In this article we go over one of the platforms, where you can store bitcoins using wallet services provided by Coinomi. We also provide step-by-step guide on how to use the wallet in terms of receiving and sending BTC within Coinomi platform.
Summary: How to Store BTC on Coinomi Wallet
- Sign up for free at Coinomi by downloading an app from Apple Store or Google Play.
- Proceed through the registration process and create a backup phrase.
- Tap “Receive” button and provide your details either to other traders or copy codes to your external wallet.
- Check your balance upon transfer completion.
- You can also send BTC elsewhere by taping “Send” and using an external address code should you wish to keep coins outside of Coinomi (optional).
For online currency traders, some can be familiar with cryptocurrencies, such as bitcoin and altcoin. Many are now interested in bitcoin trading or are already traders and want to maintain funds in secure places that protect crypto funds from hackers. In case you wish to use stashing capacities other than exchanges and trading platforms, then the concept of a crypto wallet needs to be familiar to you.
Now we go over the main information concerning Coinomi. We will provide the details about company’s fees, available cryptocurrencies, security measures, verification demands, interface and speed of transactions.
What Is Coinomi?
One of the companies providing the online wallet services is Coinomi. Coinomi is an online company, used to be offering itself an open source, until recently, as we will explain. Coinomi wallet service secures your digital assets online. Not only it supports bitcoin, it supports other cryptocurrencies such as LTC, Dogecoin, and Ethereum. Also, they recently added Callisto, Komodo, Kobocoin, and Omnicoin.
Coinomi is quite versatile in terms of interchanging the cryptocurrency within the same wallet. You can easily switch between the different altcoins without any hassle, for example changing from bitcoins to Ethereum.
Coinomi is mainly more focused on personal use than enterprises and companies, unlike other services like Xapo that can provide more tailored solutions to those who are interested in registered their company for owning a wallet. Coinomi is initially founded as a сryptocurrency wallet, supporting multi-assets, working on Android only.
Is Coinomi an Open Source Wallet?
Amongst online wallets, Coinomi has gained quite the reputation of being open source. This comes as no surprise as it operates using with Android devices, taking advantage of the handset versatile venues. An open source wallet does offer a lot of advantages, as it prompts developers and even you, if you are interested, to further improve the interface, the software elasticity, rendering it more user-friendly by its own users by time.
Coinomi started as an open source wallet, however, this changed about a year ago from now, in response to issues considering security breaches, the response being to restrict access to the source code of the program.
Is Coinomi Safe?
Coinomi safety is based on the premises of your device. It means that all the keys controlling the security of your wallet are in your hands. Coinomi is considered as established in the market, as it was founded six years ago. However, there were claims that the Wallet’s security is compromised in terms of other sites using its code and rebranding it as a phishing site.
Even though security issues were not caused by Coinomi team, it is a substantial issue and a risk that all traders should be aware of. Malicious sites and fraudsters who claim to be a part of the Coinomi used the open source code to acquire the credentials of users, thus, breaching the security of the account.
Coinomi worked on the issue and updated their license, forbidding commercial use of the platform as to avoid this situation in the future.
Coinomi wallet provides many opportunities that we will discuss in this review, such as enhanced privacy, private keys, a wide range of cryptocurrencies to use and a user-friendly interface. Moreover, you can back up your wallet, further securing your assets, all of which shall be presented in sections to follow.
Privacy is a related concept whenever you consider most of the dealings related or revolving around bitcoin, the cryptocurrency fame was initialized due to it being a decentralized currency, requiring little to no regulation to use it for transactions and trades. Later on, of course, many countries and financial regulatory bodies started to acknowledge cryptocurrencies and bitcoin, in specific. Even taxing the incomes generated from its trades, legitimizing it.
Coinomi does stick to this spirit of privacy revolving and making bitcoin favorable. No personal information will be required to establish your identity whilst using the wallet. In addition to the fact that Coinomi hides your IP address as a commitment to keep your identity and privacy secured. Although Coinomi does offer the feature, it is fair to state that many other online wallets do the same.
Where Are Private Keys Stored?
Other feature that is considered as a plus to privacy in general and individuality of Coinomi specifically is that the keys to your wallet are stored with you, on your device.
Digital online wallets have keys: specific and individual codes to it, somehow similar to mobile IMEI numbers. For example, wallets provided by platforms like Xapo have a multi-key system, wherein a key is stored with the client and another is stored with the provider, Xapo in this case.
On the other hand, Coinomi stores all your keys and access to the app, thus, limiting any access to be within the confines of your own device. Provided that you tend properly to the security of your device, this is considered an ideal and easily secured environment for your cryptocurrency assets. Also, Coinomi imposes the authority of a master password as a defense line against fraudsters and hackers, in your hands.
