Rahakott Wallet: User Review Guide

Rahakott review

Rahakott is an anonymous cryptocurrency wallet with a built-in mixer. Find out how it works today in our Rahakott guide and review.

What is Rahakott?

Rahakott, found online at Rahakott.io, is a free cryptocurrency wallet with several unique features that distinguish it from other wallets.

What is Rahakott

First and most importantly, Rahakott has a mixer feature. You can mix multiple cryptocurrencies together, then send those mixed funds to one or more destination addresses. As with other mixers, you can obfuscate the source of your funds and withdraw the money as ‘clean’ currency.

The anonymity-focused cryptowallet does not require a phone number or even an email. In fact, you can create a wallet in 20 seconds just by visiting Rahakott.io. All you need to do to create the wallet is to save a mnemonic phrase. This phrase acts as the key to your wallet.

Rahakott wallet review

Rahakott supports six major cryptocurrencies, including BTC, BCH, LTC, XMR, ZEC, ETH, and DASH. You can hold and mix all of these coins in your Rahakott wallet.

It’s important to note that Rahakott stores your coins on its own servers. All your private keys are encrypted and stored on Rahakott’s servers. This is not a client-side wallet, and you are not technically in control of your private keys. Rahakott claims even their developers cannot access clients’ coins. As with other mixer services, you need to trust that Rahakott will mix your coins as intended instead of just taking them.

It’s not all sunshine and rainbows for Rahakott. Some crypto websites have labeled Rahakott as a scam. Coindoo.com, for example, claims to have “received numerous complaints about Rahakott” and has decided to mark the website as a scam.

As far as we can tell, however, Rahakott functions like other mixer services: you deposit cryptocurrencies, mix them together, then withdraw your funds to a wallet. As with any mixer, you’re taking some risk by trading coins in an unregulated environment, but we can find no specific proof that Rahakott is a scam. It appears to be a legitimate service, and it has operated smoothly since 2017.

Rahakott Features

Rahakott wallet Features

Built-in Mixer: Rahakott claims their built-in mixer “makes it almost impossible to track your transactions.” Like with other mixers, you can take multiple cryptocurrencies from multiple sources, then mix them together to withdraw fiat currency. You can also take the same cryptocurrency (like BTC) from multiple sources, mix this BTC together, then withdraw it as fiat currency.

Tor Support: Rahakott supports the Tor protocol for added anonymity. Rahakott also supports other tunnels.

No Email or Phone Number Required: You don’t need to provide any personal information – like a phone number or email address – to sign up for Rahakott.

2FA Support: Rahakott supports two-factor authentication (2FA).

Mnemonic Phrase Recovery: Rahakott will setup a mnemonic phrase when building your wallet for the first time.

Data Encrypted on Rahakott Servers: Rahakott claims that the data is securely encrypted on their servers so that “even the developers cannot reach it”.

6 Supported Cryptocurrencies: Rahakott lets you hold and mix six cryptocurrencies, including BTC, BCH, LTC, ZEC, DASH, and ETH.

20 Second Setup: Rahakott makes a big deal out of its 20-second setup process. You can create a wallet in just 20 seconds by visiting Rahakott.io. No verification, email address, phone number, or even a password is even required.

Free to Use: It’s free to use and sign up for Rahakott. You’ll pay a small fee (0.0005 BTC) when transferring funds in and out of your Rahakott wallet to or from an external address. Transfers between Rahakott addresses, however, are free.

One Time Password or Long-Term Password: When setting up your Rahakott wallet for the first time, you’ll be able to choose a one-time password or a long-term password. The one-time password is a type of two-factor authentication (2FA), where a code is sent to your mobile device to grant one-time access to your account. A long-term password, meanwhile, lets you repeatedly access the wallet.

No Password Required: It’s also possible to setup Rahakott with no password whatsoever. In this case, you can log in to your wallet with just your public address.

Easy UI: Rahakott has a dead-simple interface that will be familiar to anyone who has used a crypto wallet before. You log in to your wallet at Rahakott.io. You can see your balance in BTC, USD, or EUR. You can also see your public wallet address and QR code.

Hierarchical Deterministic (HD) Wallet Support: Rahakott lets you create multiple new addresses for each transaction for added security. Your HD wallets can be built under your main wallet. You can rename or remove these wallets as needed.

Multiple Language Support: Rahakott is available in English, Chinese, Japanese, and Russian.

