5 Must Have Cryptocurrency Asset Management Tools for Everyday Use

5 Must Have Cryptocurrency Asset Management Tools for Everyday Use

As we head towards the close of 2019, Rohit and I recently sat down to discuss the year that has been for cryptocurrencies and what it has meant for the industry in general. A major trend this year has been the emergence of new financing avenues through DeFi (Decentralized Finance), and regulatory interest in Stablecoins and government-backed CBDCs (Central Bank Digital Currencies). Consequently, it has led to an influx of new participants (both individuals and institutions) making their first plunge into crypto.

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It would be nice to disclose if you got paid to promote some of the businesses in your article or not.
There are some little errors in the article -

  • Coinbase is not the largest crypto-exchange or trader in bitcoin, there are much larger ones;
  • the exchanges have already wallets and can list assets; moving assets out of crypto-exchange comes with withdrawal fees;
  • credit cards that can be supplied with crypto-coins have coin-fiat rate several percent different than the one on crypto-exchanges

Hi Paul,

Thank you for taking time out to go through the article.
No, we haven’t been paid by all these businesses to promote them.

  • This is a reference to Jordan Tuwiner’s post dated 10-Oct-19 (hyperlinked in the article). Plus, we cross-checked with Coingecko’s Reserve metric which is calculated by Bitfury.

  • That is correct. But we believe “not your keys, not your funds”. Hence, we recommend storing assets in own wallets. The options for hot and cold wallets are therefore points 2 and 4 respectively and don’t appear earlier since moving funds to personal wallets will happen further down the journey for a new crypto entrant. They could of course trade with decentralized exchanges. But this article is for novices and handling a Dex is, frankly, for advanced users. Maybe a v2.0 article could explore Dex’es.

  • Also agreed. However, we are exploring debit cards and not credit cards here. Many of these platforms have partnerships with exchanges to have nil arbitrage when it comes to crypto-fiat rates (though rates were not the point of contention here). For example, the debit card business mentioned in the article i.e. 2gether has a partnership with Kraken to allow same rates as the exchange.

Thanks Again!

Best,
Abhijoy

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Ok, thank you for clarifying.
Regarding Coingecko’s Estimated Reserves - the metrics depend on identifying if a coin address belongs to a specific crypto-exchange. Usually exchanges do not reveal wallet addresses of their customers. The Coingecko can co-relate some transactions, but they do not know what else is missing. In addition using ‘lightning network’ protocol transfers further obscures ownership specifically for BTC.
Regarding crypto-fiat debit cards - the fees charged and arbitrage percentage pocketed has to be in total less than the 2-3.5% credit card fee, or it would be a rip-off.