Recently there was a great post showing how to set up a quick portfolio spreadsheet (within google docs) that fetches live data from CoinGecko and gives a nice summary of your holdings. Don't misunderstand me I don't have vast crypto wealth, but process got me thinking about all the amounts of crypto I have spread-out everywhere each in a separate silo related to the function and how inefficient the process of hodling/using cryptocurrency can be. Thanks to the recent writing competition from Publish0x, I'm going to take a look (with a focus on the Atomic Wallet) to figure out if a multi-coin wallet really does live up to the multi-functional nature of the crypto-industry, because in this day and age functionality and usability are key.
What do I want from a wallet?
The best place to start with this I think is to list out a few core expectations to have when deciding if a product is right for you. So I asked myself, "What is it I want from a crypto-wallet?", and here are the criteria that I came back with:
- Easy to use
- All encompassing
So this was the 'what', great. More interesting, however, the 'why' was a bigger of a challenge. Why would I need a multi-coin crypto wallet? For that question it was important to dig a little more into my personal situation.
What Crypto do I have and where is it?
So, mentioned before, I've got a few pots dotted all about the place that looks a little like this.
At first I thought I had a handle on all of these different pies, all with their different origins/functions and then as I put them together in a single spreadsheet of amounts I realized, after logging into around what felt like 10-15 places opening and up various wallets, I didn't have a handle on it at all!
The storage list was like this:
- Exchanges: Binance, Coinbase
- Saving sites: BlockFi, Binance
- ETH wallets (Brave)
- Social platforms: Publish0x, Hive
- Web wallets: BananoVault
- App wallets: Kalium, TrustWallet, Electroneum, Uphold
- Direct blockchain wallets: Ravecoin, Vertcoin
On any given day I couldn't say within a reasonable degree of accuracy how much of each fund I had. Sure the spreadsheet, just created now gave me that information but it was a singular point in time which means manual updates and more of a headache than it should be. Say what you want about traditional monetary systems when you log into your banking accounts and if they are linked to say mortgages, credit cards, savings you can see all the information in one place without keeping a mass jumble of different passwords and using a different 2FA code for every other place to get the numbers.
What do I do with all the Crypto?
Next up I decided to look at what my use for the wallets and funds were, either why they existed, their purpose or places. The idea is to see if it is possible to replicate these functions with the Atomic Wallet.
- Earning (Airdrops, Faucets, Blogs, Mining, Farming, Browsing)
You can see by the number of different coins, places and purposes it is easy to start to lose track of where everything is and why it was there in the first place. What was originally thought of as a solid well organised portfolio was turned upside down by a simple knock at the door from a writing competition!
What you cannot see, just out of shot, is me clinging frantically to all my crypto blubbering like a baby that I've "got it under control"....
How to Restore order to Chaos?
Right, so after picking the pieces of my tattered crypto-dreams off the floor, it was time to do some homework and see if I can get all my ducks in a row to solve some of these issues. Time to figure out if a multi-coin wallet was right for me.
- List of funds.....check
- List of locations.....check
- List of uses.....check
Off to Presearch and to search for the answers...and if possible implement them.
Let's start with something simple. Because this was a multi-coin wallet I was able to immediately switch over my RVN mining and Storj farming payout addresses into one wallet. Knowing that it is only the transaction fees holding them there is a big bonus since I loath withdrawal fees. Similarly having access to a whole wealth of ERC-20 tokens, plus Uphold never being responsible for me funds more than a day, I'm able to send across my Publish0x funds and Brave browser funds all to the same place. I even use the Tezos faucet frequently to add a little to those funds....yup XTZ are available too. It is like the super best-friends club over here, all the best coins just hanging out.
With that said, there are a few gaps still, my VTC, Hive and BAN are all left out in the cold. But hopefully it doesn't have to be that way forever and since getting the wallet Atomic have already added a few new currencies.
