We are entering more and more into the financial world and that is why we are finding out that more markets are emerging that offer us their services to carry out digital operations. The issue of cryptocurrencies is increasing considerably becoming one of the most popular assets of the moment.
Although they have been on the market for several years, they are becoming more and more important due to the interest they arouse.
To perform transactions with our money through cryptocurrencies, we need supports to store these digital currencies and operate according to what we consider appropriate. For this we need a portfolio called wallet, so we are going to recommend one in particular: Coinomi.
This is one of the supports best valued by users and therefore we will explain everything you need to know about it in case you are interested. So do not miss any detail of what we are going to tell you next.
- 1 What is Coinomi?
- 2 How does Coinomi work?
- 3 Is Coinomi a safe wallet?
- 4 How do I add cryptocurrencies to Coinomi?
- 5 Coinomi Advantages
- 6 Conclusions
What is Coinomi?
Before talking about the operation of this support, we have to focus on something more basic and concrete such as knowing what Coinomi is. As we have mentioned before, Coinomi is a digital portfolio created in 2014, whose main functions are to store digital currency and allow its users to carry out transactions with them.
This support not only allows us to store the most popular cryptocurrencies such as Bitcoin or Litecoin, but it also expands its variety allowing us to store a large number of them. Specifically, Coinomi is compatible with 56 digital currencies of the existing ones.
This is a great advantage that it has over other digital media of this class. In addition, with this platform we have the facility to change from one digital currency to another thanks to its integration with services such as ShapeShift and Changelly.
This digital platform is one of the largest portfolios in the world because it offers universal services and its web portal is available to be translated in different languages such as English, Chinese or Russian, thus being able to be understood anywhere in the world.
In addition, it has a technical support where several professionals can guide us when we have any questions or even solve any problem we have.
Desktop or mobile version
Although Coinomi can be used in its desktop version, this portfolio has been specially designed to operate as an application for mobile devices with Android operating system, so it is a great option if you want to have at your disposal at any place and time the data of your account consulting them on your phone or tablet, something that makes it more comfortable and attractive.
If you want to download the Coinomi application, you can do it completely free of charge through the Google Play Store. For Apple users, we have to tell you that although they do not have an application for that operating system, it is true that they are working on it to offer us a version that they can use in our terminals.
Finally, before going into detail the operation of this platform, note that Coinomi commitment to environmental protection, as it saves on energy consumption, using only the necessary data to perform operations, putting the chain system into operation of blocks.
Having known until now what Coinomi is, we turn to the task of deepening its operation, a task that we are going to carry out in the next section.
How does Coinomi work?
Regarding the operation of Coinomi, we have to say that it is a very easy to use digital support, since it is very intuitive and also very effective. This platform has an attractive interface, which makes almost anyone can easily understand it, making it the ideal support to carry out our operations.
The first step: we must do to start using Coinomi is to download the application to our mobile phone through the Google Play Store for free.
The second step: Once we have done this, it is time to register and create a portfolio, for which, they will ask us for a password that will provide us with access to our account.
This password is personal and non-transferable and created by ourselves, so we will have to point it somewhere safe to have it when we need it. As with any password, we advise that it has at least 8 characters, since the longest passwords are the safest, and that there are both numbers and letters, uppercase and lowercase.
The third step: will be to choose the digital currencies with which we want to work from among those that Coinomi allows, which as we have said in previous paragraphs, has a wide range of cryptocurrencies with which to operate.
As you can see, this support is not complicated to use and does not contain too many steps when working on it, making it fast, convenient and simple.
Coinomi has an integrated system, called blockchain system, which is directly responsible for quickly storing the digital currency, which we have accumulated, in our portfolio. Thus, once we choose the cryptocurrencies with which we want to work, the support allows us to send them easily to the address of our portfolio in a secure manner.
This operation is completely free, although, normally, in this type of transaction, the digital support asks us for a very small extra cost, which is destined for the miners who, as we already know, are a key element in this whole network, since they are those who verify the blocks and validate the transactions.
As we have said before, Coinomi allows us to operate in your application with a wide range of digital currencies, a list that is detailed in its own web. Therefore, despite the fact that most users work with the most popular cryptocurrencies, which are Bitcoins and Ethereums, among others, it also allows us to operate with different ones.
Exchange between different currencies
Another important function that we can perform in this digital support is the conversion of digital currencies into fiduciary currencies. For this, it is necessary to choose an exchange that offers us good services and, in addition, is compatible with the support we have chosen to work.
Therefore, Coinomi recommends that we opt for Coinbase, since it is an exchange that performs conversions between cryptocurrencies and US dollars very effectively.
However, although it is normal to perform these operations in the manner just explained, that is, through exchanges enabled for this purpose, the advantage of using Coinomi is that it integrates the ShapeShift system, allowing us to carry out this kind of operations. without having to leave the application that we previously downloaded, that is, Coinomi.
