Atomic Wallet Vs Coinbase: Which One Is for You (2024)

Published: January 9, 2024 | Last Updated: June 20, 2023

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

Are you ready to dive into the world of digital currencies and blockchain? Wondering which wallet is right for you to securely store your private keys? Look no further! In this comprehensive comparison, we’ll dissect the differences between Atomic Wallet vs Coinbase, two of the most popular wallets in the crypto industry.

atomic wallet vs coinbase

Coinbase vs Atomic wallet at a glance

Here are the most important facts you need to know from my investigation into these two wallets.

  • Atomic Wallet was hacked on June 3rd when a group of hackers managed to exploit a vulnerability and steal users’ keys and about $100Mn in funds. This does not bode well and is a signal to avoid the wallet
  • In terms of features, the wallets are very similar. Both have simple user interfaces and allow you to take self-custody of your crypto coins and NFTs.

Let’s take a closer look.

Features and Functionalities of Atomic Wallet

Atomic is decentralized

Atomic Wallet prides itself on being decentralized (as does Coinbase Wallet). In the case of wallets, this is a nonsense term. Only blockchains can be decentralized. What they actually want to highlight is that their wallet is self-custodial. This means that you are responsible for your password and seed phrase.

Unlike centralized exchanges like Coinbase or Binance where you have to trust the platform to safeguard your assets, Atomic Wallet ensures that you are the sole custodian of your funds and account.

This aligns with the core principles of cryptocurrencies – decentralization and financial sovereignty.

You don’t have to share your personal information

To use Atomic Wallet all you need is an email and nickname. However, this does not mean you get to go completely incognito. Atomic Wallet plugs into a number of third parties (from whom they take a cut when you transact with them). And those third parties will ask you for your details. So, yeah, if you bought some bitcoin in the early days before KYC was required you can move it to Atomic Wallet and no one will know who you are. If however, you want to buy or exchange crypto using Atomic Wallet you will have to go through a KYC process.

Respected team (not anymore)

The atomic wallet team is well respected in the crypto industry. Charlie Shrem is one of the early pioneers of crypto and Konstantin Gladych is the CEO of co-founder of Changelly which is a crypto exchange. However now that Atomic got hacked I am not sure whether people will look up to these two as much.

Atomic Wallet Features

Atomic Wallet boasts an extensive selection of supported cryptocurrencies, including blockchain-based currencies like Bitcoin and Ethereum. It offers access to multiple types of digital assets in one convenient location and the user experience is pretty sleek. Note also that Atomic Wallet supports assets such as Monero (XMR) which Coinbase doesn’t.

When you move your crypto to Atomic Wallet you benefit from the following features.

  • Option to trade a wide variety of crypto coins and tokens via a swap feature that is simple to use.
  • Ability to stake
  • Access to customer support
  • They do not track your info (though obviously,, the vulnerability exploited by the hackers means that they did expose your data)
  • You can see the same info by logging into the wallet and app.

Utilize built-in atomic swaps for seamless peer-to-peer trading.

Atomic swaps are at the heart of Atomic Wallet’s functionality, allowing for direct peer-to-peer trading between different cryptocurrencies without intermediaries or centralized exchanges. By leveraging atomic swaps within Atomic Wallet’s user-friendly interface, you can easily exchange one blockchain currency for another without complex processes or high fees associated with traditional exchanges.

With just a few clicks within the digital wallet app, you can initiate atomic swaps and seamlessly trade between various crypto tokens in a secure manner. This feature eliminates counterparty risk while ensuring efficient execution at competitive rates.

In addition to these core talking points, it’s important to highlight other notable features offered by Atomic Wallet, such as its use of blockchain technology for secure transactions and storage of crypto assets. Users can easily exchange their crypto assets on the platform.

  • Mobile devices: Access your Atomic Wallet account on the go with user-friendly mobile apps available for both Android and iOS devices on the Google Play store and App Store respectively.
  • Web access: You can download the desktop app to access your crypto on your laptop
  • Atomic Wallet supports both credit cards and debit card payments. To do this it has partnered with a company called Simplex that allows you to seamlessly purchase cryptocurrencies using fiat.
atomic wallet device support

Atomic Wallet Hack

On June 3rd the Atomi Wallet was hacked by an infamous North Korean cybercrime syndicate known as Lazarus Group. It is estimated that more than $100Mn was stolen. In contract to Coinbase. Atomic Wallet does not offer their users insurance meaning that if your funds got stolen there is very little you can do. There are now companies that are tracing the funds and getting exchanges to ban them but this has done a lot of harm to Atomic’s reputation. Atomic used to have $4Mn customers.

Features and Functionalities of Coinbase Wallet

Coinbase Wallet, also known as the Coinbase app is similar to Atomic Wallet is that it too is a decentralized platform.

This might sound strange since Coinbase itself is a centralized crypto exchange. However, the wallet itself is not centralized despite being branded with the same name. Again this means that the wallet does not hold your keys but rather that you are responsible for them.

