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Top 10 Reasons To Not Use Exodus

smillagoñi
May 28, 2018 · 8 min read

At Exodus, we strive to be honest and forthcoming. This means letting you know our wallet has flaws, areas to improve, and room to grow.

Chances are, if you’ve written to us about a feature or asset Exodus doesn’t provide yet, we have been the first people to let you know there might be another option better tailored to your needs.

We want you to control your wealth without compromising your needs and values. For this reason, we have written this list of the top 10 reasons to not use Exodus as your main cryptocurrency wallet. If any of the following points is a deal-breaker for you, then we encourage you to find a better fit with one of the many wonderful wallet applications currently on the market.

Exodus is a light-wallet. This means we use a series of servers to track wallet balances. If you’ve ever had an issue refreshing a balance in your Exodus wallet, it’s likely your wallet was out of sync with the blockchain.

Core wallets generally do not have these issues because they download the entire blockchain to your computer. As a result, your balance will almost always be correct because the core wallet does not have to go to an outside source to verify your wallet balance — it looks at the blockchain right in front of it!

Using an asset’s core wallet also contributes to the health of its network. If you truly believe in an asset’s mission, and you want to ensure its longevity we encourage you to dedicate the time and space on your computer to download a core wallet. If you are a miner of a specific asset, receiving your payouts in a core wallet can also ensure that your many inputs are sent without delays or errors.

If you don’t have the time, patience, or hard-drive space to sync every blockchain before sending or receiving funds, Exodus takes care of these details behind the scenes so you can load your wallet in seconds, not hours.

You support open-source products because you care about security, transparency, and reciprocity. Chances are that these values are what led you to blockchain and cryptocurrency in the first place! You want an open-source wallet whose code you can review, dissect, and contribute back to, and we want you to have this fulfilling relationship with your wallet’s community.

Exodus is not fully open-source, and we will not be until we have perfected everything having to do with our business model and the in-wallet exchange integration.

Many parts of Exodus are already open-source and helping to better the crypto community at large. Our developers are fierce proponents of open-source software; many of them honed their skills working on open-source projects.

If you feel comfortable plugging in your own fees and consistently have transactions confirmed quickly, or you don’t mind waiting a couple of blocks to send assets, then you will be better off using a wallet that gives you more control. Some of you are already quite savvy with fees and can calculate satoshis per byte on the fly and you don’t need Exodus to do it for you.

We don’t allow for custom fees because we want things to be simple. We favor speed and reliability over lower fees. This means that sending from Exodus will be more expensive than from other wallets where you can set custom fees.

Rather than our customers calculating everything manually, we believe it is our job to set the correct fee and make sure everything works. Exodus handles transaction fees for you because we want to avoid: unconfirmed transactions, timed-out exchanges, and waiting. We hate waiting.

Some of you don’t stop at transaction fees and are accustomed to setting custom gas prices to participate in ICOs from other wallets, sending ETH bundled with custom data, and are adamant about segwit nested P2SH and bech32 addresses. You’ve been on Bitcointalk and Reddit since before Satoshi was born and generally know how to solve things on your own or find answers online without any trouble. You don’t need customer support, and we want you to use a wallet matched with your skill level.

Though you can navigate the space easily, our Support Engineers work tirelessly to get our entire community to your level of blockchain mastery.

Together, we will take blockchain assets from a niche method of sending money to a movement. Until then, Exodus will continue to focus on welcoming people to cryptocurrency.

For many of you who talk to us on Slack or through email, you know we are the customer support team that does our best to fix everything we can; even trying to solve issues having nothing to do with Exodus! We are an eager group of crypto-enthusiasts and we want you to succeed and make the whole community richer.

You are a seasoned trader, with accounts on Coinigy and TradingView and a keen use of technical analysis. You prefer to wait for markets to move and then strike with pinpoint control over what price you’d like to buy or sell at (called a limit order).

You have the skills and stamina to chase your desired entry and exit points for your portfolio. You don’t have to settle for the market price, and we want you to use a reactive platform suited to your professional skillset.

Exodus is not designed for professional-level, custom-exchange options. While we do have an in-wallet exchange allowing you to seamlessly swap assets, the price of each asset is exchanged at the current market price.