Customizable Fees: You can customize your fee from 1.00% to 2.195%. If you pay a higher fee, your mixing request will be processed more quickly and the mixing will be more effective.

Customizable Mixing Times: To obfuscate your coin mixing as much as possible, you can customize your mixing times (i.e. choose at what time the coins are delivered to your destination address). You can choose the funds to be delivered in 1 hour, for example, 1 week, or 1 month, among other timeframes.

Multi-User Wallets: Rahakott now offers multi-user wallets catered to business and corporate users. These wallets give multiple users within a single organization easy access to a shared wallet. You choose someone as an administrator, and that person can delegate access and roles within the wallet interface to other users – like the manager, trader, and auditor. The admin can set different security levels for different employees. Some employees will not be able to access API keys, for example.

P2P Exchange: Rahakott has a P2P exchange with ‘quick buy’ and ‘quick sell’ options. At the time of writing (December 2019), there are no offers posted on the P2P marketplace from any country.

Mix a Large or Small Amount: As of December 2019, Rahakott supports a minimum mixing amount of 0.001 BTC and a maximum mixing amount of 563 BTC. Whether you have a small or large amount of bitcoin to mix, you should be able to mix it easily with Rahakott.

Mix to Multiple Destination Addresses: When customizing your mixing settings, Rahakott lets you send funds to multiple destination addresses. You can send 50% of your BTC to one address, for example, and 50% to another address. Times are also customizable, so half your funds could arrive in one wallet today while another half arrives 6 days from now.

API Support: Rahakott has an API that grants developers access to the Rahakott protocol. All API methods are called using the HTTP method POST, and they must be authorized with the API key found in the ‘settings’ section of your own Rahakott wallet.

How Does Rahakott Work?

How Does Rahakott Work

Rahakott works like other web wallets. You create a wallet online, then deposit funds into that wallet from external crypto addresses. Rahakott charges a small fee for each deposit or withdrawal to or from an external address (0.0005 BTC).

You can deposit six different cryptocurrencies into a single Rahakott wallet, including BTC, BCH, LTC, DASH, ETH, and ZEC.

Once those cryptocurrencies are in your Rahakott wallet, you can see your full balance in USD or EUR. Rahakott will tell you how much all of your cryptocurrencies would be worth if you mixed them together and sold them for USD or EUR.

If you want to mix your cryptocurrencies together, then you can do that with a few clicks. Your cryptocurrencies will be expressed as a single fiat currency (USD or EUR), although you’ll withdraw the amount as BTC, BCH, LTC, DASH, ETH, or ZEC.

Your private keys are stored (encrypted) on Rahakott’s servers. Rahakott claims even their developers cannot access the private keys. However, just like with any situation where your private keys are stored on an external device, you’ll want to take extra caution when moving large amounts of money. Ideally, you’ll use Rahakott to deposit cryptocurrencies, mix them, and withdraw them.

If you do decide to store cryptocurrency on Rahakott long-term, then you can access your wallet at any time using your password. Rahakott lets you set up a one-time password, in which case you’ll need to complete 2FA verification on your phone before logging in. Or, you can setup a long-term password, in which case one password lets you log into Rahakott forever.

Rahakott also supports the Tor protocol for maximum privacy. If you want to transfer cryptocurrencies to Rahakott over Tor, mix them together, then withdraw them, then you can do that with complete, encrypted privacy.

Rahakott Pricing and Fees

Rahakott is a free cryptocurrency wallet and mixer. Anyone can visit Rahakott.io and set up a wallet for free.

When you mix cryptocurrency together, you’ll pay a service fee. This service fee ranges from 1.00% to 2.195%. The higher the service pay you pay, the quicker your request will be processed and the better the mixer will perform.

Rahakott does not charge fees when transferring money from one Rahakott wallet to another. However, a fee of 0.0005 BTC will be charged when transferring money to or from an external wallet address.

Rahakott will also add network service fees, which vary depending on the cryptocurrency you’re using.

There are also certain minimum transfer amounts, although they’re very small (minimum amount of 0.0001 BTC required to transfer, for example, or 0.001 LTC).

How to Use Rahakott

Rahakott is straightforward to use. In fact, you can setup and use a wallet in less than 20 seconds. Here’s a basic guide:

Step 1) Creating Your Wallet

Visit Rahakott.io, then click ‘Create wallet’ in the top-right corner.

creating a Rahakott wallet

Complete Captcha verification by entering the numbers.