Another comparative advantage to consider when reviewing Coinomi is the fact that they support a relatively wide range of currencies. When some wallets operate solely with bitcoin or other currencies, Coinomi supports roughly not less than different 30 different cryptocurrencies, including currencies such as Bitcoin Gold, Bitcoin Cash, Adcoin, Abncoin, Aelf, bitcoin tokens along with other different exchanges tokens, Blackcoin, and many others.
It is quite evident that the wide range of supported coins and exchange tokens is somehow a forte of Coinomi compared to other wallets. This range can facilitate dealing with different exchanges and faucets.
Beside the points we mentioned, basically, Coinomi is as easy as using a mobile app. The fact that it started as an app for Android phones makes it inherently easy to use and learn. Not only the size of the app is small, efficient, and leaves no data weight on your phone, the app itself is self-explanatory. It is easy to use and manage your wallet, allowing you to maintain your options with the utmost elasticity.
You do not need to pay anything for downloading the app itself as it is downloadable for free. There are no fees for deposits or charges of any sorts. Also, as the app itself is working through a network of phones, breaching of Coinomi itself is impossible.
It has been announced lately that Coinomi is planning on supporting an iOS app, allowing iPhone owners to use Coinomi. Coinomi is constantly updating their app to make it more savvy to their users.
Of course, there is the possible scenario that your phone is lost, stolen, or simply broken down. Even a complete hard reset wiping out your memory drive can lead to losing all your apps and data. Now, a very important question is at hand, what happens to my data and wallet if that occurs ? Will I lose my wallet and funds with it?
Of course, Coinomi considered such a scenario, recurring and most likely to happen. Do not worry, your wallet is not lost if that is the case. Once you create an account with Coinomi and log in, you can find a recovery phrase which can be used to retrieve your wallet in this case. It is recommended that you store it on paper and away from prying eyes as in the case it is lost, you will not be able to retrieve it.
Instant Exchange Inside
Coinomi included two exchanges as part of its instant crypto swap capabilities. You can manage to receive funds in most of the available and popular cryptocurrencies. Coinomi allows you to even pay to bitcoin addresses without any fees. Not to mention that you can exchange coins within the wallet itself. Coinomi integrates the services of ShapeShift exchange to enable the users to do so.
The only fees charges are the exchange fees of ShapeShift. This feature renders Coinomi quite flexible, taking into consideration the range of currencies available. Traders should be aware that ShapeShift does not transparently show its fee structure and the rate changes on daily basis, though our approximation stands at 5% of the swapping value.
Light and Community Driven
Even though it is not an open source app anymore, it still remains one of the common traits of open source software that is community driven and user-friendly. Coinomi still maintains its discussion board, tackling topics facing their users and addressing them with their FAQs’ responses and solutions.
Coinomi is one of the popular pillars in the bitcoin trade and exchange community, as it does provide a diverse solution set to many bitcoin traders. One of them is the integrated instant exchange, making it a powerhouse for users who deal with different exchanges or faucets.
Multilingual and HyperLocal
Although Coinomi is still not supporting a wide range of languages, besides English, covering Greek, Chinese, Japanese so far, they are inviting users and translators to provide other translations to the website and to increase their language base for their users.
That being said, Coinomi is planning on providing their services in a hyperlocal approach. Coinomi has already started as an open source software, aiming to customize themselves to be of convenience to every user using the app’s wallet services regardless of their geographical location.
Most wallets operate with fees, it is only logical as services provided are with the concept. In Coinomi’s case, they claim that they operate without any fees. Fees only apply to the received transactions as well as to the sender rather than on the wallet holder.
These are better known as network costs, which are transferred directly to the blockchain as a reward for miners where bitcoin is concerned.
Compared to Others
It is already known that Coinomi is not the only wallet working in such a field, providing digital wallet for bitcoin and other cryptocurrencies online. There are other companies with active websites working with this purpose in mind, as well. Now, we will proceed to compare Coinomi to other wallets and services.
Coinomi vs Jaxx Wallet
Jaxx is a digital wallet, one of the names competing with Coinomi and others as digital wallets. Jaxx is well reputed as Coinomi, they provide a secure environment for bitcoin and altcoin traders to keep their funds digitally in safety. Moreover, Jaxx expands across other platforms. Although Coinomi is claimed to be expanding to support an app on iPhones in Apple’s App Store.
