Coinomi Bitcoin Wallet Review

coinomi
3 (60%) 1 vote

Coinomi is a Free Secure Open-Source Multi-Coin HD Wallet for Bitcoin and Altcoins.

The Coinomi wallet can be accessed and downloaded from its official website https://coinomi.com/

Coinomi Bitcoin Wallet homepage

In addition it can be downloaded from the google play store.

Coinomi the Multi Coin wallet.

  • Coinomi is a Multi Coin wallet with which the user can manage not only Bitcoins but also a number of altcoins. Thus Coinomi as a wallet supports the Multi Coin feature like no other wallet does.
  • Normally a user has to download and maintain a separate wallet for each type of crypto currency. As each crypto currency is different and has its unique and distinct features. As a result each cryptocurrency comes with its distinct and unique wallet. However Coinomi is a wallet with which a user can not only store, view but also manage not only his Bitcoins but a range of altcoins as well.

Coinomi The wallet with Superb Security

  • The Superb Security of the Coinomi wallet makes it a favorite of those Bitcoin and altcoin users for whom security and safety of their digital crypto money is a matter of concern.
  • The Coinomi wallet is designed in such a way that that the private keys of a user never leave his device. A high degree of strong wallet encryption and cryptography is implemented thereby ensuring that the users funds will remain safe and under the ultimate control of the user.

Coinomi The wallet that offers Enhanced Privacy & Anonymity

  • Bitcoin and cryptocurrency users aspire to maintain anonymity and protect their privacy. Thus there are no KYC documentation required to be furnished by the user at the time of signup and installation nor during the course of use of the wallet.
  • The user can rest assured that there would be no IP association and no identity linking between the user and the wallet.
  • Whenever a user does a transaction with his Coinomi wallet there is no transaction tracking. The Coinomi servers anonymize the user requests by hiding the users IP address from anyone trying to snoop and look up information about the user’s transactions.

Coinomi has an Exchange access built inside it

As a crypto currency user a major concern is the necessity of being able to exchange and trade their crypto coins with other crypto coins and trade with other users. For this a user has to access various exchanges and trade the coins over there. A user of the Coinomi wallet can exchange his altcoins from within the wallet. This is due to the strategic partnership with ShapeShift.

One time Backup feature.

Coinomi uses Hierarchical Deterministic Wallet (BIP44) which enables the user to keep everything accessible and secure with just one super passphrase. For this the user has to backup only once.

Coinomi is open source and transparent.

Since Coinomi is open source its source code is available for anyone to see and examine. Thus as long as Conomi is downloaded from its official site it would be free of any hidden code. There would be no malicious modules that can harm your machine, damage the software or steal your crypto currency. There would be no exploits and no small letters that would spring up a surprise or schemes that would try to trick the end user in any way. The source code of Coinomi is publicly available and can be accessed from the github site from here https://github.com/coinomi/

Coinomi offers Streamlined & User Friendly

The Coinomi interface is designed to make it functional as well as keep it as user friendly as possible. It uses cutting edge technology to make the end users experience with the Coinomi wallet as smooth as possible. It enables the user to pay with his altcoins to pay directly to Bitcoins addresses and vice versa. There are no extra steps or procedures involved in this process. The team developing Coinomi has done away with any unnecessary extra steps. There are no endless signups needed by the end user. Coinomi follows a one click cross chain payment process.

Coinomi is Lightweight & Community Driven.

The design and the vision driving the coinomi wallet is that it uses technology and design and creates a cryptocurrency wallet that runs smoothly on all machines. So even if a user has a low spec device, the coinomi wallet would run smoothlessly and seamlessly on the machine. The beauty of the coinomi wallet is that to use it one does not have to download huge Blockchain files locally or run a program that keeps downloading Blockchain files in the Background and eat up useful bandwidth and device storage space. To keep it updated with newer technology new features are constantly added to it using crowd sourcing.

Coinomi is both Multilingual as well as HyperLocal

Coinomi is not designed for a user of a particular region instead it is developed for the global user. Thus to make it more user friendly it is the endeavor of the Coinomi team to build multiple language support into the Coinomi wallet. At present Coinomi supports English, Chinese, Russian and many other languages. The team behind Coinomi is constantly working on incorporating more translations into the Coinomi wallet interface so that it may be useful to a lot more users who wish to use the Coinomi wallet in their native languages.

Coinomi supports multiple altcoins

Here is a list of the altcoins supported by Coinomi.

