Need 8 significant digits for Crypto

crober1
crober1 Member ✭✭
edited March 12 in Investments (Mac)
Would love to see 2 more significant digits added to the current max of 6. Need to have all 8 digits especially since the IRS now needs investment reports and declarations for crypto.

Many Thanks,
Craig Roberts
20
20 votes

Planned · Last Updated

CTP-439

Comments

  • Bishop2
    Bishop2 Member ✭✭
    This would be helpful. Just bought my first crypto yesterday.
  • I'll add my request for 8 decimal places also.
  • NathanA
    NathanA Member
    How about native crypto support? Wallet-type crypto accounts and the ability to track crypto securities?
  • crober1
    crober1 Member ✭✭
    I'm all for it!! Hopefully there are some wheels turning at Quicken Development HQ.... and we'll get some announcements soon. PLEASE!!
  • hman36
    hman36 Member ✭✭
    I'm just surprised at how dumb it is that they don't already have crypto tracking. Seems like it could be done so easily. Same thing with precious metals, like how long has silver been around. Oh, like from the beginning of time. Quicken, stop updating stuff people never use in your product and add precious metals and crypto. Could make some good ads highlighting the fact that your platform is crypto/gold/silver tracker as well and your subscriptions would for sure increase. Maybe upgrade your marketing team too and add Betterment to your list of supported investment institutions so that you can sync to them.
  • Michael Erb
    Michael Erb Windows Beta, Mac Beta Beta
    Quicken will become irrelevant if Bitcoin and Crypto  tracking in general is not supported. I have more money invested in Crypto than in brokerage accounts and Quicken is literally forcing me to seek an accounting solution that will work with Crypto.
  • BRETTB
    BRETTB Member ✭✭✭✭
    edited February 2021
    Time has come to add this important feature: Tracking Crypto currencies like any other investment.
  • crober1
    crober1 Member ✭✭
    How do we ever know if we are getting any traction with the Quicken Development Team? Is there a place to see what is on the future features list?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    edited February 5
    @crober1  No, there is no public development roadmap. The only information we get is the status in the blue box at the top of idea threads. This one is currently marked as "Under Consideration", which means this thread has been forwarded to the product management and development teams for consideration. Eventually, it will be marked either "Planned" or "Not Planned". But it can take a long time for these decisions to be make; there are ideas on this forum which have been "Under Consideration" for  a year or more. And once an idea is marked "Planned", that still doesn't give any clue how high or low it is on the development list. Some things emerge pretty quickly and others take years. These decisions involve lots of factors, from how many Quicken users they think the change would impact to how much work it would take to develop; something like this idea involve agreement and coordination between the separate Mac, Windows and Cloud development teams.

    MAY 2021 UPDATE: This feature request has been changed from "Under Consideration" to "Planned". The developers have stated they will add 8-digit precision in order to track cryptocurrencies. The math libraries in not only Quicken Mac, but Quicken Windows and Quicken mobile need to be updated to make this work, so it's a large job which will take awhile — but it is coming.
    Quicken Mac Subscription • Quicken user since 1993
  • crober1
    crober1 Member ✭✭
    Great Info... thanks. Guess I just haven't taken the time to find this public information outlet for what's going on inside the development team at Quicken. Just babbling out here trying to gain some traction for my wishes....
  • Eagle21402
    Eagle21402 Member
    I add my support and recommendation to Quicken to add a few very easy features to investment accounts to enable tracking cryptocurrency investments. Among the most basic: (1) At least 8 decimal places, (2) Downloading price data, (3) Swapping crypto for crypto, (4) Having a transaction for Hard Forks, Air Drops, etc., (5) Being able to record different fees in either crypto or cash... on and on. It would be super easy to work with somebody in the crypto world to figure this out.

    Quicken, you need to be in front of this and not a laggard where your customers are begging for an obviously necessary component in today's day and age.

