Atomic Wallet – An Easy to Follow Guide for New Users

Wallet Reviews / 24.11.2020

The Atomic Wallet is a simple yet highly secure all-in-one cryptocurrency solution. Since its inception years prior, the platform has been steadily growing and adapting to the ever-changing crypto market and culture. Today, the Atomic Wallet is best known for its commitment to security, decentralization, anonymity, multi-currency support, and more.

Atomic Swaps

The Atomic Wallet receives its name based on its Atomic Swap capabilities. Atomic Swaps are a protocol that allows for the quick exchange of two different cryptocurrencies in a peer-to-peer manner. The system permits assets running on different blockchain networks to trade securely. Notably, not all cryptocurrencies can be swapped this way.

The main draw for atomic swap users is security and reduced fees. The ability to trade coins directly from your personal crypto-wallet removes the need for centralized exchanges. In this way, the Atomic Wallet can promote trustlessness through a unique decentralized approach.

Impressively, Atomic Swaps have been a hot topic in the blockchain sector for years. In 2012, a similar concept by the name of P2PTradeX was presented by Daniel Larimer. A year later, the concept was made more concrete by Tier Nolan when he released his complete atomic swap protocol.

Benefits of the Atomic Wallet

The Atomic Wallet has a nice combination of features that make it simple to use for the average user. Anyone can interact with the blockchain ecosystem in seconds with this helpful Dapp. Here are some of the best features Atomic Wallet users enjoy:

  • Coin Selection

The platform supports a huge selection of cryptocurrencies at this time. Specifically, you can store 300 different cryptocurrencies and any ERC-20 tokens on the wallet. There are over 200,000 ERC-20 tokens in the market today. This number is expanding quickly, thanks to the expansion of the DeFi sector in recent months. 

  • Open Source

As an Open Source project, the Atomic Wallet reduces the chances of bugs or hidden vulnerabilities. Open Source projects undergo vetting from the community. This community-driven approach to coding helps avoid major losses or the revelation of attack vectors later. 

  • Safety

Impressively, the Atomic Wallet has never been hacked to date. This security record places the Atomic Wallet in an exclusive class of non-hacked mobile wallet options available to users today. Notably, mobile wallets are considered safe but not as secure as hardware wallets. 

  • Privacy Focused

As a decentralized, non-custodial wallet, you don’t need to provide sensitive information to the platform. The system doesn’t require AML/KYC compliance.

  • 24/7 Support

The Atomic Wallet has a fast response time and is available 24-hours a day. You will need to fill out a trouble ticket. The Dapp makes this process straight forward, and responses take around 6-hours on average. This feature is a huge bonus for new users with questions. 

How Does the Atomic Wallet Work?

The Atomic Wallet makes it simple to send, receive, store, exchange, and swap your crypto. With so many helpful features, the platform continues to see adoption. 

Non-Custodial

The Atomic Wallet is a non-custodial platform. Your passwords are encrypted and only stored locally on your device. No one has access to this information, including developers. This strategy eliminates the possibility of losing funds through centralized services because your information is not kept on any server. The main thing to consider with this approach is that you are the sole person responsible for keeping your crypto keys safe. If you lose them, your crypto is gone. 

Exchange Options

The Atomic Wallet gives users a few ways to trade their crypto without leaving their wallets. Click exchange and select the coin you would like to trade and what coin you want to receive. If atomic swaps are available for the coin, you will see that option and save on fees. If not, the platform also integrates both Changelly and ShapeShift

History of the Atomic Wallet

The Atomic Wallet entered the market in 2017. Notably, the platform was founded by Konstantin Gladych. If Gladych sounds familiar, he should. He is the CEO and Co-Founder of Changelly. Changelly is one of the most popular coin swap protocols in the world. 

How to Get the Atomic Wallet

The Atomic Wallet was built to be easy to use. The platform is free to download, install, and operate. The wallet is available in mobile and desktop versions. The desktop version is considered the more secure option, but it’s still important to verify your PC is safe before installation. Once you install the Dapp, it will ask you to create a new wallet. The next step is to write down the 12-word backup phrase, and the setup process is complete.

How to Use the Atomic Wallet

To use the Atomic Wallet, you need to select the coin you would like to send or receive. Click the coin you desire, and instantly, all the relevant info displays on your interface. Next, you can scan or copy and paste the address to send a payment to. If you are depositing the coin, you will also see that option available. It’s that simple.

Exchanging crypto is just as easy. Just click on the coin you want to trade and hit the exchange button. You will need to select how you would like to trade the token and what coin you would like in return. Once these specifics are determined, the process is as easy as hitting the trade button.

The Atomic Wallet is a Solid Option for Users

When the Atomic Wallet first entered the market, it was ahead of its time. Now that the DeFi sector is on fire, there is more interest than ever in Atomic Swaps and other cross-chain interoperability. Consequently, the Atomic Wallet is still a great option for new and experienced crypto users alike.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.