I bought a cheap android phone, factory reset and rooted it. Then I installed the coinomi wallet which I love so far. My pass phrase is stored in a fire & water proof container and my password is secure.
Let's say that now I lose the phone or it is stolen. Everyone says, "no problem just restore your wallet on another device". What is not discussed is the lost or stolen device. A thief or opportunist could be trying to brute force the device pin or wallet password. Shouldn't I move my coins to a new wallet with new private keys, Or, is that what actually happens when you restore a wallet?
Thanks in advance!
You should move your coins when you have restored your wallet - a restore by itself does not move coins that are stored at the wallet address, it is only adding your private/public key back in a local wallet app that will then have the correct private key to authorise a payment to another wallet address.
I am with xoogler on this. Couldn't have worded it better...