A new service called Coyno believes it has a possible solution for Bitcoin users with many accounts and large transactions. Coyno is still in beta but already has many users as it allows you to view your cash flow and transaction details. It received $26,000 in funding from Axel plug and play accelerator which uses counselling and mentoring to boost newly started businesses. It also has tight security and it watches the transactions from a HD seed without actually touching the keys. This means it is unable to touch the funds in the wallets. It also has real-time data and shows the transactions in fiat. This is a large breakthrough as it is very helpful to society which is increasingly using cryptocurrencies. It is also a profitable field as not many services offer those that Coyno does.
“Coyno sits as a watch-only layer on top of whatever wallet or exchange you’re using.”
It boasts the ability to create overview reports of every individual wallet. It has the feature to see where the Bitcoins came from and where they went which is an especially useful feature as it is easy to forget whose Bitcoins you need to send and whose you have already sent. It is also rapidly expanding its operations and is hoping to add new features to its service. It plans to add notifications which mean they send an email whenever Bitcoins leave your wallet. Currently it only supports a few addresses such as Bitcoin wallet, coin base and armory; however it hopes to add more wallets such as Hive and Multibit. It also wants to incorporate exchanges and tax reports.
Bitcoins anonymity also means that a way of tracking transactions and who they are from seems like a solution that should be used. In the near future hopefully we will have more advanced ways of sorting and accounting our transactions but this is a step in the right direction. When the full one is released it will show how this will affect Bitcoin in the future and how there are many unexplored fields still out there for new and upcoming services.
“[Current] wallets are nice, but just look at a Bitcoin address. When I look at my phone wallet, it’s impossible to remember what [transactions] happened at the time unless I write it down. Just to have a graphical representation, to help you use Bitcoin the right way, is going to be absolutely crucial to mainstream adoption.” explained co-founder Erasmus Hagen when asked about how his service can benefit the Bitcoin community.
It lets you test it and give feedback on how they can improve which means they will be improving more rapidly and will suit the needs of the Bitcoin society. Many users have already tried and loved the beta and hopefully it will become a developed and successful service as it has the all the great features needed and more. The beta can be accessed at https://coyno.com/ and requires an account to be created.