Topic: Trying to keep life savings more secured - page 3. (Read 880 times)

Hi Samayuki, Thank you for replying here. As with all wallets, there will be some negative reviews or reports of lost funds. Coinomi is the largest and oldest multicoin wallet and has an enormous userbase. It will expectedly have its share of reports, as much as we try to educate our users about their security. You can read about the ways we protect users funds here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-. Regarding the "vulnerability" posted by mocacinno, Which affected the desktop wallet only, you can read the in-depth report about the entire disclosure and events here: https://twitter.com/kimionis/status/1131945228506738688 

It is more vulnerable to store the life savings in desktop or in online wallets, mobile wallets are not secure too. The used metadata is enough for brute-force and the thieves can found the password of the main wallet.

Coinomi wallet is not that bad like many are saying, I still use the wallet even after thinking of going for other wallets after reading about many flaws and hacks, but the fact is I never seen a bad review or hack news about it's mobile wallet, the only one I heard bad reviews about is desktop wallet

Yup, I do have the Trust wallet app and it works perfectly for me. Mobile wallets have been the main thing I make use of, and that's because I am fond of my mobile device and hardly make use of my desktop.

I started making use of Blockchain, one thing I like about their wallet is that every single minute I want to receive payment I am able to generate a new address and I can also backup my funds using the twelve phrase backup. Next is the interface, it's very simple, unlike the wallets that are crowded and ugly.

I installed Coinomi and Mycelium wallets, but u never used them because I never liked them. I chose Trust Wallet, it's very much better than other open wallets. I saved Bitcoin in it and backed it with the 12 word backup phrase and uninstalled the wallet for some months, and when I installed it back and entered my backup phrase, the same amount of BTC I stored showed up.

Unfortunately users still make mistakes when storing or backing up their seeds, which is the cause of such reports of lost coins. They can be found for any wallet. Coinomi is the largest and oldest multicoin wallet and has an enormous userbase. It will expectedly have its share of reports, as much as we try to educate our users about their security. You can read about the ways we protect users funds here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-. Since you mentioned privacy, you may also want to check out our privacy features: https://coinomi.freshdesk.com/support/solutions/articles/29000030207-what-are-coinomi-s-privacy-features-. Regarding the "vulnerability" posted by mocacinno, you can read the in-depth report about the entire disclosure and events here: https://twitter.com/kimionis/status/1131945228506738688

Holding your bitcoin for a long period takes a very firm privacy wallet. Many issues has been raised due to coinomi wallet, many are complaining because they are loosing coins at coinomi. With regards to using coin wallets there are many trusted bitcoin wallet aside from coinomi, you may research and have surveys about the trusted coin wallet so that you can make sure that your coins are in good hand. You may be cool enough in making your coins in hugher value through the trusted coins wallet that you will choose.

Hi Zero, There was no 'issue' with NRG, We (Coinomi and the NRG team) could not reach an agreement to continue our partnership, although we did try, so we could not support the GEN3 migration. Coinomi did not try 'cheatin' the NRG team. You can read our reasons for not supporting NRG gen3 here: https://twitter.com/kimionis/status/1235657505361063937?s=20

Since they have lot of accusation and according to the first post over here, they handled the situation badly, then don't use it. Don't risk anything! You have many other options left. Yeah, closed sources wallets are actually more riskier to use. You don't know what happening inside the wallet. They will have to blindly trust the developers with your financial aspects, which you never should.
Also be careful when using wallets suggested over here. Do your own research and get to know about those wallets before you even download them.

Hi Mocacinno, The 'vulnerability' only affected desktops for a short time and was only for those restoring their wallet. We addressed this in detail and fixed the issue as soon as it was fully disclosed to us. Coinomi is not an 'unreliable' wallet at all. We have a large, happy userbase. You can read more about the 'google spellcheck' issue here (although it already sounds like you have): https://twitter.com/kimionis/status/1131945228506738688?s=19

Trust wallet is one trusted for me. One time I am using coinomi but at this time not. I hear about what you talking about even I am also know about the fact they had little issue about energy (NRG). Little debate in twitter about Gen 3 migration and Coinomi team try to cheating NRG team.

Hi Rathaha10, this is very incorrect. Coinomi being closed source does NOT mean we have access to our users' wallets, Coinomi is a non-custodial wallet with ZERO access to your funds at any time. You can read more about our security features here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Hi FurryBall, The only way any Coinomi user has ever lost funds is due to not keeping their recovery phrase secure or if a user does not save their recovery phrase. You can read about how Coinomi secures your private keys in this article: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

As you said, you have already been using Coinomi and have had no problems.

If you ever encounter an issue and require support feel free to reach out at support.coinomi.com 


Hi EthereumHunter, There is no 'vulnerability' in Coinomi. You can read more about the previous issue which others seem to be speaking of here: https://twitter.com/kimionis/status/1131945228506738688?s=19


Hi Chuky92, There is no backdoor in Coinomi, We take user security very seriously, You can read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248


Hi Rodskee, The only way user's have ever lost funds when being user's of Coinomi is by (1) not saving their recovery phrase or (2) not keeping their phrase secure/sharing it with others. Coinomi has established a good reputation for over 6 years and has a large loyal user-base. You can read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248


Hi Fireballex, The only way any user loses funds when using Coinomi is if they either (1) Do not save there recovery phrase or (2) someone else has access to their phrase due to saving it insecurely or sharing it with someone. Please read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Hi Ken, Thank you for your support in refuting the claims of a 'backdoor' by us.

I am not really a fan of coinomi thus I don't know if the said issues is true since I rarely use it but if you are in doubt, want to try a new thing and/or want to be at peace with yourself and savings then maybe you can checkout trust wallet. Based on many reviews from users, it all points to a good fact and that is, trust wallet can be used without worries and till date no issues or security challenges have been recorded which is good and motivating.

In terms of the best secure smartphone wallet, I think I will give it to TrustWallet. So far there has not been any negative experience concerning security of assets held on the app. If you can get a hardware wallet, I will say get one and keep your mind at rest forever.

I often change my wallet to safeguard my assets, I often use wallet blockchain, trust wallet, Imtoken but there are no obstacles to my assets.  I recommend Trustwallet to protect your assets.  But some level of our carelessness that causes our assets to change hands because they often open sites that are not safe so that computers are often infected with dangerous viruses

   My crypto-holding is my saving, and I am sure that it's more secure than my money in the bank! I relay
more on crypto-future and my holdings, than on my fiat-savings. Time will tell, but I have more in crypto-
currencies, which is normal as I believe more in crypto-currencies.
   Keep your wallet offline, store your keys on several places, safe ones and you are secured. There is better
but more complicated security, but for me this is enough I believe.

Your Post topic says life savings. Hence i would suggest that it is totally wrong and naive to keep your life savings on coinomi, Why because it has been reported severally that the best place to store huge funds is your ledger or trezor cold storage wallets.

I have little experience regarding how coinomi works, because my favorite is imtoken; perhaps that issue get resolved.
Lets continue to be safe and store our private keys adequately, avoid scam links and fake browsers extension.

reconsider before you do that. if you want to save all the money you have with real collateral then I recommend keeping it in a real BANK. but regarding Crypto Wallet, so I recommend using a Trust wallet, I'm not saying it's safe forever, but at least you can keep your assets in a real and responsible company.

I recommend that you do not increase your risk by looking for a third party to hold your assets. Get your own wallet, namely a cold wallet. Which you will use to hold your coins.
These costs more than pay off. You will sleep peacefully understanding that your coins are reliably protected and the only one who depends on their security is you.