Atomic Wallet: The First Crypto Wallet To Allow Atomic Swaps
Atomic Wallet is a new wallet that supports atomic swaps. This means you can trade coins without the need to trust any third party, as the swap takes place directly between users. With Atomic Swaps, your funds are guaranteed to arrive on both sides of the exchange. Transactions cannot be blocked or reversed by anyone outside of each individual user’s control and consensus mechanisms ensure everything works as intended when trades take place with others around you.,
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The “atomic wallet fees” is a new cryptocurrency that allows users to make atomic swaps and use it as a payment method. The first crypto wallet to allow atomic swaps, the “Atomic Wallet” is available on Android and iOS.
Atomic Wallet is a non-custodial multi-currency wallet that allows users to trade cryptocurrencies from different blockchains without the involvement of a third party (known as an atomic swap) such as a cryptocurrency exchange. Making a transaction between Bitcoin and Ethereum without the need of an exchange, for example. Atomic Wallet encrypts user private keys, and consumers have complete control over their cash by storing their assets on their own device.
Over 500 coins are supported by Atomic Wallet, including:
XRP (Ripple) is a cryptocurrency developed by Ripple.
Binance Coin (BNB) is a cryptocurrency that was
And it’s compatible with blockchains like:
Atomic Wallet’s purpose is to eliminate centralized middlemen such as regulated exchanges, giving crypto owners complete control over their funds. Users are not needed to create an account, complete a verification procedure, or follow KYC guidelines. A third party cannot also prevent funds from being sent.
Instead, Atomic Wallet provides customers with a single, secure interface via which they can manage, swap, stake, and acquire crypto assets across several blockchains without requiring any involvement.
The following Atomic Wallet tutorial delves into how cryptocurrency wallets function, how to set up your Atomic Wallet, its benefits and drawbacks, the AWC coin, and the founders.
What Are Crypto Wallets and How Do They Work?
A bitcoin wallet is a piece of software that keeps track of both public and private keys. It communicates with blockchains to let users to transfer and receive digital cash, as well as track their balances and stake tokens.
Digital wallets, unlike conventional wallets, do not keep your money. Instead, they retain a transaction log, and your money is recorded on the blockchain.
The private key in your crypto wallet must match the public address to which the cryptocurrency is allocated in order for it to “keep” cryptocurrency. When the keys match, a balance will appear in your wallet.
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If you wish to transmit cryptocurrencies, you must first sign off on ownership of the coins, after which they will be sent to the wallet address you specified. Technically, no physical currencies are exchanged; instead, a transaction record on the blockchain affects your balance.
What Kinds Of Cryptocurrency Wallets Are There?
Let’s have a look at how a few different kinds of crypto wallets operate to better understand how Atomic Wallet works:
Paper wallets are simply keys printed on a tangible piece of paper; keep it in a secure location! They provide a better degree of protection than online wallets since your cryptocurrency is stored offline, albeit it is more difficult to utilize it for trading, staking, and other online activities.
Online wallets are widely regarded for being the most convenient method to get started with cryptocurrency. They provide high security with two-factor authentication, convenient access to applications and software, and straightforward transaction options. Using an online wallet to send bitcoin is as straightforward as moving money from your online bank account. Binance, Coinbase, and Kraken are all excellent online wallets.
Hardware wallets strike the perfect blend of security and usability. They’re designed to be used as a thumb drive device, and they combine the security of paper wallets (being offline) with the usefulness of online wallets (being able to send crypto to others via the internet). Trezor and Ledger are the most popular hardware wallets.
Software wallets are software tools that allow for non-custodial asset storage, which means you always have control over your bitcoin.
Every wallet has its own set of compromises, so be aware of them.
How To Get An Atomic Wallet And How To Use It
Atomic Wallet is an online wallet that is unusual in that it may be used to move funds across blockchains without the requirement for an exchange. Here’s how to join up and use your wallet at the same time.
Your Wallet may be downloaded.
Go to the Atomic Wallet website and click the download button to get the Atomic Wallet application.
Configure Your Password
Wait for the download to complete and then launch the program. You’ll have two choices here:
Make a fresh wallet.
Recover data from a backup
If you’re a new user, choose option 1 and create a password.
You’ll be issued a 12-word phrase code after everything is set up. If you lose your wallet or your smartphone, you may use this code to recover it.
It’s a good idea to write down your password and code on paper. You risk losing access to your cash if you lose or forget them.
Make sure you don’t tell anybody about the backup phrase. Your crypto may be stolen if someone knows your phrase.
Making Use Of The Platform
You’ll be routed to the Atomic Wallet main page after checking in, where you’ll find tools that let you to store, transfer, and stake bitcoin.
Each feature is described in detail below, along with examples of how to utilize it.
The specifics of each asset you hold are stored in your wallet. For instance, the names of the tokens you own, the quantity you own, the entire market value, and a 24-hour profit/loss.
The exchange allows you to see which currencies you may trade.
If you don’t have any cryptocurrencies, here is where you should begin.
You may purchase bitcoin using a Visa or Mastercard, as well as USD or EUR. Other currencies, such as the yen of Japan or the dollar of Canada, will be translated to EUR or USD automatically.
To purchase, choose the currency you’d want to swap and the token you’d like to acquire.
