If jaxx is not safe, are we sure coinomi is safe?
Recently there has been terrible news about jaxx wallet being hacked, and users losing all their coins. I know coinomi wallet is open sourced, so are we sure it is safe? I would feel better if someone really knew and could answer this.
edit Upon trying to look into it, they claim to encrypt the entire wallet with the user's password. I sure hope so...
update So I contacted coinomi support and here is what they said "Regarding Coinomi security, the wallet encrypts the private keys and recovery phrase using AES in CBC mode with the encryption key being the Scrypt hash of the user's password. So if you have a (good) password set and lose your phone it is practically impossible to decrypt your private keys. Jaxx as far as we know, does not encrypt your private keys even if you set a PIN."
Sounds pretty safe if you pick a strong password, check your password's strength here: howsecureismypassword.net
Good post! Following. AND upvoted. Thanks!
no ty
Very good. BTW -
I got here through a Google "Alert" setup for "Coinomi" - for this reason exactly.
Cold storage is the ideal. But, for those who are new... There's a lot to do.
I'd like to move to cold storage. Or memorize private keys.
Followed you.
Cheers.
Thanks for commenting, all of my followers get followed by me standard procedure. Wow google alerts, I had herd of that, but was unsure of its use, I thing that could be handy.
I think the solution is easy. Keep your savings in cold storage and your trading money on a hot wallet, if you can use a hardware wallet then that's good too.
I used to keep them on paper wallets. The main problem with that, is it is inconvenient to spend it. Also, I started investing heavily in altcoins, so using cold storage, hardware wallets etc are very tedious, and would involve many core wallets. But when I do that, coinomi is not needed, since the core wallet is best.
Thanks for reply, following.
I wouldn't be comfortable checking the strength of my password online. Reading so much about how to secure crypto and ways one could lose the money made me paranoid. Except for paper wallets, any wallet could be a scam. Even hardware wallets are not 100% safe. I've been using coinomi to claim hard forks and store alt coins. Articles like yours and comments reduce my paranoia. Thank you