Bytecoin (BCN) was developed all the way back in 2012, making it one of the earliest cryptocurrencies.
Based on the CryptoNote hashing algorithm it is an anonymous privacy coin that uses ring signatures to ensure payments cannot be traced to their senders. Because it is a peer-to-peer payment system it is a competitor with Bitcoin, Litecoin and other P2P decentralized payment systems.
If you’re interested in privacy and anonymity in your transactions Bytecoin might be a good asset for you to hold, and that means you’ll want a good Bytecoin wallet to hold your anonymous riches. Since the coin has been around for some time you have a number of excellent options for storing your Bytecoin.
Let’s have a look at best Bytecoin wallets to hodl your BCN.
Even though Bytecoin has been around for some time, compared to other coins there are still rather limited options when it comes to secure storage options. For example, there are no hardware wallets that have offer support for BCN storage.
Nevertheless, I was still able to gather a list of some of your best Bytecoin storage options. These wallets are chosen based on either their security, usability, cross functional use or general community support. Of course, this is often a balancing act and what you may gain in convenience, you give up in security.
There is an official desktop wallet for Bytecoin that was created by the development team specifically for securely storing Bytecoin. It is also easy to use, giving you a simple interface for sending and receiving coins, as well as including an address book for recurring transactions. It also gives you your balance prominently displayed, as well as access to all your past transactions.
Those who might be interested in trying their hand at mining Bytecoin will be glad to know that this wallet also doubles as a mining client. The downside to this is that mining Bytecoin with a simple PC isn’t likely to be very profitable.
When it comes to security you’ll find many basic and important security features. These include local storage of your private keys, and a second password to keep your wallet locked tight if it happens to somehow fall into the hands of a bad actor.
The wallet also has a unique feature called SendProof which is used to prove coins have been sent, giving users a means for verifiable dispute resolution.
It’s important to note that the desktop wallet will also function as a full node if you allow it to download the entire Bytecoin blockchain. This will make your transactions more secure, but it also takes up a lot of space on your PC (currently around 10GB). If you want you can skip this and connect to remote nodes to conduct any transactions.
The Bytecoin desktop wallet is available for Windows, OSX and Linux.
While the Bytecoin team does have an official mobile wallet, it only works with Android devices, leaving Apple users in the cold. An alternative that works for both Android and iOS devices, and has been endorsed by the Bytecoin team, is FreeWallet.
One nice thing about FreeWallet besides having support for Android and iOS is that it also has a web interface, which gives you access to your funds even when you don’t have your mobile device with you (as long as you have an internet connected web browser). FreeWallet also supports more than 30 other coins and allows you to exchange your Bytecoin with any of them seamlessly right within the wallet.
Security hasn’t been left out with this wallet either. It includes PIN code verification, two-factor authentication, and even has a fingerprint login. It allows you to set spending limits, which is a way to stop potential thieves from transferring away all your funds. And it also supports multi-sig.
The downside to the FreeWallet is that keys and funds are stored on a central account, which could be a point of failure or theft. So, this gives FreeWallet control over your coins, which hasn’t been a problem, but it does bear keeping in mind that you won’t have direct control over your Bytecoin.
One of the easiest ways to store Bytecoin is in the official web wallet, which gives you access to your coins from any internet connected browser. All you need to provide for access to a Bytecoin web wallet is an email address. You can also use the same account to log into the official Bytecoin mobile wallet.
There are fewer features in the web wallet compared with the desktop wallet, but it gives you basic send and receive functionality along with your balance and recent transactions. And you are able to purchase more Bytecoin from within the web wallet if you have some Bitcoin or Ethereum on hand.
Just remember that web wallets are not as secure as desktop wallet, and Bytecoin’s web wallet also stores private keys and funds on a central server. This leaves it far more susceptible to hacking attempts.
Of course if you are the type who uses a lot of different computers and devices you might prefer the convenience offered by a web wallet. One suggestion to help would be to keep a limited amount of funds in the web wallet just in case.
Bytecoin Ninja is a community-created Bytecoin paper wallet generator. Paper wallets are by far the safest way to store your cryptocurrencies, and can either be used for long-term storage or coins can be moved to a mobile wallet as needed.
While the original Bytecoin Ninja site went offline in February 2017, the link provided is to a mirror site that still offers the paper wallet generator. It also provides a .zip file so you can download the generator, disconnect from the internet and create your wallet offline for ultimate security.
The Bytecoin paper wallet is basic, giving you the public and private keys. It also generates a QR code which is great for easily transferring funds to a mobile wallet. If security is your top priority a paper wallet is a great solution.
Having a good wallet that’s useful and secure is an important asset with any cryptocurrency. The wallets provided for Bytecoin above are the best in each class – desktop, mobile, web and cold storage.
Of course you can always make use of more than one wallet and keep the bulk of your BCN holdings in a secure offline environment. You can then store smaller amounts in the mobile wallet for desktop wallet for quicker transactions.
There may be wallets that support Bytecoin storage that are not covered above. If you are considering this it is imperative to do your own research. Make sure that the wallet in question is supported by the community and that the developers are actively keeping the wallet up to date.
Irrespective of which wallet you do decide to choose, make sure that you follow best practices when it comes to wallet security. Keep backups of your seeds and make sure not to download suspicious files onto your PC if you are using the desktop wallet.
Featured Image via Fotolia
The post Best Bytecoin Wallets: Top 4 of the Safest BCN Storage Options appeared first on Coin Bureau.