Atomic Wallet
Earn Passive Income on Your Digital Assets with Staking Rewards
Atomic Wallet is a decentralized desktop wallet in which you can store, stake, and swap a number of different digital assets. (A mobile app for Atomic Wallet also exists, but I do not recommend using it or any mobile apps for digital assets because of the danger of SIM swaps.) Keeping your digital assets in desktop wallets is somewhat safer than keeping your assets on an exchange (e.g., Coinbase, Gemini, or Binance). However, please remember that nothing is as safe as storing the private keys for your assets offline on a Ledger or a Trezor device (except for using a paper wallet). So, as always, proceed with caution. Safety first.
A friend of mine, who requested that he be referred to as “The Russian” (though, he isn’t Russian), first showed me how to use Atomic Wallet, and he’s the one who contributed the breakdown of some of the assets that you can stake via Atomic Wallet below. But before we get to this breakdown, let’s first address the question: What is staking?
This website defines staking as “a less resource-intensive alternative to mining.” (For more on what “mining” is, click here.) Staking “involves holding funds in a cryptocurrency wallet [like Atomic Wallet] to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards.” In short, when staking, you “lock” your coins/tokens to help secure blockchain networks, and, in exchange for helping to secure these networks, you receive rewards in the form of the same coin/token that you choose to stake. For example, if you choose to stake 10 $SOL tokens at 5% APY, you’ll receive 5% of your 10 $SOL tokens in $SOL (which comes out to 0.5 $SOL tokens) over the course of a year. In a way, you can think about receiving staking rewards like receiving dividends for holding a stock.
One big thing to keep in mind when staking is that there is a different “lock up period” for each token. For example, tokens like $ATOM or $BAND have a 21 day lock up period, which means that once you stake these tokens, you will not have access to them to sell them for 21 day after you choose to unstake them. For tokens like $SOL, I believe the lock up period is only five days. It’s important to do your homework on the lock up period for staking tokens (a quick Google search such as “lock up period for staking $SOL on Atomic Wallet” will usually suffice) especially if you only plan to hold your token for a short period of time. Some tokens, like $ALGO and $ADA, I believe, don’t have any lock up period. You can stake and unstake them whenever you’d like.
If you are interested in storing or staking your tokens in Atomic Wallet, you can download the app here - https://atomicwallet.io
Please remember to store the secret private key recovery phrase, or “seed” phrase (usually 12-24 words that you can use to recover the wallet on any device), for this wallet in a very safe, fire-proof place. Here are the instructions to recover your wallet with your seed phrase if need be. If you do not understand what public and private keys are, please read up here.
And you’d like further assistance in using staking feature of the wallet, please reference the following video.
Fore more videos, a simple YouTube search using keywords like “Staking in Atomic Wallet” or “Using Atomic Wallet” will return you more videos than you will have time to watch in one evening.
Also, for instructions for how to transfer your assets from an exchange like Coinbase or Gemini to Atomic Wallet, click here.
And now, ladies and gentleman, a breakdown of staking rewards in Atomic Wallet from The Russian.
Atomic Wallet is a multi-coin wallet where you can stake:
Algorand / $ALGO - (7.2% APY), automatically compounds
minimum 1 $ALGO deposit
Atomic Wallet Coin-986 / $AWC - (23% APY), need a holding of 1000 coins to make it affordable to quickly compound – uses same address as BNB and can see transactions on the Binance Smart Chain explorer
minimum 10 AWC-986 deposit
Band / $BAND - (17% APY), easy and very cheap to compound but you need to do it manually
minimum 1 BAND deposit
Cardano / $ADA - (5.5% APY), automatically compounds after you have entered the pool
minimum 1 ADA deposit
Cosmos / $ATOM - (10% APY), easy and very cheap to compound but you need to do it manually – might be more affordable after holding 50 coins
minimum 1 ATOM deposit
Icon / $ICX - (10% APY), need to have a large holding to afford compounding network costs
minimum 1 ICX deposit
Komodo / $KMD - (5.1% APY), easy and very cheap to compound but you need to do it manually at least once a month or you’ll lose accumulated rewards for that period (I think)
minimum 10 KMD deposit
Neo / $NEO - (1.4% APY), pays out as GAS – no compounding
minimum 1 NEO deposit
Solana / $SOL - (7% APY)
Tezos / $XTZ - (7% APY), automatically compounds after you have chosen a ‘baker’
minimum 1 XTZ deposit
Tron / $TRX - (5% APY), easy and very cheap to compound but you need to do it manually
minimum 1 TRX deposit
Vechain / $VET - (1.63% APY), pays out as VTHO – no compounding
no minimum deposit
Zilliqa / $ZIL - (12% APY), need to have a large holding to afford compounding network costs
[Back to Frank]
If you have any questions about using Atomic Wallet once you get started, please free to not contact me! Contact Atomic Wallet’s amazing and highly responsive support staff via this link.