This is a virtue of this platform since users usually do not feel comfortable making these types of transactions in typical exchanges with the numbers fluctuating from one place to another. Therefore, operating through ShapeShift simplifies the process considerably.
We have already known everything we need to know about the operation of Coinomi and, as you have seen, it has many advantages and guarantees that make it your reliable digital support.
Even so, before continuing to advance in other important details of this platform, we have to inform you that Coinomi is no longer open source, however, there are many excellent portfolios in the network that are not open source and are very effective and safe.
As an encouraging fact, comment that since 2014 has never been compromised or hacked in any way. Despite this, Coinomi is still a very interesting support for those who handle different cryptocurrencies and look for a wallet that is comfortable, safe and easy to use.
Is Coinomi a safe wallet?
Whenever we work within the financial market, whether with a wallet such as Coinomi, one of the most important things that we must take into account to choose the most appropriate element is to inform us of the security that this support provides us.
A very important detail that we should not miss when it comes to inform you about Coinomi is the issue of security.
Security system: We tend to be reluctant to operate on web portals for fear of theft or hacking of our personal data and/or our money, so we put more interest in portals that have large security measures to protect their users.
This is one of the most important points, which makes us opt for one or another portal depending on the degree of security offered. So, we must now focus on these measures so that you have even more clear that Coinomi is the digital portfolio that interests us the most.
With respect to this, this platform has a high-security system based on the BIP Protocol44 that ensures the accessibility of Coinomi users that are allowed in the different portfolios, even in the system itself.
Encryption password: More things that we have to tell you about Coinomi’s security is that they make use of an encryption consisting of generating a 15-word system with which you can access your account and operate from it.
But yes, keep your words in a safe place since this support does not save or manage them for the users’ own security, so even if the Coinomi servers were attacked or hacked, the cybercriminals could never get your keys private.
Hide your IP: Another aspect of your security is that it uses methods to hide your IP and generates new addresses for each transaction you make, so take care to detail your privacy.
High Support: We must highlight an aspect that not all digital portals of this type have. And is that Coinomi has a physical headquarters in London, where we can go when we have a serious problem. This, together with the other security measures, makes us opt for Coinomi as our trusted digital support, giving us security and guarantees to protect our accounts.
How do I add cryptocurrencies to Coinomi?
As we move forward in our analysis, we are increasingly aware that Coinomi is a perfect wallet to carry out our operations. In this matter, we must bear in mind that this wallet allows us to make a large number of movements, not only the storage function that is the main one, we will also have the opportunity to add cryptocurrencies directly from this application.
In this case, we must clarify that we will not be able to operate with Coinomi without first having funds in our account, although we have to say that this process is quite simple and quick to carry out.
The first step: we must do is create our own wallet in the system and for that, we must go to the main page of the support and in it, we have enabled a section where we can read in a “create” tab.
The second step: Click on this button and it will be time to start the process, a procedure that we can easily do from our own mobile phone. Afterwards, we will have to establish a password, since we have to remember that without this code we will not be able to enter our wallet, nor will we be able to carry out operations of any kind.
The third step: Now we will have to choose the cryptocurrency that we want to add to our wallet. If we lose a bit in this process, you have nothing to worry about, since the system provides us with a section of “adjustments“, where we can configure our wallet quickly and easily.
The moment we have our portfolio open, then we can start the process of adding cryptocurrency. In this matter, we have to say that it is very easy to do it, since the system itself allows us to introduce the corresponding virtual currencies using the tools it offers, although we must take into account that we can only work with the cryptocurrencies that are in the list.
Once we have added the cryptocurrencies, in addition to being able to store them, Coinomi offers us one more advantage and that we can also send and receive payments through this support. As you can see, this wallet is very complete and allows us to perform different operations so that we can obtain the greatest number of benefits.
Below, we will detail a little more how each of these movements is carried out.
The sending of cryptocurrencies through Coinomi is very simple, in fact, to carry out this operation, the only thing that we will have to do is go to the main menu of our wallet and in it, we will find a button that says “send “.
We will give this tab and we will quickly get another panel so that we can enter the address of the wallet to which we want our transaction to be directed. It is clear that this process is very fast and simple, because once we enter the address that corresponds, we will have to wait for the system to validate the operation and, if everything is correct, we can carry it out in a very short time.
Of course, we must remember that we are only going to be able to send the cryptocurrencies that are compatible with the system and with the destination wallet.
On the other hand, in addition to sending cryptocurrencies, Coinomi allows us to perform the inverse operation, that is, to receive a transfer from another user. The truth is that this process is also very simple to carry out and, although it is very similar to the one of the shipment, it is necessary to say that we have to comment some notable differences.
The first thing we should know about all this, is that any user has the opportunity to send us a transfer if we work with this wallet, always keeping in mind that the cryptocurrencies we work with must be compatible with the system itself, just like occurs in the previous case.