    Regards,
    Eagle21402
  • JMason
    JMason Member
    Just added my vote for crypto currency tracking
  • MELCO
    MELCO Member
    Crypto tracking is important... Crypto is identified by the IRS as an asset class and not a currency so tracking is required on all buy and sells.
  • Tom Auer
    Tom Auer Member ✭✭✭
    Beyond the eight significant digits... I would very much like to see Quicken add the ability to download portfolio value for a Coinbase account. Crypto currencies are arguably more like precious metals than like other investments, but Coinbase does seem very much to be an up-and-coming investment vehicle. As it stands, I just have a Coinbase holding account that tracks the money I've put into it, not the account value.
  • Robert Lynch
    Robert Lynch Member ✭✭
    Hi - what is everyone doing to enter in prices for crypto investments (I use GEMINI). I hold, DOGE, SHIB, BTC. I understand I will have to enter in manually, and that is fine - most likely will do a monthly update. But what time price is everyone choosing to use as the valuation price?
  • grahmatt
    grahmatt Member ✭✭
    It's a big pain! I created a brokerage account for Gemini and I manually enter transactions. BTC has an index NYXBT you can link to a new security to download daily price history as part of Quicken account updates. For every other crypto I create a new security and manually upload price history with csv files from yahoo finance. I download a csv of each crypto's history every couple of months under the historical data tab on yahoo finance. It comes in the correct format that quicken takes for importing security history and you can specify the time length of data you'd like to update. Example ETH-USD link below. If you have several different cryptos to track this becomes an extremely annoying repetitive process as it takes 5+ button clicks per upload.

    https://finance.yahoo.com/quote/ETH-USD/history?p=ETH-USD

    Crypto is so easy to integrate into an application especially for simple price tracking updates. There are tons of web applications that have been doing this for years. It's a big miss on Quicken's part for not having crypto specific tracking options. I haven't found a tool that links traditional finance with crypto yet, but once I do I will be leaving Quicken.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @grahmatt The developers at Quicken have stated that they are working on this. It's not an easy job, as you state, because the math libraries across Quicken's product line all need to be updated to support 8-digit precision. (They can't just do it for Quicken Mac, because Quicken Mac syncs to Quicken Cloud, so that needs to be updated, along with the mobile app, not to mention Quicken Windows.) The developers never share when particular features are scheduled to appear, so it's anyone's guess whether this is coming next month or next year. 

    The second issue you raise has nothing to do with crypto, but with the desire to be able to import a single file with prices for multiple securities rather than individual files for each security. There is an Idea thread for this feature enhancement; I suggest you add your vote for it, and perhaps add a comment with the use case you cited here. 
    Quicken Mac Subscription • Quicken user since 1993
  • grahmatt
    grahmatt Member ✭✭
    @jacobs the question from @"Robert Lynch" and my response has nothing to do with the 8-digit precision. He was asking how people handle tracking crypto in Quicken. For me personally 8-digit precision is a nice-to-have feature, but there are better crypto features to add first. Being a developer, I understand how adding more precision can be very challenging when legacy code and cross-platform apps are involved and this is not what I'm suggesting or saying is easy to do.

    This question belongs in another thread, but this is one of the few threads that I follow related to crypto as most of the threads requesting crypto support have disappeared or get rejected by the developers. I'm sure this is why Robert chose to ask his crypto question here. I've voted for lots of crypto features in the past, but ultimately I've found it a waste of time as we're not the ones making the roadmap and the only true way to vote is with your wallet. Right now Quicken has the superior product so I can't vote with my wallet. This is why I say it's a miss on Quicken's part.

    I've been using Quicken since the early 2000's as it's been the best product for personal finances. What makes Quicken popular, is it removes the user's pain point of downloading transactions individually allowing a users to track and update their full financial profile with one click. Quicken is no longer the main player in connecting traditional financing accounts. Other companies have similar solutions, and it will only be a matter of time before another company sees the need to connect traditional finance and crypto for personal finance.

    My second issue has everything to do with crypto. As I mentioned, it is very easy to download a crypto index. No need to have 8-digit precision as the price would be an average between major exchanges so rounding is perfectly acceptable. There are several api services that track crypto prices on the largest exchanges and aggregate the data for you, which I imagine Quicken developers would find easy to implement compared to traditional financial institution connections. I shouldn't need to download a csv file from a third party website and then upload it to Quicken, whether it has multiple securities or not. This is a pain point and blocks the greatest feature that Quicken has, the one click full financial picture update.

