Wallet Reviews

All you need to know about Atomic wallet

The Atomic wallet is one of the most popular desktop wallets that is used to store and trade cryptocurrencies. Desktop wallets are simply programs that save and keep the private key of your cryptocurrency assets in your computer’s hard disk.

The developers of the Atomic wallet focused on providing a decentralized and secure wallet to manage Bitcoins and other cryptocurrencies. The atomic wallet gives control of the cryptocurrency private keys to the user. The application stores these keys in an encrypted file in the user’s device. The user can then swap tokens the way he or she wants without having to go through a centralized exchange.

How much does it cost?

The Atomic wallet application can be downloaded free of charge from the company’s official website. To begin trading with the software, buy cryptocurrency using a credit card. The coins are then sent directly to you through the wallet.

Trading with the Atomic Wallet

The trading features that can be done using the Atomic wallet vary depending on the coins you want to use. The wallet peer-to-peer currency traders also have varying charges depending on the currency and the trade options that you have selected.

Which cryptos are supported by the atomic wallet?

cryptocurrencies supported by atomic wallet

The atomic wallet supports all the major cryptocurrencies as well as sending, holding, and receiving hundreds of different cryptocurrencies. You can check the supported currencies and their value in US dollars.

You can add currency to a wallet by logging into the program and checking the list of all supported coins.  A section labelled ‘your address’ will appear beside every supported currency available. The addresses vary from coin to coin. Send cryptocurrencies to the address next to the name of the currency that you want to send and the application will automatically update your wallet.

When you want to make payments using the atomic wallet, you can click on the currency that you wish to send. The application will prompt you to input the destination address where your coins will be delivered. Input the address, specify the amount you want to transfer and complete the transfer by keying in your Atomic wallet password.

Atomic swaps

atomic swap

An atomic swap is an automatic currency exchange between two or more users on the Atomic network. One user initiates a trade by posting a notice on the bulleting board stating how many coins of a type of currency he or she wishes to trade. The platforms receive the order and pair it with another request from a user who wants to switch other coins for those at market prices.

Instant exchanges

The atomic platform also allows users to perform instant transfers through shapeshift or changelly. Unlike atomic swaps, exchanges through changelly and shapeshift follow a centralized manner. Instant exchanges subject users to third-party fees for facilitating the transactions.

Atomic wallet security

The Atomic wallet uses open source programming. Open source programming enhances security because it is easier to check for bugs, errors, and vulnerabilities. The application stores user private keys and security phrases as encrypted files on the user’s desktop, thus enhancing privacy and security.

Security risks only exist for the users when they install the application on devices that have viruses or malware. Risks may also exist when a user logs his or her computer on unsecured Wi-Fi networks.

Installing a powerful anti-virus software can help to mitigate the security risks that internet connections have. Users can also enhance security for their funds by using the Atomic desktop wallet together with a hardware wallet. Using a hardware wallet will provide an additional layer of protection because you will need to press a physical button on the hardware wallet during transactions.

Conclusion

The Atomic wallet is an excellent desktop wallet for users that would want to avoid the facilitation fees charged by third parties. It is also ideal for multiple cryptocurrency users because it allows all major currencies.

The Atomic wallet application provides security for your virtual currency assets by not saving your private keys on the network but your computer. It also boosts user confidence in security because it runs on open source code. Open source code programming makes it easier to identify and correct bugs.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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