In the post “Cryptocurrency Wallet“, I promised a tutorial with step by step for Coinomi Wallet. And here it is, as promised and reviewed! However, in order for you to fully understand how Coinomi Wallet works, you must first understand “Cryptocurrency wallet: what is it, what is it for and how to use it?“.
Coinomi: Bitcoin and cryptocurrency wallet
Coinomi Wallet is a multi-currency wallet, that is, it allows the storage of several different cryptocurrencies in the same application. It can be used in the desktop version or via smartphone, be it for Android or to store your cryptocurrencies on the iPhone (iOS) too.
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Multi assets Wallet
As we saw in the text about wallets, each Blockchain has its cryptocurrency. Consequently, each virtual currency must be stored in its respective Blockchain and therefore, there must be a wallet for each crypto.
In this way, the first cryptocurrency wallets only contained one type of active cryptography. So if you had Bitcoin, Ethereum and Litecoin, you would need to have 3 different wallets, one for each currency.
This is how multi-currency wallets started to appear: a single application where you can store more than one wallet at the same time. It is also known as “multi-wallet” because of this possibility.
There are wallets where you can only store Ethereum and its tokens. Just as there are wallets where you can store only the most popular cryptocurrencies. Just analyze your crypto portfolio and see which app is most compatible with.
Today I’m going to introduce Coinomi. Because in addition to being the wallet I already use to store my Bitcoins and altcoins, it is possible to use it for a wide variety of crypto assets.
Download Coinomi
To download the Coinomi wallet to store your Bitcoins and cryptocurrencies, just go to your phone’s app store or through the links below. Remembering that in addition to the smartphone, Coinomi is compatible on Windows, macOS and Linux desktops.
- Coinomi Wallet for Android;
- Download Coinomi Wallet for iPhone;
- Coinomi Wallet for Windows;
- Install the Coinomi Wallet on macOS; or
- Click here to do the download of Coinomi on your Linux.
How to creat an Bitcoin adress in Coinomi
Once you have downloaded the cryptocurrency wallet on your device (whether mobile or desktop), you will create a wallet.
Here for our complete step by step, I will give the example of Coinomi mobile. But if you’re on the desktop, the process should be very similar, okay?
How to create a Bitcoin address fast
1) Click on the “Fast wallet creation” option;
2) Select which cryptocurrencies you want to store in your wallet (later, you can add more). For our example, I will select Bitcoin.
3) Click on the “+” button at the bottom of the screen. There, the wallet will appear at Coinomi, obviously, with no balance.
4) In this type of adress creation, you need to save this wallet. Therefore, a blue message will appear: “Wallet not saved. Tap to start”. Click there.
5) A pop-up will appear, asking if you want your recovery phrase to be displayed. Click “OK”.
6) Here, we have that thing I talked about HD (Hierarchical Deterministic) wallets. That is, your private key, instead of a lot of alphanumeric code, becomes a phrase of random words. And these random words are your seed. Record the seed in a safe and offline location.
7) After writing the seed on paper, check the box making sure that you keep the phrase in a safe place. Click “next”.
8) Now, to make sure that you wrote the sentence correctly, you must type it on the Coinomi wallet screen.
Wallet encryption
9) After rewriting your seed at Coinomi, it will be time to configure the wallet encryption. That is, one of the ways to protect it even more. The options are to protect less (least secure) or more (most secure). Just drag the bar to which of the options you prefer.
If you drag the bar further to the left (Least secure), you have 2 options. If you drag to the right, leaving the blue ball closer to the phrase (Most secure), you will have two options to make the Bitcoins or altcoins wallet more secure.
Least secure
There will be two steps for low security. The lowest of all is where the wallets are encrypted, but it does not require authentication. That is, when you are making a withdrawal or transfer of cryptocurrencies, no type of authentication will be required (for example, a password).
The other option, still low security, is to register your fingerprint. This way, before any transaction is made, you will be asked to authenticate by your biometrics. That is: Coinomi wants to know if you are really you to release your transaction. Consequently, if someone steals your cell phone, the thief will not be able to transfer your virtual coins without your fingerprint.
Most secure
Now we have the options that start to make your Coinomi Wallet more secure.
In the first case, you can choose to leave transaction authentication by password. Choose a strong password, with uppercase and lowercase letters, special characters and numbers. You will have to enter this password every time you use Coinomi.
