What is Atomic Wallet [The Most Comprehensive Guide]
Introduction to Atomic Wallet
A cryptocurrency wallet is a program that interacts with various blockchain and stores private and public keys, enabling users of these wallets to send and receive digital currency as well as monitor their balance. If a person wants to use any type of cryptocurrencies like Bitcoin or Ethereum, then a digital wallet is necessary.
Atomic wallet is an all-in-one cryptocurrency solution. It has numerous features covering anonymity, decentralization, atomic swaps, security, and more, along with support for numerous coins and multiple devices. Designed to become a part of a fully-fledged decentralized cryptocurrency ecosystem, the wallet is a downloadable application, compatible with a host of operating systems like Windows, macOS, Ubuntu, Linux, Android & iOS.
Atomic wallet was created as a multi-currency wallet to help users store and manage over 300 cryptocurrencies. The Atomic wallet can also be used as your exchange, allowing for atomic swaps. You can also use bank cards to purchase Bitcoin and Ethereum directly from the wallet. The wallet is intended to be easy to use, even for users without any experience, while also being feature-packed like adding ERC20 tokens and trade coins directly through the wallet.
Atomic wallet is available for free, although certain services incur fees. Users can buy cryptocurrency with a credit card and have it sent directly through the wallet. Users can perform three types of trade through the wallet. These are –
- Trade through ShapeShift
- Trade through Changelly
Atomic Wallet at a glance
- Platforms supported – Windows, Linux, macOS, iOS, Android, Ubuntu, Debian & Fedora
- Released – 2017
- Price – Free
- Cryptocurrencies supported – More than 500 including Bitcoin, NEO, Tron
Because Atomic Wallet is free, it is great for beginners. It allows users to buy crypto directly through the wallet, unlike other wallets that require that you buy crypto assets through third party exchanges and then send them to their wallet to begin exchanging them. The wallet also has atomic swap integration, which means that Atomic Wallet users can exchange almost any coin and token through the wallet.
Atomic Wallet Features
Atomic Wallet has incorporated almost all of the recent innovations in the blockchain. It is packed with user-friendly features making it easy to manage and store cryptocurrency. Some of the features added into Atomic Wallet are –
- User interface – Atomic Wallet has a sleek and user-friendly interface enabling users to move between numerous functions with ease. There are also a host of customization options that are available for users. The airdrop feature allows users to participate in any airdrops or bounties related to any particular token that they have added.
- Inbuilt exchange – Atomic Wallet has an inbuilt exchange, facilitating peer to peer crypto exchanges and in-app crypto swaps. Atomic Wallet has partnered with leading decentralized exchanges like Changelly, Shapeshift, and Binance to facilitate their inbuilt wallet.
- Multi-platform – Atomic wallet is available as both a desktop app and a mobile app. The desktop version supports operating systems like Windows, Linux, macOS, Ubuntu and more. The mobile app is available on Android and iOS.
- Supports card purchase – Users can buy cryptocurrencies using their credit and debit cards thanks to its collaboration with Simplex.
- Portfolio management – Atomic Wallet comes with price tracking and portfolio management tools allowing users to monitor the value of their investments in real-time.
- Resources – Atomic wallet has entered into partnerships with data providers like CoinMarketCap, allowing users to monitor coin prices real-time. The wallet also has an education and news section that users can use to keep themselves updated with the crypto space’s latest developments.
- Membership – All customers holding AWC-BEP2 receive cash back rewards for using a built-in exchange service. The amount of cash back received is dependent on your membership status. You can become a member by holding at least 100 AWC. Find out more about the different membership levels here.
Security features of Atomic Wallet:
Atomic Wallet comes with a host of security features to ensure the complete safety of the users. The first feature being the user-generated password, which is required to access the wallet. This password is also used in the confirmation of transactions and while viewing private keys. The user-generated password is backed up by a randomly generated 12-word backup phrase that can be used to recover access to the wallet if the user’s device is misplaced or stolen. Atomic Wallet uses TLS and AES encryption to ensure secure transactions. None of the data is stored on servers, and Atomic Wallet has zero access to the users’ private keys.
