Do you own some cryptocurrency but have it stored on an exchange? Have you heard the old saying, not your keys not your coins? This means that if your cryptocurrency is kept on an exchange, you are not controlling your private keys, but rather the exchange is. This leaves you vulnerable to hacks and having your cryptocurrency stolen. So what can you do? Take control of your private keys and store your cryptocurrency on your phone!
Step 1: Download Coinomi
Visit the Google Play Store or the App store, search for Coinomi and Download it. This app is what you use to store cryptocurrency on your phone. It is what is known as a cryptocurrency wallet.
Step 2: Open Coinomi and “Create A New Wallet”
Once you select the “Create A New Wallet” option you will see a screen with your recovery phrase. Your recovery phrase is a unique collection of 24 words which is run through a mathematical function to create your wallet. Write these words down (with a pen and paper) and put them some place safe (the notepad on your phone is not a safe place). If you don’t have time to write them down, don’t make a wallet.
If for something happens to your phone (lost, stolen, dropped in the toilet) you will be able to use these 24 words to recover your wallet. Anyone with access to these 24 words will also be able to access the contents of your wallet so it’s important to keep them in a secure place.
Once your recovery seed is written down check the “I have safely stored my recovery phrase” box and click “Next”
Step 3: Confirm Your Recovery Seed
Coinomi provides the option to skip this step but I strongly advise against it. It cannot be stressed enough how important this recovery seed is. If it’s wrong, it will be worthless to you.
In this step, all of the words from your recovery seed will appear on the screen and all you need to do is select them in the order you have them written down. During this step, it’s a good idea to double check the spelling of all of these words too.
Once you have checked all of the words in your seed click “next”
Step 4: Create a Strong Password
Remember, this app will be storing money so create a password that is long and hard to guess (not the name or birthday of your child, significant other, or your college and year of graduation). A strong password doesn’t necessarily need to be complex or hard to remember, but it should contain as many characters as possible and be a combination of numbers, symbols, uppercase, and lowercase letters. We recommend a memorable and lengthy phrase.
A password like this (unique to you of course) would be hard to guess or brute force and that makes it a good password. If you don’t want to type out a long password like that every time you unlock your wallet, we recommend using a password manager like 1password.
Step 5: Select the Coins You Want to Store in Your Wallet
This step depends entirely on what coins you own or are planning on owning. If you’re unsure what coins you’ll be storing, worry not! You can always add coins later. Coinomi is great because they support a wide variety of cryptoassets.
Once you have selected the coins you wish to store press “Finish”, agree to the terms of service and you will be ready to roll!
Step 6: Receive Crypto!
In order to store your coins in your wallet simply select the coin you wish to store and look for the “receive” tab in the upper left-hand corner.
Once you select the “receive” tab you will see a bunch of numbers and letters under the words “my address” along with a qr code. This qr code corresponds to your address so you can either paste the address in the proper location to receive crypto or have someone scan your QR code to send you crypto.
Once you have received your crypto, you can now safely store your cryptocurrency on your phone!