Making cryptocurrency portfolios more accessible
Cryptocurrencies can be extremely profitable or incredibly disadvantageous, this much we all know by now. But, do we really? I recently talked to some old friends (outside the tech world) about cryptos and they had not the slightest clue what I was talking about. Not even the big name, Bitcoin, rang any bells.
I got into Bitcoin and Litecoin in the summer of 2013, before the big Mt Gox disaster and when there were only a handful of currencies at all. I remember this vividly. A few friends of mine transferred money to an exchange (BTC-E) that looked extremely dodgy and we lost around 10% of our wire transfer in fees, but there we were.
A few years later and not much has changed. Naturally there are a few big players (e.g. Coinbase and Kraken) that make purchasing cryptocurrencies a little easier, but they only offer a very small subset of assets that make cryptocurrencies so profitable and have higher fees than normal. The price of convenience I guess?
Even if you branch out to (for non-crypto people) more excotic exchanges like Bittrex and Poloniex, you will still have to download currency wallets, create addresses, backup your public and private keys, preferably do it on a computer that was never online and it takes days before you can even do any transactions, such as sending your funds somewhere else. Not to mention that these take tens of Gigabytes on your local hard drive.
To top it all off, not all exchanges support all coins and tokens and they have different prices all around, so how do you stay on track of things and know how much you own? How much is everything you own worth and how did it change recently?
If you really go all the way (and you should!), you will not even have your assets on the exchanges, but in their respective wallets, meaning you have to somehow convert every currency you own into their e.g. U.S. Dollars counterpart and keep track of it all.
I knew this had to change.
Knowing that so many years after I got into cryptocurrencies, it was still so difficult for people to manage their portfolio. So I made a choice and started design and develop a new free cryptocurrency portfolio manager that aims at taking the first step towards making cryptocurrencies more accessible for everybody.
This process began around 3 weeks ago and the project has received many updates since then, bringing it into Version 0.6 Beta at the point of writing this article.
What is it and what can it do for me?
CoinTrackr.com can help you keep track of value of all the coins and tokens you own, give you the average price and recent changes, as well as visualize the proportions of assets you invest in.
Some of the current features include
- Manage around 1,000 coins and tokens all in once place.
- Access your portfolio from your computer and mobile.
- Synchronize your portfolio across multiple devices and browsers with an easy login feature.
- See the current value of your portfolio in many different currencies, including U.S. Dollars, Euros, Chinese Yen, but also Bitcoin and even Ethereum (the flippening!).
Some of the features on the roadmap to version 1.0
- More detailed statistics for single assets, e.g. how did Ethereum do over the last 7 days or 2 weeks?
- A native mobile app to give you more features on the go.
- Prioritized exchanges to give you an evaluation closer to what it would be if you were to sell on the exchange you use primarily.
- Importing balances from wallet addresses and exchanges.
- Further improvements in user design and experience.
Where do we go from here?
With the latest version just released, I am working eagerly towards version 1.0, which will bring many more improvements and features. Until then I appreciate any feedback, as well as donations if you want to support CoinTrackr.com.