What is Mycelium?
Mycelium is a BTC wallet providing the highest security for any enterprise. Mycelium started existing in 2008. At that time, they were a group of hardware engineers interested in a mesh networking project. The mobile bitcoin wallet appears to be the most famous one among software wallets, having a great number of users all over the world. To find out your balance, the Balance tab opens at launch, displaying the amount of Bitcoin in your wallet and the current BTC exchange rate, as well as buttons to send and receive BTC.
If you want to find out why Mycelium wallet is so popular, read the Mycelium review below.
Mycelium doesn’t have a desktop version but has a lot of useful features. It provides its users with a huge variety of characteristics for both newbies and experienced users. Let’s look at the features more thoroughly.
- Hierarchical deterministic wallet
The Mycelium wallet has a feature called a “master seed” that can be used to derive future Btc addresses for restoring a bitcoin wallet.
- Hardware wallet compatibility
The Mycelium Bitcoin wallet gives users the opportunity to store additional tokens on the wallet with the help of a hardware wallet like the Ledger Nano S, KeepKey, and Trezor.
- Single address accounts
This kind of account allows people to deactivate the private key from a gadget so that the wallet becomes inaccessible. If utilizers want to get access back to the account, they are able to import their private keys back into their mobile phones.
The Mycelium Bitcoin wallet has its own decentralized named “Mycelium Local Trader.” It helps users to purchase and trade BTC in a safe and secure environment. Another characteristic of this marketplace is a secure chat functionality using end-to-end encryption with your Bitcoin keys.
- “Watch only” accounts
This type of account has the Bitcoin address stored in the account without the corresponding private key preventing the cryptocurrency wallet from transmitting transactions. But, however, users enable to watch for outputs. This is a great characteristic for those who have a desire to stock a wallet and see outgoing transactions.
The features mentioned above show that The Mycelium wallet is not just your standard mobile wallet. The Bitcoin wallet is always changing and being developed. In the near future, it is planned to add more characteristics and features to the wallet.
The Mycelium Bitcoin wallet app can be downloaded from the Mycelium website or the Apple App Store and Google Play Store.
Who should use the Mycelium wallet?
It goes without saying that the Mycelium wallet is suited for everyone. The UI (mycelium interface) is user-friendly, helping people to easily store Bitcoin. Additionally, the digital wallet is portable via your smartphone. That’s why you can bring it with you everywhere you go. This new wallet is very convenient while maintaining enterprise-level security, especially with the integration of hardware wallets.
Nevertheless, should you want to store amounts of cryptos on Mycelium, we recommend that you use the safety of a hardware wallet to unlock your Mycelium wallet.
Security and safety
To begin with, the main function of digital wallets is to provide safe and secure storage of your cryptocurrency. Other characteristics should be second to security. Despite the fact that Mycelium is full of additional features, they do not compromise security. The wallet has taken care of its users’ savings, so the utilizers are satisfied with everything Mycelium does. According to the user reviews, it also maintains the highest rate (according to the user reviews) on the Google Play Store among other bitcoin wallets. Knowing this, we can draw a conclusion that this wallet is secure and can be trusted.
The first security measure is access to the app and its services with a standard pin code. To open the wallet, export private keys, and make transactions, you are to select “Set PIN code. It’s important that you keep the PIN private. This virtual wallet does not “touch” your money. It is only a relay between you and the Bitcoin network. You can also change your crypto exchanges by selecting one from a drop-down menu in the Balance tab.
Another security feature that is exclusive to the Mycelium wallet is the ability to provide watch-only accounts. It means that if you have a secured cold storage account, you can control the balance without actually storing it on Mycelium. The cold storage functionality allows you to 100% secure the savings you have until you are ready to spend them. As for the Bitcoin addresses with the private keys saved on your mobile device, they are heavily encrypted with AES-256 encryption.
Privacy of the users is considered to be one of the most important issues for the wallet. That’s why they don’t collect any personal data, and each and every user can stay anonymous. For registration and authentication, the Mycelium Local Trader Marketplace maintains total user privacy by using your Bitcoin private key. The only information needed is your nickname, Bitcoin address, sell orders, trade history, and location. But, this wallet is not very private because if Mycelium knows your Bitcoin address, it is easy for blockchain investigators to find out who you are. However, the level of privacy is still enough for many users to use the app.
It’s worth saying that the Mycelium wallet supports only one cryptocurrency, Bitcoin. But, as was mentioned above, this wallet is changing and being innovated. That is why they will begin supporting a large number of different cryptos in the nearest future.