User-Friendly Interface with Easy Navigation

One of the standout features of Coinbase Wallet is its user-friendly interface, designed to provide a seamless experience for both novice and experienced users in the crypto space. Navigating through the app is a breeze, allowing users to effortlessly access various features and products offered by Coinbase in the world of crypto.

The intuitive design of Coinbase Wallet ensures that even cryptocurrency newcomers can quickly navigate through different sections within the wallet. Whether you want to buy or sell digital assets, view your transaction history, or explore additional services, using Coinbase Wallet makes it easy for you to find what you’re looking for.

Secure Storage with Insurance Coverage on Digital Assets

Crypto security is paramount and Coinbase Wallet takes this aspect seriously. The platform employs robust crypto security measures to protect your digital assets from potential crypto threats.

Coinbase provides insurance coverage for digital assets held in their cryptocurrency wallet. This means that if any unexpected events occur resulting in the loss or theft of your funds, you may be eligible for reimbursement up to a certain limit depending on the circumstances. This added layer of protection instills confidence in users knowing that their investments are safeguarded in their crypto wallet.

Access to Additional Services like Staking and Earning Interest

Beyond secure storage and trading capabilities, Coinbase Wallet offers an array of additional services that enhance the overall value proposition for its users.

One notable feature is staking, which allows individuals to earn rewards by holding specific cryptocurrencies in their wallets.

Moreover, Coinbase provides opportunities for users to earn interest on their crypto holdings through various programs, including the 1-inch wallet. By participating in these initiatives, individuals can passively grow their wealth over time while still having full control over their assets.

In addition to staking and earning interest, Coinbase Wallet also enables users to explore different ways to connect with the broader crypto ecosystem. Whether it’s integrating with decentralized applications (dApps) or engaging in the vibrant world of decentralized finance (DeFi), Coinbase offers a gateway for users to expand their crypto horizons.

Security Measures: Atomic Wallet vs Coinbase

Security should be a top priority in the world of crypto. Both Atomic Wallet and Coinbase offer robust security measures to protect your crypto funds. Let’s delve into the different approaches each wallet takes to ensure the safety of your digital assets in the crypto space.

Advanced Security Features in Atomic Wallet

Atomic Wallet prioritizes security, offering users advanced crypto features that guarantee peace of mind. Encryption is a notable feature, safeguarding sensitive information within the wallet from unauthorized access.

In addition to encryption, Atomic Wallet offers biometric authentication for managing crypto. This means you can use your fingerprint or face recognition technology as an extra layer of protection when accessing your crypto wallet. By leveraging these cutting-edge technologies, Atomic Wallet aims to provide users with a highly secure environment for managing their digital assets.

Coinbase’s Robust Security Infrastructure

Coinbase, one of the most popular cryptocurrency exchanges in the market, boasts a robust security infrastructure designed to keep user funds safe. One key aspect of Coinbase’s security measures is cold storage. The majority of user funds are stored offline in secure vaults, reducing the risk of hacking attempts.

Furthermore, Coinbase implements two-factor authentication (2FA) for added security in the crypto space. With 2FA enabled users must provide an additional verification code during login or certain crypto transactions. This adds an extra layer of protection against unauthorized access and helps prevent potential breaches in the crypto industry.

Coinbase also allows you to store your private keys on your drive. This way you are less likely to lose them if you have simply written them down on a piece of paper.

User Interface and Ease of Use: Atomic Wallet vs Coinbase

Having a user-friendly interface is crucial for both beginners and experienced users of Coinbase Wallet.

Intuitive Interface Designed for All Users

Atomic Wallet prides itself on providing an intuitive interface that caters to both novice and advanced users. Upon launching the wallet, you’ll be greeted with a clean and organized dashboard that allows easy navigation through various features.

The wallet’s user-friendly design enables seamless navigation between different sections such as wallet balances, transaction history, and asset management. With just a few clicks, you can easily send or receive funds, view your portfolio performance, and explore additional functionalities like staking or swapping assets.

Effortless Crypto Management in Coinbase

Coinbase is known for its sleek and user-friendly design that simplifies crypto management for millions of users worldwide. The platform offers a streamlined experience where newcomers can quickly grasp the basics of buying, selling, and storing cryptocurrencies.

To get started with the Coinbase wallet you don’t need a Coinbase account.

Upon signing up with Coinbase, you’ll find an elegant dashboard that provides an overview of your account balance and recent transactions. Navigating through different sections is straightforward, allowing users to access features such as portfolio tracking, recurring buys, or setting price alerts effortlessly.

Coinbase also offers an integrated mobile app that mirrors the desktop experience seamlessly. This allows users to manage their crypto assets on the go with ease. Whether you’re trading from your computer or smartphone, Coinbase ensures a consistent user experience across platforms.

