Keeping Track of Bankless Holdings
With a shift to decentralized assets, banks are only a part of many portfolios, and people are shifting to alternatives. Crypto wallets have become a defacto standard for people to store their value. However, it is also possible to store your crypto on an exchange. This comes with downsides: you cannot participate in consensus mechanisms and the crypto is in the hands of the exchange (i.e., they assign the value to you in their database). Having your holdings in your wallet, therefore, makes the most sense. By combining it with a crypto tracker, you can have a holistic view of your portfolio.
Crypto tracker as a central place to your holdings
When you are active in crypto, you probably have multiple wallets to store your holdings. Some offer compatibility to a dozen, but often you will need a handful. To make sure you have oversight, you can integrate these into a single location: a crypto tracker.
Connecting through Public Key
The connection with your wallets is safe. You do not need to provide any personal or private information. Simply using the Public Key, the tracker can sum the number of your holdings by analyzing the respective blockchains.
Connect with brokers through API
If you also store part of your assets on an exchange (e.g., to be able to trade faster), you can also integrate this into your tracker. This happens through API, allowing only the necessary information to be shared through protocols set by the exchange. This makes it possible to have a holistic perspective in a secure way. Next to that, you will be able to see the transactions you conducted from the tracker as well.
For active traders, it is also possible to analyze the transaction fees of exchanges. Hereby you can select the best exchange to purchase a specific coin or sell (part of) your holdings.
Create separate portfolios
Although you have all your holdings in a central place, this does not mean that it will provide you with structure. This is where the portfolio feature comes in. Through the creation of portfolios, you can create buckets of holdings. For example, you can create distinctions between long-term holdings (e.g., Bitcoin and Ethereum) and coins you want to be more actively trading. This not only creates structure but also helps you to track performance. With the portfolio of active trading, you can analyze your transactions and see how you are performing.
When big market shifts happen, you want to be on top of it. The crypto tracker notifies you of larger price changes and updates you with the latest news. Hereby you can stay up-to-date without too much effort.
Also active in the world of traditional finance?
You do not need to be completely bankless in this era. For example, it can be attractive to be both active in traditional assets (e.g., stocks and bonds) and crypto. To do so, a stock market tracker can come in handy. Such a tracker combines the functionality with a crypto tracker but also offers the potential to integrate with brokers to show the holdings you have on the stock market.