Coins Manager: A new multi-coin portfolio

Thursday 13 February 2014

CoinsManager: All of your coins in one place

I invite you to take a short minute to imagine yourself as a relative newcomer to the world of cryptocurrencies. You may have heard of bitcoin and have even invested some of your money into it, but you soon decide to dabble further with other cryptocurrencies. Perhaps you invest a bit of your money into alt-coins such as Litecoin, Megacoin, and Quark. You may be content with your holdings in these cryptocurrencies, yet you notice a significant problem: you cannot easily keep track of their value.

What you would normally do is go through the tedious process of constantly checking your favorite exchange for the values of your respective cryptocurrencies. Some exchanges, such as Cryptsy, allow you to manage your own portfolio with its total value represented in bitcoins. This may seem like a very handy tool. However, in my experience it is very slow to update and reflect its current value. Not only that, but you do not even have the option of showing your portfolio’s value in terms of your preferred fiat currency.

CoinsManager presents itself as a unique solution to the issue of managing one’s cryptocurrencies. I must stress the point, however, that it is not a wallet for multiple altcoins. Therefore, you cannot send funds to and from your CoinsManager account, at least not at present.

What is CoinsManager, then?

CoinsManager is an online, multi-address, multi-currency portfolio that you can access from any device. As a portfolio, you can view the amounts of whatever cryptocurrencies you have, as well as their value in terms of fiat money (or BTC if you own altcoins). Currently, it is only in its early alpha stage, seeing its release most likely later this month. However, frequent updates are expected after its initial release. If you follow their Trello board, you can browse the various features that are either already implemented or planned for the future. You can also post your own ideas and questions and receive feedback.

How does CoinsManager work?

While you may still have to download a QT wallet for each coin you would like to own, you would only need to view it once to obtain your wallet’s public address. Once you obtain that, you can enter it onto your CoinsManager account and view that wallet’s balance from it. You are also allowed to choose the fiat currency for which your altcoins are converted to, as well as the exchange by which the conversion calculations are based on.

Creating an account with CoinsManager is intended to be easy with social media login capabilities, and is designed for the user to quickly dive in and get started. You can then add as many coins as you would like, however if you come across an altcoin that isn’t supported, CoinsManager claims that “the form will be extended, asking you for the coin code, as well as optional fields (coin name, nb of coins for that address, asset value)”. Also, due to the fact that only public keys are accepted in CoinsManager at the moment, the threat of losing your funds due to a malicious hacker is nonexistent, thus significantly bolstering its security in that sense.

Who are the people behind CoinsManager?

CoinsManager is the result of two dedicated cryptocurrency enthusiasts by the names of Adrien and Vladimir. Adrien is in charge of project management, system administration, continuous integration, backend coding, and marketing, while Vladimir handles the design, quality analysis, as well as the backend and frontend coding. They are both very excited to bring this platform to the public, as they too have had problems keeping track of their alt-coin holdings. You can read more about them and CoinsManager on their newsletter

Conclusion

All in all, CoinsManager holds much potential considering what it is. It may help enable newcomers to the altcoin scene in that there will be virtually little to no hassle in managing one’s altcoin portfolio. I certainly look forward to its release and the imminent updates, as I would certainly use this as I begin branching out into various altcoins.

 

By Daniel Mestre


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