Atomic Wallet Review: The Latest Multicurrency Storage Device
Atomic wallet is the latest third party wallet that has just being launched as an all-in-one cryptocurrency solution.
The wallet is being touted in a number of online forums and has numerous features which cover security, decentralization, anonymity, multi-currency support, atomic swaps, in-wallet exchanges, and more. There will also be support for numerous coins with multiple devices.
However, can this wallet really be trusted with your crypto?
In this Atomic wallet review I will take an in-depth look at the offering including the technology, safety and functionality. I will also give you some top tips around how make the most of the wallet and how to securely store your coins.
Atomic Wallet Overview
The Atomic Wallet was created as a universal multi-currency wallet to help you store and manage over 300 cryptocurrencies, with more being added all the time. Gone are the days when you needed a different wallet for every single coin you wanted to hold or buy.
The Atomic Wallet goes beyond storage though. In addition to being a wallet it is also your exchange, allowing for atomic swaps and fully integrated with Shapeshift and Changelly to exchange the coins that don’t yet support atomic swaps. You can even use a bank card to purchase Bitcoin, Litecoin, Ethereum and Ripple right from within the wallet.
Atomic Wallet Safety
The Atomic Wallet was created to be 100% secure, assuming you follow the security guidelines for using the wallet. Because it is an open-source wallet you can examine the code yourself to ensure it is free from bugs or other vulnerabilities. If you aren’t comfortable with code though you can be sure that the user community has looked into the code to ensure it is clean and without any security holes.
Any critical data is stored only locally on your own device. With that said, you must ensure your own device is free from malware and viruses, and that it isn’t connecting to the internet via an unsecure Wi-Fi network. Connections to the internet always introduce some level of risk where cryptocurrencies are concerned, but you’re much safer when using a secured connection.
Strong password encryption at Atomic Wallet
Another way to manage this risk is to pair the Atomic Wallet with a hardware wallet to create a physical security layer. This physical layer of security ensures that even if your wallet is accessed remotely a hacker can’t complete a transaction without physical access to the hardware wallet. Unfortunately support for hardware wallet pairing isn’t yet functional, but the Atomic Wallet team is working on it.
Security is also your concern. Always keep your backup phrase safe and secure. If anyone gets your backup phrase they would be able to recreate your wallet and steal your funds. Keeping your backup phrase secure and private is just as important as keeping your password secure and private.
Many people physically write this phrase on a piece of paper and then store that paper somewhere secure like a bank safe deposit box or a physical safe. To be completely safe it is recommended that you make a minimum of three copies, and store each in a separate, secure location. This ensures you’ll be able to recover your wallet if something unexpected occurs to your computer.
The Atomic Wallet already has support for more than 300 cryptocurrencies and nearly all of the 500+ ERC-20 compatible tokens. You can store and manage BTC, ETH, LTC, XRP, BNB, TRX, BCH, XMR, DASH, ZEC, XLM, DOGE and so many others. You can see the full list of supported coins on their supported assets page.
Some of the countless assets on Atomic Wallet
Of course, although you may be able to store a wide array of coins no the wallet, they may not have the same functionality as some of the core wallets of particular cryptocurrencies. For example, if the coin has a specific staking protocol or the coin has a unique transaction mechanism.
Two of the most relevant examples of this are PIVX wallets and their ability to earn staking rewards for holding the coins. Similarly, the ZCash core wallet is so far the only wallet that has the functionality to send shielded transactions.
What I found quite impressive was the device support for Atomic wallet. For example, they are available in a desktop version on a number of different operating systems including Windows, MacOS, Ubuntu, Debian and Fedora.
If you are going to be downloading the desktop wallet then you will want to make sure that you are downloading the latest version. Also, for added security you could check the hash sum of the version that you are about to download.
Checking the hash sum of a wallet is a way to make sure the wallet that you are about to download was cryptographically signed by the wallet developers and has not being compromised by any other malicious actors. It is actually a wallet “best practice” that you should get into a habit of with other wallets as well.
The Atomic wallet is also supported on mobile devices including iOS and Android and are available for download from their respective stores. This is helpful for those users who would like to transact with their wallet while on the go.
I took a look into the reviews that are up in the Google Play store and the feedback appears to be quite positive. Most of the users were complimentary of the user interface and the functionality / coin support.
App ratings in the Google Play Store
There were some suggestions around potential areas for improvement. For example, some people suggested that order customisation was limited in the wallet. What I also found really encouraging was that the Atomic wallet team was quick to respond to these queries even if they were not the most complimentary.
As a recent creation, the Atomic Wallet has been able to incorporate all the most up-to-date blockchain innovations, as well as user-centric features that make it easier to manage and store your cryptocurrency.
The team at Atomic Wallet took into consideration everything that users had been missing from their wallet experience and used that as a blueprint for the Atomic Wallet feature set.
Some of the features that were added to the Atomic Wallet to make it the best wallet currently available are:
This is where the wallet got its name and as the atomic swap ecosystem develops it’s going to be a huge game changer for crypto. They are decentralised and do not require a large counter party to facilitate the transaction.
Atomic swaps work cross-chain and they entirely avoid any third-party risk from the person that you are transacting with. Moreover, given that these work across chain, fees are dramatically reduced. There is no need to first buy / sell any tokens on an exchange that will take their cut.
