The Atomic Wallet Coin (AWC) Downfall

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Written by

#Club1BCH

4 years ago (Last updated: 3 years ago)

Topics: Cryptocurrency, 2020, Experiences, Atomic Wallet, Atomic Wallet Coin (AWC)

Don't get me wrong, I still like Atomic Wallet and their staking offer is good but Atomic Wallet Coin (AWC) was my most valuable asset in there. Lately the value went downhill and I had to check it out. With their current issues, wasn't to hard to find the reason behind the downfall.

I initially had 40 AWC from the Atomic Wallet writing competition on Publish0x, which I staked at 20% interest. Received another 5AWC from a referral, before they suspended the referral system, than another 5 on the 18th of August probably from another referral. Since the first batch was added to staking, I got rewarded 1.035 AWC

The Downfall

AWC did well since the Atomic Wallet writing competition on Publish0x, and being the recommended wallet for withdrawals gave a high level of stability to both the coin and the wallet. If I ignore the 25th of June spike over $2.50, AWC hoovered around $1.50 for most of the last month. The downfall started from mid-August, and the AWC price gets worst every day, reaching $0.80 this morning. This is a 50% drop in the last week, and as a personal opinion, will be hard for AWC to recover for many reasons. Is the ship sinking ?

The reasons of downfall

I see the stop of the airdrop reward and referral system as the main reason of this price drop. People rely on referral rewards and when they see they have no gain, they will move to alternative options. If Atomic Wallet gained lots of users from Publish0x recommendation, this wave of sign-ins stopped once the referral system stopped, as no one put effort into it. Looks like they are looking into fixing the referral system but it already took to long. See Wallet Referral Program Update from Ben Wehrman for more details.
Issues with the airdrop rewards even before the program was stopped. I personally had issues and I didn't received the sign in reward. I've created my account in June, few days before the 15th, and I didn't received the 15 AWC promised for new customers. Had a difficult communication with their support and I was told that my Airdrop will be credited in the mid-July allocation. As this didn't happen, I contact them again, and I was told that the AWC will be credited in the mid-August allocation. I received 5 AWC on the 18th, not 15, which makes me believe its from an referral.
Binance Coin is needed to stake and get rewards!!! What!?! You have your native coin, which is quite difficult to buy on your wallet, but you need another one, from a third party to access benefits. Another minus for Atomic Wallet.
Poor communication. I think is unacceptable to wait 7 days for an email reply in 2020. As well I had to send them screen-shoots with my BNB wallet, deposits, and many details which you think the admins can access by clicking your username. Wrote them on Twitter and the answer was a copy-paste of what many others got, and no real updates.
Poor attitude towards users and stereotyping, by saying to many cheaters took advantage of the reward system. It is your duty to make sure that cheaters are not taking advantage of your offers, and there are many ID checks, IP checks, and other KYC that could have been added to avoid this issue. To say that many cheaters took advantage of the reward system is lack of respect for the majority of customers.

Any light at the end of the tunnel?

I believe the AWC price, and the level of trust in Atomic Wallet, can be restored only if they sort out the reward system ASAP. The next step will be backtracking and paying whatever they have to pay to the users. When this major issue is sorted, than they can work on social skills/ communication with users and after will be recommended the implementation of an user-friendly way to buy AWC and the use of native coin for benefits. They can take an example from Stakecube, which uses the SSC token for every action on the platform.

! Help me out to be the winner of Nexus Art Competition! Like / share my drawing (finalist no.3)