If you quickly want to swap between assets we gave exchanging an “easy” button in your Exodus wallet, with a transparent exchange fee displayed in both cryptocurrency and fiat, so going from one asset to another is a breeze instead of a headache.

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For many of you, most of your banking is done on your phone throughout the day. Maybe you work long hours and cannot always be near your computer, or you do not own a computer that has the necessary requirements to run Exodus. A mobile wallet is not only more convenient for you, but also necessary for your lifestyle.

We are diligently working on the Exodus mobile application, but we will not be ready to release it anytime soon. If you would like any recommendations on which mobile wallet to use, feel free to write to us!

We want our mobile wallet experience to bring significant value to how you use cryptocurrency — not just “Exodus for your phone”. Exodus does not pre-announce dates for PR fanfare and tends to minimize marketing fluff in favor of delivering working products.

The assets in your Exodus wallet are functional methods of payment which power complex and innovative projects using blockchain technology. For example, Golem ERC20 tokens can purchase idle computing power on their new mainnet. Privacy coins like ZCash and DASH have capabilities which can mask your transactions when used in their core wallets. These are the reasons you got excited about these projects in the first place, and we would love to see you support them by sending and holding them in their core wallets.

However, Exodus only supports holding, transacting, and exchanging these assets.

We have dreams of supporting some of the functions mentioned above, like staking Decred. But if you want to explore the full functionality of these assets in their natural environments, we encourage you to send them out of Exodus to a core wallet or platform that supports their superpowers.

Between Decred and DASH, Ethereum and Zcash, no two blockchains operate in the same way with the same rules and specifications. Our developers work hard so no matter how complex an asset might be under the hood, you get the same user experience sending, receiving, or exchanging all of them.

If Exodus doesn’t support your favorite assets, we encourage you to use wallets that do. We are committed to adding as many assets as we can to Exodus without compromising stability or ease of use, but we don’t want you to wait on us.

We are perfectionists. Any asset wallets we add to your Exodus wallet have to work seamlessly or we prefer not adding them at all. We firmly believe if an asset does not work perfectly in Exodus, it will be more of a headache for you than waiting for an asset wallet that just works.

We have written about security risks with software wallets, alternatives to software wallets, and best practices for keeping your Exodus wallet safe in light of this.

For cold storage or holding large amounts of assets, a hardware wallet will always be a safer alternative to any hot-wallet, including Exodus— we encourage you to consider using one alongside Exodus. Many of us own hardware wallets, and are more than happy to talk about our experience with them if you have any questions.

Exodus is only as secure as the computer where it resides.

Exodus only thrives if we have customers who feel safe actively managing assets in this application. This is why we continue to work on additional security solutions, and why we point customers towards cold storage solutions for holding larger amounts of assets. We want to empower and educate everyone in our community, and this includes communicating any potential risks or concerns with software-based wallets.

Exodus adopted a software-based approach to be as accessible as possible. Our mission is to bring digital assets and easy wealth-management to the masses, without compromising the autonomy of every customer owning their private keys and seed phrases.

The ability to convert crypto to fiat (also called cold-hard-cash), or vice-versa, is an incredibly popular feature request among early users. Having to hold your assets in multiple wallets and exchanges is a hassle, and you’d like to avoid going through central exchanges such as Coinbase or Gemini to get money into your bank account or as cash into your wallet.

Adding fiat access in Exodus introduces a tsunami of legal regulations and compliance measures. We would also have to implement KYC (Know Your Customer) practices running in contrary to our commitment to not hold any of your personal or private data when you are using Exodus.

We firmly believe you should have as few barriers as possible when using Exodus, and as awesome as fiat support would be, it will never be worth potentially excluding people from using the wallet or sacrificing your privacy.

Should I Use Exodus?

Your preferred blockchain wallet will be your main hub in an ecosystem of tools which secure your assets. Whether your setup includes Exodus or not, we want you to find tools to control and hold your assets in a way that feels right.

While we would love to have you with us as we work to make Exodus the best blockchain wallet, we understand our timelines and priorities won’t suit everyone.

Regardless of your choice, we are all early-adopters and we are grateful you are part of the the ever-evolving blockchain ecosystem.

Exodus Movement

Control your future wealth.

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