This tab displays the history of previous transactions.
Staking: You may stake your cryptocurrency and collect incentives from validators using Atomic Wallet. Atomic Wallet has no staking fees and will provide you an estimate of how much money you’ll make in a year from various currencies.
Setting Options: The setting options, like any other settings page, allow you to update information about your profile. You may use it to alter your wallet password, examine your 12-word backup phrase, and access your private key data.
Help: This tab will take you to the Atomic Wallet Help Center, where you may find a variety of support options, including:
Chat in real time
Atomic Wallet’s Benefits
Now that you know what a crypto wallet is and how to download and use Atomic Wallet, what sets it apart from other options on the market?
User Interface That Is Simple
It might be intimidating to invest in cryptocurrency for the first time. There are hundreds of cryptocurrencies to select from, and the last thing you need to acquire them is a complicated browser.
Users may utilize Atomic Wallet to make this as simple as feasible. The UI is simple to use, with the “Buy Crypto” link prominently displayed at the top of the website. Simply choose the cryptocurrency you wish to purchase, enter the desired quantity, and click “Buy Now.”
Atomic Wallet is a decentralized wallet that goes all the way back to the beginning. Unlike other exchanges, Atomic Wallet allows you to stay entirely anonymous throughout the KYC process. You may purchase, stake, and trade cryptocurrencies without ever revealing your personal information.
A Wide Range of Cryptocurrencies
Over 500 different cryptocurrencies are supported by Atomic Wallet. This is much higher than well-known exchanges like Binance (395), Coinbase (175), and Kraken (167), making Atomic Wallet an excellent choice for crypto aficionados interested in future, lesser-known coins.
DisAtomic Wallet’s Benefits
Atomic Wallet is not without flaws, despite its numerous advantages.
Hardware wallets are not compatible.
Atomic Wallet has a number of drawbacks, one of which is that it is not compatible with any hardware wallets. This is a drawback for investors who want to keep their cash offline, and Atomic Wallet falls behind competitors like MetaMask, which takes both Trezor and Ledger.
For each transaction, Atomic Wallet charges a fixed cost of 2% + network fees. This is greater than the industry average of roughly 1%, which is more than most exchanges. Coinbase, for example, charges 0% to 0.60 percent per transaction, making it a preferable alternative for sending big amounts of bitcoin.
The situation is becoming worse for credit card dealers. When purchasing bitcoin with fiat, credit/debit card bank processing costs may reach up to 5%, putting Atomic Wallet fees among the highest in the business.
What is the Atomic Wallet Token and how does it work? (AWC)
AWC was the first token released by a decentralized crypto wallet, and it offers cashback, affiliate, and bounty payouts, as well as staking and voting rights to its holders.
Holders may vote on forthcoming projects to be added to the platform using their AWC. The new project will be posted for people to purchase after a particular amount of votes has been attained.
There are 10,603,658.69 AWC tokens in circulation as of May 2022, with over 30,000 tiny investors holding 70% of them. The Atomic Wallet team has declared that no more than 4,500,00 AWC will be awarded for Airdrop, Affiliate Rewards, and Market Making within the next 12 months.
Instead, 80 percent of the monies will be held in escrow until institutional investors become interested in the initiative. After five years, if the initiative fails to gain traction, all tokens will be distributed.
Who Are Atomic Wallet’s Founders?
Konstantin Gladych, a crypto specialist with over a decade of IT expertise, 6 years of blockchain and cryptocurrency knowledge, and a PhD in data science, established Atomic Wallet. Konstantin is most known for founding Chalengelly.com, the world’s largest crypto instant exchange, with over 2 million monthly active clients and a Atomic Wallet was founded by Konstantin Gladych, a crypto expert with over a decade of IT experience, 6 years of experience in blockchain and cryptocurrency, and a PhD in data science. Konstantin is best known as the founder of Chalengelly.com, which is the biggest crypto instant exchange with over 2 million monthly active customers and a monthly turnover of $0.5bn..5 billion monthly volume.
Charlie Shrem, an American entrepreneur and Bitcoin enthusiast, is advising the initiative. He established BitInstant in 2011 and is a member of the Bitcoin Foundation’s original board of directors. He formerly served as vice chairman of the foundation and actively contributes to the organization’s aim to standardize, preserve, and promote the usage of Bitcoin.
The Atomic Wallet has eight partners as of May 2022.
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Final Thoughts: Is Atomic Wallet Set To Become The Next Big Crypto Wallet?
When you’re first starting started with crypto wallets, it may be daunting; figuring out which wallets to use for various tokens can be a pain, and the new crypto jargon can make you want to rip your hair out.
Atomic Wallet is the first wallet that integrate cross-chain technology, allowing you to buy, sell, and stake cryptocurrency all in one spot. Atomic Wallet is fast becoming a popular wallet alternative for both crypto experts and those just getting started, with over 500 crypto choices and 3 million users globally, and the dev team has no plans to stop anytime soon.
It has established a plan for 2022, with an emphasis on internal process stabilization and wallet optimization to enhance user experience. After shown its potential, it is now up to the market to decide if Atomic Wallet will become the next major crypto wallet.
The “what happened to atomic wallet” is a question that has been asked many times. The Atomic Wallet team recently announced that they would be shutting down their services on the 8th of February, 2019.