It was originally born as a portfolio of Android and iOS devices, but has evolved.
We will be testing the new features that the desktop version brings with it.
Coinomi was originally created as a wallet for Android and iOS devices, but has evolved. In the last quarter of 2018, a desktop version was launched that works on Linux, macOS and Windows devices, so it is now a cross-platform wallet.
We previously tested the mobile version of this wallet (I invite you to see it here). Now, with the arrival of the desktop version, we’ll try out the new features it brings and how to take advantage of each one.
- Manage more than 500 different crypto assets.
- It has SegWit addresses.
- It is completely open source.
- Private keys are created locally.
Download and installation
Download links will be found in Coinomi official website. In this regard, I always want to emphasize this It is recommended to download the application from the official website, This is to avoid downloading pirated copies that put our funds at risk.
Coinomi is now available for all major operating systems. Source: Coinomi.
In the case of this tutorial, we will be using the desktop version of Windows. For whatever operating system you are using, the process is exactly the same.
What we will do now, with the installer already downloaded, is run it and wait for the process to complete.
Create a Coinomi wallet
When the installation is complete we will see this screen. Here we will have two options that allow us to open a portfolio, either to create a new one or to restore it from an existing seed.
Since we need to create a new one, we need to select Create New Wallet to start the process.
The first step we need to take is to choose a recovery seed. I say choose because we can vary the group of words generated from the Regenerate option. After that, with the seeds already selected, we must copy them on paper and save them in a safe place, taking care that That’s the only way we’ll have to recover the funds.
To continue, we must check the box for the recovery phrase I saved safely and click Next.
The next step is to confirm the recovery seed. We will do this by selecting each of the words, respecting the order in which they were generated. When we’re done, click Next.
It is recommended to set strong passwords that have uppercase, lowercase letters, numbers and special characters. Source: Coinomi.
Now it’s time to set a password, which must be at least 10 characters long. With it we will achieve 2 things: The first is that through it Coinomi will encrypt all the files on our computer; On the other hand, provide security to the application as such, because every time an important action needs to be performed (open wallet, transfer funds, view seed) it will be needed.
We may add more cryptocurrencies later than are added in this step. Source: Coinomi.
Then we have to choose which wallets will be open, of which we will have more than 500 different options, between cryptocurrencies and tokens (as well as testnet cryptocurrencies). To load them, we just have to check the appropriate box.
After selection, click Next.
Next, we’ll look at the terms of service. In them we find Coinomi Team disclaimer regarding loss of funds. We, as users, are solely responsible for protecting both the funds and the seeds of recovery.
If you agree with these terms, then proceed to click Accept and we will have your wallet ready.
Now that we have our Coinomi wallet ready, let’s explore its different parts.
The section that we find when starting the portfolio is Overview, which shows a summary: the balance of each portfolio, the market price of each of them and a percentage that shows the volume that the assets occupy in that cryptocurrency in relation to the sum of all crypto assets.
If we click on a wallet – in our case we’re only running one, but we’ll see how to add more – it will open the Wallet section where funds will be managed.
Here, on the one hand, we will have options that allow you to send or receive funds and, on the other, a list of cryptocurrencies. At the bottom of this, you’ll find options to add coins (Add Coin) or add tokens (Add Token).
To add a coin or token, We just have to check the appropriate box in the list and click Add. This feature will require you to enter the password you created the wallet with.
This way you will have your new wallet ready to use.
Then there is the Exchange section, which allows you to do exchanges using the Shapeshift and Changelly services.
Sending and receiving
To begin with, we need to go to the Wallet section.
Let’s start by learning how to receive. The first thing we need is to have a public address of our wallet to which the funds will be sent. To get it we have to click on Receive.
This will be the public address, along with its abstraction in the QR code. In the case of cryptocurrencies such as bitcoin, which have a SegWit implementation, we will have 3 types of addresses:
- Default: SegWit address with format Bech32.
- Compatibility: SegWit address in compatibility mode with legacy addresses.
- Legacy: old addresses, recognized starting from 1.
It is clear that when changing the type of address, its display in the QR code is also displayed.
When we are ready to send, we click on Send.
Here it will only be necessary to enter the destination address and the amount to send, which can be expressed in fiat currency or cryptocurrency. Later, we will click Submit and verify that all information is correct.
We can also change the total commission from here, increasing or decreasing its priority. To finish, we’ll enter the password and send.
Exchanges on Coinoma
I told you that at the beginning Coinomi uses external exchanges to perform exchanges. So if we want to create it, we have to go to the Exchange section.
We need to choose which exchange to use between Shapeshift or Changelly. They basically use the same rates, and you can use the one that creates the most confidence.
The first thing is to choose which cryptocurrency pair we want to trade. Then we need to enter the amount that needs to be sent and we will see how the total amount that needs to be received is in the second frame. It must be taken into account that, This amount does not include the exchange fee..
Then we click on Next and confirm that the conversion is correct. We just have to wait for the process to be carried out and we will see the available balance in our portfolio.
Synchronize the Wallet with the mobile application
Since we have a cross-platform wallet, it is possible to have the same on all our devices, which gives us the ability to take our funds anywhere.
It is good to be clear that the synchronization of the wallet between different devices is done through the recovery scheme, since it is the only one capable of restoring the private keys.
Now there is a method that speeds up the synchronization, taking into account that there are 24 words that we have to write: we can scan a QR code that makes this whole process easier.
The first thing is to have the mobile application on our phone (here you can see a guide about Coinoma for Android and iOS devices) and select the option to restore the wallet, where we will see the scan icon.
On the other hand, to get this code in your desktop wallet, you need to go to the settings menu (Settings) at the bottom.
Here we will select Show recovery phrase, where we will have to enter the password and the following will be shown to us.
This will be the code that you will need to scan from your smartphone to open the same wallet that you have already created on your computer.
Conclusions about Coinoma
The first thing to point out is the fact that Coinomi has become a cross-platform app, a feature that is highly requested by users as it is generally a pretty complete wallet.
Another interesting aspect, which particularly attracts attention, is that it has a clean and tidy interface, with two themes (the one you saw earlier was a dark theme), which makes the user understand how the wallet works quite quickly.
In general, we have before us one of the most used and well-known wallets in the world of cryptocurrencies, behind which stands a great development team, which does not stop innovating.
You can watch the video tutorial of this guide on our YouTube channel:
Featured image by: Coinomi