Atomic Wallet is a non-custodial multi-asset wallet for buying, storing, and swapping your crypto.
It offers storage along with staking and exchange features for a wide variety of cryptocurrencies, having all the main chains as Bitcoin, Ethereum, XRP, Litecoin, BNB, Tron, Vechain and many more. Also, it provides support for hundreds of tokens running on these blockchains. I was surprised by the wide range of chains supported such as ARK, Icon, Ontology, Nano, and even Hedera. Atomic wallet also provides support for custom ERC20 tokens with full instructions here. Moreover, Atomic Wallet offers the option to buy Crypto directly from the wallet using our debit/credit cards.
I will begin the review with a tweet by Changpeng Zhao (@cz_binance) thanking Atomic Wallet for their support of the BNB Chain. I've been following CZ's tweets for a long time and I know that he doesn't only care about Binance, but he provides strong support for projects that are working towards achieving the common goal of reaching a new wave of massive adoption of cryptocurrencies. He understands that the whole community needs to prosper for individuals to prosper as well.
About the Review
For this review, I used the Windows desktop wallet but I will certainly download and begin using the mobile version as well. I downloaded the app from the link in this Publish0x review and I suggest readers download it from this source as well, as we need to support the Publish0x platform any way we can. In general, I don't suggest downloading wallets from links coming from third parties, instead we should be using the official websites and get everything from there.
On the official website, we find that the wallet has been released on various operating systems as Windows, macOS, Ubuntu & Debian Linux and Fedora, besides the mobile version of the software. The review was based on version 2.17.0 for Windows.
Funding the wallet
To begin with the review of the Atomic Wallet, I decided to send a few tokens first, to have a clear picture of how it works. So I decided to deposit a few BAT, and I was impressed by the reaction of the wallet. I used MEW to proceed with this transaction and the same millisecond I clicked send, Atomic Wallet picked the incoming transaction and displayed this message on the bottom right part of my screen:
I used average fees for the transaction (I think it was 30-40gwei), enough for the Ethereum network to validate it. The coins were available on the wallet the second the transaction was marked as successful on Etherscan.
Transactions have two main problems no matter if they are happening through traditional banking systems or with cryptocurrencies which are the future of finances. One is time and the second is uncertainty. While time has to do with factors besides the users and the wallet, such as the network (blockchain) availability or the fees we've used, uncertainty is another issue. Most of us understand the dangers involved when sending a transaction. I will explain for beginners that besides double-checking the address to make sure we picked the correct one, we triple-check because there are viruses that change these addresses to other ones that are owned by these hackers.
So every time we send a transaction, all of us are scared for many reasons and if the transaction delays to arrive at our wallet, we get worried and double-check again the addresses, amounts, looking for tx hashes and fee's we used, etc. This causes uncertainty. With this feature Atomic Wallet has, we get notified immediately that our funds are on their way. It is services like these that produce an added value to the blockchain systems, by reducing uncertainty and providing a clear picture of what is going on.
I don't know if this option is a standard in all desktop wallets, as I've only used hardware wallets so far along with mobiles as Enjin and Huobi and MEW for Ethereum. I also use Metamask, Tronlink, and ICONex as browser extensions and I don't use any other web-based or desktop wallets. Still, it was a feature that I thought was cool having and can save us a lot of time and trouble.
My Atomic Wallet
From the main page of our Atomic Wallet, we can track our portfolio and observe the fluctuation of prices for each of our coins, as well as our total balance in USD terms on the top left of the screen. The first page of the wallet provides information on the coins we hold in the wallet as the balance, real-time price, value, and percentage of change. We can sort the order coins to appear in ascending or descending order according to these values.
There is no sort for alphabetical order, but instead, we get a search box where we can type the first letters of the coin we want to appear as in bellow example:
On the left of the screen, there are various options available. The first step we should make is to go to settings and write down our private keys for the chains we will be using. We have our wallets ready with the private keys for all chains. So I stored the private key to my ETH wallet as BAT is an ERC20 token. Always store the pass-phrase of the services you use and the private keys as well, as you never know when you will need them.