Final Thoughts on Using Atomic Wallet: Keep in mind that understanding the time frame for your investment is key with staking. If you don’t plan to hold a coin or token for that long, then “locking it up” for 21 days probably isn’t the best idea. Personally, I plan on using the staking feature of Atomic Wallet more once we enter a bear market; in other words, it’s a good tool for accumulating more tokens while price are low.
[Tangent]
I recently heard the maxim “Fortunes are made in bear markets.” What this means is that people accumulate when prices are low and then patiently wait for prices to rise. If you are buying into the stock or crypto markets at this point in the (bull) cycle we are in and you have little knowledge about how markets work, you’ll probably experience some short-term euphoria on this next (and maybe final) leg up followed by some good old fashioned pain when both the traditional and digital asset markets correct. But again, I could be wrong. It would be very silly of me to say that this market is behaving in any sort of a rational or predictable way. And it would be sillier of me to even consider the notion that the Fed will ever stop printing money en masse.
[Back to thoughts on Atomic Wallet]
If you are uncomfortable or unsure of how to use a product like Atomic Wallet, then go down a rabbit hole of YouTube tutorials and practice transferring small increments of money to it first. Lastly, just in case anyone was wondering, Atomic Wallet is not a sponsor of this newsletter. I just happen to think it’s a good product and wanted to share some information about it with you all in my efforts to focus a bit more on the micro and a bit less on the macro.
My Buddy’s NFTs
I want to give a shout out to my long-time friend - my brother from another mother - Matt Ropke and his recently minted NFTs. Matt has always been an incredible artist, and I am happy to see him putting his work out into the world via NFTs. Please check his work out here, and feel free to pick a piece up and/or tell him how dope it is in the comments.
Helping a Friend
As some of you know, I used to live in Venezuela and I have maintained contact with a number of my friends there. Many have had to leave the country in search of work, which has not been easy for them, as many have found themselves in very continued dire financial situations even outside of the country. One of my friends there recently reached out to ask for some financial assistance, as her father is sick and her family does not have the money to pay his healthcare bills. I have pledged a certain amount of money to help her, but it’s a bit short of what she currently needs. If you would like to help, and you know me personally, please reach out. She asked for the money by February of next year, so there’s a bit of time, but please feel free to touch base with me at your earliest convenience if you are interested in helping.
Disclaimer
I’m still not a financial advisor, so please don’t misconstrue anything you’ve read in this edition of the newsletter as financial advice. I’m simply a jive ass turkey who writes about magic internet money. If you think you are going to get rich quickly in this space, the opposite will likely happen. Do your own research and invest with faith in and understanding of the projects and protocols in which you choose to invest. Whatever risk you assume is your own, so own it.
Best,
Frank
Twitter: @frankcorva
Check out by buddy Vincenzo in the Benzo’s music. I helped write the song below and I got to sing some back-up vocals on it, as well. It was recorded by The Pete from The Bouncing Souls, which makes it extra awesome. #rockworld
Currently Reading: “The Fourth Turning”, by William Strauss and Neil Howe; “The Tyranny of Experts”, by William Easterly
