This guide will walk you through the process of wagering cryptocurrencies on Atomic Wallet, covering which crypto assets are eligible for wagering, the rewards available and how to claim them. In addition, there are step-by-step instructions on how to wager and unwager safely, as well as an overview of the pros and cons of the feature.
ABOUT ATOMIC WALLET
Based in Tallinn, Estonia, Atomic Wallet was first introduced in 2018 by Konstantin Gladych.
As a decentralised non-custodial wallet, Atomic is trusted by more than 3 million users worldwide and supports more than 500 coins and tokens, as well as trading and betting functionalities through its elegant user interface.
With more people looking for alternatives to conventional means of acquiring, storing and wagering cryptos, Atomic Wallet has witnessed increased demand globally.
For more information on the wallet itself, including its various features for buying, trading and winning, check out our in-depth review of Atomic Wallet…
WHAT IS CRYPTOCURRENCY STAKING?
Cryptocurrency staking is the act of locking up a percentage of your assets to be eligible to receive staking rewards (interest), participate in governance and validate transactions within a specific decentralised network.
A crypto transaction is usually confirmed to be recorded on the blockchain, and validation ensures that the transaction proceeds without any incorrect data.
Therefore, for transactions to be verified, they must be authorised and added to a block by miners on proof-of-work blockchains, such as Bitcoin, or approved by validators on Proof-of-Stake (PoS) blockchains.
In the case of Proof of Stake, you can stake your coins and earn rewards for validating the transaction. As the difficulty of mining has increased, staking has become more attractive to cryptocurrency investors.
WHY DO USERS BET CRYPTO ON ATOMIC WALLET?
When you bet your cryptocurrency on Atomic Wallet, you select Atomic as your validator. Atomic allows any cryptocurrency holder to earn regular payments in a completely decentralised way, as Atomic does not charge any fees; instead, you make a profit directly from the validators.
The act of delegating your cryptocurrency to a validator of your choice communicates your trust in them, which increases the strength of the blockchain. Validators are compensated for validating blockchain transactions; so they pay the people who support them; this is how you earn your rewards.
Staking can be divided into two categories:
Since there is no central authority responsible for holding your coins or private keys to your wallet, staking with Atomic Wallet is called decentralised staking as rewards are deposited or claimed in your own wallet.
In contrast, centralised wagering occurs outside of your own wallet, most typically on an exchange platform, and is defined as follows: The exchange platform will be responsible for keeping your cryptocurrency secure during the bet, and any rewards you earn will be deposited into your exchange account rather than your personal wallet.
Betting with Atomic is essentially three simple steps:
Stake coins to the validator;
The validator creates blocks;
You receive rewards.
Using Atomic Wallet’s decentralised staking feature, you can stake your crypto assets without paying any fees to Atomic, and you can receive rewards directly from the validators themselves.
Users simply choose the cryptocurrencies they would like to wager and can then enjoy the benefits of zero-fee decentralised wagering.
Unlike other exchanges and wallets, Atomic also gives you the freedom to reverse the take of your assets at any time you choose while reaping the benefits.
The following are some of the advantages of betting using Atomic:
Choose a validator: Delegate your cash directly to verified validators without having to pay any fees in the process;
Rewards: Bet up to 13 cryptocurrencies (more to be added) with annual percentage rates (APRs) ranging from 5% to 23% to earn rewards;
No limits: There are no Know Your Customer requirements, and you have the option to decide how much money you want to wager;
Destake crypto at any time: Users can decrypt their crypto assets whenever they want;
24/7 support: Live chat and email support are accessible around the clock, seven days a week for Atomic’s customers.
The result is that Atomic makes it possible for every cryptocurrency holder to receive regular rewards in a truly decentralised way, earning passive income by wagering cryptocurrencies through the wallet.
To ensure users are informed of everything they need to know before wagering their coins; we have given a full overview of all supported assets below.
Winnings are calculated depending on the amount you wager, and coins that have been wagered remain at your address. All cryptocurrencies do not support staking on the platform; however, up to 13 popular POS coins are supported.
Atomic Wallet Token (AWC)
BAND Protocol (BAND)
Vechain (VET) & VTHO
As mentioned above, users can also bet Atomic Wallet Token (AWC) in the wallet and receive the highest Annual Percentage Yield (APY) of over 20% in exchange. Atomic Wallet uses AWC as its internal currency, and customers holding the AWC-BEP2 earn rewards for using the wallet’s built-in exchange feature.
The rewards for each coin or token are unique; some cryptocurrencies compensate users for wagering more than others. Some assets may require a minimum wager amount, as well as offer a different time frame from which you can expect to start earning rewards than others.
A dedicated betting address is generated for you when you choose to bet your cryptocurrency for the first time. A unique address is produced for each cryptocurrency you wish to wager; the separate address still belongs to you and can still be accessed using your private keys.
Since you are creating a transaction each time you wager your cryptocurrency, and this transaction is transferring a portion of your funds to this specific wagering address, you are charged a network fee. The network fee is used to reward the miners participating in the transaction.
Each time you claim your rewards for your chosen cryptocurrency, you will be charged a network fee. Fees are charged directly by the specific blockchain you have wagered on; Atomic does not impose any additional costs beyond that.
