What's all the Buzz?
Atomic Wallet seems to be the current buzzword when it comes to Crypto wallets lately. It seems that competitors such as Coinomi and Exodus have been pushed aside by a giant Atomic tidal wave!
In my first article regarding Atomic Wallet I was merely addressing the staking feature that the wallet supports. However in this review/tutorial we will be checking out all the amazing features and surprises that are starting to set Atomic Wallet apart from the pack! As mentioned in my previous post, I was initially drawn to Atomic Wallet by the built in staking facility.
Staking will continue to play a large role in the Crypto space, especially as ETH 2.0 will incorporate the staking protocol and most likely encourage further adoption. We also see Cardano moving to adopt the staking protocol, while Tezos has in excess of 90% of their circulating supply locked up in staking!
Well let's dive in in! Firstly when you download the Atomic wallet you will receive 10 AWC as a "Welcome" airdrop from Atomic wallet. If you choose to use my invitation link, you will receive an additional 5 AWC! Atomic Wallet Coin is the native exchange token and is currently valued at $0.25 at time of writing. Note that their are more ways you can earn additional AWC, which we will explore later on.
Downloading Your Atomic Wallet
The process is pretty simple and straight forward. Once you have downloaded the wallet application, you will click on "create wallet" and follow the prompts. You will receive a collection of 12 words, which is your seed phrase.
These words need to be recorded, preferably by hand and make sure the spelling and sequence is 100% correct! Remember that you need these words to restore or open your wallet on another or new device. Atomic Wallet is a non-custodial wallet, so only you have access to your Crypto! You will also be prompted to set up a password of your choice.
The password and seed phrase need to be kept safe and as I mentioned, preferably offline. When transacting with the Atomic Wallet you will need to enter your password to authorize transactions.
Sending And Receiving Crypto
Sending and receiving coins and tokens is very user friendly and easy to navigate. Simply click on the token you wish to deposit into your Atomic Wallet.
For this tutorial we will deposit some TRX so that we can make use of the staking facility. Click on your "RECEIVE" tab to generate your deposit address. Simply send TRX from an exchange or alternative wallet to this address. Depending on the coin or token, your deposit should arrive within minutes. TRX transactions are pretty fast and generally confirm in under a minute.
Let's Stake A Few TRX
I just sent a small amount of TRX to my Atomic Wallet for the purpose of this staking tutorial. Select the "STAKING" tab to go to the next step which is displayed in the screenshot below.
There is currently a balance of 10 TRX, so let's stake them so you can see how easy and effortless it is to put your coins to work . There is always a minimum requirement needed to stake and in Tron's case it is 5 TRX. Either select exactly how many coins or tokens you wish to stake or, alternatively select "STAKE ALL" to lock up your entire balance.
So we have selected to stake 10 TRX and they are currently being processed. This process can take a few minutes, so be patient while you wait for your staking transaction to be completed. Remember, that these coins will no longer be visible in your wallet balance while they are staking.
However, your staking balance can be viewed by selecting the "STAKING" tab that is visible in the menu. simply choose which coin you would like to view and you will be able to see exactly how many coins or tokens are locked up for staking.
Skip setting Up Trades And Discover Atomic Swaps
Atomic swaps enable you to simply convert one coin into another by avoiding the tedious process of setting up trades and waiting for execution. Depending on the exchange, sometimes the volume needed to execute your trade is not available. This can delay things for you quite significantly! Bypass all of this heartache by making use of Atomic Wallet's built in atomic swaps feature.
Simply click on the "EXCHANGE" tab in the menu bar on the left of your screen. Then select the coin you wish to exchange on the left, while on the right, select the coin or token you wish to receive. Enter the amount you are wanting to exchange and then simply click "EXCHANGE" and you are all done.
All that is left to do is wait for the transaction to confirm and reflect the changes in your wallet balances.
Simple, fast and safe! Atomic swaps will obviously incur a fee just as trading on an exchange incurs fees. Remember, to exchange any Crypto on an exchange you would have to pay the following fees.
- Transaction fee to withdraw to the exchange
- Maker fee to execute the trade
- Transaction fee to withdraw back to your wallet
These fees are avoided by utilizing atomic swaps, as is the hassle and time taken to execute a standard trade on an exchange. This feature will obviously be very valuable to certain users. Your first atomic swap also comes with a free airdrop! Another 10 FREE AWC will be added to your wallet balance!
Track Your Latest Transactions
Instead of going to each and every coin to view histories, Atomic Wallet have added a neat little feature in their Crypto suite! In the menu bar you will see the "history" tab, click on it to view all of your recent transactions.
This is a complete transaction list of all your transactions on Atomic Wallet! Very very nice indeed! Whenever I need to refresh my memory, I just open up the "HISTORY" tab and give it a quick run through. This is a really helpful feature and adds value to the user experience!
Earn More Free AWC!
At the start of this tutorial I mentioned that there are more ways you can earn free AWC. Earlier on I shared that users can earn 10 free AWC by simply making use of the atomic swap feature. It is important to note that this is a one-time airdrop and only valid for your first atomic swap.
However, you can earn constant cashbacks on your exchanges by simply holding AWC! These rewards are paid monthly and the different membership levels can be seen in the above screenshot. Depending on how active you are, this could make a sweet monthly bonus to your earnings or salary. A maximum of $300 per month on the Platinum membership is pretty decent and rather attractive to users who are already making use of exchanges.
Need A Fiat Onramp?
Perhaps you are new to Crypto and the idea of exchanges and KYC is rather daunting to you? Atomic Wallet has exactly what you need...Purchase Crypto right here on Atomic Wallet with your credit card! That's right, no need to create accounts with exchanges and other third party companies. You can manage your entire Crypto portfolio and activity from the comfort of your own personal Atomic Wallet Suite!
Well I hope you enjoyed the unpacking of the Atomic Wallet! I have tried to explain it as simply as possible because that is how a tutorial should be right? If you have any further questions, feel free to hit me up in the comments section below. All the best!