Byte Federal Review: Practicality Was Never So Expensive

It’s become clear that the cryptocurrencies are here to stay. While the majority of investors in this new field of decentralized finance look to them as a speculative instrument, there are those who have a more utilitarian and down-to-earth use for them.

The company we’re taking a look at today in our Byte Federal review is one of the adopters of the latter philosophy. With their crypto payment solutions, the firm promises to bring a new era of money and banking to the world.

Project Owners and Founders

Byte Federal Inc is a company that focuses on implementing Bitcoin ATMs, and developing various software solutions for the Bitcoin ecosystem. 

The firm primarily works on designing non-custodial wallets and merchant POS systems. Company owners have the desire to enable crypto assets owners to send, receive and use their crypto funds for banking.

The firm itself is incorporated in Venice, Florida, and the entirety of their products, including ATMs, software, and crypto software solutions are produced in the USA. As a FinCen registrant, the conduct has a money business license, granted to them at the end of 2023.

Founders of the project are: Lennart Lopin who is also the chief technical officer (CTO), while Lee Hansen is the CEO and Mark Paolillo is the chief financial officer. The company is widely present on social networks with profiles on Facebook, Instagram, TikTok, Youtube, X, Linkedin and Threads.

Services

The company seeks to empower the common Joe to purchase, hold, sell and use cryptocurrency as a payment instrument. Their technological solutions reflect this purpose, and include everything you might need to become a crypto investor yourself without additional apps like Stash.

The company supports a number of different cryptocurrencies. Among these are BTC, ETH, LTC, DOGE, and some others.

Cryptocurrency ATM

The flagship of the product is the Byte Federal ATM self-service kiosk. The company currently operates over 1,000 machines, available in select locations across the US and Australia.

These devices promise a true democratization of crypto assets. The service is available to anyone, and users need only approach the machine, scan their crypto wallet QR, insert a FIAT bill, and wait for a confirmation.

These self-service stations also allow swapping coins at predetermined rates, as well as purchasing investment grade gold with Vaultoro. Clients may use the special search form on the company website to locate an ATM closest to them.

Non-Custodial ByteWallet

This service provider has implemented a mobile app that features a crypto wallet, and a nearby ATM search function. The app is available for all devices that use iOS or Android operating systems, and may be downloaded through AppStore and GooglePlay respectively.

By categorization, this app is a hot, non-custodial wallet type, not to be mistaken for a portfolio manager like Coin Market Manager.

Unfortunately, there is no Byte Federal cold storage available at this moment. The company even posted a bulletin which compares the pros and cons of cold and hot wallet solutions.

ByteConnect POS

This developer is on the forefront of technology, allowing cryptocurrency payments to become a mundane, everyday occurrence. The cryptocurrency POS systems are available on a wide variety of devices, including handhelds, tabletop cash registers, computers and tablets.

Their POS systems are compatible with a large number of contemporary wallet solutions, including Coinbase, MetaMask, Crypto.com and Zengo. Payments may be effected either by QR code, Lightning network or NFC, and the company recommends their own Byte Federal wallet for fastest transaction times.

Abysmal Fees Will Make You Rethink it all

As revolutionary and helpful the company solutions potentially are for crypto holders, remains a question how affordable the Byte Federal price is. First of all, the site isn’t all that transparent with their fees and pricing. 

FAQs just boast about the firm having competitive and transparent pricing, claiming how their kiosks instantaneously display the fees depending on the costs of handling, volatility and price fluctuations. However, not even an example of these is given on the site, so we resorted to live chat support

Company fees for traditional coins like Bitcoin are 25%, while for the ERC-20 tokens like Ethereum is astonishing 30%. Those that wish to become a merchant can use the service for one-time payment of $199 with a transfer fee of 1.50%.

Concerning Absence of Reviews

Since none of the major review sites contain any feedback on the products, we could only get any valuable information from the App Store and Google Play. Here, the majority of Byte Federal reviews reveal a shocking truth about the overall discontent and outrage the customers are displaying. 

The current wallet app rating is 3.5 stars on the App Store out of 38 total ratings, with a high percentage of clients complaining about not being able to even sign up. Others express doubt about the performance of the app, while some clients openly accuse the software for losing their money.

The situation is even worse with Google Play reviews that make up for an average of 3.1 stars out of 76 ratings. 

Those who have downloaded the app report it crashes too often and that they cannot rely on it to conduct transactions. Other customers openly call the whole deal a scam because of their funds disappearing, and high fees that are charged even when the transaction doesn’t happen.

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