A Cryptocurrency wallet can be defined as a software program that lets the users to store, send, and receive different altcoins. However, given that Cryptocurrencies don’t exist physically like fiat currencies, their wallets records, and stores all transactions on the blockchain. Although some digital currencies provide their own official wallets, various products enable users to store different Cryptocurrencies.
Given that no two Cryptocurrencies share the same address, you can only send digital currencies between like wallet addresses. For instance, you can only send Ethereum to Ethereum wallet address. The various types of Cryptocurrency wallets include desktop, mobile, web, hardware, and paper. Here’s a guide to mobile wallets.
Mobile wallets are downloaded and installed on mobile devices. It is easy to set up and maintain these wallets. They are available for both Android and Apple devices. Some of the examples of Cryptocurrency mobile wallets are Coinomi, Bither, Airbitz, Jaxx, Bitcoin Wallet, and Electrum among others.
Mobile wallets and desktop wallets are similar in various ways with the former running as an app on smartphones. The wallets store your private key on the device. They make it easy for users to send or receive different Cryptocurrencies on their phones.
While using mobile wallets, you can scan other wallet addresses making them easy to use. Furthermore, this feature enables them to provide faster transactions. With a mobile wallet, you can access your coins any time and make them part of your everyday life.
How To Set Up A Coinomi Mobile Wallet
Coinomi is a mobile wallet that’s known for being fast and easy to use. The wallet supports various Cryptocurrencies giving Android users access to a wide selection of coins.
Download your favorite mobile wallet from Google’s Play Store. Install it on your smartphone. Upon opening the app for the first time, select “Create a New Wallet.”
You will get a unique seed phrase. In case of replacement or loss of your device, you will use this seed phrase to restore your wallet on another phone. Always ensure you have written down this unique code and stored it in a safe place.
Select a password for your new account. You will always use this password to access your account.
Select the Cryptocurrencies you’d like to be displayed on your wallet. You can always change these coins whenever you want.
To use Coinomi wallet, you need to load your account with Cryptocurrencies. Given that the wallet does not support fiat currencies, you could get your first coins from Cryptocurrency ATMs, exchanges, or through Crypto payments from your customers among others.
• Mobile wallets are free to download.
• The users have many options to choose from.
• They are convenient as they give the users access to their coins every time they have their phones.
• They are easy to use.
• Given that mobile wallets are hot wallets, there is a risk of hacking when using them.
• You could land in trouble after losing your phone. Whoever has access to your phone can access your wallet and funds. It advisable to select an app that enables the users to back up their wallets with a 12- or 24-word passphrase.