Do I really need another wallet?
My wife and I try and keep the storage of our tokens and coins as simple as possible. We don't really want a multitude of wallets, with all those passwords, 12 word seed phrases to keep secure. So up till now we have mainly used the Exodus wallet for our stash and MyEtherWallet for the few ERC20 tokens that Exodus don't support. Recently we purchased the Ledger Nano Back-up Pack with includes a Nano X and a Nano S for the back-up. Once we have it set-up, we will transfer all the tokens and coins to the Ledger Nano X. But in the mean time we are still using the MyEtherWallet and Exodus wallets.
What To Do With The DAI and LRC?
I initially came to Publish0x because of the BAT tips. Back in February about 95-97% of the tips were BAT and the rest was DAI and HYDRO. About April HYDRO was retired and Publish0x introduced Loopring (LRC) to the tipping pool. Tipping ratio changed to
- LRC 50%
- DAI 25%
- BAT 25%.
And the total value of the tips dropped roughly 40%.
Currently the tipping ratio is
- DAI 47%
- BAT 27%
- LRC 27%
as confirmed by
So suddenly we weren't getting as much BAT and accumulating a lot more DAI and LRC.
Now Exodus supports DAI, so until I decided what to do with them it was just as easy to send them to the Exodus wallet for the time being.
But what to do with the LRC? Was undecided, so we just left them to build up on Publish0x.
DAI Writing Contest #AtomicWalletTutorial
Now the Atomic Wallet supports Loopring (LRC).
- I could send the LRC to Atomic Wallet.
- exchange the LRC for some more Tezos.
- stake the Tezos on the Atomic Wallet.
- use the Tezos address to claim 0.01 XTZ each week from the Tez Faucet using my wife's mobile number.
The problem of what to do with the LRC seemed to be solved. Plus I could write about the process and kill two birds with one stone.
open the Tezos wallet and select Receive. Then copy the Tezos address.
enter the Tezos wallet address and my wife's mobile number on the Tezos Foundation's Faucet. We get the Success message.
a few seconds later the 0.01 XTZ turned up in the Atomic Wallet.
Now we had a change of heart regarding the LRC. We made a managerial decision and ended up sending it to the Binance Exchange. Thats another story for another day.
While Binance don't support DAI, we can still send the DAI to the Atomic Wallet and exchange for some Tezos. Also we have some EOS sitting on Coinbase, leftover from watching the educational videos and referral earnings, which also can be exchanged on the Atomic Wallet. Now we have a plan.
Transfer the DAI to the Atomic Wallet
open the DAI wallet and select Receive. Then copy the DAI address
open the DAI wallet in Exodus and select Send. Enter the DAI wallet address and select Send. There was a 0.001951125 ETH gas fee which was $0.67 AUD, but this comes out of the Exodus ETH wallet.
as if by magic, a few seconds later the DAI is in the Atomic Wallet
Exchange the DAI for Tezos (XTZ)
Selecting Exchange from the side menu, takes you to the Instant Exchange. Now when I first tried to exchange the DAI for XTZ, it came up with a message that I did not have sufficient ETH to cover the gas fees. It gave me an option to claim 0.002898593 ETH and when I selected Claim , it opened the following email window - Claim ETH for DAI Exchange. Sent that off.
Their prompt reply was:
Now with 0.0029 ETH in my wallet, I select EXCHANGE.
Now it takes you to a screen advising that the funds have been sent to an Exchange. Atomic Wallet's Exchange Partners are Changelly and ChangeNow. Estimated time is 5-20 minutes. The amount you get is an estimate only, due to market fluctuations. Also Atomic Wallet takes a 0.5% commission for exchanges, that piece of information I found in the FAQ section under Support. All good so far.
And we actually gained a little on the exchange due to market fluctuations. Picked up an extra 0.0474 XTZ. Can't complain about that.
Lets do Some Staking
Select Staking from the side menu. This gives you the selection of tokens available for staking. Select Tezos XTZ
We need to CHOOSE BAKER.
I will cheat and use our Exodus baker Everstake who is paying 5.78% and just happens to be at the top of the list. Select STAKE.
Ready to Stake 20.576087 XTZ to Everstake. Just need to enter the password and CONFIRM.
Don't Already Have the Atomic Wallet?
Then you can use my referral link and we both get $5 of AWC.
What is the AWC?
AWC is the token issued by the cryptocurrency wallet AtomicWallet.io. AWC Tokens serve as an internal currency for Atomic Wallet users. AWC token holders receive benefits such as staking, discounts on exchange services, extra features for trading desks, affiliate and bounty rewards.
That proved to be a relatively simple and easy process. I even gained 0.0474 XTZ on the quoted estimate. Thats a bonus.
To answer my question. Do I need another Wallet? Yes, the Atomic Wallet has an advantage over using the Exodus to exchange the DAI, as it takes the ETH gas fee from the DAI, as there is no ETH in the Atomic Wallet. Where with the Exodus Wallet, the gas fees are taken directly from the ETH wallet.
I hope if you are intending to use the Exchange and/or Staking features of the Atomic Wallet that you find this tutorial useful and informative.
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