|Wallet type||Mobile-based, hot wallet|
|Platforms supported||Android and iOS|
Picking a Bitcoin wallet can be a tough challenge. There are so many different wallets in the market that picking just a single one might seem almost impossible.
Mycelium wallet has been a part of the cryptocurrency world since its inception in 2008.
In this article, we will cover the complete aspects of the Mycelium wallet and its other things. Let us look into this Mycelium wallet review in detail now,
What is Mycelium Wallet?
MyCelium is a BTC company that specializes in hardware, software, and security. The wallet has been around even before BTC. It was first created by a team of 11 hardware engineers as an exciting project on mesh networking in 2008.
Mycelium Wallet is a wallet that is designed to function conveniently on a mobile device. It makes it easy for a user to store bitcoin as well as to send bitcoin to others or trade it.
- Friendly Interface: One of the unique features of this app is its interface. It is easy to navigate and provides all the information to the users just with one click.
- Easily Accessible: The QR code helps you to send and receive funds from anywhere in the world. It is connected to the built-in camera which makes it easy to scan the code.
- Security: MyCelium is a highly secure wallet. It includes PIN code protection. It is a hierarchical deterministic and generates a 12-phrase seed code that can be used to restore the wallet in case of loss or theft.
- Single Address Accounts: This type of wallet accounts allows users to remove their private key from a device to lock their fund which makes wallet becomes inaccessible.
- Hardware Wallet Integration: MyCelium is integrated with trusted hardware wallets in the crypto market like Ledger, Trezor, and Keepkey.
- Bit ID Authentication: Mycelium wallet supports Bit-ID protocol. This is an open-source authentication protocol.
Mycelium Fees and Limits
There are transaction fees involved in Mycelium. These depend on the size of the transaction. It ranges from anywhere from $0.25 to around $7. Other than that, there are no MyCelium wallet fees involved with the wallet itself.
Miner fees through Mycelium begin at 0.08 mBTC/kb when purchasing low-priority bitcoin and go up to 1 mBTC/kb when buying high-priority bitcoin.
Mycelium Supported Currencies
Only Bitcoin (BTC) can be stored in the wallet, however, through a partnership with WAVES, users can add many types of cryptocurrency to the wallet, and WAVES will automatically convert them at the listed market price into BTC, and deposit it straight into your wallet.
It enables the transfer and conversion of many top coins such as ETH, USDT, LTC, EOS, DASH, ZEC, XTZ, WAVES, TRX, RVN, OMG, NEO, and dozens more.
Is Mycelium safe?
The company behind the Mycelium Bitcoin Wallet, Mycelium, is a very well reputed company in the industry that has never had any cases on users such as scandals, or hacks. It seems they genuinely have the best interest of Bitcoin users in mind.
Mycelium Bitcoin Wallet is completely open-source on Github, anybody can read and verify all the code and also double-check for bugs. All the features in the wallet are done using blockchain encryption.
How to register on Mycelium?
Step 1: Download and Install the app from the official MyCelium website or App store
Step 2: Once it is installed then go to the home screen and open the app.
Step 3: Open the wallet and press the ‘Backup’ key.
Step 4: Now a 12-phrase passcode will be generated. Note down the code safely for future use.
Step 5: Now find the setting option, Then click on “set pin code”.
Step 6: Lastly set a pin code and one should not forget it.
Step 7: An individual cannot spend a bitcoin without this pin code. After the pin code is saved, one needs to back it up.
How to recover the Mycelium password?
If you have an old backup, then it should consist of a PDF and a 15 letter password. The PDF should contain various QR-codes of encrypted private keys. To restore those single address accounts, install Mycelium, at first start select “new wallet”, go to the accounts tab, press +key, select “advanced” and then “scan”.
How to send funds on Mycelium?
Step 1: Go to the “Balance” tab and tap the red “Send” link.
Step 2: You are able to “Scan QR Code”, choose from “My Addresses”, paste an address from the clipboard or manually enter an address. You also need to enter the amount of Bitcoin you are planning on sending.
Step 3: Next, choose the miner fee you would like to pay based on how quickly you want the transaction to be confirmed. This will entirely be based on the congestion of the network at the time. You can take a look at the size of the Bitcoin Mempool to get a sense of transaction backlogs.
Step 4: Verify everything is correct and tap “Send”.
Step 5: You will be prompted to enter your PIN code to verify you want to continue with the transaction. Enter your PIN and send it.
How to receive funds on Mycelium?
Step 1: Go to the “Balance” tab and tap the green “Receive” link.
Step 2: You are able to “Scan QR code” or Bitcoin address to share with others. You can also optionally enter a requested amount.
Step 3: To ensure you send the correct address there is also a “Copy to Clipboard” option.
Step 4: Verify everything is correct and tap “Receive”.
Step 5: After you have sent a request for Bitcoin you can check under the “Transactions” tab to see all your historical transactions.
Mycelium Pros and Cons
- Buy BTC with a credit card using a simplex partnership
- Connections are really fast and fluid
- Buy BTC and ETH with the bank account
- Android/iOS mobile app
- Can send/receive with QR codes
- No Multi-Signature account feature
- No two-factor authentication
- Not available for desktop
If you are someone looking for a mobile Bitcoin wallet, then the Mycelium wallet could be an excellent option for you. The wallet has an excellent track record and is loved and used by many users. As well, it is packed with sophisticated features that are far more advanced than standard crypto wallets.
However, a unique feature increasing the security aspect of Mycelium is its integrated support of various hardware wallets to secure the Mycelium wallet services. All in all, the Mycelium wallet is one to consider when choosing a mobile software wallet for Bitcoin.
- On May 08, 2020, Mycelium Wallet Supports ERC-20 Standard.
- On April 20, 2020, Hype-pandemic Decreases the Velocity of Money So Unavoidable Hyper-QE Doesn’t Blow Up the World
- On July 28, 2020, A new cryptocurrency backed by gold has entered the market. This crypto is called Gold Secured Currency (GSX).
- On Aug 27, 2020, Mycelium Partners with BlocPal to Enable Crypto-Fiat Solutions for Next Generation Mycelium Wallet