BETTING CRYPTO ON ATOMIC WALLET (STEP BY STEP)
Step 1: Navigate to the left side and click on the [Staking] tab.
Step 2: Select the cryptocurrency from the 13 available that you would like to bet.
Step 3: We have chosen Cosmos (ATOM) for this guide, but the process is more or less the same with other coins and tokens. After selecting ATOM, click on [Stake].
Note: To cash out your rewards, you must leave a small amount of your ATOM or other chosen cryptocurrency untaken at your address. As such, it is suggested that you do not stake all of your assets during this procedure, but have a small amount of cryptocurrency on hand to pay the required fee. Otherwise, you may not be able to claim your investment, which can cause substantial complications.
Step 4: Choose the amount of the token you wish to wager. Here you will also see the network fee and the annual return.
Step 5: Review the list of validators that can be accessed and choose one. Once you have made your selection, click on the [Stake] button.
Step 6: Your ATOM deposit has now been staked, so you can wait for your first rewards to arrive. You can track your stake transaction in the block explorer by clicking on the hash of your transaction.
Step 7: With ATOM, you will have to go through the process of manually claiming your wagering rewards. The blockchain will charge you a network fee for claiming, as this is a normal transaction on the blockchain, and you will be charged this fee each time you claim. The fee will be deducted from your accessible balance instead of your wagering deposit.
To claim your rewards, simply click the [Claim] button. Once rewards are available, the button will be highlighted.
Note: Please note that for certain currencies, such as AWC, there is no need to cash out your AWC rewards. Once a week, your winnings will be deposited into your BNB wallet automatically.
Step 8: Instead of betting, you can unstake by clicking [Unstake] after choosing the amount you want to remove from the address.
Step 9: Immediately after clicking the [Confirm] option, your deposit will be blocked for an additional 21 days. After the cancellation time has expired, your coins will be placed in your account at the address you provided. No interest will be earned on your ATOM investment during the waiting time.
Note: Each coin or token has a different withdrawal period. Unsubscribing is an option that is accessible at any time throughout the process, and you can terminate the agreement without losing any of the profits you have made so far. However, you will have to wait for the termination procedure to be completed, which in certain cases can be completed within 24 hours.
ATOMIC WALLET SECURITY
Instead of storing and encrypting your private keys on a centralised exchange, an uncustodied wallet will do so directly on your device. Consequently, the chance of your wallet being hacked is reduced and, as a result, you have full control over your funds and transactions on Atomic Wallet.
Atomic is one of the most secure cryptocurrency wallets available, offering users wallet encryption using AES (Advanced Encryption Standard) and TLS (Transport Layer Security), as well as anonymity, decentralisation and high-level security.
Note: To find out more about the wallet’s security measures, be sure to read our comprehensive ‘Is Atomic Wallet secure’ guide.
PROS AND CONS OF GAMBLING ON ATOMIC WALLET
Trusted by 3 million users worldwide;
A secure, decentralised and anonymous wallet to bet your crypto assets and earn rewards in one place;
Bet your cryptocurrency without any fees and receive rewards directly from verified validators;
No betting limits;
The ability to decongest your assets at any time.
There are only 13 coins and tokens available to wager on at the moment, although more are planned to be added in the future.
In conclusion, Atomic Wallet offers investors a safe and easy method of wagering their cryptocurrency holdings while collecting rewards. Not only do users have the luxury of wagering up to 13 cryptocurrencies, but they also have the ability to discount them at any time they wish in contrast to other wallets and exchanges.
There are approximately 500 cryptocurrencies supported on the site, with up to 13 coins accessible for wagering at any time.
The platform allows users to earn passive income from their digital assets, while giving them the flexibility to exchange their tokens whenever they wish. Users can delegate their cryptocurrency directly to verified validators without paying any fees, and the amount of funds they choose is completely unlimited and does not require any KYC.
Apart from that, if users encounter any problems while betting or uncovering their coins, they can contact Atomic Wallet’s 24-hour customer support staff.
All in all, for those interested in gambling but are not sure where to start, Atomic Wallet offers an easy starting point into the world of staking and is recommended for anyone who wants to start earning more rewards from their assets.
FREQUENTLY ASKED QUESTIONS ABOUT STAKING IN ATOMIC WALLET
What cryptos can you bet on at Atomic Wallet?
There are up to thirteen cryptocurrencies available to wager on Atomic, including Cardano (ADA), Solana (SOL), Polkadot (DOT) and Atomic Wallet Token (AWC) with more tokens and coins planned to be added in the near future.
What are the rewards for wagering on Atomic Wallet?
The annual performance rewards for wagering depend on the cryptocurrency or token in question, some cryptocurrencies will have a minimum wager amount, but there is no limit.
Is it safe to gamble on Atomic Wallet?
Yes, Atomic takes great care to provide only reputable and highly trusted validators to wager on Atomic Wallet, ensuring that your assets are kept safe.
How often are rewards wagered on Atomic Wallet?
This depends entirely on the cryptocurrency that has been wagered; some, such as Atomic Wallet Token (AWC), are weekly and are automatically deposited, while others you will need to claim and could be rewarded every month.