In the digital space, few companies are still in the game including- Mycelium. The team of hardware engineers established Mycelium in 2008. The company intends to meet the emerging needs of bitcoin users.
Mycelium is Android and iOS Bitcoin wallet app. Simple to install for daily basis use. The Bitcoin wallet is an application allowing you to use the Bitcoin payment network. Unlike email app receives/send emails, a Bitcoin wallet receives/send Bitcoins.
The Mycelium Bitcoin Wallet is one of the safest wallets for mobile phones. It secures your Bitcoin Private keys on the device itself. Let’s dive into the details!
What is Mycelium Wallet?
Mycelium is an extremely integrated bitcoin company in software, hardware, and security. The Mycelium Wallet is a mobile wallet where you can store, exchange and trade bitcoin.
This can be done via single account or multiple accounts with enterprise-level security features.
The Mycelium Bitcoin Wallet provides five account types:
- HD (Hierarchical Deterministic)
- Single Address Accounts
- “Watch Only” Accounts
- Hardware (for offline devices)
- Bit ID (for open protocol)
A mycelium wallet was awarded the 2014 “Best Mobile App” by Blockchain.info.
It is compatible with Android and iPhone (APK file is only available for Android)
How Much Mycelium Bitcoin Wallet Cost?
The Mycelium Wallet is free of cost. However, transactions are subject to fees depending on the transaction size.
The miner fees spans around 0.08 mBTC/kb* to 1 mBTC/kb*. (*1mBTC = 0.00100000 BTC)
Which Cryptocurrency to Store?
Mycelium Wallet accepts bitcoin. It allows you to convert back and forth the regular fiat currency. (US dollars, euros, etc. to bitcoin)
Where to Get the Mycelium Bitcoin Wallet?
You can download the Mycelium Wallet directly from the company’s official website. Download the wallet on either iPhone or Android. It’s also available on iTunes and Google Play.
How to Setup the Mycelium Bitcoin Wallet?
First of all, what you need? Let’s see!
- Android smartphone
- Internet access on Phone
Once you have the above things, now you are ready to setup the Mycelium Wallet!
Step 1: Download the Mycelium Bitcoin Wallet via Play Store, click “Open” and select “Create new”.
The wallet is installed and ready to use. However, it is recommended to secure it.
Step 2: Backup the master seed key and set the Pin number to protect your wallet.
During this wizard, a series of 12 random words appear which is the seed key. Write it down on a piece of paper and protect it.
Pin Code is set in this Wizard to secure the bitcoins. No one can trade these bitcoins without the pin or can never modify your seed key.
Step 3: Receive Bitcoins:
- Go to the Balance Tab and Click “receive”.
- Enter and request the amount (optional field).
- Share the bitcoin address “QR code” or alphanumeric address via the option “Share Bitcoin Address”.
- OR “Copy to Clipboard” with the one from whom you have to receive bitcoins.
- Check the received funds under “Transaction History”.
Step 4: Send Bitcoins
- Go to the Balance tab and click “send”
- “Scan QR Code” or “Manual Entry” or “Copy to Clipboard” the address whom you want to send
- Enter the amount of bitcoins you want to send.
- Select the “kind of miner fee” for confirmation of this transaction.
- Check and verify all the details
- Click “Send”
- Enter your pin code to confirm and carry out this transaction.
Some other Functionalities of Mycelium Bitcoin Wallet:
Mycelium wallets have 4 kinds of Miner fee. These fees link to transactions which are paid to the miner. Quickly scroll: [Bytes and time taken to confirm the transactions]
- Priority– 600 satoshis / byte with approx. 10 min
- Economic– 143 satoshis / byte with approx. 2 hrs
- Normal– 196 satoshis / byte with approx. 30 mins
- Low-Priority– 129 satoshis / byte with approx. 3 hrs
Mycelium transaction history tab helps you to see:
- The number of bitcoins received
- The number of bitcoins send
- To what address it is send
- At what time in the past
Using address book tab you can maintain the addresses often transacted. You can also add as many addresses as you want.
Cold Storage Spending
It also enables you to scan the QR code and trade via the paper wallets.
Is Mycelium Wallet Safe?
The enterprise-level security features protect Mycelium Wallet via following:
- HD security
- Extensive backup choices to secure private keys
During signup, you need to set up a PIN code that locks the following functions:
- Sending bitcoin payments
- Adding new accounts
- Exporting single-address accounts displaying private key
- Modifying buy/sell orders
To use the backup function, write down the 12-word security phrase. This helps when you go to back up the account.
Once you enter the PIN, you will get 12 words, one at a time. These words help recover your account whenever necessary.
What’s Coming Soon?
The company says, Mycelium has been “growing from the dawn of the blockchain era.”
The bitcoin and the blockchain users can find exclusive features in the Mycelium Wallet to use.
Setup is really quick and simple as seen earlier. So you need to start off by accepting/receiving payments prior to testing out Mycelium’s distinct features.
There are some more things lined up for future development. Let’s go through quickly:
1] Fiat accounts: Fully-fledged, blockchain-based
2] Inexpensive remittance: Most popular corridors
3] Debit cards Wallet: Linked as well as in-wallet-issued
4] Personal finance: Convenient management of bills and invoices
5] Investments: Efficient portfolios and hedging
6] Escrow-secured business transactions and bets
7] Crypto assets creation and exchange
Now, that you have much knowledge about the Mycelium, you should give it a try! Below is a referral video tutorial for you on “how to gain hands on”: