Over the past few years, the cryptocurrency market has been replenished with a solid number of projects that are presented to the user for managing digital assets. This review of the Coinomi wallet will introduce you to a mobile application that is characterized by a user-friendly interface and ease of transactions.
Basic Coinomi wallet information
The Coinomi cash-in-transit wallet takes the second place in the list of applications leadership for Android-devices. Free use, available source code and a huge number of supported currencies make this wallet a popular application among users who choose a comfortable digital client to operate with the available assets.
At once we will say that Coinomi’s multi-currency purse is not only a full package of supported cryptocurrencies but also a deterministic client providing a protection system using a mnemonic phrase consisting of 12 words. That is, even if you come up with an insufficiently complex password, your funds will be protected from the actions of intruders.
All the “salt” for scammers is that for the possibility of hacking the Coinomi wallet for the cryptocurrency, you need to go through 100,000 rounds of encryption to select a phrase using the special algorithm SHA256, which is physically impossible and requires incredible powers. Access to this phrase you get by entering a password, which also protects your data.
To store Bitcoin cryptocurrency in Coinomi wallet you can use QR code – it is used both for performing transactions and for restoring a wallet.
Regarding private keys: when creating a Coinomi wallet, private keys are stored directly on your device, which provides an additional level of security for your funds. You can easily copy the keys using the sid-phrase. At the same time, you can view information in your wallet, but you will need a password to send and receive funds.
Advantages of the Coinomi wallet
Installing the Coinomi wallet will allow you to evaluate the benefits of this digital client. Among the advantages of the application are:
- Simplicity and neatness of the interface design – even a beginner can handle the application management;
- The ability to check and sign messages;
- The possibility of simultaneous work with several wallets for different cryptocurrencies;
- Support for a huge number of coins;
- The acceptable amount of commissions;
- The presence of an integrated Shapeshift framework for the exchange and monitoring of current exchange rates.
Coinomi wallet disadvantages
If we talk about the drawbacks of working with the wallet, then everything is not so bad, but we should mention them:
- The absence of two-factor authorization;
- The absence of multi-signature;
- The version is only for Android-based devices and there are no application options for iOS gadgets and web client;
- Very slow work of the technical support service, although in this period of time access to your funds in your wallet is limited;
- Lack of a large number of financial instruments;
- In some cases extremely high commissions.
Downloading the Coinomi wallet
To install the Coinomi wallet, you need to pre-download it to your device. To do this, use proven sources, like the official Coinomi wallet website – https://coinomi.com.
Here you will find up-to-date information about the product, and also you can monitor the release of updates. After clicking on the “Download” button, the system will transfer you to the link https://play.google.com/store/apps/details?id=com.coinomi.wallet&hl=en – click “Install” and wait – the application will download to your PC.
After that start the application and start to study all its features.
Creating a Coinomi Wallet
The “weight” of the application is very small, but its capabilities are impressive. In order to evaluate all the advantages of using it, go through the simple procedure of registering the Coinomi wallet, which will allow you to safely operate with cryptocurrencies.
To create a Coinomi wallet, you need to go through all the steps of an easy and understandable registration instruction.
We give you a comfortable step-by-step algorithm:
- After installing the client on your device, launch the application and click “Create Wallet”;
- The system will offer you a mnemonic key phrase, which consists of 12 words. Be sure to write it down and store it in an inaccessible place. This phrase will help you to access your funds stored in your wallet, in various force majeure circumstances;
- Confirm the receipt of the key phrase by entering the proposed sequence of words;
- Create a password that will protect your wallet from unauthorized access;
- Select the cryptocurrency, you will work with;
- Click “Finish”;
Accept the conditions for using the service and get to work.
A step-by-step installation instruction will avoid difficulties when you start working with the client – follow the steps of the algorithm and you will succeed.
Receiving and sending funds using the Coinomi wallet
The main functions of working with the Coinomi wallet are “Get” and “Send”. Receipt of funds occurs by clicking on the appropriate button and filling out the form for conducting the transaction. Here you use your Bitcoin address and QR code.
To send a cryptocurrency, simply enter the recipient’s address or scan the QR code. If you need to send the entire amount stored in your wallet, then there is also a special button for this.
To monitor your account balance and track transactions, use the “Overview” section.
Coinomi wallet conclusions
Having studied the Coinomi wallet in sufficient detail and considering the specifics of working with it, in conclusion, we can say that this easy client is quite convenient to use. A large number of supported cryptocurrencies allow using only one type of wallet to manage funds, and its mobility excludes time and place binding. In doing so, you must necessarily consider the probability of blocking your funds in the event of technical problems and contacting the Coinomi support team. In most cases, it is an affordable, easy-to-handle and incredibly convenient wallet for manipulating the most popular cryptocurrencies.