encrypted, and that not even its developers can access the user’s wallet data.
Regarding its servers’ security, the website states: “Hacking does not make sense. 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.”
Built-in Cryptocurrency Mixer
Rahakott also features a built-in cryptocurrency tumbler (or mixer) that mixes the details of your transaction with others, thus making them difficult to track. This feature offers more privacy to public and transparent blockchains such as Bitcoin.
Rahakott is able to generate multiple wallets in addition to the main BTC wallet which is created by default upon registration. Users can toggle between wallets, as well as rename or even delete them.
The signup process requires that you follow just two simple steps:
– Click on the “Register” button on Rahakott.io,
– Select your language and enter a Captcha. The next page will feature an automatically-generated mnemonic seed for you.
When you want to log into your wallet, you just have to insert the phrase at the site’s homepage.
*Mnemonic phrases represent a sequence of words that are put in random order.
Users have all declared that the wallet service moves very fast, as according to the site, a new wallet has a generation time of 15 seconds. The security measures that are implemented are at industry standards and the anonymity plus the mixer features are more like bonuses.
Even though there is no exchange feature incorporated into the wallet at the moment, the developers stated that they have plans of integrating more features as well as multiple exchanges later on.
“We promise to keep improving the service, constantly enhancing the integrated features, so that customers will enjoy the process time and again,” stated Svenson.