Hello Musicoiners, this is a guide how to install and use Coinomi wallet on your Android phone. Coinomi is good multi-coin wallet on which you can store your Musicoins (other currencies as well) or make transactions directly to exchange markets.
Coinomi Mobile Wallet can be found on Play Store.
Let’s see how it works:
INSTALL it and then OPEN the application.
Choose CREATE A NEW WALLET.
The application will show you your recovery phrase, it is very important to write down this words and store them safely.
Confirm your recovery phrase word by word.
Now set a password for the wallet (10 characters at least). That’s the password which you going to use when you make transactions.
Select the coins you wish to use with your wallet. You can add more later.
You need to agree with Terms of service.
You will see starting balance of 0.00 MUSIC. To change displaying of balance in fiat currency (above MUSIC balance) hit "three dots" in the upper right corner and choose Settings.
Go to Settings
then to Exchange rates and choose desired fiat currency.
Now the balance is shown in MUSIC and in our case USD too.
Transaction fees for Musicoin are very acceptable.
How to receive coins on your Coinomi wallet?
The sender needs to have your address (see "My address") or QR code can be scanned. One general advice regarding first transactions with all wallets would be to test your first transaction after wallet installation with a small amount to confirm everything is OK before sending large amounts.
When you receive coins you will see senders address and the amount being sent (in our case 0x96b548cea59eb5a04028f4f2d72da8b4ae538bc5 and +1).
How to send coins to exchange?
For example I opened Cryptopia and selected Musicoin and DEPOSIT. Address to which we send (0x0ae4042b6da9014f8564f68bd9adfadedd0d4714) needs to be entered or QR code can be scanned.
Make sure you selected Musicoin.
After you have entered address in your Coinomi wallet, double check have you selected Musicoin, then enter the amount and hit SEND button.
Enter the password and hit CONFIRM.
Your transaction is sent. Confirmation of transaction will be done after few seconds.
Now in the balance, we can see the amount that was sent (in our case -1) and the address of the recipient.
We can check it on Cryptopia and see that coins arrived (0.99958000 in our case). As you can see we received slightly less because of a fee.
And that’s the Coinomi wallet, once you try it you will see it’s not more complicated than C-Major scale.