Coinomi wallet review

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Coinomi Review – A Beginner’s Guide

By: Ofir Beigel | Last updated: 11/14/19

Coinomi is a popular multicurrency wallet for mobile and desktop. In this review, I’ll cover the different wallet features and share my personal experience with it.

Coinomi Review Summary

Coinomi allows you to send and receive over 125 different coins through a versatile mobile and desktop application. Aside from a security issue which was exposed and fixed back in February 2020, the wallet has gained a good reputation within the cryptocurrency community.

That’s Coinomi in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover:

1. Coinomi Overview

Coinomi was founded in 2020 by George Kimionis with the idea of creating secure solutions to blockchain applications. The company has under 10 employees and has not reported any outside funding to date.

2. Coinomi Wallet Review

I was acquainted with Coinomi initially when I was trying to claim Bitcoin Cash from the 2020 hard fork. Back then it was one of the only simple solutions to this matter, and the wallet was available only for Android. However, a lot has changed since.

Today, the Coinomi app is available for iOS, Android and all major desktop platforms (Mac, Windows, and Linux). Coinomi is one of the most popular wallets around, mainly due to its vast set of features.

Security

Coinomi stores the private keys to your wallet on your device (i.e. a non-custodial wallet). Strong encryption and cryptography keep your funds safe. Also, you’ll need to set a password for sensitive actions, such as withdrawals.

On February 27th, 2020, a critical security vulnerability was supposedly exposed in the Coinomi desktop wallet. The issue occurred once you’ve imported a seed phrase into the wallet; along the import process, the seed phrase was actually sent to an external service by Google for spell check.

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It goes without saying that a seed should NEVER leave the wallet. You can read all about it here. You can also read the counter argument in favor of Coinomi here.

Privacy

Coinomi guards user privacy with the following measures:

  • No KYC needed
  • No IP association
  • No identity linking
  • No transactions tracking

Built-in Exchange

Coinomi allows you to trade between cryptocurrencies within the wallet without the need to visit an exchange. This is done through the integration of services like ShapeShift and Changelly.

SegWit Support

Coinomi supports Segwit which means that if you’re sending Bitcoin or Litecoin, you’ll be able to enjoy faster confirmations and lower transaction fees.

Custom and Dynamic Fees

Coinomi allows you to set a custom fee for your transactions. Alternatively, you can use a dynamically calculated fee to get the best value for money at all times.

Coinomi Is not Open Source

Most people who are interested in cryptocurrency prefer open source software, as they should. Coinomi was part of the open source software movement, allowing anyone to review their code.

With peer review, any hidden code, malicious modules, or exploits would be easily identified. This ensures that users aren’t subject to any hidden malware that secretly benefits Coinomi or third parties.

However, it seems that about a year ago Coinomi moved their project to be closed source. This is not to say that their code isn’t good or became malicious, but it does mean that you don’t get the same amount of protection or transparency as you do with open source.

3. Supported Coins

Coinomi supports over 125 different coins and blockchains (the biggest number of assets for noncustodial wallets according to their site). The most popular coins Coinomi supports are:

For a complete list of supported assets visit this page. Additionally, you can manually add support for any asset not listed on the site.

4. Setting Up Coinomi

Here’s a short tutorial about how to set up you’re Coinomi wallet:

5. Customer Support and Reviews

Coinomi offers support via a comprehensive knowledge base and a ticket system.

According to posts on Reddit, Coinomi representatives are very responsive, claiming that they have “hundreds of thousands of happy users” and that they “have been around since 2020 and none of their phone-based wallets have been hacked or otherwise compromised.”

According to users, this appears to be the case, as there aren’t many saying anything negative about their service. Most online reviews seem to confirm this as well giving the Coinomi wallet between 4-5 stars.

6. Conclusion

The user friendliness of the Coinomi wallet, combined with great security and a huge array of supported cryptocurrencies makes Coinomi a great choice for desktop or mobile.

Additionally, since new users often aren’t comfortable trading on exchanges with numbers jumping around on both the ask and sell side, trading through the Coinomi wallet simplifies the process tremendously.

Anyone, even advanced users, would likely see the benefit of using the Coinomi wallet. The only concern about Coinomi is the fact that it is no longer open source. However, there are many excellent wallets out there that aren’t open source as well (e.g. Exodus).

Have you had any experience with Coinomi? I’d love to hear about it in the comment section below.

Coinomi Wallet Review 2020: Is it safe?

Coinomi wallet review is one of the most searched wallets nowadays because no-doubt it is one of the best cryptocurrency wallets available right now. So if you are also looking for an in-depth Coinomi review then you are at perfect place because today here at BlockchainBiome we are going to share all about coinomi wallet which you must know before start using it like coinomi fees and is it safe to use or not etc.