Jaxx, on the other hand, already supports apps on both Android and iOS phones. Also, Jaxx can be downloaded on your windows, extending its reach to the confines of your PC or laptop, working from a desktop. Lastly, Jaxx provides stronger security features than Coinomi, as private keys are generated on your desktop, which is not the case with Coinomi wallet.
Coinomi vs Mycelium
Mycelium is a bitcoin trader connects bitcoin sellers and buyers, arranging a meeting in person. Normally, trading with Mycelium makes use of BTC wallets. Additionally, Mycelium supports its own wallet.
Mycelium competes with Coinomi in terms of it being user-friendly, addressing the dilemma of managing a bitcoin fund and multiple Altcoins in a collective matter. Mycelium can be used to be an integrated solution to this dilemma.
Mycelium does provide strong privacy as well, only a cell phone number is needed and not more of personal information when you proceed to buy bitcoin. Also, Mycelium provides cold storage options. The point in favor for Coinomi is that it covers a wider population rather than Mycelium, as in geographical areas with little bitcoin traders.
Coinomi vs Coinbase
Coinbase is a broker that works with a large group of countries, more than 30 countries. Coinbase like many brokers and exchanges all around the internet provide the services of a wallet or a vault, a method to encourage people to keep bitcoin and their funds within the premises of the exchange. Coinbase allows you to purchase goods and services directly using the wallet, rendering it similar to an online debit card.
Moreover, since Coinbase already operates as a broker on more than one platform, Coinbase has intensive security measures and experience on their technology. Coinbase is considered to be less user-friendly compared to Coinomi, as Coinbase can be more appealing to veteran traders and bitcoin hoarders than the novice or the average user.
Step-by-Step Guide to Use Coinomi Wallet
As promised, we offer a step-by-step guide on how to properly setup and use Coinomi wallet. We go through password and recovery phase generation, as well as how to send and receive bitcoins using the platform.
Download Coinomi Mobile App
First, you need to access your Google Play or Apple Store on your phone by typing out Coinomi wallet and searching for the right program. You should use the link provided by the company directly, as it ensures you get the official version of the platform.
Once the app is downloaded, tap “Open” start the registration process, described in sections below this one. Simply tap “Create a New Wallet” and you are set to go.
Set a Password
Prior to the password, you will be asked to safely store your recovery passphrase. These words need to be protected from online hacking attempts, as it grants full control of your account and, therefore, balance.
Once you access the App, you can proceed by setting a password for your wallet. We recommend the password to be easy to remember and hard to predict.
If not loosely both, try to keep a copy of it, along with the retrieved phrase, in a safe place. Do not share it with anyone, not even Coinomi staff. Once you setup the password of your choosing, you can go to the next step by picking up your cryptocurrency.
Select the Cryptocurrency
Next, after confirming the retrieval phrase and selecting your password, proceed by selecting coins you will probably use . There is a wide range of coins to choose from as we noted before. They are planning on adding Monero as one of their supported currencies, besides the current currency collection.
If you, later on, will be dealing with another cryptocurrency that you did not choose in the initiation of your wallet, do not worry. You can add coins later one, edit the coins you already have with great ease by accessing the settings menu when you finish the initiation of your wallet.
How to Send Coins?
After you initialize your wallet. Everything is ready to use now. Consequently, you have to store some coins in the wallet in order to use or send them to other bitcoin addresses. Once you have some cryptocurrency balance in your wallet, you can scan the QR code to retrieve an address or enter it manually.
Also, if you want to have some familiarity with the app, you can add test coins in order to make you feel familiar with the wallet and its facilities. To do so, access the settings menu and click on Test Coins. As you will see in the picture taken, we did so in order to provide a visual example. Then specify the amount and send to the address.
The last step to cover in terms of understanding and using your Coinomi wallet is how to receive coins from different sources. You can do so by scanning a QR from the main interface or dashboard of the wallet, or you can receive coins from paper wallets: Private keys printed out on paper slips, allowing for the bitcoins value to be spent. Think of it as something as a cheque with the number of bitcoins.
Finally, you can simply link the wallet to the faucet or the exchange in concern, for example, Mycelium exchange. Now, that you receive your bitcoins in your wallet, you can manage them as you want. You can convert them to other currencies or send them in exchange for goods or services.
Does Coinomi Have App for iOS?
Coinomi was just launched in 2014, as an app to support Android phones only. This was quite the hindrance for prospective clients who would want to use the wallet but had iPhones or Windows-based phones. To address this, Coinomi launched their iPhone app as they promised to do, extending the reach of their features to iOS users alongside Android users as well.
What If I Lose My Phone?
As it was said before and should be known, your private key, hence, the main leverage of your wallet is stored on the phone the wallet is installed on. As there is no need to create an account to use Coinomi wallet, the only reference and tool for security is the password confirmed on your mobile.
As this the forte of Coinomi, allowing you a versatile and volatile tool to control your wallet, this can be recognized as a downside as well. For everything you own is on the phone. If the phone is lost, the wallet and all of the funds will be lost.
Coinomi provides their users with a recovery phrase. It is a simple process of entering 12 different, unrelated words in a pattern unique to your wallet only. This will allow you to retrieve your wallet once you reinstall the app on a replacement phone. It is strongly advised to keep the phrase written down and kept safely away from curious eyes, as it is the only way to retrieve your wallet.
How to Recover Coinomi Wallet?
Assume, you lost your phone, or it was broken with no ability to access the hard drive at all. Are all of your funds lost? Do not worry as the restoring process is simple provided you have access to use a different phone supporting the app on it.
Once you download the app again, you can choose to restore a wallet instead of creating a new wallet. You will be prompted to enter the phrase you initially received when you created the wallet.
You should enter the phrase in the order it was written, taking in consideration the spacing as well as that all the words to be in lower case. Once you do that, your wallet should be retrieved with your funds, information and used properly.
It is strongly advised to keep the phrase somewhere safe and available to you all the times. As it is strongly emphasized that it is the only way to retrieve your wallet and funds if the phone is lost or broken beyond repair.
Does Coinomi Support Bitcoin Cash and Bitcoin Gold?
One of the strong advantages of Coinomi is that the wallet supports a wide range of coins. Not only that, even some tokens from traders and exchanges as well. This trait makes Coinomi one of the flexible and light on the feet wallets to keep multi-asset funds in it.
Some of the coins supported are Bitcoin Cash and Bitcoin Gold, besides Litecoin Cash, ShadowCash, Okcash, SmartCash , Vcash, and many other cryptocurrencies. It is quite rare to find a currency not supported by Coinomi.
Coinomi is one of the most reputable and easy to use online digital wallets, to no surprise, as it appeals to the average and heavy users alike. The interface is simple and easy on the eye to use.
Though it is no longer an open source software, it still retains a high inherent security. Basically, all you need to do in order to keep your wallet safe and secure is to keep your password unknown to anyone besides yourself and keep a track of the retrieved phrase. The retrieve phrase can either be 12 words or 24 words if you are paranoid (the app even says it.)
We should mention that there are alternatives to Coinomi, supposing that you are not keen to use it for any of a variety of reasons. Other companies provide services that are close to wallets similar to Coinomi, as well. We will briefly discuss some of them, such as Electrum, Airbitz, or Bread Wallet.
Read More About Electrum Wallet
As we can say that Coinomi reigns over mobile and handset platforms, the same could be said about Electrum in the scope of desktop devices. In 2011, Thomas Voegtlin, a computer scientist, created the wallet program. Electrum supports Windows, Linux, and Mac. This makes it a favorite to people who prefer Desktop devices to mobiles.
Besides sharing support for Desktop systems with Coinomi, a late feature added to the latter, Electrum provides the option of cold storage, a vault-like storage such as provided by Xapo, in which your coins are stored more securely, yet not easy to retrieve in terms of liquidity. Moreover, Electrum can be integrated with hardware wallet devices. You can check our detailed review of Electrum, tackling in-depth strengths and point of improvement.
Check Out Airbitz
To expand on the subject of alternatives to Coinomi, we should mention Airbitz, an online digital wallet similar to Coinomi in purpose. They also share the same type of wallets, being mobile wallets. Yet it differs in some aspects not shared with Coinomi, as Airbitz only deals with bitcoins, similar to its peer, Xapo. On the other hand, Airbitz is considered to be like Coinomi in being user-friendly.
Airbitz is still an open source application, providing fluidity to tech-savvy users who would like to optimize their wallet for maximum performance. Moreover, they provide web chat customer service tending to any query or problems facing their clients. If you are interested to know more about Airbitz, you can check our detailed review of it.
Bread Bitcoin Wallet – See Details
Bread bitcoin wallet is one of the digital wallets that started as a mobile app. Though they do not yet support a desktop wallet, accessible from PCs or laptops, they do have a website and a blog discussing security updates and topics related to cryptocurrency funding and development. Bread bitcoin wallet company enlists the help of many entrepreneurs and experts in the field of bitcoin and cryptocurrency trading.
They provide ironclad security measures to safe keep your funds with them, revising security protocols perpetually and further improving them. To know more about Bread bitcoin wallet and its features, feel free to browse through our review of them.