Can Blockfolio help you keep track of fluctuations in the value of your cryptographic holdings, securely? Here is our review …
For some, cryptocurrencies must be considered solely for their technical merits. For others, cryptocurrencies are a speculative investment vehicle. Even more they use them as real currencies, exchanging them for goods and services and even receiving their salaries in the cryptocurrency of their choice. For all but the first group, however, it is essential to be able to quickly convert between a cryptocurrency and a fiat currency: until the volatility of the first few days is adjusted, the fiat value of a given currency could fluctuate by two percent figures on a daily or even hourly basis, leaving goods and services in turn priced at fiat with the conversion into cryptocurrencies at the time of purchase.
In short: regardless of whether you are holding your wallet to speculate or spend, you need a way to keep track of fluctuations in the legal value. While many cryptocurrency portfolios include this feature, it's not a good idea to go around with your entire wallet on your smartphone. This is where Blockfolio comes into play.
Look, do not touch
Blockfolio is not a portfolio, it is simply a portfolio management tool. New users are asked to choose coins that they want to monitor from a large selection, with fiat prices collected or from a particular exchange or – as extra rather accurate – calculated on the basis of an average global trade. While the on-boarding process is not as simple as it could be – the wallet is predefined in a fiat currency of US dollars, and changing it is hidden in a secondary settings menu – it's quite easy, at least for those who simply want to monitor the exchange rates.
However, to keep track of portfolio values, Blockfolio needs to know your transactions. This typically takes the form of manually entering each transaction in the system – and it immediately becomes clear that the app is focused on investors. In terms of Blockfolio, a transaction is a conversion of fiat into cryptocurrency or vice versa: at the time it is entered, the application automatically inserts the current exchange rate and allows you to enter the fiat or cryptocurrency value to calculate the value of the transaction. ; other part automatically. If the exchange rate has changed, you can replace it and, if you have made an actual expense transaction, such as buying a coffee with Bitcoin, you are free to enter a zero exchange rate.
Profits and losses
For those who use a cryptocurrency as a currency and make multiple transactions daily, Blockfolio is a wrong choice. For the investor, however, it offers some particularly interesting features. Taking a cue from the value of the entire portfolio, which is located at the top left of the screen, recalls a graph of its value over time; Touching on each cryptocurrency date opens a table for the exchange rate of that coin, along with details about your company.
In addition, Blockfolio does its best to calculate profits and losses, using the current market value and the net cost – provided when entering transactions – to understand how far green or red is. These calculations and the overall portfolio value chart are most useful for those who have religiously entered each and every transaction; if you are a new Block user, downloading the entire participation in one transaction will make things easier but the value of the app analysis will be diluted.
A new feature starting from the general revision of Blockfolio for version 2.0 is the "Signal" tab. Here, news from the official outlets for each cryptocurrency traced in the portfolio – both as an investment and in watch-only mode – are collected and presented in a scrolling list. By default, Blockfolio also issues a warning whenever it finds a news – treated as a "trading signal", hence the name of the card – in order to get the information to you as quickly as possible.
It's a clear feature, but focusing only on official sources means that it's little more than a public fire: you'll find lots of news on all the good things that are provided for each coin, but little on any negative press – and it's often the bad news that has the most dramatic impact on prices, diluting the use of the function as a source of the trading signal. A separate "Explore" tab attracts cryptography news from third-party sites, both positive and negative, with a search function to drill down on certain currencies.
Blockfolio is not perfect. The "Signals" are of little use to traders, although they make it easier to keep up with the official news on your favorite cryptocurrencies, and having to enter each transaction by hand does not make it suitable for those who focus more on trading in focus quick or use as a currency. There are also one or two bugs, especially with the app, which relies on Blockfolio's cloud servers, which do not update during periods of extreme volatility.
Perfect, however, is the enemy of the asset, and both for the monitoring of more complex portfolios and for the simple monitoring of the exchange rate of certain cryptocurrencies, Blockfolio is undeniably good. As a free download for iOS and Android devices, you can not criticize its value.