The way we currently live and thrive is mostly possible through the emergence of states. People of the same language, same aspirations, and the same cultural spectrum banded together for the greater good of everyone involved. Due to these differences, however, disputes emerged that eventually led to full-blown wars that resulted in millions of casualties just to protect a code of conduct. Life is certainly more precious than a set of enforced rules by a centralized system. Only because we entrust our lives that does not mean that the system is right.

What if there was a way to create a system in which the most effective forms of governance are going to clarify above the ones that directly do not work? To some, implementing such a system is in the realm of utopia, but with the recent developments in the blockchain industry, a global revolution within the governance systems is poised to make a move!

It is very important for one to have a wallet if they are looking forward to storing their digital currencies in a proper and efficient manner. This also comes in play when we need to go for crypto transactions that are likely to play them in and around role in a whole way.

So, you might want to know and get started with the names of the coins that offers the best options, right? Well, there are many that offer the privilege but the prior one that tops the chart is called Coinomi wallet. It is not only super fast and convenient but also serves the best to the people making it one of the reasons for most of the people to rely on it. It also supports tons of tokens using which you can conduct your transactions in an effective manner. Here comes everything about Coinomi.

What is Coinomi?

It basically is a mobile wallet that is capable of using and implying multiple coins for the process of transfer and making transactions as well, but now it is also available for desktops. It works completely well with mobiles and is designated to store and send along with receiving the different sort of cryptocurrencies.

It is very convenient for the IOs and Android users to download the app right from their stores or the link is given below and use it as often as they need it. Those who are blackberry users can also get hold of the app very easily and that too without any trouble. As fun as it sounds, it is.

You can also download the app directly from here,

Get Coinomi Desktop Version

According to the reports, the coinomi desktop version is live on windows, mac, as well as Linux. The company is based in the United Kingdom and aims at providing the best to the people. With the help of this wallet, the users will have the privilege to store their digital assets without any problem and queries. It will be very easy for them to carry along as many numbers of digital assets they want without any hassle. The ones who hold the coinomi wallet will have the privilege to make easy and fast changes according to their convenience. They don’t even need an Internet connection to make the transaction.

You can download Coinomi desktop Wallet for Windows, Mac, and Linux too.

The interface of coinomi wallet is very user-friendly and it makes sure that the users are given off the best. It also comes with the strong technology that holds the encryption process and makes it very vulnerable to be extracted.

Advantages of coinomi wallet

So now moving forward in this coinomi review let’s see the advantages.

Before getting used to any services it is very important to know about the perks it has to offer to the people. There should be enough valid reason for one to opt for such a service for the future as well as for the present.

Some of the advantages of the coinomi wallet that will allow and make it easier for the people to use it are as follows.

  • Supports multiple coins – One of the biggest advantages that coinomi wallet provides is the fact that it can use or hold a lot of cryptocurrencies at once. This is what makes it unique. The cryptocurrencies include major digital currencies as well as altcoins . Not only that, the developers are making every effort to add more and more altcoins in the coming time.
  • Security – One of the major reasons for opting for anything is security. Security something that everyone wants and is very essential to have. Before opting for the services, the first thing that will look for is security and compromising for security is a big deal. This is one of the reasons why we choose the options or office that serve the best. Similarly, one of the primary reasons for coinomi wallet is its security and the privileges it offers alongside. The platform is very secure and has a strong Cryptography and encryption process that make sure that all the funds kept inside are completely safe.
  • No more worries – Apart from security, there is one more option that makes you fall for the platform and that includes the issue that you come across when you lose your phone. This is one of the very common problems that we come across every day. For the same, the platform has made sure that no such difficulty comes your way in the future. For this, they provide every user with a very strong and long phrase that will become the backup of the wallet . So, in case, you lose your phone or it’s broke, you can easily have your account recovered. Also, if by any chance the phone gets stolen, the thief won’t be able to make any transactions as everything is password protected.

Coinomi Wallet: the states of the future!

A team of visionary developers has developed a blockchain ecosystem where users can create states and become the first digital citizen of the 21st century! The Pangea software stack represents a peer-to-peer opt-in jurisdiction plan where a citizen can conduct arbitration processes and foster fully fledged nations. Pangea is highly-resilient ensuring safety to any emergent technology threats like quantum cryptography. The ecosystem is currently reliant on the Ethereum blockchain to make use of the Smart Contracts feature but once fully matured, it will be entirely blockchain agnostic, and chains like EOS, Tezos or even Bitcoin could be integrated within Pangea.