Currently the Atomic Wallet only supports atomic swaps for BTC, LTC and QTUM, but the team is working on integrating additional coins for atomic swaps.
Because atomic swaps aren’t widespread yet, and the Atomic Wallet wants to be a solution for all user’s needs, instant exchanges are already integrated into the wallet. Users can access both Changelly and ShapeShift to quickly and easily swap cryptocurrencies at fair rates.
The combination of Changelly and ShapeShift make it possible to exchange over 100 different cryptocurrencies right from the wallet interface.
Buying Bitcoin with Credit Card
Moreover, given that these are instant crypto fiat exchanges, you can also buy coins with EUR and USD right in the wallet. You can also use the Changelly and Shapeshift credit card gateway to fund your account with any fiat currency really. This is through the Simplex card processing merchant.
This fiat functionality is something that really sets the Atomic wallet apart from some of the competitors. You do not have to use some large cryptocurrency exchange to first buy your coins and then send them to your wallet. The moment that you have bought these tokens they are placed in your wallet.
The User Interface
Just like Exodus wallet gained rave reviews for its beautiful interface when it was released late in 2016, the Atomic Wallet is also getting the same love for its sleek and user-friendly interface.
Navigation on the desktop wallet is on the left and you can easily move between the numerous functions. There are also a host of specific customisation options that you have at your disposal in the settings.
Something else that I found was super simple to use was their airdrop feature. This allows you to participate in any coming airdrops or bounties that are related to a particular token you have added. This could reduce the risk that many users may face when claiming airdrops from other online faucets etc.
Team & Partners
There is actually an impressive array of team members that are behind the wallet. These include the likes of Konstantin Gladych who is the founder and CEO of Changelly.com. This is an instant cryptocurrency exchange that is also integrated into the Atomic wallet. Konstantin has a PhD in data science and has 10 years IT experience.
They also have Charlie Shrem who is well known in the cryptocurrency space as one of the earliest Bitcoin proponents. He co-founded BitInstant and was one of the founding members of Bitcoin foundation.
Frome Left: Konstantin Gladych, Simon Dixon and Charlie Shrem
Lastly, you have Simon Dixon who is the CEO of the online investment platform BnkToTheFuture.com. This is a VC firm that has invested over $400m in FinTech companies across the world including the likes of Bitstamp, BitPay and Kraken. They are also investors in ShapeShift which is one of the instant crypto exchange integrations on the Atomic wallet.
Unfortunately, I could not find much information around the roles that these individuals will be taking on at Atomic Wallet. It is also likely that there are a number of other team members at Atomic but I could not find any more information on other team members.
Atomic Wallet Token
It was no surprise to me to see that Atomic wallet is completing a crowd token sale. They are selling their own native token that will be called the Atomic Wallet Coin (AWC). This is an ERC20 token that will be based on the Ethereum Mainnet and will be used for the following:
- Atomic Swap exchange and new asset listings
- Interface highlights and features
- To increase the atomic swap rating
In terms of the token sale specifics, it is now open only for the private sale. They are distributing 50m AWC tokens in this private sale. The crowdsale will follow after that with 15m AWC being distributed. There is no announcement yet as to when this will take place.
Image via Atomic Wallet One pager
If you were interested in the AWC token and were not particularly keen on buying them during the ICO then you can easily earn the token through a number of other means. These include through the project’s airdrop and bounty programs.
The airdrop is open to those who are new to the ecosystem and are blockchain enthusiasts. The Atomic wallet team will distribute 2m AWC to over 40,000 participants. If you want to take part in the airdrop you will have to download the wallet, transfer some funds to it and hand over your email address in the application form. These will be distributed in the airdrop once the crowd sale is complete.
The bounty program will see the distribution of another 3m AWC tokens that will be distributed to those individuals who complete a number of tasks that assist the Atomic Wallet community. These include things like bug hunting, content production, social promotion and translation.
Atomic Wallet Drawbacks
Nothing is perfect and there are some things to dislike about the Atomic Wallet, though to be fair some of them are true for nearly any wallet, and some are actively being worked on by the Atomic Wallet team. So, what’s not to like about the Atomic Wallet?
1. The user remains completely responsible for security (true for all wallets);
2. Hardware wallet integration is still pending;
3. Very limited number of coins support atomic swaps
What’s Next for Atomic Wallet
Development on the Atomic Wallet continues at a rapid pace. They just recently released mobile versions of the wallet, and also in development is a browser extension to improve the desktop experience. Hardware wallet support is also on the way for the Ledger, Trezor and KeepKey. And there are plans to add over 20 new cryptocurrencies.
On the exchange front the team is actively working on integrating a trading desk for major exchanges, as well as increasing the number of coins supporting atomic swaps. They plan on adding support for selling crypto and withdrawing fiat to your bank, and also have plans to add a feature to allow staking of PoS assets such as Decred, Cardano and Tezos.
While not perfect, the Atomic Wallet is leading the way into the future of cryptocurrency wallets and exchanges. While having just three currencies on offer for atomic swaps is disappointing to some, it is actually quite a leap forward from just 12 months ago, so we are looking forward to what the next 12 months might bring.
Adding support for Changelly and ShapeShift was smart, and once they add the ability to withdraw fiat and trading desks there will be little need to go anywhere but your Atomic Wallet for storage, management and exchange of all your cryptocurrencies.
It’s an exciting project doing great things, and the future should be very interesting.
Featured Image via Atomicwallet.io
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