Let’s take a slightly more detailed look at the security features of Atomic Wallet:
- Password – The user will be required to create a strong multi-character password while creating an account either on the mobile app or the desktop app.
- Recovery backup – A randomly generated 12-word backup phrase will back up the user-generated password. This is automatically generated once the user has registered an account with Atomic Wallet. The user can use this to recover the wallet and private keys in the event of loss or theft of the phone or computer or forgetting the password.
- Anonymous trading – Atomic Wallet has been specifically designed to support anonymous Crypto trading. The wallet will not ask for details such as name and e-mail address. Users will also not be subject to KYC and AML verification tests.
- Non-Custodial – Atomic Wallets are non-custodial wallets. This means that the company servers will not store private keys on the user’s behalf. The user will maintain full control of the private keys.
- Encryption – Atomic Wallets use AES Symmetric encryption technology to prevent any unauthorized access to the user’s assets. All the data and private keys are stored in the user’s wallet.
What are the currencies currently supported by Atomic Wallet?
Atomic Wallet does not have any membership restrictions or limitations. Even countries that have a strict crypto policy can access Atomic Wallet through VPN. The wallet app is available to virtually all cryptocurrency enthusiasts. The wallet currently supports more than 300 different cryptocurrencies and tokens as well as all ERC 20 tokens. Users can store and manage BTC, ETH, LTC, XRP, BNB, TRX, BCH, XMR, DASH, ZEC, XLM, DOGE, and many others.
What are the Atomic Wallet charges and fees?
The user will not be charged for downloading and using the integrated features of the wallet. Only crypto transactions have minimal charges. These charges are towards the miners and network validators. Cryptocurrency exchanges charge a highly variable transaction fee, depending on the transaction volume and the blockchain network used. Purchases done through the Simplex platform carry a fixed charge of 2% of the transaction amount.
Atomic Wallet Token – Atomic Wallet Token (AWC) is the first token issued by the decentralized cryptocurrency wallet. The tokens will serve as the internal currency for the users of Atomic Wallet. Atomic Wallet Tokens will give users of Atomic Wallet benefits such as discounts on exchange services, staking, affiliate and bounty rewards, extra features for their trading desk, dedicated support, along with a host of features that will soon be launched. The Atomic Wallet Token is available on the Binance DEX and IDEX exchanges. Users can participate in Airdrop, affiliate programs, and bounty campaigns to receive AWC tokens.
Staking options in Atomic wallet:
Atomic wallet has many staking options that help users earn a passive income. But before getting into that, here is a brief description of what staking is –
Staking involves holding funds in a wallet. These funds help to support the operations of a blockchain network. Users can stake coins directly from their wallet, exchanges also offer staking services to their users. Staking was originally conceived as an alternative to the PoW (Proof of Work) model. Proof of Stake (PoS) is an alternative and efficient way of reaching a distributed consensus that would allow for greater network scaling.
What is Proof of Stake (PoS)?
Users that are familiar with Bitcoin will also be familiar with Proof of Work (PoW). Proof of Work is the mechanism that allows transactions to be gathered into blocks, which are then linked together to create the blockchain. Proof of Work is a very robust mechanism that facilitates consensus in a decentralized manner. However, unlike Proof of Work blockchains that solely rely on mining to verify and validate new blocks, Proof of Stake (PoS) chains validate new blocks through staking, allowing the blocks to be produced without being reliant on mining hardware.
Instead of competing for the next block as they would have done in a Proof of Work system, Proof of Stake validators are selected based on the number of coins they are staking. The validator can then stake the coins present in their wallet to create the new block relative to the amount of coins staked. Many exchanges like Kraken, Binance, CEX, and Coinbase have already started offering staking.
How does staking work?
