Unless you’ve been living under a rock for quite some time, then you’ve probably heard about cryptocurrencies. They’ve been around for almost a decade, and they have changed the financial world and how we view and deal with money.
They are the next –– and most logical –– evolution of payment forms, and it shouldn’t come as a surprise if you find a lot of companies and stores offering a cryptocurrency as a source of payment in the future, because some already are. Banks, too, will probably get in on the fun at some point or another.
If you want to get into that world and start dealing in Bitcoin and its sister currencies, there are some things that you need to keep in mind, starting with how to properly keep track of your cryptocurrencies.
Use transaction tracking apps
With cryptocurrencies invading the world markets, it only makes sense that software developers would jump in on the prospect of creating helping apps, and that gave birth to applications like Altpocket, which does a lot of different functions to help traders keep track of their digital currencies.
It works when you add the API keys from any cryptocurrency Cosmos Web Wallet that you might be using. It then imports any transactions you make, and you can view them with an intuitive interface that is quite easy to understand and navigate –– much more so than plenty of other similar apps. You can even use different forms of cryptocurrencies to value your current portfolio.
Portfolio tracking apps
If you are dabbling with several forms of cryptocurrencies and are using several wallets, then you might want to consider using portfolio tracking apps like Gem. It comes with a very important sync option so you don’t have to input your different transactions manually, which saves you a lot of time, effort, and errors.
The gem is one of the free apps you could, and its interface is pretty simple and offers a great user experience, even to a person who might not be well-versed in the world of cryptocurrencies. The app can also retain your portfolio as it is linked to your account, so need to worry if you changed phones or something.
Cold wallets
This might just be a great idea for more reasons than one. You would use a regular wallet to hold your money in, and the same could be done with cryptocurrencies, but you get a lot more options with this one. For starters, those hardware wallets offer a very secure way to store your cryptocurrencies, as well as a host of other functions.
One more reason why crypto wallets are becoming more popular is because of how they allow you to keep track of each and every transaction you ever made, and you have them with you all the time. They not only help you keep track of your cryptocurrencies, but you can also use them to send and receive funds, which is a feature you won’t get with regular tracking apps.
Websites
In case you don’t trust applications, there are also websites that you can use to keep track of your cryptocurrencies with relative ease. VanillaCrypto is one of those websites, and it offers a lot of different functionalities that can really help you stay on top of your transactions.
You can view the total value of all your currencies, check all previous and current trades, and see the current value for Bitcoin, for example. Another very cool feature this platform offers is tax return documents which are very helpful in keeping track of your taxes and what money you’re supposed to pay.
Wallet tracking apps
Assuming you’re only going with a wallet, you might want to consider adding a monitoring tool to help you keep track of every transaction you make. Distill is one of those tools and it can notify you if any suspicious activity is happening with your account.
Tracking your cryptocurrencies is important because you should know your every move, but it’s also crucial so you could know if someone hacked your account and conducted a transaction. Cryptocurrencies are more secure than most things online, but they are still in the digital world and they might be hacked. This is why it helps if you get such monitoring tools to notify you of any suspicious activity in your account.
You might think dabbling in cryptocurrencies is easy, but it can actually get quite taxing. Yes, there’s a lot of potential there and the future holds much for them, but you need to be meticulous with how you handle them and very thorough with keeping track of all possible transactions and dealings.