It is not an easy task to find the best Bytecoin wallets. Knowing how to hold Bytecoin (BCN) is as important as buying this virtual currency. So how to select the right online Bytecoin wallet to handle our BCN coins?
We have heard how attacks and hackers affected thousands of cryptocurrency users around the world. So what can be done to protect our funds? In this guide, we are going to share with you all the information you should have about the best Bytecoin wallets. This would let you store your BCN and protect your funds at all times.
What is Bytecoin (BCN)?
Bytecoin is one of the oldest virtual currencies in the cryptocurrency market. It was created in 2012 and the goal was to offer privacy features to users that handled digital currencies. As we already know, Bitcoin (BTC) and other digital assets have public blockchains. That means that it is possible to check and analyse the transactions that are being processed by the network.
For example, on the Bitcoin network, we can find the information of wallet addresses, the funds transacted and eventually link the information with specific identities. This is why the cryptocurrency market was searching for a more private and secure solution than Bitcoin or even Litecoin (LTC).
Throughout the first years after being created, BCN was not able to attract a large number of investors and its price remained flat. However, in 2017 BCN became one of the largest virtual currencies in the world after its price massively spiked. The same happened in the middle of 2018, reaching new all-time highs.
Things have changed since that moment. Indeed, BCN price has then reached new lows and it remained traded for several years. In 2021, with the expansion of the whole crypto market, there was an attempt for BCN to move higher but it was not able to sustain the price increase for more than just a few days.
Basically, the BCN cryptocurrency project is now almost dead, as they do not have developers actively supporting the community or creating new projects. Moreover, several users are reporting that they cannot access their funds using the official wallet.
Now, we need to understand which wallet for Bytecoin we should use. If you have purchased BCN, then you have to properly store it and take care of your funds. In the next sections, we tell you how.
What are Cryptocurrency Wallets?
Cryptocurrency wallets are computer programs or hardware devices that let you store and manage your virtual currencies. In this case, we want to only focus on the best Bytecoin wallets that would let us manage our BCN digital assets.
Software wallets are usually the most popular wallets to handle digital currencies. These are usually Bytecoin wallet for Android or iOS devices, Bytecoin desktop wallets, and even Bytecoin online wallets.
As the word “software” suggests, these are not devices, but programs that run on different devices and that would let you easily store, send and receive BCN coins, among other virtual currencies.
Nowadays, most software wallets let you handle different virtual currencies rather than just one crypto. For example, if you want to hold a cryptocurrency portfolio, then you can use a software wallet that supports several digital currencies, including BCN.
There are other types of wallets such as a Bytecoin web wallet, which would let you hold your BCN coins online. This is the same as a Bytecoin wallet online, but it is just a different name to make reference to the same thing.
Software wallets can usually be downloaded to your desktop computer. At the same time, they can also be downloaded to your smartphone. These are very easy-to-use wallets and are very useful if you want to send and receive BCN on a regular basis. That means that they are user-friendly and they could be used by beginners or newcomers.
Bytecoin Hardware Wallets
If you want to have the ultimate security to hold and store your Bytecoin funds, then a hardware wallet would be the best option available. A Bytecoin hardware wallet would hold your private keys outside the internet. That means that no hacker or attacker would be able to get access to your funds.
This is definitely important for cryptocurrency and Bytecoin investors that hold large amounts of virtual currencies. Hardware wallets allow users to hold not only BCN but also many other virtual currencies. Some of the most popular hardware wallet producers include Ledger and Trezor.
The negative thing about hardware wallets is that they currently do not support Bytecoin. Due to this situation, there is a large number of users that prefer to use a Bytecoin paper wallet. A Bytecoin paper wallet is just a simple piece of paper that would include your private keys and your public address. You would be able to receive virtual currencies (only BCN) and also send and receive more.
Users tend to use a Bytecoin paper wallet generator, but due to the accusations of scams and possible attackers on the internet, the best would be to remain far from Bytecoin paper wallet generators. As a cryptocurrency project that has no activity or development, you should remain far from it and avoid any possible contact with malicious apps that could infect your smartphone or computer.
In general, hardware wallets are the best tool for those users and investors that want to hold virtual currencies for long periods. If you are a Bytecoin holder, this would not be able as there are no hardware wallets supporting the BCN virtual currency.
Bytecoin Wallet Problems
Most Bytecoin wallets are having issues and problems. Why? Simply because this is a project that is not taking care of the Bytecoin community anymore. There are two main problems with the Bytecoin wallet that you should know about: the Bytecoin wallet not syncing problem and the Bytecoin wallet disconnection issue.
