Created back in 2017, I have heard about the Atomic Wallet for quite some time now among various cryptocurrency trading circles. It is a convenient and versatile decentralised solution for providing custody free cryptocurrency trading. It comes with a physical wallet, which is a PC application that a user can download to their computer or related devices. Their private keys and other critical data are stored on the PC or mobile device in an encrypted fashion.
On further examination of the project’s whitepaper, Atomic Wallet appears to be a powerful, in-demand service that allows users to reduce efforts spent on cryptocurrency asset management, turning it into a trustless and transparent system. An Atomic Wallet allows users to receive crypto-assets to the generated wallet, import assets to the wallet using private keys of various formats, and select cryptocurrency nodes and Blockchain explorers to use.
Users can download the Atomic Wallet and use it for free, although they are required to pay certain fees at different points for using certain services. It allowed me to purchase cryptocurrencies with a credit card which were sent directly to my wallet. However, you should be wanted that I incurred a minimum fee of $10 a significant commission of 7% for doing so.
The Atomic Wallet is created with the idea of an omni-channel product that allows any user to access from any device he or she has. The Supported platforms include Microsoft Windows, Ubuntu, Debian, Fedora, and MacOS. There are plans in place for the future of introducing separate mobile applications for iOS and Android. One of the highlights of this Wallet is the Atomic Swap facility which supports Bitcoin, Qtum and Litecoin. It works cross-chain and entirely avoids any third party risk when users are transacting with each other.
What I Liked About Atomic Wallet
After Using Atomic Wallet for some time now, I would like to highlight certain functions and features which I find impressive and helpful about the project.
24/7 Live Customer Support
During my initial days of trading cryptocurrencies, I have experienced the importance of responsive customer support when it comes to cryptocurrency wallets. Atomic Wallet has a responsive customer service team in place that works on a 24-hour basis. They can answer any customer queries related to the product, the company, the wallet’s safety, security protocols, and verification checks.
Moderately Good Security
During my time trading in the cryptocurrency market, I have come across a myriad of controversies and scandals involving cryptocurrency wallets, many of which involve the security aspect of these wallets. To me, “security” is a major factor for choosing these wallets and this is how I approached this product.
Atomic Wallet is a software wallet, meaning that your chances of being hacked are much lower compared to an online wallet. This is because it gets downloaded to your computer directly after which you install and create a wallet. The reviews I have gone through regarding Atomic Wallet give the impression that their user base is pretty satisfied with the level of security offered. That being said, you should always make sure that the software program you are downloading to install the wallet is completely clean and is not infected with malware such as a keylogger.
I have always preferred cryptocurrency wallets that support multiple cryptocurrencies at the same time. This increases my ability to diversify my crypto-holdings in a positive way. Most wallets support multiple cryptocurrencies while others have their own, designated wallet. Thus, I was impressed by the Atomic Wallet’s support of more than 300 different cryptocurrencies, including existing ERC20 compliant tokens. Thus, it allowed me to store all my crypto-portfolio inside this wallet, barring some super niche and rare tokens.
What I disliked about Atomic Wallet
In spite of experiencing all of the amazing features this wallet has to offer, it has some areas where it could work on.
Lack of Integration
Atomic Wallet does not have a fully functional mobile phone app yet, which is surprising considering the number of people trading on the go in recent times. The wallet’s code is also not open-source. Additionally, there has been no talk of plans for integrating hard wallets in the near future.
Not as Safe as Hardware Wallets Are
Many users have complained about Atomic Wallet’s type. As it is primarily software based, it cannot guarantee absolute maximum security for funds, as this can be provided only by paper and hardware wallets. Since my Atomic Wallet is required to be connected to the internet at all times, my funds are at some risk. If I mistakenly use my Atomic Wallet on a malware ridden device or computer, my credentials and private keys could easily be compromised. However, in the class of software wallets, Atomic Wallet provides the best possible security compared to its peers.
Not a Viable Exchange Solution
One of the complaints I have with this wallet is that it is not a viable exchange solution. The Atomic Swap feature that they included is certainly a boost for serious cryptocurrency traders like me. However, it appears as a heavily advertised aspect of the project yet the number of supported coins for the process are very low. There are many users who have complained and are disappointed by the lack of options (3 pairs) in Atomic Swaps.
After using the Atomic Wallet for some time and getting to use its various helpful features, I can definitely recommend this wallet to my peers. The Atomic swaps, which can be described as a combination of automated currency exchange and a community bulletin board, is a welcome innovation in the crypto-space, even though they could increase the number of coins supported for the particular process. While I won’t say that Atomic Wallet is perfect, its leading the way into the future of wallets in the cryptocurrency landscape. All of this points towards an exciting project with plans of integrating trading desks and fiat currency withdrawals in the future.