FAQ & Resources

What’s Unspent?

Unspent is a suite of portfolio tools to help invest in the cryptocurrency industry. Unspent is focused on empowering investors through simple yet meaningful tools and information that enable quality analysis of one’s portfolio and the surrounding markets. This same focus on simplicity implies minimizing work by automating as much as possibe, including keeping portfolios up to date by connecting to exchanges and wallets that investors use.

Why “Unspent” as a name?

The name Unspent is meant to evoke money that was invested rather than spent.
It’s also a technical reference: some blockchains like Bitcoin use what’s called the UTXO model, which is short for “unspent transaction output”, so this name is a nod to it ;)

Data import

Is it secure to connect exchanges?

Yes, Unspent will never be able to access your funds.

When connecting an exchange, you’ll be creating an API key. An API key allows Unspent to retrieve some information from your account, and you’ll be the one choosing what information you want to make available when you create that API key.

In the form to connect an exchange, we provide steps that you can follow to give us access to exactly the information we need, like trades and balances, and nothing more. This allows Unspent to keep your portfolio automatically up to date all the time, without any work required from you. This does not allow Unspent to do anything more than that.

Please note: Huobi.Pro, Kucoin and Cryptopia work differently. They do not offer a permission system for API keys, so when an API key is created on these exchanges, you can’t choose what to give access to, and it defaults to giving access to everything. It allows to access information (which Unspent needs), but also to trade and act on your behalf (which Unspent does not need). If you use one of these exchanges and want to connect it to Unspent, please do so at your own risk: Unspent will never trade or act on your behalf, and we will keep those API keys as secure as possible, but external risks do exist. If you use one of these exchanges and don’t want to connect it to Unspent, then you can always add balances and trades from this exchange manually.

Is it secure to add wallet addresses?

Yes, Unspent will never be able to access your funds.

Addresses are public, they allow Unspent to see what cryptocurrencies you own, but not to access them.

Is my data secure on Unspent?

We use industry best practices to store your data and keep it secure and private.

Your data is imported from exchanges via read-only APIs, and from wallets via public addresses. It’s encrypted at rest using AES-256, and is communicated to your browser securely using TLS.

We’re always thinking about ways to improve security while keeping Unspent’s ease of use. If you have suggestions, please let us know, they’re very much welcome!

I’d rather not connect my exchange accounts or wallet addresses

Despite the attention we pay to security, if connecting your exchange accounts or wallet addresses isn’t something you want to do, we sympathize. You can still use Unspent by manually adding balances and trades you care about, without linking your actual exchange accounts and wallet addresses. To do so, head to “Exchanges & wallets”.

Short glossary

Those are short explanations of common cryptocurrency notions you may come across. Most of these topics deserve further explaining, and we’ll do so in a future knowledge base.

API key

When you trade on an exchange that isn’t decentralized, your trades and balances are known only by the exchange itself, and only you can see them when you log into your account on that exchange. For Unspent to access those trades, balances, and some other data to show you an overview of your portfolio and other types of analysis, exchanges provide a system called an API that allows Unspent to retrieve some of this information from your account on that exchange.

Unspent cannot do that without your permission however, and this permission generally takes the form of an API key and an API secret: to allow Unspent to read the information it needs from your exchange account, you’ll need to create such an API key to grant access to it, and choose exactly what type of information you want to share with Unspent. You’re always in control, and can revoke that access any time you want.

This API key allows Unspent to keep your portfolio automatically up to date all the time, even when you make new trades, without any work required from you. When connecting an exchange on Unspent, you’ll see a few steps appear below the form to guide you through creating an API key for that exchange and connecting it to Unspent.

Decentralized exchange

A decentralized cryptocurrency exchange (often abbreviated “dex”) is an exchange that has the particularity of being created, and running, on a blockchain. This is why it’s called decentralized, even though technologies behind decentralized exchanges can differ and offer various levels of decentralization.

Exchange

A cryptocurrency exchange is a platform on which you can buy and sell Bitcoin and other cryptocurrencies.

Fiat

Fiat, or fiat currency, is any currency that is backed by any government (e.g. the dollar). This is by opposition to most cryptocurrencies, which use cryptography and economic incentives to create a secure financial network without needing to trust a central authority.

ICO

Stands for “Initial Coin Offering”, which is a way for cryptocurrency projects to raise money from investors in exchange for coins or tokens.

OTC

Stands for “over the counter”. This is a way to buy or sell cryptocurrencies directly with another person, instead of going through an exchange or other intermediary.

PoW/PoS

Those acronyms stand for “proof of work” and “proof of stake”, respectively. They are consensus methods used by blockchains to create a network of honest and cooperative participants, in order for blockchains to be as secure as possible without the supervision of a central authority.