Coinomi – Secure MultiCoin, MultiAsset Bitcoin & Altcoins HD Wallet?
Coinomi is a multi-coin, multi-asset HD wallet available from the Google Play Store for Android devices. Find out everything you need to know about Coinomi today in our review.
What is Coinomi?
Coinomi, found online at Coinomi.com, is a cryptocurrency wallet that works with bitcoin and a wide variety of altcoins. The wallet is free to use, and is currently available from the Google Play Store. An iOS version is planned for the future.
At the time of writing, Coinomi was supporting about 70 different cryptocurrencies. The wallet supports popular coins like Bitcoin, Dogecoin, DASH, Ethereum, Ethereum Classic, Litecoin, and Namecoin. However, it also supports smaller market cap coins like Jumbucks, Cannacoins, Blackcoin, Smileycoin, and ShadowCash.
Coinomi offers all of the following features in its free wallet:
Multi-Coin: Coinomi supports bitcoin and about 70 altcoins. The developers are adding new altcoins continuously.
Superb Security: Your private keys never leave your device. Coinomi has strong wallet encryption and cryptography to ensure your funds remain under your ultimate control.
Enhanced Privacy and Anonymity: Coinomi doesn’t require any verification or KYC bureaucracy to access your funds. There’s no IP association, no identity linking, and no transactions tracking. Coinomi’s servers will even take the extra step of anonymizing your requests by hiding your IP address.
Exchange Coins: Coinomi has partnered with ShapeShift, allowing you to convert altcoins instantly without leaving the Coinomi app.
Backup: Coinomi is an hierarchical deterministic (HD) wallet that uses BIP 44 protocol to keep everything accessible and secure with one super passphrase. You only have to back up your wallet once.
Available Source: Coinomi doesn’t describe itself as “open source”. However, the source is publicly available on Github. That source is also publicly reviewed to ensure there’s no hidden code, no malicious modules, no exploits, and no small letters. Note: on some sources, like the company LinkedIn page, the company describes its wallet as “open source” – so it’s unclear why this isn’t mentioned on the official Coinomi website.
Streamlined, User-Friendly Interface: Coinomi makes it easy to use and access your altcoins. You can use your altcoins to pay directly to bitcoin addresses, or accept payments to your own address. There are no endless signups or sign-ins required: just one-click cross-chain payments.
Lightweight and Community Driven: Coinomi claims to run smoothly even on older, low-spec devices. The platform also comes with reduced power consumption and data usage – so there’s no need to download huge blockchain files locally. New features are constantly crowdsourced.
Multi-Language Support: Coinomi officially supports English, Chinese, Russian, and a surprising number of other languages. New languages are being added frequently.
One of the main downsides of the Coinomi wallet is that it doesn’t offer two factor authentication or multi-signature support. Some people never use these features and prefer to be responsible for their own security. For others, however, the lack of 2FA is a dealbreaker.
Coinomi is a free, secure, lightweight, open-source, universal HD wallet for bitcoin and other cryptocurrencies.
Coinomi, Ltd. was founded in 2014. They’re based in London at the following address:
71-75 Shelton Street Covent Garden
London, UK WC2H 9JQ
The best way to reach the company is by email at email@example.com.
Coinomi is one of the more popular wallets in the bitcoin community. Today, Coinomi accepts about 70 different cryptocurrencies, including some lesser-known ones. The wallet also makes it easy to transfer between altcoins (using ShapeShift) while still being easy enough for beginners to use. Advanced bitcoin users may not like the lack of two factor authentication. However, Coinomi remains a popular, streamlined, user-friendly and lightweight wallet overall.
You can download Coinomi for free today from the Google Play Store. it’s exclusively available for Android, although an iOS version may be launched in the future.