Coinomi to store Altcoins - good idea?

[powerplant81]

Hi all,

To store the more popular coins I use a Ledger Nano S and Trezor.
For the various smaller altcoins I use Bittrex and Poloniex at the moment, but have some safety concerns. Therefore I'm looking for an alternative for thoese coins.

The idea is to use coinomi as an "offline-storage".
-use a clean updated android phone (hopefully with no malware/trojans)
-install coinomi
-transfer the altcoins to the coinomi-addresses
-store the passphrase(s) in my safe
-Delete the coinomi-App from the android phone

1) Is this procedure safe? Does that make sense?
2) Will I also have access to my coins (with passphrases) in let's say 10 years even when the coinomi-app-provider would disappear (could save the app as APK)? Or is a server-connection to "coinomi" needed to transfer the coins later?
3) For longtime-storage with coinomi: is it safer to generate a wallet (with passphrase) for each coin?
4) Any additional suggestions?

thanks a lot in advance and kind regards,
mike

[powerplant81]

any helpful hints/tips?
thanks, mike

[xdeltax]

should be safe if you printout the sourcecode (some html and vanilla javascript) of the revery tool, too. thats all you need for a recovery.

there is a good chance, that the 2017 apk will not run on phones in 10 years.

in your scenario you use coinomi just to create private and public key pairs without using all the other fancy functions. so it would be better if you use the recovery tool right now to show the private keys of your coins and print out the keypairs for your safe.

[kumiskura]

no no no.
the best way wo store your altcoins is on your own hardware aka keep it yourself.
don't believe what exchanger said and what will they do,
no matter what they're an illegal(not regulate yet) and who knows what will happen in the future ?
so,only you can keep it safe from others

[kashish948]

coinomi has been good for me

[HippiePyro]

Just be sure to get your private keys from the recovery tool. That way even if coinomi doesn't work in 10 years, you still have the keys to the wallets. Store the keys along with your passphrase.

[sujonali1819]

Hi all,

To store the more popular coins I use a Ledger Nano S and Trezor.
For the various smaller altcoins I use Bittrex and Poloniex at the moment, but have some safety concerns. Therefore I'm looking for an alternative for thoese coins.

The idea is to use coinomi as an "offline-storage".
-use a clean updated android phone (hopefully with no malware/trojans)
-install coinomi
-transfer the altcoins to the coinomi-addresses
-store the passphrase(s) in my safe
-Delete the coinomi-App from the android phone

1) Is this procedure safe? Does that make sense?
2) Will I also have access to my coins (with passphrases) in let's say 10 years even when the coinomi-app-provider would disappear (could save the app as APK)? Or is a server-connection to "coinomi" needed to transfer the coins later?
3) For longtime-storage with coinomi: is it safer to generate a wallet (with passphrase) for each coin?
4) Any additional suggestions?

thanks a lot in advance and kind regards,
mike

Coinomi is a good multi web wallet site.It is safe but not more than store your coin in your hardware wallet.if you want to keep coin for long term holding always you should keep in your pcs hardware wallet.its safe more that coinomi but coinomi also good for storing coin.

[xdeltax]

The best way is to write your keypairs to paper and put it in the safe.

One of the unsafest ways to handle your keypairs, is to handle them in a wallet on your own Computer!!!

yeah, you may smile now. but thats a fact.

did you ever lost your images because of a hardware-crash of your end-consumer samsung HDD? i did.
if that happens to your wallet-PC (and you did not write down the keypairs before) all your coins are all gone forever.
even if you backup your wallet-dat at external HDD and USB-Sticks. Maybe there are dead in 10 Years. even if you run a RAID, your are never sure.

if you handle your keys with a BIP 39 Wallet (every deterministic wallets, must not be coinomi) you can recover all your keypairs if you just remember the recovery phrase (write it down, don't store it at a digital device).

there is nothing unsecure about that at all. and you need to thrust no one. all that calculations happen on your device only.

[Kaller]

Look, you need to understand that hackers and scammers are rampant in the crypto world.
Every single day more people are scammed, it is crazy!!!
If you need to use an online wallet temporarily then it is OK, but take your coins into your own wallet eventually before they get stolen or lost because it is bound to happen if you wait too long.

[xdeltax]

who like to store anything online??? That's most of the stupienst things you can ever do if money is involved.

powerplant likes to use coinomi offline. and that is no problem at all.
i think (need to look at the sourcecode) the wallets core is by design offline but connected with additional online services.

but seed and key-creation is an offline process with no external server messaging.

that was the question. but you are right: online wallets should not be used. never ever. you give your private keys in someons hands. and no server is unhackable.

[powerplant81]

Hi all,

just wanna thank you all for the very helpful posts!!
sounds good to create the keys offline with coinomi and then (after put the passphrase in the safe) reset the android-device.

cool forum! thanks again!

[gedor]

If you make a offline cold storage wallet, it is basic just take your passphrase and delete your app from the phone. You can find a guide how to extract your private keys in coinomi's website.

[coinbillionaire]

Thanks for the useful thread.

So you need to save this page for offline:
https://coinomi.com/recovery-phrase-tool.html

But my question is, how do you actually use it to see all your private keys?
I only know my 10digit app password and the 20? word pass phrase.

Like what is the root key?
How can it extract my addresses and keys from just this info?

Thanks

[Haesoo]

I like coinomi very well. I like the way it is a multi signature wallet and you holds your private keys here. But if you're planning to hold your coins for 10 years you should use paper wallet as this is more secured than any online wallet. Just print the seeds and keep it as long as you can.

[Bestly]

Okay.
In summary, coinomi wallet has some credibility, but for some long term keeping of coins, it is better to use an offline means to save coins.
Well noted.

[tylerik1]

Hi all,

To store the more popular coins I use a Ledger Nano S and Trezor.
For the various smaller altcoins I use Bittrex and Poloniex at the moment, but have some safety concerns. Therefore I'm looking for an alternative for thoese coins.

The idea is to use coinomi as an "offline-storage".
-use a clean updated android phone (hopefully with no malware/trojans)
-install coinomi
-transfer the altcoins to the coinomi-addresses
-store the passphrase(s) in my safe
-Delete the coinomi-App from the android phone

1) Is this procedure safe? Does that make sense?
2) Will I also have access to my coins (with passphrases) in let's say 10 years even when the coinomi-app-provider would disappear (could save the app as APK)? Or is a server-connection to "coinomi" needed to transfer the coins later?
3) For longtime-storage with coinomi: is it safer to generate a wallet (with passphrase) for each coin?
4) Any additional suggestions?

thanks a lot in advance and kind regards,
mike

You should always store your altcoins in local wallets on a virtual machine. This is the safest way to store your stuff, never trust any externals server or something. I use Trezor for Bitcoin and Ethereum and I have a virtual machine on a dedicated computer!