There are many mobile Bitcoin wallets we still need to explore, so, the time has come to take a look at Universal Bitcoin Wallet, developed by Coinomi. This is not your average mobile Bitcoin wallet though, as it is universal, just like the name suggests. In fact, it supports a few dozen different digital currencies!
Coinomi – Lightweight & Secure Bitcoin Wallet
In order to bring Bitcoin and other digital currencies to the mainstream masses, we need to focus on two important areas; security and ease-of-use, and it doesn’t get much easier to use than a lightweight digital currency wallet, so Coinomi seems to be on the right track in that regard. But, is there a trade-off?
By creating a Universal Bitcoin Wallet – which supports a handful of altcoins and of course Bitcoin – Coinomi tries to attract as many people as possible to give their mobile wallet a try. Supporting coins such as Dogecoin, Litecoin and Darkcoin [now known as DASH] is a good way to offer your mobile wallet service to various crypto communities.
However, that approach can also invoke quite a few risks, as not all of these alternate currencies are as secure as Bitcoin is these days. There are a few questionable coins supported by Coinomi’s Universal Bitcoin Wallet, such as Rubycoin, Feathercoin and Cannacoin. None of these coins has a sharp focus on security.
That being said, Coinomi has put a strong focus on securing the Universal Bitcoin wallet itself. Private keys generated on your mobile device will never leave the device itself. This is a great solution in terms of security, but users need to be aware, whenever they switch phones, to make sure a backup of the private keys are ported over as well.
Furthermore, this puts the user in total control of their funds at any given time. No relying on Coinomi’s servers, as you will be able to access funds if their service would ever go down. Simply export your private keys and import them into another wallet, and that is one of the beautiful things about digital currency; it puts you in control once again.
Speaking of backups, Coinomi uses Hierarchical Deterministic Wallet (BIP44) to create one single master key controlling all associated wallet addresses. Make sure to keep a copy of this master key safe at all times, as you will lose access to any and all funds if you cannot retrieve or restore the key.
In terms of additional features, Coinomi presents Universal Bitcoin Wallet users with exchange rate statistics for all of the supported coins. On top of that, it is possible to send altcoins through your Bitcoin wallet and vice-versa, giving you total control of your funds. Last, but not least, this mobile Bitcoin wallet also offers an exchange feature, which is currently in beta.
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Images courtesy of Coinomi