Once we have clear which address is going to send the transaction, we must enter it in the wallet, so that the system can validate the operation much faster, because without this verification, we will not be able to receive any amount of cryptocurrencies.
One of the great advantages that we have if we are going to receive digital currency through Coinomi, is that the wallet allows us to carry out this operation, using different supports.
Not only will other users be able to send us transactions, we also have the opportunity to receive a number of Bitcoins using ATMs, or even exchanging our cryptocurrencies with traditional currencies or using online exchanges such as Coinbase.
What cryptocurrencies can I store?
With all that we are knowing about Coinomi, it is evident that it is a very complete wallet and the truth is that we have a large number of advantages if we are going to work with him. Of all of them we will talk in a more detailed way in the next section, but for now, we will focus on informing you of all the cryptocurrencies we have available in the support.
Coinomi is one of the wallets that counts with a greater number of digital currencies with which we can operate. It is a wallet that allows us to make many movements with a wide variety of cryptocurrencies, always keeping in mind that the main cryptocurrency with which this support works is Bitcoin.
It is logical on the other hand, since Bitcoin is the digital currency that has a greater value in the market and which most users use to carry out operations. Even so, it is not the only digital currency with which we can work with this support, since Coinomi has many other cryptocurrencies available, which are also well known in the market and are also used to operate.
In this case, we are referring to large cryptocurrencies such as Ethereum or Litecoin, referring to digital currencies that are well established in this market.
But, although the cryptocurrencies that we have just named are the most popular in Coinomi, we also have to say that this support, increasingly, is committed to the introduction of other minority digital currencies that are slowly becoming a niche in the market. Thus, in the list provided by Coinomi, we have been able to see the name of Dash or Namecoin, among others.
We also have to say that Coinomi puts at our disposal another long list of digital currencies that are not so well known in the market, but they exist, and that is why this wallet allows us the possibility of operating with them so that we obtain good benefits and have a different option available in this matter.
For this reason, this system offers us the services of being able to carry out operations with much smaller capitalization currencies, to give you some examples, we can name Blackcoins, Smileycoin, Cannacoins, Tumbucks or Shadowcash, among many others that you can easily consult in the own official support page.
Taking into account all that we have just commented, it must be said that, at present, Coinomi offers us the possibility of being able to operate with more than 70 different cryptocurrencies, besides having the opportunity to carry out our operations from a large number of countries.
In any case, we must mention that this system, constantly, continues to add cryptocurrencies to its already long list, since it always bets to offer users renewed services of higher quality. Therefore, today, Coinomi is presented as one of the best wallets in the world.
Also, all the digital currency that is added, you can check the official support page, so that we know, at all times, what are the cryptocurrencies that we have available in this support.
To finish our article, we will briefly comment on the main advantages that we have if we work with Coinomi.
High levels of privacy: In this aspect, the first thing we are going to do is highlight the high levels of privacy that it has. We have already detailed you in another section, that Coinomi has some very good security measures, and that is why we consider it one of the safest wallets in the world.
Something that is a great advantage since we will have the certainty at all times, that all the operations that we carry out through this support will be totally legal and we will not have to worry about anything, since all the data that we enter in the system will not be used for other fraudulent purposes.
Simple and easy: On the other hand, it is important that we comment that the execution of the operations in this support is quite fast and in addition, the process of changing the cryptocurrencies is very simple to carry out.
This is also a great advantage, since the support makes it easier for users to carry out these operations without problem, and also, guiding us at all times in case we need any help.
Private keys: Of course, we have to remember that all the private keys we need to work with this system will be stored in our personal device, so cybercriminals will not get into our wallet so easily, and therefore our funds they will be kept safe.
Updates: Finally, another of the advantages we have to highlight Coinomi, is that it is a system that always bet on offering the best services to users, for this reason, practically constantly, the Coinomi team gives this purse with continuous updates, so we can always work with the best tools and we can make use of the newest technologies.
Compatibility: To finish, we must highlight the great variety of cryptocurrencies that we have available in this support, as well as the compatibility with other similar programs, in case we want to carry out all kinds of operations.
As you can see, the advantages that we have in Coinomi are multiple and continue to add, since this purse is quite complete and will always provide us with all kinds of tools and services, so that we can carry out our operations with total guarantees.
After seeing all the services that Coinomi offers us and the advantages that we can enjoy if we choose it as our trust support, we have no doubt that it is an excellent wallet to operate with all the cryptocurrencies we want.
We must remember that this wallet offers us a large number of digital currencies and also, we can also perform various types of operations, since, with this wallet, we not only have the opportunity to store our cryptocurrencies, we can also send and receive them.
In short, if you are interested in the world of cryptocurrencies and want to work with the best tools, one of the most recommended wallets is Coinomi. Not only for the services it offers, but also because, at the moment we decide to carry out an operation through this support, we know that we have good security measures, with which success is practically guaranteed.