Proof of Work blockchains rely on mining to add new blocks on to the blockchain. Proof of Stake blockchains, on the other hand, validate new blocks through staking. In staking, validators block their coins to be selected by the protocol at intervals to create a block. The selection is made randomly, but usually, participants that have staked larger amounts have a better chance of being chosen as block validators. Proof of Stake allows for blocks to be produced without the reliance on mining hardware like ASICs. Significant investment in hardware is required for ASIC mining. Staking, on the contrary, requires an investment directly in the cryptocurrency itself. Instead of competing, PoS validators are selected based on the number of coins that they are staking.
How to stake in Atomic Wallet?
Users can stake the Atomic Wallet coin/token, which is the native token of Atomic Wallet. Atomic Wallet offers AWC staking with a yearly yield of up to 23%. AWC can be purchased in the wallet directly from the Binance DEX. Staking in Atomic wallet is extremely simple and user friendly. The user has to follow the instructions below –
- Open Atomic Wallet and navigate to the staking tab.
- In the staking tab, click on the Atomic Wallet Token.
- Next, click on “stake.”
- Select the amount that you want to stake.
- Once you choose the amount, click on stake AWC.
- Enter your password to complete the stake.
- Once the AWC has been staked, users can start to earn rewards. They can track the transaction on the blockchain by clicking on the hash.
There are a few things to consider while staking –
- When the user stakes the AWC, a freezing transaction is performed on the blockchain. This is a regular transaction that is available for all BNB tokens.
- There are no validators and the user still owns all the AWC.
- Users can unstake anytime, there is no blocking period.
- No centralized services are used.
How to get Atomic Wallet
Users can download Atomic Wallet directly from the Atomic Wallet website on to their computer or download it on their mobile devices from Google Play or the App Store on iOS. The wallet is free to download, and users can use the in-built features for free. Transactions are charged a minimum fee that goes to the exchange and is not charged by the wallet. Setting up the wallet is simple, as shown in the following steps –
- Download and install the wallet on your computer or mobile device.
- Once installed, click on ‘open wallet’ and create a new wallet.
- Create a strong password for the trading account. A password manager is recommended. Ensure that the password is not the same as or similar to any other password you have used.
- Once the password is set, the app will generate a 12-word recovery phrase. This can be used to recover the private keys should the user forget the password or lose the mobile device. The recovery phrase is crucial in securing your assets and your wallet.
- Enable Atomic Wallet to be able to collect logs. This step can be skipped if you prefer not to send anonymous information about errors.
- Once the user clicks on ‘next’ then they can buy, sell, swap and stake over 300 digital currencies.
How to deposit funds into Atomic Wallet?
Users can easily deposit funds or tokens in Atomic Wallet no matter where the funds are being sent from. The only thing needed is the public address from Atomic Wallet.
- Open the wallet and select the coin that you want to receive from the coin list.
- Once the users have selected the coin, they can view the detailed coin info. User can then click on receive and enter the public address and deposit the asset.
- Click on the address to copy it. Users can also scan a QR code and move their coin between addresses without having to copy addresses.
- Once the address has been copied, return to the page from where the coin is being sent and paste the address in the ‘send’ field.
- Once this is done, the funds will be safely moved to Atomic Wallet.
Sending and receiving cryptocurrencies is also extremely easy through Atomic Wallet. To send cryptocurrency out of the Atomic Wallet –
- Launch the Atomic Wallet dashboard and click on the cryptocurrency to transfer out.
- Once the currency is chosen, click on the ‘send’ option.
- Enter the recipient wallet address and the number of coins to be sent
- Confirm the details, enter the account password and send.
To receive cryptocurrencies into your wallet –
- Launch the Atomic Wallet dashboard.
- Click on the currency that you wish to receive to receive its wallet address.
- Copy the address and send it to the person who has initiated the transaction and wait for the funds to reflect in the wallet.
Development on the Atomic Wallet is continuing, having released mobile versions of the wallet. There is also a browser extension in the works that will significantly improve the Atomic Wallet experience on the desktop. Hardware wallet support will also be added for Ledger, Trezor, and KeepKey. Plus, more cryptos will be added as well. The Atomic Wallet is well on its way to leading the way for cryptocurrency wallets and exchanges.
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