  • Bitcoin
  • Asiacoin
  • Auroracoin
  • Bata
  • Blackcoin
  • Canada eCoin
  • Cannacoin
  • Clams
  • Clubcoin
  • Dash
  • Digibyte
  • Digitalcoin
  • Dogecoin
  • EDRCoin
  • e-Gulden
  • Ethereum
  • Feathercoin
  • GCRCoin
  • Gulden
  • IXCoin
  • Jumbucks
  • Litecoin
  • Monacoin
  • Namecoin
  • Neoscoin
  • NovaCoin
  • NuBits
  • NuShares
  • OKCash
  • ParkByte
  • Peercoin
  • Potcoin
  • Reddcoin
  • Richcoin
  • Rubycoin
  • Shadocash
  • Solarcoin
  • Syscoin
  • Verge
  • Vertcoin
  • Vpncoin
  • + TESTNET’s
  • Bitcoin Test
  • Litecoin Test
  • Dogecoin Test

This is the current list of coins supported by Coinomi at the time of writing the post.

This list may get updated or changed at a later time and date so a user is advised to check the list of coins from the official Coinomi website https://coinomi.com .

A step by step guide to run and install the Coinomi wallet

Step1. The coinomi wallet in its current form runs as an android app. Even though at present only an android version of this app based cryptocurrency is present but there may be support for other operating systems in the future. Thus for users looking for other supported operating systems book mark the official website of Coinomi that is https://coinomi.com and keep checking for any official updates in this regard.

If you are an android user then you can download the Coinpmi app from the google play store from here https://play.google.com/store/apps/details?id=com.coinomi.wallet

Coinomi google store

Alternatively you can also download it from the official website download link

https://coinomi.com/downloads/

Coinomi download

Please note that the Coinomi app is FREE and you do not have to pay anything to download and install it on to your device.

Once the Coinomi app is installed its icon would appear amongst the rest of the apps on your android device screen as follows.

Coinomi app

Depending upon the settings of your device a single touch would launch the Coinomi app and the following screen should come up.

Coinomi download welcom

This interface gives you two options

  1. The first option is to create a new wallet and
  2. The second option is to Restore a wallet.

creat Coinomi wallet

As a new and first time user of the wallet we need to create a new wallet using the Coinomi app so “Click / tap the new wallet” button. This brings up the following screen

new wallet

This screen offers the recovery phrase for your wallet. Note down the phrase and keep it safely for reference. You may need it in an emergency situation to recover your wallet.

Once you have noted down the phrase apply the check mark next to the text “I have safely stored my recovery phrase”

Then click the “Next” button.

Coinomi Bitcoin Wallet copy paste

This brings up the following screen

save button

Enter the recovery phrase that you have noted down from the previous screen or paste it from the device memory using the blue paste icon on the top of the interface. You have a number of options as to how you can enter the phrase. You can

  1. Manually Enter the phrase
  2. Use the paste option by using the blue icon from the top of this interface.
  3. Use the QR code scan option to enter the phrase

Coinomi paste

Then click the “Next” button.

The next screen that comes up looks as follows

Coinomi Bitcoin Wallet user and password

Enter a password and confirm it. Make sure that you remember it and keep it safe. You would need it to access your account.

inserting Coinomi user

Click the next button to proceed.

From this interface you can select the coins that you wish to use. You can add more coins later. Once you have selected the coins click the finish button.

After selecting the coins click the finish button.

Depending upon your options it would take some time while the master key is created and the wallet is restored.

The next screen looks as follows

Click or tap the agree option

This brings up the following screen

This is the wallet interface. From here you can add more coins and do a range of wallet related activities and access the exchange feature of the Coinomi wallet app.

Click / tap anywhere to bring up the following overview interface.

To switch send / receive interface of a particular coin click /tap on the horizontal bars on the top left

Next we would access the send and receive options for Bitcoins.

Click the horizontal bars on the interface as encircled in red circle in the above image.

This opens up the following options

Click / tap the Bitcoin option. This opens the following interface

To receive Bitcoins click the receive option.

This opens up the receive Bitcoin interface

This interface displays your Bitcoin address and a QR code for the same.

You can share the address information in a number of ways.

I) Copy to clipboard option

You can copy the address to the clipboard memory of your device and send it in a document.

II) You can share using the share option

You can add a name corrosponding to a address using the pencil icon present at the top right of the screen.

You can add more Bitcoin addresses to your wallet by clicking on the “+” plus icon.

Send BitcoinsTo send Bitcoins click / Tap the send option

This brings up the following interface

On this screen enter the pay to name or address. You can use the QR code icon to initiate a scan of address from an image.

Next enter the amount to send. There is a USE ALL FUNDS option also present to send out all the funds.

Next enter the amount to send.

Finally Click / Tap the “Send” button to initiate Bitcoin operation.

The same set of processes can be replicated for all the Altcoins.

To Add a Coin option in your wallet

Click the red horizontal bars on the top left

Click the +Coins option

This brings up the following option

To add a particular altcoin click /tap on it. This brings up the following screen

Click the add button to add it to your wallet.

To access the exchange feature click the horizontal bars on the left

This brings up the menu which looks as follows

and click / tap on exchange. This brings up the following screen

From this screen interface you can exchange your coins. Here the converted coins automatically get credited to your account. The exchange happens at a given rate and it includes the ShapeShift transaction fee.

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