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A Cryptocurrency Tracker to Create a Holistic Portfolio View

A Cryptocurrency Tracker to Create a Holistic Portfolio View

With the emergence of cryptocurrency came a whirlwind of new coins. At the time of writing, there are over 16 thousand different coins. With these coins come mechanisms and tools to track them. Many people use wallets to access their holdings, which are often limited to one or a group of cryptocurrencies. If you want to have a full overview of your crypto holdings, you need to find other means to do so.

Suboptimal Options

Before we dive into the potential of a cryptocurrency tracker, we would like to discuss suboptimal solutions that can help you track your holdings. These options can be helpful and depend on your use case. For example, if you want to hold onto your assets for a longer period, you do not need to continuously track and monitor your holdings and the market in general.

Spreadsheets

The usage of spreadsheets is a common good and can help in lots of cases. However, when it comes to crypto it is not always insightful. For example, not all coins are available through the standard functions (e.g., of Google Sheets). This is only the case for coins that have a high market capitalization such as Bitcoin and Ethereum.

Exchanges

While an exchange might sound like a good option, this is far from the case. Yes, you can have a full overview of your portfolio at hand. However, you are also unable to participate in consensus mechanisms, such as Proof of Stake. This is a disadvantage, as this allows you to grow your stake by validating the transactions in the network. This does not cost you any effort but happens through the software programmed into the network.

Next to that, many wallet solutions offer you the ability to ‘stake’. By keeping your holdings inside a wallet, they can grow based on an x percentage per year. This is also an advantage you do not have when storing funds at an exchange.

Using a Cryptocurrency Tracker

This is where a cryptocurrency tracker comes in. Through the tracker, you can integrate with wallets using the public key. This means no confidential information is shared, and you can create a holistic overview of your portfolio across wallets. You can continue to participate in consensus mechanisms and stake, and see your assets grow in real-time.

Another advantage that a tracker offers is the provisioning of real-time prices and market news. You can even set up notifications per your needs. This enables you to stay on while not being sucked into the tracker application continuously.

Tracker Technology in Action

Interested to learn more about a cryptocurrency tracker? You can visit the website of Delta, a leader in tracking technology, to learn more. Their website includes the latest news as well as information on all the possible features a tracker possesses. They not only focus on crypto but also allow you to integrate through traditional brokers to include stocks, bonds, and more.


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by Harvey Carr // Harvey Carr is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.