Bytecoin wallet not syncing
If you are already using a Bytecoin wallet, then you should know that it might show up with a warning saying “Bytecoin wallet not syncing.” This is a very common issue that users have been experiencing for several years now.
If your Bytecoin wallet sync process has been completed, you shouldn’t be worried about it. Instead, if you have a wallet with BCN coins that shows that it is not syncing, then you should definitely contact the community through the official channels to get support.
One of the main reasons behind this issue is related to the project being left behind by developers. There have been several complaints about Bytecoin’s wallet, this is why you should avoid it at all costs if you do not want to lose your funds sending them to a wallet that will not sync with the network.
Bytecoin wallet disconnected
There is also another issue faced by investors that stored their Bytecoin funds on the official Bytecoin wallet. This issue displays an error that says “Bytecoin wallet disconnected.” Thus, this is similar to the previous error in which the wallet couldn’t get synced with the Bytecoin network.
Although this shows that you might have a connection problem, the truth is that this wallet is having issues. Thus, you should again check with the community how to resolve this issue or simply avoid using it. If you have funds stored there that you cannot withdraw, then you should also contact the support team behind this wallet.
You should always avoid sending your private keys or seed phrase to other people. You should never share it with anyone. If there is a person that is asking for this information you should completely avoid talking to them again as they will be mostly scammers that want to get access to your funds.
Best Bytecoin Wallets
As we talked about and discussed in this article, Bytecoin wallets have been facing problems over the last few years. Thus, you should avoid the official BYtecoin web wallet to store, send and receive BCN online.
However, there are other wallets that could let you hold BCN. Despite that, we do not endorse them as secure crypto wallets to hold your Bytecoin coins. Indeed, if you hold and buy BCN, you might find it useful to keep them at an exchange. Although your funds could be stolen if the exchange gets hacked, it is also true that you can also store your BCN coins there.
Disclaimer: we are not responsible for the way in which you hold your BCN tokens. We are not financial advisors. The information presented should be considered for educational purposes only.
The Cryptonator wallet is a software option that offers direct cryptocurrency transactions, instant exchange between currencies and more. It supports both Android and Apple users and the wallet can be downloaded using mobile devices or on your desktop computer.
Cryptonator claims to have more than 1 million active accounts and it supports more than 10 different virtual currencies. Although there are different options available in the market to handle more than 10 virtual currencies, few of the others support BCN.
Furthermore, the Cryptonator wallet has already processed more than 100 million transactions. With this wallet, you can easily handle your BCN but at the same time get access to other digital currencies and exchange them without having to rely on a cryptocurrency exchange.
Finally, the company claims that it is anonymous and secure with bank-grade security and next-generation account protection. Moreover, it includes a 2-factor authentication solution and trusted IPs to make the whole ecosystem even more secure.
Freewallet is another option available that lets you manage your digital currencies with ease using a cryptocurrency smartphone wallet. With this virtual currency wallet, you can handle your BCN coins and also get access to other features such as P2P negotiations in USD or EUR.
At the same time, the wallet supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP. There are more than 100 different currencies available that can be processed instantly and without paying fees as it happens with virtual currency exchanges.
Moreover, you can also use 2-FA authentication to reduce the risk of losing your funds. Users can also purchase different virtual currencies using Visa or Mastercard, making it very simple for individuals to get exposure to the virtual currency market. Nonetheless, BCN is not available for purchase through this credit and debit card option.
At the moment, you can download this BCN wallet for iOS, Android and also use it on the web. This is how easy it is to interact with the Bytecoin blockchain.
Avoid Bytecoin Wallets
You should avoid the official Bytecoin wallets and stay always with wallets that are recognized and that have positive comments from users. At the same time, you should check whether the wallets have been accused of not releasing the funds or not offering the services they promise.
The wallets created exclusively for Bytecoin have been affected by different problems, including the lack of continuous support and the Bytecoin project fading away over time. Thus, you should pay close attention to the wallets you use and if you want to hold Bytecoin, make sure that you hold them in a wallet that does not depend on the Bytecoin community or project developers.
Final Words on Bytecoin Wallets
We have shared with you all the information you should know about cryptocurrency wallets and also about how to use a Bytecoin wallet. There is a distinction between hardware and software wallets depending on the type of activity you conduct. It is worth taking into consideration that there are no hardware wallets for BCN right now, as the project has faded away in recent years.
So how to hold Bytecoin? You can purchase that currency using some exchanges but you can also use some software wallets that have offered support to the BCN digital currency. The whole Bytecoin ecosystem is now focusing on the problems that some of the wallets are experiencing.
Additionally, the community is warning new users about the wallets created by the team behind Bytecoin. This seems to be a pump and dump project that is mostly left behind as no developers are working on new initiatives or solutions.