How wallets make money? It is worse than you think.

[bitmover]

I mean that's how any business works.

there is nothing ethically wrong in this.

That is not how any business work, and there are ethical problems here. As gentlemand said, how services are funded is something we all should take more time to ponder.

Especially in the web, where everything *looks* free.

How is your email provider funded? Does is just read your emails and sell this that to companies advertise you?
How does your social media network makes money?

And finally, How does your wallet makes money? Asking money to support projects which it doesn't see any reason to, just to make money and make its users invest in them?

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[pooya87]

I had chat with one of coinomi guys, they were self funded at first and as they got established they started charging for integrations. I mean that's how any business works.

I guess part of my question would be why 2BTC now and for how long is that good for?
Is their daemon is sucking up 10x the resources of other coin daemons and the 2BTC is just an excuse to boot them.
Or was there some deal of we give you "X" BTX worth "Y" but the value crashed so much that it made it not worth it?
Did coinomi just get greedy?

We know part of the story, without knowing all of it it's just a guess.

-Dave

i guess we now have the answer to the question "why is Coinomi closed source?".
they keep fooling people by giving an unacceptable answer as "it is to prevent malicious looking copies pop up", but it seems like it is because they don't want others to just fork their wallet and add their own coin easily which is pretty simple considering majority of altcoins are copies of another coin!
basically this is their revenue and they are protecting it by keeping the wallet closed source. there is of course other shady behavior from them in the past that has made the wallet a "must avoid".

[smyslov]

I thought that most wallets make through the fee for each transaction. They will put a small mark up with the transaction fees and that's it. I didn't know that they're asking the same thing just as the exchanges to keep a coin listed and supported.

2 BTC for the example of Bitcore to be maintained. That's quite a lot for a fee and it's not that actually far from the fee that other exchanges are asking, of course except Binance and other the same tier exchanges.

I also thought of that they make profit from their internal exchange and their transaction fees, but asking developers to maintain their listing is something new to me, they can do that on low level coin but not on coins like Bitcoin and Ethereum and some of the top coins I will never think of using a wallet not supporting popular and top coins in the market, imagine getting a multi wallet wallet without Ethereum there.