Risk Disclosure | Atomic Wallet (2024)

FAQs

How trustworthy is Atomic Wallet? ›

In Atomic Wallet, all data stored on the user device or sent when interacting with blockchains is fully encrypted. Local data secured with AES symmetric encryption algorithm and the data which is transferred via BitTorrent protocol or interacting with blockchains are secured with TLS asymmetric encryption.

Your assets are stored on the blockchain.

Since Atomic Wallet is just an intermediary between you and the blockchain, your coins aren't stored by us. You're free to export your private keys anytime, and your funds wouldn't be put at any risk if our company was to close down.

We do not intend to collect personal data of children or persons under the age of 13 (thirteen) years old.

Atomic does not require verification or account creating. All the basic features in your wallet are anonymous. We do not collect your personal data. Atomic is a decentralized app built on the open-source libraries.

Yes - if you have capital gains or income from your Atomic Wallet investment activities, you'll need to report these to your tax office and pay taxes on them.

Atomic Wallet is a cryptocurrency wallet that was founded in 2017 and headquartered in Tallinn, Estonia.

“Apple decided to remove the app because the wallet uses 3rd party for exchange,” an Atomic Wallet spokesperson said last December.

Choosing either the Coinbase wallet over the Atomic wallet depends on what the user needs. The Coinbase wallet could be more secure and versatile than the Atomic wallet, due to its support by a wide range of systems. Additional currencies and interactive videos are also available to aid users.

Every Atomic Wallet user is able to stake our native AWC tokens (along with Tezos, Cosmos, and many more) and earn up to 23% yearly profit. AWC is widely used in Atomic Wallet ecosystem as Cashback rewards for every instant exchange, as rewards for referral campaign, and other bonuses.

Can you cash out on Atomic Wallet? ›

With Atomic Wallet, you can store, send, receive, exchange, and buy cryptocurrencies. Unfortunately, it's not yet possible to cash out from Atomic Wallet directly, as the app doesn't support crypto-to-fiat conversions.

Atomic Wallet uses both AES and TLS encryption to ensure secure transactions. Data is not stored on servers and Atomic Wallet does not store or have access to your private keys, meaning your safety is in your own hands.

Atomic Wallet Tax Reporting

Simply navigate to your Atomic Wallet account and download your transaction history from the platform. Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!

It is completely anonymous. We have no information about your balances, your transaction history, your identity, or your personal data. We have no access to your funds, private keys, or backup phrase. Our support team is only asking for the Atomic ID to investigate your case faster and clearer.

Even if you haven't received a letter and you've not used an exchange that has been summoned by the IRS, the IRS may still audit your crypto investments.

Can the IRS view my Trust Wallet transactions? Yes, your Trust Wallet transactions are public - all the IRS needs is a wallet address to view all the transactions you've made. Almost all blockchains, including Ethereum and Binance Chain, are public ledgers.

Under the current IRS Guidance, the 2020 version of IRS Form 1040, if you have received, sold, sent, exchanged, or otherwise acquired – at any time during the year – any financial interest in any virtual currency, you must attach a full crypto tax report to your return.

Exodus transactions are faster and cheaper because the transaction size is usually smaller due to the Segregated Witness feature. This makes Exodus a better wallet than Atomic for lower network fees and speed.

Yes, Atomic Wallet Coin can be custodied on Coinbase Wallet.

Is Atomic Wallet better than trust wallet? ›

Difference between Trust Wallet and Atomic Wallet

The main difference is that Trust Wallet only exists as an app for smartphones (iOS and Android), while Atomic Wallet is also there for desktop computers (Windows, macOS, Ubuntu, Debian, and Fedora).

Yes, Atomic Wallet is safe thanks to it being a decentralized wallet with two-factor authentication and data encryption.

3,000,000+ Users Worldwide!

People are always the first priority for the Atomic Wallet team, and you're the greatest motivation to constantly work on the product. By the end of 2021 our distributed team has grown from 40 to 60+ people.

Atomic Wallet is a free Ethereum wallet. It supports Ethereum, allows users to create an Ethereum account, has the basic features of a wallet plus, much, much more!

The higher the fee – the faster the speed. In Atomic Wallet, all the fees are set in such a way to ensure fast and safe confirmation on the blockchain according to the current loading of the network. Please note, Atomic Wallet doesn't take any fees for sending/receiving operations.

Mobile wallets, such as Samsung Pay, Google Pay, and Apple Pay are considered one of the most secure payment methods.

Best for Beginners: Coinbase Wallet. Why we chose it: We chose Coinbase Wallet as the best crypto wallet for beginners because it's an intuitive and highly secure wallet backed by a well-known exchange. Coinbase Wallet is an excellent wallet for beginners with little to no experience with crypto.

XTZ is one of the assets that require an address to have a minimum balance. That amount is at least 0.27 XTZ. If you try to make a transaction without taking the minimum balance into account, the transaction will fail.

In Atomic Wallet, you can buy Bitcoin with a debit card or a credit card.

Does Bitcoin ATM report to IRS? ›

If you do not have accurate records of the cost basis of your cryptocurrency (or any other assets), when you sell it the IRS will assume that the cost basis is zero. That means that the entire amount of the sale will be treated as taxable capital gain.

Yes, you can purchase bitcoin without turning over your Social Security Number in the process. When you buy or sell bitcoin at an ATM, it will not be necessary to produce your SSN.

Those interested in the safest storage should consider using a non-custodial cold hardware wallet for all of their long-term bitcoin and cryptocurrency storage. Only keep what you plan to use in your hot wallet. Once you're done with your transaction, move your crypto back to cold storage.

You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.

Moving cryptocurrency between wallets that you own is not taxable. Typically, cryptocurrency disposals — such as selling or trading away your cryptocurrency — are subject to capital gains tax. You'll incur a capital gain or loss depending on how the price of your crypto changed since you originally received it.

Can Atomic Wallet be hacked? Like other non-custodial crypto wallets, your Atomic wallet can be hacked if you do not properly store and protect your recovery phrase and private keys. Ensure that Atomic's instructions for keeping your private information secure such as cleaning your device of malware.

"Trust Wallet is the best and Safest decentralized crypto storage. Trust Wallet supports almost all of my crypto assets and also gives interest in staking some popular coins like BNB, TRX, and more." Devraj D.

What is the point of Atomic Wallet? ›

Atomic Wallet is an interface that gives you access to your funds on the blockchain. The most important information, such as your private keys and backup phrase, is stored locally on your device and is strongly encrypted. The wallet and all the operations within it are protected with a password.

Yes, Atomic Wallet Coin can be custodied on Coinbase Wallet.