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Bytecoin (BCN) is an altcoin that offers untraceable transactions and relatively profitable mining prizes. After it was created in 2012, Bytecoin suffered a series of controversies, but has since then largely repaired its image. Although obscured by his most popular descendant, Monero, Bytecoin managed to maintain a fairly prominent position in the encrypted market.
In recent years, Bytecoin's development team has renamed the currency, introducing several new portfolios that can be used to store Bytecoin. A number of third-party portfolios added coin support. This guide will illustrate some of the best choices.
considerations
Here are the main factors to consider when choosing a Bytecoin portfolio:
- Safety: What security features does the wallet offer? Does the portfolio provide two-factor authentication (2FA), login passphrase, cold storage or semi-restore?
- Supported platforms: On which platforms is the portfolio available?
- Compatible coins: Does the wallet support coins other than Bytecoin?
- Ease of use: How difficult is it to download, set up and use the wallet? Is the user interface attractive and intuitive?
- Development activities: When was the wallet created? Is the portfolio still updated regularly? Obsolete portfolios can introduce security risks or simply no longer work with the latest version of a coin.
Bytecoin Wallet – Best Bytecoin wallet for desktop
Safety: Good | Platform: Desktop | Compatible coins: Bytecoin (BCN)
Ease of use: Simple (with development functions) Active from: Unknown
The Bytecoin team provides an official desktop portfolio that offers all the standard cryptographic transaction tools you need. It has cards for sending and receiving funds, as well as an integrated address book to facilitate repeat operations. In addition, it displays the total balance and the transactions in the foreground and in the center.
The wallet also acts as a mining app, which means you can start earning Bytecoin at the click of a button, although you should probably consider if Bytecoin mining is profitable before you start.
Experienced users can also control the wallet daemon via a console window or a separate command line daemon. This feature allows Bytecoin transactions to be executed via RPC commands, an option that is useful for developers who are planning e-commerce applications.
These functions are clearly separated into categories in the sidebar, as shown below:
In terms of security, the Bytecoin portfolio offers many basic but important features. First of all, store private keys locally on your device – this deters remote attackers, who usually attack centralized wallet services. The app also protects your wallet with an extra password in case your wallet file falls into the wrong hands.
Finally, the portfolio implements a feature called SendProof, which is unique to Bytecoin. This feature can be used to show that funds have been sent – in other words, it provides verifiable dispute resolution.
It is important to note that when creating a new portfolio, the program will try to synchronize and download the entire Bytecoin blockchain (some gigabytes of data). Although this process makes transactions more secure, it is not necessary for basic transactions. You can connect to remote nodes to skip this process.
The desktop portfolio is available for all three major desktop operating systems: Windows, Mac OSX and Linux. The RPC daemon also supports all three platforms and can be downloaded separately.
FreeWallet – Best mobile wallet
Safety: Acceptable | Platform: Mobile (and Web)
Compatible coins: Bytecoin (BCN) +25 others
Ease of use: Simple | Active from: 2016
Bytecoin provides an official mobile wallet, but is only compatible with Android devices. An alternative third-party wallet called FreeWallet was approved by the the official Bytecoin team, and offers many features that make it a good choice for mobile users.
More importantly, FreeWallet is supported by both iOS and Android. Your FreeWallet account is also accessible via a web-based interface, which means that you can access your funds even if you do not have your mobile device close at hand. In addition, FreeWallet supports many additional coins, so you can easily exchange Bytecoin with any cryptocurrency you might need.
FreeWallet offers several high-quality security features, including two-factor authentication, PIN verification and fingerprint-based login. It also offers transaction limits – a preventive measure that can prevent attackers from withdrawing your money all at once. Finally, it provides multi-signature technology so you can request the authorization of more than one person to withdraw money.
These features keep your personal wallet safe. Unfortunately, FreeWallet stores keys and funds on a centrally hosted account, making the wallet a potential target for hackers or corrupt service providers. The portfolio suffered from a controversy in mid-2017 on charges of Ethereum theft, but the portfolio remains highly valued at most of the review sites.
Keep in mind that the functionality of the wallet allows third parties to control your funds and the recovery of your coins can be very difficult if you stop during the process of negotiation, deposit or withdrawal. If you prefer to keep control over your funds, a Bytecoin desktop portfolio is the best solution.
Suggested reading : Take a look at Verge's best portfolios.
Bytecoin Web Wallet – Best Web Portfolio
Safety: Acceptable | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Simple | Active from: 2017
The official Bytecoin web portfolio allows you to access your funds wherever you are. To create a Bytecoin web portfolio, you must first register with a username and an e-mail account. This account can also be used to access the official Bytecoin Android wallet.
The web wallet offers fewer features than the desktop wallet, but has basic send and receive functions. It also shows recent transactions and address balances. Moreover, it is integrated with an exchange, which allows you to buy Bytecoin immediately if you have Bitcoin or Ethereum at your fingertips. These basic functions are all accessible from the main page, as shown below:
Unfortunately, web portfolios are rarely as secure as desktop wallets and Bytecoin's Web portfolio is no exception. Although it offers two-factor authentication, which is a standard security practice, it is still susceptible to hacking. The Bytecoin web portfolio stores keys and funds centrally, just like the Bytecoin mobile wallets.
That said, if you use a lot of different computers and devices, you can evaluate convenience and availability in security. In that case, a Web portfolio could be a good choice.
Bytecoin Ninja – Best cold storage portfolio
Safety: High | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Intermediate | Active from: Unknown
Offline portfolios (or "cold storage") are a good way to securely store large amounts of cryptocurrency over a long period of time. Cold storage can also be used in tandem with less secure portfolios: just move Bytecoin from the cold room to the mobile or Web wallet only when necessary.
Hardware wallets are the best way to create a cold storage wallet. However, none of the three major hardware portfolios (Trezor, Ledger and Keepkey) supports Bytecoin. In the absence of a hardware portfolio, paper portfolios represent the best approach for cold storage.
Bytecoin Ninja is a paper-wallet generator created by the community for Bytecoin. Although the original site is offline, other sites provide a mirror, like this one. Ideally, you should download the ZIP file, disconnect from the Internet and open the offline web page to make sure no one is recording your keys.
As you can see below, the paper wallet created by the generator is not as flashy or decorative as other paper wallets – but it certainly does what it needs to do. Provides public keys and private standards, which you can use to send money to and from another portfolio. Here's how the printable page looks like:
The generator also provides high resolution QR codes, which are easy to scan when you need to transfer money to or from a mobile wallet: no typing is required. Meanwhile, the red writing serves as a color code that clarifies which keys are private and which are meant to be shared.
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