Coinomi: A Review
The Coinomi Wallet is one of the better mobile cryptocurrency wallets available for free today. It has an edge over many other wallets because of its truly insane number of supported cryptocurrencies while still retaining a very secure place to store your coins. In this short review, I’ll briefly cover why I believe Coinomi to be a great wallet for beginners and veterans alike in laymen’s terms.
Not a Universal Wallet, but Probably the Closest We Have
As I said before, Coinomi supports a staggering number of cryptos. While you’ll recognize the well known coins such as Bitcoin, Litecoin, Dogecoin, and Ethereum -ETC and ETH-, you’ll also be swamped in a number of other coins with which you may have very little experience. This was the case for me with one called “Solarcoin,” which is an altcoin developed to reward individuals who have solar panels for contributing Kilowatt hours to the grid -each Solarcoin is worth $0.06-. In total, Coinomi boasts support for 46 coins and counting. Their newest addition is Zcash which appears to promise a bit more anonymity than other altcoins can provide, though critics of Zcash cry foul over the “trusted step” aspect of the coin (which is a discussion for a different post).
Shapeshift Native Exchange
Forty-six coins can potentially leave people feeling overwhelmed. If you’re not a miner, or not on a member of a crypto-exchange like Poloniex, then acquiring any of these coins you now have wallets for may seem difficult or impossible. However, Coinomi makes trading between these coins effortless by integrating a native exchange in the wallet powered by a trusted cryptocurrency converter: Shapeshift. All you have to do is go over to the exchange tab, choose between the currency you want to convert and the coin you want it converted to, pop in your password, and shapeshift takes care of the rest. In the next five to ten minutes, your balances will update and reflect your shiny new coins.
Your private keys -the keys which allow coins to be spent- never leave the device where the wallet is installed, and Coinomi does not store or track any identifying information. Enough Said.
Conclusion: Easy to Use, Versatile, Secure
This is one of the best wallets for beginners. Its user interface is simple and introduces even the most skeptical luddites to the world of cryptocurrencies is an approachable and -dare I say- fun way. As a reminder with any investing, never invest more than you’re able to lose. Remember that the world of cyrptocurrency is highly volatile but definitely worth taking a look at, and Coinomi might just be the wallet for you to do that.