Item: Bitwave
Rating: 9
Author: Sam Less

Overall Satisfaction with Bitwave

Pros and Cons

Pros

Gain / Loss Accounting and Cost Basis Determination
Automatic sync with supported chains
Taking tons of transaction data and putting into a readable format

Cons

Support more chains for automatic retrieval
Improve API integration with centralized exchanges
Improve integration with Quickbooks as it relates to making adjustments after data push

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Likelihood to Recommend

If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.

Evaluating Bitwave and Competitors

Evaluation Lessons Learned

I would make sure the provider is able to support the chains (i.e. ETH layer 2's like Arbitrum or any Cosmos SDK chain like Osmosis) that I use on a day-to-day basis. Bitwave is working on coming up with those offerings.

Other Software Used

QuickBooks Online, Discord, Notion

Comments

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Terrific platform for crypto accounting ; it will be elite once more chains are automatically supported