Choosing the Right User Experience

When deciding between Atomic Wallet and Coinbase based on their user interfaces and ease of use, it ultimately boils down to personal preferences. Some individuals may prefer Atomic Wallet’s intuitive interface tailored for all types of users, while others may find Coinbase’s sleek design more appealing.

To help you make an informed decision about your cryptocurrency investments, consider the following factors regarding Coinbase Wallet.

  • Trading Efficiency: Evaluate how quickly and easily you can execute trades and manage your assets within each wallet.
  • User-Friendliness: Determine which wallet aligns with your experience level and provides a hassle-free user experience.
  • Asset Management: Consider the features offered by each wallet for tracking, staking, swapping, or managing different cryptocurrencies.

By comparing these aspects and exploring both wallets firsthand, you’ll be able to identify the one that suits your needs best. Remember, finding a user-friendly interface is crucial to ensuring a smooth crypto management experience.

Supported Cryptocurrencies: Atomic Wallet vs Coinbase

In conclusion, when comparing the supported cryptocurrencies of Atomic Wallet and Coinbase, it is clear that both platforms offer a wide range of options for users.

Atomic Wallet provides support for over 60 different cryptocurrencies, including popular ones like Bitcoin, Ethereum, Ripple, and Litecoin. This extensive selection allows users to diversify their portfolios and take advantage of various investment opportunities within the crypto market.

On the other hand, the Coinbase Wallet supports more than 27,000 cryptocurrencies

When choosing between Atomic Wallet and Coinbase based on supported cryptocurrencies alone, it ultimately depends on individual preferences and investment strategies. If you are looking for a broader range of options with lesser-known crypto coins or tokens, Coinbase Wallet might be the better choice.

To make an informed decision about which platform, such as Coinbase Wallet, aligns best with your needs and goals in the cryptocurrency space, consider factors beyond just supported coins. Evaluate features like security measures offered by each platform, including Coinbase Wallet, to protect your assets from potential threats. Assess user interface and ease of use to ensure a smooth experience while managing your digital assets on Coinbase Wallet.

Ultimately, it is crucial to conduct thorough research before making any decisions regarding cryptocurrency wallets. Take into account your specific requirements in terms of supported coins as well as other considerations mentioned above.

Explore both Atomic Wallet and Coinbase further to determine which one suits you best in terms of functionality, security features, user-friendliness, customer support availability, and overall reputation within the crypto community.

Alternatives to Coinbase and Atomic Wallet

Please note that there are different types of cryptocurrency wallets. Both the Coinbase Wallet and Atomic Wallet are “hot wallets”. This means they are connected to the internet and are in theory more susceptible to an attack compared to a wallet that is offline.

Cold wallets on the other hand are not online and therefore impossible to breach from a distance. If you are looking for 100% security then you need to consider hardware wallets such as a Ledger or Trezor device.

Other software wallets you might want to consider are

  • Trust wallet
  • Exodus wallet
  • MetaMask

FAQs

Q: Can I store all types of cryptocurrencies in Atomic Wallet?

A: Yes! With over 60 supported cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), Atomic Wallet offers a wide range of options for storing various digital assets.

Q: Does Coinbase support any cryptocurrencies other than Bitcoin?

A: Yes, Coinbase supports 27000 cryptocurrencies including the major ones such as Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and more.

Q: Is Atomic Wallet suitable for beginners in the crypto space?

A: Yes, Atomic Wallet provides an intuitive user interface that makes it beginner-friendly. It offers a simple and straightforward way to manage your digital assets without requiring extensive technical knowledge.

Q: Can I buy or sell cryptocurrencies directly on Atomic Wallet?

A: Yes, Atomic Wallet allows users to buy or sell cryptocurrencies using their integrated exchange services. This feature provides convenience by allowing you to manage both storage and trading within the same platform.

Q: Does Coinbase offer insurance for stored cryptocurrencies?

A: Yes, Coinbase holds a portion of its customers’ funds in cold storage with insurance coverage against potential losses due to hacking or theft. This provides an added layer of security for users’ digital assets.

Q: Which wallet has better customer support – Atomic Wallet or Coinbase?

A: Both crypto wallets strive to offer reliable customer support. However, Coinbase is known for its responsive customer service team that can assist users with any issues they may encounter. You can access live chat directly from the app.

Q: Can I access my Atomic Wallet account from multiple devices?

A: Atomic Wallet allows you to synchronize your account across multiple devices using a backup phrase. This ensures that you can conveniently access your wallet from different locations without compromising security.

Q: Are there any transaction fees when using the Coinbase wallet?

A: Yes, Coinbase charges transaction fees when buying or selling cryptocurrencies on their platform. The fees vary depending on factors such as the payment method used and the size of the transaction.

Q: Can I use Atomic Wallet on my mobile device?

A: Yes, Atomic Wallet offers mobile applications for both iOS and Android devices. This allows you to conveniently manage your cryptocurrencies on the go using your smartphone or tablet.

Useful Resources

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Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.