Path: Settings->Input password->Private Keys (last option on the top right)
Other options on "Settings" contain:
- Membership: An monthly cashback feature for traders that varies between 100-300 USD
- Buy AWC: Option to buy Atomic Wallet Coin ($AWC)
- Airdrop: An airdrop of 15 AWC (details here)
- Security: Option to change the password for security reasons
Our next stop of this review is the "Exchange" option. It is a simple exchange between coins and tokens on their current rate. The data is taken directly from Changelly and ShapeShift exchanges. We can exchange our cryptocurrency to anything on the list, as long as the amount is above the minimum limit. In my example I couldn't exchange my BAT to Ethereum, although I've read so far that this procedure is instant as well, using buy/sell orders in the above exchanges that have high liquidity.
Staking is a good opportunity to gain passive income while "hodling" your cryptocurrencies. Also staking supports the PoS (Proof of Stake) networks with validating transactions and voting. The Atomic Wallet offers staking options for many cryptocurrencies with the highest yearly average yield being the Atomic Wallet Token (%20) and Atom with 10%.
For this example, I've chosen Atom. After choosing the coin a screen appears with a short description and the available coins for staking. On the next page as you can see from the picture bellow we choose the staking amount and we can also change the validator and choose one that provides us the best staking option.
Staking Atom - Choosing a Validator
Customer Service & Support
At this point, I would like to extend my congratulations on the excellent Customer Support of the Atomic Wallet. I downloaded the wallet because it was recommended by Igor on this post and I did try to register for their airdrop without exactly reading the rules and depositing some funds first. Anyway, I contacted their support because I didn't receive a confirmation email I was supposed to. The reply from the Atomic Wallet Customer Service was swift, accurate, and friendly, winning the customer's trust instantly. PR is important in all aspects of a successful company. A customer-centric approach by providing the user with the best experience possible is what differentiates the best business from the rest. I was glad to have found out that Atomic Wallet was focusing on their customers, this means a lot.
Bellow the opinion of a master in PR on Atomic Wallet Support:
John McAfee's tweet thanking Atomic Wallet's Support
The Atomic Wallet has a whole section dedicated to Customer Support, which in fact can solve most of the users problems and provide information on any problem they might face. There are even video tutorial links on youtube on how to use the app and there is an option to directly chat with Support, which redirects to the live chat of the official page of Atomic Wallet.
Atomic Wallet Support
- No support for Monero
I didn't find Monero support ($XMR) in this wallet though, while ZCASH was available, perhaps this is something the Atomic Wallet should look at. I did research on the matter because I think that Monero is a coin that might be adopted massively during the next wave of crypto adoption, and I found out that the Monero wallet was taken-off by the team about a year ago for technical reasons (wallet maintenance) with no fixing date set.
There was this discussion in Reddit about the Monero issue where Atomic Wallet explained the situation:
I understand there might be issues with it and that the team might not be able to disclose any information, so for the time being I expect that there won't be further support for Monero.
- No fiat support for withdrawals
There is no banking support to cash out directly. We can use debit/credit VISA cards to deposit fiat, but there is no support in converting to fiat currencies yet. The Atomic Wallet service recommends using alternative exchanges to trade to fiat and withdraw to a bank. Personally, I don't find this as a disadvantage as we are moving to a cashless society where cryptocurrencies will most possibly be the future of finances. So perhaps this infrastructure won't be needed in a few years anyway. Still, this level of massive adoption hasn't achieved yet and we are obliged to still pay our bills and do our groceries with the traditional fiat national currencies.
Overall, I think that Atomic Wallet covers all the specifications I demand from a crypto wallet. Especially the speed and stability of the app that provide a unique experience to the user. There is nothing more important than having a financial service as a crypto wallet, being user friendly, and reacting instantly. I think that Atomic Wallet should be considered the standard in wallet development and hopefully, it will get the recognition it deserves. With Ethereum 2.0 finally being released and developments in many major cryptocurrencies, there is a high chance of a new wave of crypto adoption. Atomic Wallet is certainly ready for this wave as it offers everything a beginner and an experienced user would want.
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Reposted on Uptrennd.