Having an opportunity to easily restore a crypto wallet is the second reputation feature of digital wallets. If a user’s mobile wallet is lost or stolen, they need a way to recover their funds. The Mycelium wallet uses a hierarchical deterministic wallet design. This enables the user to restore their wallet with a 12 word mnemonic key phrase. This is a common feature across nearly all not paper wallets.
Trade cryptos from inside the wallet
The unique feature of the Mycelium wallet is that users can do a lot of things with their Bitcoin. You do not have to just store and send Bitcoin to other wallet addresses, and you can actually use it. For instance, Mycelium has partnered with Cashila, with Glidera (a service giving users an opportunity to purchase and trade Bitcoin using a bank account in the USA and Canada), and with Coinapult, which allows users to hedge against fiat currencies such as the USD, the EUR, and others.
Mycelium users can trade BTC from inside the wallet. Using this service, traders are able to purchase and sell bitcoin with each other. Also, you are able to use the built-in Local Trader feature, which allows you to buy/sell tokens from other Bitcoin users in your area. On the other hand, you can add extra payment addresses by scanning QR codes to evade any mistakes.
The wallet is free to install and can be downloaded from the Google Play Store and the Apple Store.
Guide on how to use the wallet
To become a user of the wallet, you need to follow the next steps below. Let’s go!
1. Install the mobile app
With the help of your mobile phone, whether it’s an iOS version or an Android one, use the App Store to download and install the free Mycelium Wallet.
2. Create a wallet
To do it, you need to click the Mycelium wallet icon to open the wallet and select “create a new wallet.”
3. Set your PIN code
Now you need to think of a PIN code. When you finish with it, write it down on a piece of paper in case you forget it.
4. Secure your recovery phrase/mnemonic (master) seed
While you are dealing with this step, you will see your mnemonic seed, which is a series of 12 random words. Write these 12 words on a piece of paper one after another and confirm they are not wrong. Do not store these words on a computer or device that’s susceptible to hackers. You are going to need this master seed while encrypting your wallet keys with a password.
5. Receiving Bitcoin
Now your wallet is created, you can receive Bitcoins by transmitting them to the address demonstrated in the receive tab. You’ll be provided with all the data needed to receive Bitcoin. This includes a QR code or Bitcoin address to share with others.
6. Send Bitcoin
In order to transfer Bitcoin, press on the “Send” button to see the options. Mycelium allows you to push the button “Scan QR code” of the recipient, copy it from the address book or from the clipboard, or enter it. Also, you will be offered to enter your PIN code when sending BTC. In addition to the amount you want to send, the application also allows you to customize the miner fee with pre-determined labels.
Customer support of this software wallet is up to scratch. Clientele can reаch it via a support ticket system. In addition, utilizers will be free to review an extensive library of articles on the support page. All in all, new users should have no problem finding the answers to the questions they might have.
So, if you are the one who is searching for a portable Bitcoin wallet, the Mycelium one will be definitely for you. It’s full of sophisticated features, thanks to which the user becomes more seasoned. Unfortunately, there is a disadvantage in this wallet: it is rather susceptible to malware and hacking attempts. Users and newbies must show their vigilance while using the app. The app involves information about cryptocurrencies, CFDs, and other financial instruments, and other entities trading such instruments. Both cryptos and CFDs are complex instruments.
In the long run, the Mycelium software wallet is the one to choose for storing BTC. To avoid investing in any financial instrument, you don’t know how to refer to we advise that you perform your own research to find out what are the risks involved (because investment decision always needs to be thought over)!
Is Mycelium a good wallet?
It definitely is! It has excellent customer support, a lot of advanced features and so on. The wallet is one of the most secure digital wallets, which is considered to be the wallet’s main advantage. With the Mycelium BTC Wallet, you can send and receive Bitcoins. Additionally, it has fewer disadvantages than other Bitcoin wallets. Apart from it, you can use a QR code when using this wallet. Mycelium also has an address book for frequently used Bitcoin addresses and transaction history with full transaction details.
Apart from the mentioned above, one of the best things about Mycelium is its ability to route transactions through the Tor network for maximum privacy with a simple toggle.
Can Mycelium wallet be hacked?
Unfortunately, it can. The main drawback of the wallet is its susceptibility to malware and hacking attempts. If you are a user of Mycelium, you need to be attentive and careful with this hacking issue.
Can you keep your cryptocurrencies in two or more wallets at a time?
A lot of experts recommend users should invest in more than one kind of wallet in order to evade the risk of losing money. It is beneficial when you’re dealing with different types of cryptocurrencies containing different features and values.