The cryptocurrency market is growing hastily. The prospect of the heavy surge in the number of new startups in the same field is high. Initially, Bitcoin was the prominent coin that grabbed major buzz. Soon, other altcoins joined the race and the number skyrocketed. Along the same, the exchanges were gradually increasing. The progression in the field was demanding for something that could help the traders to deal with thousands of cryptocurrencies and hundreds of exchanges. Blockfolio came with a solution and the same provided hassle-free tracking system of the cryptocurrencies. However, portfolio tracking is not new for the investor, but Blockfolio was unique because it doesn’t apply charges on using the app. The software is designed in a manner that would help the investor to monitor the momentum of the cryptocurrency. It makes the prospect of buy low and sells high easier.
Hitches in Blockfolio:
The major roadblock for the users of Blockfolio is that it can only be used in a smartphone. It doesn’t have the feature of operating in the browser. This means if the smartphone isn’t around or discharged, Blockfolio couldn’t be used. Another limitation the users of Blockfolio are facing is that it can’t import data. The users of the application have to enter all the information manually. If you purchase some digital assets, the portfolio needs to be updated from the users’ end. The same applies to selling of cryptocurrency too. There is no option of an automated linkage of individual Blockfolio account with the crypto exchange in order to maintain the updated status. However, the brains behind Blockfolio are planning to improve the flaw and in the coming year, the traders would get rid of the manual function.
Progressive features that overshadow barriers:
Blockfolio has some amazing features. The same has helped the application to gain popularity in the market. Sometimes information from websites and even social media convey fake news. Finding the correct information has clearly become a task for many but in Blockfolio, the information comes from straight from the provider.
Here are the few other important features:
No Cost Portfolio Tracking:
As mention above, the tracking app involves no cost. The users can unlock any functionality without paying anything. Blockfolio supports any altcoin imaginable in any exchange. All this isn’t found in one place with any other trackers and that what makes Blockfolio unique.
Multiple folio switching option:
After the launch of Blockfolio, the team added a feedback option in which the major demand made was for the feature of switching between multiple portfolios. The same was incorporated in Blockfolio 2.0. Henceforth, the users can swing between the portfolios to keep a track.
Direct Newsfeed:
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Blockfolio has added a built-in newsfeed feature. Now, the user doesn’t need to switch from Twitter, Google news, or any other news providing websites.
Backup and Restore of financial record:
The portfolio tracking app provides a token number to the user. The same can be used during the switching of mobile phones or using other mobile phones to keep track of the altcoins. The token facility is useful even when the phone gets stolen.
Privacy comes first:
The manual linkage of the blockfolio account to crypto exchange raises many questions in context to the privacy. The CEO of Blockfolio, Ed Moncada answers to all these questions by pointing out that they do not apply KYC or AML option. The same keeps the users’ personal information safe.
Timeline:
Blockfolio has achieved many milestones for user-friendly features.
On October 10, 2018: Blockfolio raised $11.5 Million funds for Pantera Capital. ED Moncada, CEO of Blockfolio, pointed out that Blockfolio isn’t limited to portfolio tracking apps, or else it wouldn’t have raised such funds. The brains behind the app are planning to expand Blockfolio beyond the data provider.
On June 19, 2019: Messari supported coins will be having a profile that would give complete information about the project. The section also contained a link to the direct website for the analytic-minded. This was a new addition for the Blockfolio to increase its horizon.
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On November 20, 2019: Minter’s cryptocurrency BIP was added blockfolio. The project community initiated the same without any request. The decision was made fairly in three hours.
Conclusion:
Among thousands of coins and hundreds of exchanges, a portfolio tracker is a necessity. Blockfolio not only provides options of every cryptocurrency possible but also adds the news related to the same. The app is a solution all in one problem with zero payment option. As the growing cryptocurrencies, Blockfolio is also on the track to expand.
