COINiD Vault App Review 2021 | Great crypto exchange app

COINiD Vault allows you to buy, sell, and trade cryptocurrency at any time and from any location.

Table of Contents

What is COINiD Vault App?

Unless you’ve been living under a rock, you’re probably aware that cryptocurrencies are the most talked-about trend right now. As of February 21st, 2021, Bitcoin had a market capitalization of $1072.21 billion. By 2023, the global blockchain market will be worth $23.3 billion.

With an ever-increasing number of investors in the market putting their money into Bitcoin and other cryptocurrencies, the market has been flooded with crypto apps that not only guarantee the highest security standards but also claim to simplify cryptocurrency exchange for everyone.

The private keys are kept separate from the wallet by CoiniD. It is capable of signing transactions for both Hot and Cold COINiD Wallet accounts. Install it locally to use for your Hot Wallet, or install it on a phone to use as an offline device for your COINiD Cold Wallet account. Setting up an offline device takes less than 10 minutes. You only need a spare phone. Lowering the entry barrier to offline Bitcoin storage.

Main Highlights

Enter your passcode, Touch ID, or Face ID to log in.
Make a secure mnemonic for your wallet.
Install it on your computer and use it for your Hot Wallet.

Features of COINiD Vault App

Integrated Cold Wallet-Store your funds safely and securely offline. You only need a separate Android or iOS device.
Transaction batching combines multiple transactions into a single transaction, saving space on the blockchain and lowering transaction fees.
Complete control-Your private keys are never lost or stolen.
SegWit-support for Segregated Witness, resulting in smaller transaction sizes and lower fees.
Use a single set of keys for multiple coins and addresses in a hierarchical deterministic scheme. Each time an address is used, a new one is generated.
Built with React Native for rapid development cycles and cross-platform support.

Why choose COINiD Vault app?

You are aware of how privacy has been violated in terms of online transactions and so on. To be safe, you must understand where you invest and how to use the best apps to be safe and get the best market value for your cryptocurrency. COINiD Vault lowers the barrier to offline bitcoin storage by requiring only a spare phone and a few minutes.

Frequently Asked Questions

Is it possible to verify that the recipient address generated is correct?

Yes, activate the receive dialogue. Select Validate Address by pressing the more options dots. COINiD Vault will open and display the correct derived address after you verify it with the pin. Check that it corresponds to the one displayed on the Wallet.

What method do the two phones use to communicate with one another?

The wallet sends the raw unsigned transaction data to the offline COINiD Vault.

The transaction is displayed for verification when the data is received by the vault. The user then signs the transaction with their pin or TouchID. The signed transaction is then returned to the wallet, where it is published to the blockchain.

It should be noted that no sensitive data is exchanged between the devices. Only data that is later published on the blockchain is considered. COINiD uses Bluetooth Low Energy (BLE) or QR data transfer for offline communications.

What is the format of my mnemonic?

It is encrypted and stored in the iOS Keychain or the Android Keystore (Android 6.0 and up). Facebook Conceal is used to encrypt data stored on Android 4 and 5.

Do you provide pre-assembled deterministic builds?

Because COINiD distributes the app through the App Store, this is not possible. The source code, however, is available on Github for anyone to review and compile.