If you put the blue ball to the end, you will select the safest option of all: password authentication + biometrics. Which is actually what I recommend! But to tell you the truth, it sucks to have to keep putting a password and biometrics every time you use your wallet, I know! However, it is better to have this job than to lose your crypto assets, right?
Done! Wallet created!
Create Coinomi wallet with advanced options
You just learned how to create a cryptocurrency wallet in a simplified way. But you can also create with advanced options.
1) There on the first Coinomi screen (the welcome screen), you can select the option “ADVANCED WALLET CREATION”.
2) The next screen will be the security phrase. Repeat steps 6, 7 and 8 that I taught in the topic “How to create a Bitcoin address fast”. The difference is that there will be an option to use “advanced settings”. This will enable the option to use BIP39 (which I explain in the next topic).
3) Do the “Wallet Encryption” step that I explained above.
What is BIP39?
In short, this BIP39 is like a second seed. Then you have the 24-word Coinomi seed that is automatically generated. And you can choose to create a second seed, with the words you want.
This way, whenever you are going to restore your Coinomi wallet on another device, you will also have to write your BIP39. I will talk later about BIP in another post explaining more about its technology and security.
How to know my Bitcoin adress?
Now that you know how to create a Bitcoin and altcoins wallet, let’s see how to know the wallet’s address.
1) The initial screen will look like the one on the side, but if you have just created it, it will still have no balance.
2) Click on the currency you want to know the address.
3) A new screen will appear, see that in the top bar, there will be 3 tabs: receive, balance and send.
4) Go to the “Receive” tab. A QR code will be displayed on the screen, along with an alphanumeric code, something like this:
5) This address being displayed is the address of your wallet on the Blockchain of the selected currency. However, stay tuned to the first digit of the Bitcoin wallet: some transfers are only made to wallets that start with 1 or 3. So if you click on “Compatibility” or “Legacy”, other wallet addresses will appear with the beginning being number 1 or 3. But that, for the Bitcoin wallet!
How to receive Cryptocurrencies at Coinomi?
Now that you know how to see your cryptocurrency address on Coinomi, it is very simple to receive your crypto assets.
1) If you are going to receive from someone, just share your address (which is your public key), with whoever will transfer you.
2) If you are transferring from your exchange account (use Binance) to store your altcoins in your wallet, then just enter your address (or scan the QR Code) on the exchange and make the withdrawal.
How to send digital currencies to another wallet?
1) On the home page, where your coins are displayed, click on the currency you want to send.
2) In the upper blue bar, click “Send”. Here in our example we are using Bitcoin, ok?
3) In the “To” field, you must enter the address to whom or to which address you are sending. You also have the option to scan the QR Code of the wallet where you are sending it, to make it easier.
4) From there, just put the amount of Bitcoins (or the other cryptocurrency you have chosen) and send. The amount will be converted to the fiat currency you choose in Coinomi’s “Settings”. In the image above, for example, the amount is being converted to Dollar.
Recover cryptocurrency wallet
Ok, now comes the big question: “How do I recover my Bitcoin wallet? Can I restore my Coinomi wallet?“
If you had to format your phone, tablet or notebook. Either if you had your cell phone stolen, dropped it in the toilet, or were thrown with clothes and everything in the pool with your smartphone in your pocket. Whatever happened, you lost your wallet! Well, we have two options:
Option 1: Recover the wallet with the seed
If you wrote down your cute seed like I said, if you kept it a secret in a safe place, then it’s easy:
1) Download Coinomi again on any device;
2) On the home page, click on “Restore A Wallet”;
3) Insert your seed. If you created your wallet using BIP39, then select the “Advanced options” box and place your BIP39 seed;
4) Just wait a few minutes until the restoration and synchronization with the Blockchain. End, that’s it!
Option 2: Recover cryptocurrency wallet without using the seed
If you thought you couldn’t recover your wallet without your private key … So congratulations! You’re right!
I’ve been saying this for a thousand years on this site, on social media, in the Telegram group, in the previous post about virtual currency wallets and since the beginning of this text! THEN, ALWAYS WRITE YOUR SEED IN A SAFE AND OFFLINE LOCATION!
Okay, now that I’ve freaked out because there are people who insist on losing the seed of the altcoin wallet, it’s worth remembering that there are several configurations that you can make at Coinomi. But the functioning of this portfolio is basically that.
For any questions and clarifications about Wallet Coinomi, just call me here in the comments or on the social networks below:
This post was written with a lot of love <3
JG