    A lot has changed in the crypto space since this question and other questions for crypto support were asked. Crypto is becoming a significant part of personal finance. Just supporting automatic crypto exchange price downloads as a part of the one click update button, would be a huge first step. If Quicken doesn't keep up with the times, someone else will.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    I believe that Quicken isn't going to only go to 8-digit precision to support cryptocurrencies, but feel they need to start there before adding other features. I would guess that they will add automatic downloads of at least some crypto prices, as they do for other securities, but they aren't enabling that until they have 8-digit accuracy in the program.

    Until that happens, I thought part of your question was about wanting to import prices in one file instead of separate files for each currency. That's why I directed you to the thread about adding such a capability to price imports; it' snot a crypto issue, it's a security price import issue.

    I'm not in any way saying Quicken shouldn't support tracking cryptocurrency investments. Several years ago, I might not have though it was imperative, but as you correctly note, this is now a significant part of personal finance and needs to be supported as fully as possible. 
    Quicken Mac Subscription • Quicken user since 1993
  • Robert Lynch
    Robert Lynch Member ✭✭
    > @grahmatt said:
    > It's a big pain! I created a brokerage account for Gemini and I manually enter transactions. BTC has an index NYXBT you can link to a new security to download daily price history as part of Quicken account updates. For every other crypto I create a new security and manually upload price history with csv files from yahoo finance. I download a csv of each crypto's history every couple of months under the historical data tab on yahoo finance. It comes in the correct format that quicken takes for importing security history and you can specify the time length of data you'd like to update. Example ETH-USD link below. If you have several different cryptos to track this becomes an extremely annoying repetitive process as it takes 5+ button clicks per upload.
    >
    > https://finance.yahoo.com/quote/ETH-USD/history?p=ETH-USD
    >
    > Crypto is so easy to integrate into an application especially for simple price tracking updates. There are tons of web applications that have been doing this for years. It's a big miss on Quicken's part for not having crypto specific tracking options. I haven't found a tool that links traditional finance with crypto yet, but once I do I will be leaving Quicken.

    Thanks for the yahoo link! Super helpful!!

    The linking for BTC, is that just a windows feature? I use QMAC. I do not see how to link
  • grahmatt
    grahmatt Member ✭✭
    @Robert Lynch I use QMAC as well. You do have to create a new security for Bitcoin and if you type in INDEX:NYXBT you should see a drop down that auto-searches available indices for you. Here's a screenshot of the security I created with the NYXBT index linked.
  • grahmatt
    grahmatt Member ✭✭
    @jacobs thanks for your insights and hopefully we'll see the developers releasing more crypto features soon.

    I did take a look at the single file multiple securities requested feature. However, I'm not aware of a website or services where you could download multiple crypto price histories into a single Quicken compatible csv file without needing to write your own script to do this. My current work flow for the 30+ cryptos I track, is downloading the csv history file from yahoo for each crypto. Then I manually import each csv file to the respective security. Having a way to import multiple csv files instead of one file with multiple securities would reduce some of the pain, but I still have to go to yahoo and download 30+ csv files. This is really a fix that would allow me to do this more often than I currently do and it wouldn't make it feasible to do daily downloads either. I'd rather not vote for a feature that doesn't completely solve the pain point as I'd like the developers to focus on the full issue.
  • Robert Lynch
    Robert Lynch Member ✭✭
    @jacobs is there a thread where I can vote this up for QMAC?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @jacobs is there a thread where I can vote this up for QMAC?
    This would be the thread — but if you scroll to the top, you'll see in the yellow box under the first post that this has been marked by the developers as a "Planned" feature. Once they've made this commitment, this platform turns off the ability to vote for the idea.

    My understanding of Quicken's development planing process is that when they mark something planned, it is more than just a statement about future intentions; it has already been assigned specific time on the calendar and engineer(s) to work on it. They never reveal anything about their timing plans, because those plans are fluid and often change (something more urgent may jump ahead, the development work may hit an unexpected complication, etc.).

    In this instance, the implementation is complicated because it goes beyond Quicken Mac: since Quicken Mac users use the mobile app and web app, those programs and Quicken Cloud need to be updated to support 8 digits. And since the mobile app and web app also work with Quicken Windows, and since Quicken Windows users also want crypto capabilities, it's likely that the development teams for Quicken Mac, Quicken Windows and Quicken Cloud are working to implement this functionality simultaneously. 
    Quicken Mac Subscription • Quicken user since 1993