Overall Satisfaction with Bitwave
- Ability to categorize taxable and non-taxable transactions.
- Able to handle DeFi transactions.
- Documentation support to track digital asset balances & locations.
- Can read token transaction activity better than most wallet explorers.
- Automation support for more alt blockchains (can still track manually).
- Automation support for more DeFi protocols (can still track manually).
- Bulk classification options (but it does auto-categorize transaction fees-very helpful).
I don't want to tear apart a competitor, but I have used & evaluated a number of digital asset tracking systems. The biggest issues I found with most other products is simply that the product did not correctly record transactions. Some digital transaction can involve many wallets & multiple tokens, and I found it common that only the first actions would be captures while the remaining completely ignored. This led to the token balances to be off, and it was a nightmare to try and correct because the products did not have a manual option to adjust or fix transactions. The other biggest complaint is that all token transfers were considered taxable events, and so the products would calculate capital gains as tokens were transferred back and forth between company wallets at whatever the tokens were trading at for that day. This makes proper capital gains next to impossible without the ability to mark transactions as taxable and non-taxable like Bitwave does.