Bytecoin (BCN) is an altcoin that offers untraceable transactions and relatively profitable mining rewards. After it was created in 2012, Bytecoin weathered a number of controversies, but it has since largely repaired its image. Although it is overshadowed by its more popular descendant, Monero, Bytecoin has managed to maintain a fairly prominent position in the crypto market.
Over the past few years, the Bytecoin development team has rebranded the coin, introducing several new wallets that can be used to store Bytecoin. A number of third party wallets have added support for the coin as well. This guide will outline some of the best choices.
Here are the primary factors you’ll want to consider when choosing a Bytecoin wallet:
- Security: What security features does the wallet offer? Does the wallet provide two-factor authentication (2FA), passphrase login, cold storage or recovery seeds?
- Supported platforms: Which platforms is the wallet available on?
- Compatible coins: Does the wallet support coins other than Bytecoin?
- Ease of use: How difficult is the wallet to download, set up, and use? Is the user interface attractive and intuitive?
- Development activity: When was the wallet created? Is the wallet still updated regularly? Outdated wallets may introduce security risks, or they may simply no longer work with the most recent version of a coin.
Security: Good | Platform: Desktop | Compatible coins: Bytecoin (BCN)
Ease of use: Simple (with dev features) | Active since: Unknown
The Bytecoin team provides an official desktop wallet that offers all of the standard crypto transaction tools that you will need. It has tabs for sending and receiving funds, as well as a built-in address book to facilitate repeat transactions. Plus, it displays your total balance and past transactions front and center.
The wallet also doubles as a mining app, meaning that you can start earning Bytecoin with the click of a button — although you should probably consider whether mining Bytecoin is profitable before you begin.
Advanced users can also control the wallet daemon through a console window or a separate command-line daemon. This feature allows Bytecoin transactions to be carried out via RPC commands, an option that is useful for developers who are programming e-commerce applications.
These features are cleanly separated into categories on the sidebar, as shown below:
In terms of security, the Bytecoin wallet provides many basic but important features. First of all, it stores private keys locally on your device – this deters remote attackers, who usually attack centralized wallet services. The app also secures your wallet with an extra password in case your wallet file falls into the wrong hands.
Lastly, the wallet implements a feature called SendProof, which is unique to Bytecoin. This feature can be used to prove that funds have been sent — in other words, it provides verifiable dispute resolution.
Something important to note is that when you create a new wallet, the program will attempt to sync with and download the entire Bytecoin blockchain (a few 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 wallet 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.
Security: Acceptable | Platform: Mobile (and web)
Compatible coins: Bytecoin (BCN) +25 others
Ease of use: Simple | Active since: 2016
Bytecoin provides an official mobile wallet, but it is only compatible with Android devices. An alternative third-party wallet called FreeWallet has been endorsed by the official Bytecoin team, and it offers plenty of features that make it a good choice for mobile users.
Most importantly, FreeWallet is supported by both iOS and Android. Your FreeWallet account can also be accessed via a web interface, meaning that you can access your funds even if you don’t have your mobile device on hand. Plus, FreeWallet supports many additional coins, so you can easily exchange Bytecoin for whatever cryptocurrency you might need.
FreeWallet has several high-quality security features, including two-factor authentication, PIN code verification, and fingerprint-based login. It also offers transaction limits – a preventative measure that can stop attackers from withdrawing your money all at once. Finally, it provides multi-signature technology so that you can require authorization from more than one person in order 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 wallet suffered from a controversy in mid-2017 involving allegations of stolen Ethereum, but the wallet remains highly rated on most review sites.
Be aware that the wallet’s features do give third parties control over your funds, and retrieving your coins can be very difficult if they become stuck during the trading, deposit, or withdrawal process. If you prefer to maintain direct control over your funds, a desktop Bytecoin wallet is your best option.
Suggested Reading : Take a look at the best Verge wallets.
Security: Acceptable | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Simple | Active since: 2017
Bytecoin’s official web wallet allows you to access your funds wherever you happen to be. To create a Bytecoin web wallet, you will first need to sign up with a username and email account. This account can also be used to log in to the official Bytecoin Android wallet.
The web wallet offers fewer features than the desktop wallet, but it does have basic send and receive functions. It also shows your recent transactions and address balances. Additionally, it is integrated with an exchange, which allows you to instantly buy Bytecoin if you have Bitcoin or Ethereum on hand. These basic functions are all accessible from the main page, as seen below:
Unfortunately, web wallets are rarely as secure as desktop wallets, and Bytecoin’s web wallet is no exception. Although it offers two-factor authentication, which is a standard security practice, it nevertheless is susceptible to hacking. The Bytecoin web wallet stores keys and funds centrally, just like Bytecoin’s mobile wallets do.
That said, if you use many different computers and devices, you may value convenience and availability over security. In that case, a web wallet may be a good choice.
Security: High | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Intermediate | Active since: Unknown
Offline wallets (aka “cold storage”) are a good way to securely store large amounts of cryptocurrency for an extended period of time. Cold storage can also be used in tandem with less secure wallets — simply move Bytecoin from cold storage to your mobile or web wallet only when you need to spend it.
Hardware wallets are the best way to create a cold storage wallet. However, none of the three major hardware wallets (Trezor, Ledger, and Keepkey) support Bytecoin. In the absence of a hardware wallet, paper wallets are the next best approach to cold storage.
Bytecoin Ninja is a community-created paper wallet generator for Bytecoin. Although the original site has gone offline, other sites provide a mirror, such as this one. Ideally, you should download the ZIP file, disconnect from the Internet, and open the web page offline to ensure that nobody is logging your keystrokes.
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. It provides standard public and private keys, which you can use to send money to and from another wallet. Here is what 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 required. Meanwhile, the red lettering serves as a color code that makes it clear which keys are private and which are meant to be shared.
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