The Pangea Arbitration Token (PAT)

Based on the popular ERC20 architecture the PAT token will reward the Pangea users for their reputation within the ecosystem, by accumulating non-tradeable reputation tokens for various tasks performed on the blockchain. Creating a contract, completing a task or a contract, resolving disputes correlated to other arrangements are just some of the functions that will be rewarded on the coinomi ecosystem. PAT employs an algorithmic deployment system that sources arbitration tokens based on performance rather than gamification methods like purchasing power, popularity or attention.

LUCY is a state-of-the-art autonomous system that will oversee the distribution mechanism of the PAT tokens to ensure an impartial and fair procedure towards all participants. Simply put, being a good citizen will directly be rewarded by the created nations on the Pangea blockchain.

The bigger picture

Coinomi envisions a global landscape and a global market for best practices and governance services. By creating a world of Voluntary Nations and States where Autonomous Communities compete for its citizens by providing an enticing array of opt-in governance services. By shifting the sovereign decisions from the current centralized state back to the citizen and thus reclaiming the freedom of choice in the act of accessing governance systems.

If the public users well receive the concept will have the ability to join whichever state they desire, whereas today if you’d like to change your residence or nation it usually results in a bureaucratic nightmare thanks to the current centralized model of governance.

Coinomi Fees

Everything comes with a price and so does this platform. However, there is always a bright side to things you want to opt for and the same goes for coinomi wallet. With this, or being a part of this platform, you don’t actually have to pay a penny for doing any sort of transaction on the platform.

The only penny you might have to pay is when you conduct payments in the coming time. For the same, the platform might charge a very small amount for making the transaction. The platform and the makers claim that the money or the extra amount that is charged is not going in the company’s pocket but in the network that is behind it which is a pretty decent thing if you ask me.

Cryptos Available in Coinomi

As already mentioned earlier, the platform is a multiple crypto platform and thus can easily store more than 100 coins for the purpose. The platform and the wallet give access to more than 100 coins to users and one can store 100 or even more different digital assets in their coinomi wallet.

With some other Coinomi reviews we came to know that it also supports more than 500 assets on its interface.

And Coinomi is one of the best wallets because it supports the highest number of cryptocurrencies right now.

It makes sure to offer its support to the other running cryptos that are DASH, Litecoin, and Bitcoin. With the platform, there will be open opportunities for all and the transactions will be easier than they happened in the back time.

Coinomi Review: Its Features

There are tons of features of the platform that will make one fall for it. There are a bunch of reasons that the platform provides one to conduct their peaceful trading and options. Some of the features of the platform to die for are called.

  • With the platform, you can make exchanges in a various manner . You can easily exchange your Ethereum or bitcoin for altcoins and this is what makes the platform one of the best to make exchanges. With the coinomi wallet, this becomes super easy and trouble-free. It integrates two platforms i.e. shapeshift and changelly with the help of which it offers the advantages.
  • The enhanced privacy by creating a world of Voluntary Nations and States where Autonomous Communities compete for its citizens by providing an enticing array of opt-in governance services. By shifting the sovereign decisions from the current centralized state back to the citizen and thus reclaiming the freedom of choice in the act of accessing governance systems. This is what makes it very useful and one of the primary options to rely on in the coming time.

Coinomi wallet review: Is Coinomi safe or not?

It has been four years now that coinomi is ruling the market and with time, it is sure to gain extremely accessible heights that will make it one of the best platforms in the digital place in the long run.

The trust of the community and the various security options are the aspects that make it the best platform to go for even in the coming time. This is what people actually look for and the best way to ensure the same is by understanding what is coming our way and the manner it is coming up in. It also secures the security keys of the users making it more secure for the people who are using it and for the people who are trying to be a part of it. With the help of this, the users get full control over their wallet and hence, can opt for the extra layer of security right there.

Wrapping up Coinomi review

Well, with so much being said about the platform, it becomes completely easy and hassles free for anyone who is being a part of the platform to opt for it and go along with it in the future. The future of the platform is very innovative and the scopes are surely high and this for time to tell and show the advantages and benefits that this platform has to offer.

If you still have any queries regarding the coinomi wallet review then do comment below and we will make sure you help you out as soon as possible.

And if you liked this guide then please do share this with your friends too.

Coinomi Wallet Website

Founded back in 2020, Coinomi is the oldest multi-asset wallet available, with millions of active users. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date. Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for as many as 125 blockchains (the largest number in the market) & 382 tokens — a total of 507 assets. Supports virtually thousands of assets since the user can add any ERC20 token himself!. To see the full list of coins click here.

Important information

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