Most frequently I buy crypto though Coinbase. I don't like the CoinbasePro fees (0.5% for small frys like me) but it is just easy since my bank account is all set up with them. There is no reason I cannot continue to do this, but options are everything. Since the wallet has built in buy functionality it is a little better for a quick 'on the flash crash' buying opportunity. Also it is time to talk about the centralized elephant in the room, those funds I had on Binance or Coinbase (sadly even BlockFi), those are not mine, not until I've cashed out. I think it is right to be cautious about holding funds in a software wallet in general, however, in the absence of a hardware offline storage I think Atomic's approach of 'Your Keys, Your funds, Your Responsibility' is an excellent alternative to meet ease of use/functionality with security and reassurance.
Trading and Swapping:
This is where my research took an interesting turn down the DEX rabbit hole. I guess I had felt spoiled by the options and trading pairs Binance can offer and I thought it wasn't really feasible to have decent markets without having to hand over my funds to a centralized exchange. Atomic Wallet has some solid built in exchange functionality. However, it also has WalletConnect, this opened Pandora box for me because I know now I can plug directly into my quick swapping and trading favorite dDAPPs. Which was something that I was worried I would miss out on moving away from my Metamask wallet. I've checked and confirmed the following options all work:
- Loopring DEX
- KyberSwap (aka TomoyanSwap)
- Bianance DEX (Atomic Wallet guide)
These are in addition to the standard swapping/trading platforms (Changelly and ChangeNow) and I even discovered a gem that offers 0 fees upon sign upto $1000 per month and non-custodial exchange, ShapeShift (the aesthetics of which are stunning).
So this is one place that sadly I feel the wallet is letting the side down by not having many options built in. That said trusty old WalletConnect is there to help link us in with some of the DeFi classics like PoolTogether and Oasis (MakerDao).
Fortunately, however, Atomic Wallet fights back with an impressive list of stakable coins and a really easy intuitive process for getting going with this. Not to mention adding AWC at upto a staggering 23%!!
The End Result
So after diligently looking around to make sure I could achieve what my crypto goals are I did it, I took the jump. I then went back an mapped out how it all looks and and can say I'm more than a bit cuffed with how easy it was to link all these seeming unrelated items, and make owning and using crypto much less of a book-keeping chore and much more enjoyable.
When I started this process I was suitably skeptical about having one wallet to rule them, and if I am truly honest it doesn't quite. However, it is also massively refreshing and rewarding to disconnect from the centralized grid and take back custodial ownership of managing my own crypto finances. Indeed, taking some time to think about what you want from your wallet and setting simple criteria means you can start to see if the wallet is a good fit for you. It also give you some thought towards your future goals.
I guess I've definitely been well and truly converted here to the multi-coin wallets way of thinking. However, I am not blind to some of the current drawbacks. First, there are more coins out there that it would be good to add this for me is something that will likely come in time. Secondly, savings are something a lot of hodlers are interested in (particularity as a safer way to grow your portfolio than trading). Sure, saving schemes can result in custody exchange of your tokens but I believe that linking, or maybe even built in, a few saving programs would do wonders for the uptake of the wallet. Finally and it is still a big one, the company could do a little more to ease security concerns due to the closed code approach, this could easily been done by some solid auditing and publishing of the result to help put the community at ease.
We all want to be the ones saying 'I told you so' to our friends and family who would run a mile if they saw how complex and convoluted owning and using crypto has, and can easily, become. I really think that all-in-one solutions, while not perfect, can start to bridge that user gap and get less crypto-savvy people through the door. Especially, when it comes with easy to use buying and selling functionality and connective options for interacting with wider decentralized world.
Hope you enjoyed the article, good luck y'all!
If you've not got Atomic Wallet and you want to try it out then here is my referral link. You'll get 10 + 5 an additional AWC for signing up, I'll get 5 as well. Remember you can stake them in the wallet at 20%.
Alternatively, click on one of the banners on the Publish0x site to support the Publish0x team!