So now that you’ve bought your bitcoin, what’s the best way to track how it’s doing? I started out using Excel but once you start trading bitcoins for altcoins, it becomes a nightmare. There are a number of software and websites available, but I’ve only used cointracking.info. There is a lot of functionality which can make it a bit steeper learning curve, so I put together a simple cheat sheet below. There also is also an iOS and Android app. It’s free for up to 200 transactions uploaded. I haven’t hit the limit yet, so I might look at other tracking tools as I get near the limit.
Upload your transactions
Under the Enter Coins tab, click on Exchange Imports. Most exchanges have a way to download your transactions in csv format. Select your exchange and upload this file and you’re all set. You can manually input your transactions, but it’s a time-sucking activity.
3 Useful views
These are the 3 main views that I use:
1 – This is the value of all your coins
2 – This is how much cash, in my case US dollars, I’ve put in. So -680 means that I’ve invested $680 into my coins. If say, I cash out $100, then this will become -$580.
3 – This is simply circle 1 + circle 2, or your net profit (or loss). In the above picture, I’d be up $113.
Realized & Unrealized Gains
This is found under the Reporting tab
Circles 4 and 5 give you the Unrealized and Realized gains/losses. Unrealized represent the change in value of the coins. Realized gains/losses is the amount you profit/loss after you’ve sold a coin. If you start trading your bitcoin for altcoins, these can be difficult to calculate on your own. Much easier to let cointracking crunch the numbers.
This is also under the Reporting tab.
This tells you the balance of your coins, as well as the most recent performance on the right hand side (similar to coinmarketcap.com).
There are a load of other functions, but you can get started using the above.
Hope that is helpful. If you have any other tracking tools to recommend, let me know in the comments.