Rahakott crypto wallet

Next, you’ll see your mnemonic phrase. Write down these 24 words and keep them in a secure location. You can use this phrase to restore access to your wallet at any time.

Rahakott crypto storage

On the next page, Rahakott will double-check to verify your mnemonic phrase by writing down the first and last word from that phrase.

Rahakott security

Remember: if you lose the phrase, you will not be able to login to your wallet and gain access to your funds. Make sure you have your phrase written in a secure location.

Step 2) Choosing Cryptocurrencies

Next, Rahakott lets you choose the cryptocurrency wallets you’re going to use. You can choose from one of six supported cryptocurrencies, including BTC, LTC, DASH, BCH, ZEC, and ETH.

Rahakott bitcoin wallet

Step 3) Setup 2FA

Rahakott lets you set up two-factor authentication (2FA), although it’s not required.

setup Rahakott

Your ‘second factor’ can be a one-time password or a standard long-term password.

If using a one-time password, you’ll need a mobile phone with a 2FA application (like Authy or Google Authenticator). The application generates a new password every few seconds, and you can use this password to log in.

The standard long-term password is valid all the time unless you change it or cancel it. You set up the password once, then use it to access your Rahakott wallet whenever.

You can also choose to not set up a password whatsoever, in which case, anyone with your wallet address can log in to your Rahakott wallet.

Step 4) Deposit Funds

Your wallet is officially set up, and you can now deposit funds into your wallet. Rahakott has a minimum deposit amount for each cryptocurrency (0.0001 BTC for bitcoin, for example). Send funds to your Rahakott address from an external bitcoin wallet, and the funds will show up in your wallet.

deposit in Rahakott

Step 5) Mix

Rahakott wallet benefits

You’re using Rahakott for its mixer. The mixer page is straightforward. You can customize all of the following settings:

Choose Your Destination Addresses: You can send your mixed funds to one or more destination addresses, for example.

Choose Your Distribution Share: You can send 5% of your funds to one address, 10% to another address, and 85% to a third address, for example.

Customize your Delay: If all of your funds arrive at all of your addresses simultaneously, it can look suspicious (especially if you’re trying to hide the source of your funds). Rahakott lets you customize your delay anywhere from 1 hour to 1 month.

Rahakott wallet privacy

Choose your Service Fee: A higher service fee (closer to 2.195%) will have your funds processed more quickly and with better mixing, while a cheaper service fee (closer to 1.00%) will come with slower mixing and less mixing.

Rahakott fees

Customize your Amount: Rahakott currently lets you mix anywhere from 0.001 BTC to 561.832 BTC. Choose any amount of BTC between these amounts that you want to mix.

Once you have customized all of these settings, you can enter your password then click ‘Mix Coins’ to complete the mixing process.

Step 6) Customizing Settings and Deleting your Wallet

Rahakott lets you customize settings from the Wallet > Settings menu. You can choose which exchange you want to use, for example, your language, or your currency.

Rahakott wallet settings

You can also completely delete your wallet – say, if you’ve completed the mixing process and want to remove all ties to Rahakott.

Rahakott account

About Rahakott

The first version of Rahakott was released by Akke Svenson (Co-Founder), Maksim Shreyder (Co-Founder), and a team of developers on November 12, 2017.

Svenson holds graduate degrees from Stanford University and the Royal Institute of Technology in Sweden. Prior to building Rahakott, Svenson worked at several fintech companies in both the United States and Europe.

Shreyder is a graduate of the Moscow Institute of Physics and Technology and the University of London.

Final Word

Rahakott is a cryptocurrency wallet and mixer that fills a unique niche in the crypto space. You can deposit funds into Rahakott from supported cryptocurrencies, then mix those funds together and withdraw them as USD or EUR fiat currency. It’s a wallet and mixer built into one convenient service.

It takes 20 seconds to setup a Rahakott wallet for the first time, and all funds are held encrypted server-side on Rahakott’s servers. For that reason, it’s not recommended that you use to store large amounts of crypto long-term. As a short-term mixer, however, Rahakott appears to be an ideal way to obfuscate your crypto funds.

I’m Aziz, a seasoned cryptocurrency trader who’s really passionate about 2 things; #1) the awesome-revolutionary blockchain technology underlying crypto and #2) helping make bitcoin great ‘again’!

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