New to the crypto world with just <2 mths experience. Loving the community so far and learning the tricks slowly to adhere and respect the market. One of the things thats ongoing learning for me is wallets..
I'm really liking the coinomi wallet I came across wondering how good is it against Jaxx wallet.
I'm really liking the many different alt coins available in there. I have a couple of questions though.
- What if I decide to change my phone would the seed be just enough to recover the coins to the new phone? So its like a multisig wallet where I store my own word phrases as private key and can be restored in any phone?
- What about the address. I have like 5 ENS already which I want to hold thats there in metamask. Can I transfer them to the coinomi address and keep them forever. It looks like address is not changing like in coinbase. Can I also use the same eth address for multiple erc20 tokens down the line like myetherwallet does? If I create a new address by mistake am I screwed forever?
Thanks in advance.
Great comments al round - I am travelling around South America and keen to see if I can help the unbanked so looking for a solid mobile wallet. Dash's Evolution looks good but obviously only supports Dash.
I would pick Jaxx over Coinomi. @charlieshrem is a Director for Jaxx fyi.
Thank you.. Any particular reason on why do you think coinomi is bad? I will give Jaxx a try I believe its better to spread the assets across anyway for better security. Will check ore on CharlieShrem.. Never heard of him..
it doesn't matter who is behind the product Jaxx even thou its cool and nice looking it has lots of performance issues Coinomi on the other hand is very stable and has support of more coins and all of the ERC tokens even latest ones like Flixxo
Coinomi is the biggest (70 blockchains supported + 7 more coming this Friday) and oldest (rocking since 2014) active multi-coin thin wallet in the market for Android and the only one of its kind that provides native dApp support for ETH-based coins, also soon we are releasing our thin Desktops clients for Windows, Linux and Mac. Coinomi's code is open and the wallet app is super efficient as it is a native app in all platforms, so performance-wise there is a huge difference.
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What if I decide to change my phone would the seed be just enough to recover the coins to the new phone? So its like a multisig wallet where I store my own word phrases as private key and can be restored in any phone?All you need to recover your coins with Coinomi to any other device is your seed phrase.
What about the address. I have like 5 ENS already which I want to hold thats there in metamask. Can I transfer them to the coinomi address and keep them forever. It looks like address is not changing like in coinbase. Can I also use the same eth address for multiple erc20 tokens down the line like myetherwallet does? If I create a new address by mistake am I screwed forever?Coinomi gives you the option to automatically change your receiving address with every transaction, or keep the same for as long as you wish. In both cases, all addresses generated by the wallet are valid forever.
like to know more. studying on steemit presently
I am also kind of wondering the same thing. I have used the Jaxx wallet and really enjoyed it's interface and onboard shapeshift (pretty sure Coinomi has the shapeshift feature as well though).
One thing I'm concerned about though is something I read about Jaxx having a glaring security problem that they have blatantly declined to fix. I'm about as new as you are so I don't really understand it all, but it seemed a little fishy to me. I wish I had saved the article I read so I could post it here. I'll look for it and return. In that article they seemed to be optimistic about Charlie Shrem being on the team and that he had acknowledged the security problem and might fix it. This was conjecture on the part of the article's author though.
I've also seen several people on reddit doubting Charlie Shrem's character so I'm kind of getting a bad feeling about the whole thing.
For the time being I've been using Electrum for bitcoin, but I'm still searching for a good altcoin wallet. I found your post while researching coinomi :) Maybe we can help one another!
I think I'm leaning toward coinomi at this point though.
Best of luck!
from what I understand, the Jaxx vulnerability is only on the desktop version in which an attacker could decrypt your private key if they had access to your computer.
I think the ios is as safe as any other app wallet out there.
But I still don't get why there is such distrust over hot wallets. People all say never put life savings on it.
Then why is there a market for app wallets at all ? Why not just have two choices.. Exchange / online and Cold wallets (Hardware & paper). Why bother with all these app wallets and desktop wallets if they are so risky to use?
Firstly NEVER EvEr use paper wallets, PERIOD ! ! !
Paper wallets are a specialised very risky way of storing crypto, there are far better means ...
i own a ledger nano s , a trezor and a keep key . . . when you win your 400 million on lotto spread out that win-fall across those three devices.
cryptosteel keeps your recovery seed safe from damage and place the recovery seed in a safety deposit box (US$ 80 ) per year...
make sure no one else can open your safety deposit box, not your partner, not your kid and not even your dog...
do not mess with encrypted USB's ; use protonmail and other impenetrable emails and a virtual keyboard input . . .
hot wallets are very secure until they are compromised and be assured that someone is always trying to breach hot wallets ! ! !
exodus, jaxx or coinomi are the three online wallets that store different types of cryptocurrency altcoins , but generally 50% of those altcoins are not worth HODLing but they are a fun way to learn about your digital imaginary cash money security storage ! ! !
anything truly worth holding will almost be accommodated by hard wallets , then put a few things across those three app wallets . . .
add in bitcoin core and blockchain dot info blockchain.info and coinbase ( VAULT storage ) ...
and your crypto is as safe as you can make it ! ! !
and remember never believe the HYPE and FuD that surrounds everything in cryptocurrency :)
/ Hugz ;)
Agree with u
U might have read the article from 99bitcoins.com. About the issues with jaxx
I'll just add that the article detailing the vulnerability on desktop is here:
https://vxlabs.com/2017/06/10/extracting-the-jaxx-12-word-wallet-backup-phrase/
In short, the vulnerability exists if an attacker has access to your file system and is prepared to brute force your pin: this problem is far more significant on desktop because it's fairly easy to access application files/folders where as mobile operating systems use "sandboxing" to keep important files safer. What it boils down to is Jaxx will only encrypt your mnemonic phrase with a 4 digit pin (if that's even turned on), and this is a trivial layer of security at the end of the day.
Haven't used coinomi. I do still have Jaxx on mobile devices, never had a problem with it. I did have the desktop app but opted to encrypt the folder storing the important files, which I have to decrypt each time I launch the desktop app ergo I never use the desktop app :P
75% of altcoins on coinomi are junk coins and 50 % of jaxx altcoins are junk also and if you have hardware wallets ( Eg : ledger / keepkey ) they are a far better option , those hardware wallets are super cheap ! ! !
Also important thing to consider it whether the code is open, in few places I lately saw coinomi is not respoding to communiaty that would like to see it. I do not know about jaxx, as there we cases of lost funds I dropped it.
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