Let’s Talk About Coinomi!

Let’s Talk About Coinomi!

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Convenience and simplicity are among the main qualities of cryptocurrency wallets. It is these properties that the popular Android purses for storing digital coins possess, which are increasingly gaining popularity among users. If you are a supporter of mobile cryptocurrency wallets and you need to have access to your digital assets throughout the day, then, this article will be very useful for you.
Today, we decided to take a closer look at the Coinomi cryptocurrency wallet, about which there are so many rumors on the Internet now. According to the developers, their application can provide the user with a very reliable, secure and convenient storage of his/her cryptocurrency. However, is it really so? Further, we’ll try to figure it out and study all the details of the Coinomi e-purse, including its advantages/disadvantages, as well as how to use this application and register an account in it.

Main advantages of Coinomi

advantages of Coinomi

In general, this digital coin purse has the following advantages:

  • High-quality data safety.
  • Non-recurrent data backup that generates only one passphrase.
  • Versatility (new e-purse modifications coming soon to make Coinomi more accessible).
  • All transactions and exchanges can be performed in just a few clicks.
  • The keeping and creation of passwords are up to users exclusively.
  • Multilingual feature.
  • Easy installation of the app and registration of an account on this service.

Disadvantages of Coinomi

Like all crypto purses, the Coinomi app also has its cons:

  • Very poor and irresponsible tech support service. All the most crucial problems are solved here for a very long time, and consultations about them are almost always useless.
  • Loss of cryptocurrency from users. There are a number of Coinomi members on the Internet who complain about the loss of their cryptocurrency from their personal accounts. This is primarily due to the Changelly exchanger, which in no case can be used to store digital coins, but many people forget about this.
  • Relatively small security functionality. Although the developers position their cryptocurrency wallet as very reliable, extra security never hurts. For example, there is no 2FA to increase security. In general, it’s better not to connect to public networks and go to unverified sites. You can easily catch a virus and lose your digital savings.
  • Lack of up-to-date variants of open-source code on the web. Although Coinomi positions itself as an open system, the creators still refuse to provide the open-source code of their wallet to the public on the Internet, explaining this by strengthening the security of their service.
disadvantages of Economic

Installing Coinomi

First, you should download the app to your phone. This article will consider installing the purse for the Android version, as it is more common among users. After the Coinomi wallet is installed, do the next:

  1. Click the “Open” button.
  2. Select “Create a new wallet”.
  3. Create a recovery phrase, consisting of a random list of words that you will need to use if you lose your private key from your account. The words will need to be written down by hand, since it is impossible to take a screenshot (there is special protection against creating screenshots, which we can then remove).
  4. Click the “Next” button.
  5. Enter the recovery phrase in the order in which it was given. You can skip this step, but better not.
  6. Create the password for the account. Enter the password 2 times and click “Next”.
  7. Check a few cryptocurrencies you’ll use. Confirm your choice.
  8. Look through Terms of Service and click on Agree.

That’s all! The registration process is complete.

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