Mycelium Wallet Review: What it is and how to get started
Choosing a bitcoin wallet might be a difficult task whether you are a newbie or an experienced crypto enthusiast. Given many crypto wallets out there, you need to consider several factions like security, usability, and other add-on functions.
This review will cover everything you need to know about Mycelium wallet. At the end of the review, you will be able to determine whether this wallet is a good fit for you.
Here is what you will learn as you go on:
- What is the Mycelium wallet?
- How does Mycelium wallet work?
- How to use Mycelium wallet?
- What coins does Mycelium wallet support?
- What are the pro features of the Mycelium wallet?
- What are the cons of Mycelium wallet?
- Mycelium wallet FAQs
What is Mycelium Wallet?
Mycelium is one of the earliest cryptocurrency wallets. It started in 2008. It's a mobile wallet that supports various account types, including Hierarchical Deterministic (HD), Single Address Accounts, Watch Only Accounts, Bit ID Accounts, and Hardware Accounts.
Mycelium wallet is a safe and secure way to send, store, and exchange Bitcoin.
The wallet is open source, and it connects to the Bitcoin network quickly. Other wallets can be connected with Mycelium. In 2014, it was named the Best Mobile App.
How do Mycelium Wallet works?
Mycelium wallet is designed to work as a standalone or mobile wallet. The HD structure is one of the best features of Mycelium and allows users to store Bitcoin. The Hierarchical Deterministic also generates a unique set of addresses every time a transaction is sent or received.
Mycelium wallet is a reliable platform for storing and trading Bitcoin. The wallet can be connected with other wallets and exchanges to transfer, trade, and store Bitcoin. The wallet is designed to offer support for mobile apps.
Mycelium Wallet offers a simple interface for managing the Bitcoin wallet. The users can keep track of their transactions and monitor their holdings.
Many features are included in the Mycelium wallet software to keep you up to speed on bitcoin. You can view the current Bitcoin value and the value of your Bitcoin holdings when you start the app. You'll be able to keep track of the value of your assets in this manner.
It also features other tabs like accounts, transaction history, wallet balance tab, financial advice for investment, and address books. In a nutshell, the Mycelium cryptocurrency wallet not only saves your Bitcoin but also keeps you informed on your asset balance and transactions.
How to use Mycelium wallet
Mycelium has been convenient for traders over the years. Follow these steps to get started:
Download the app
You can download the Mycelium app from google or apple store or get the desktop version from the website. The app will not work on an iPhone with iOS 8.0 or a lower version.
Create an account
Once you open the app, follow the prompts to create an account.
- Select new to create an account or "restore a backup" to recover an existing one
You can start using the wallet immediately, but it's best to secure it before any transaction.
Backup your wallet
- Select the three squares in the top right corner and click backup.
- Write down the 12 words displayed on a paper and store them safely. The app will not allow you to take screenshots for security reasons.
- Input the words again to ensure you wrote the correct combination.
Don't type the words in an email or on your computer. Anyone who knows your 12 words can get into your wallet and steal your Bitcoins.
Set a pin code
- Click on the three squares in the top-right corner
- Select "settings"
- Click "PIN Code" under the "Security and Privacy" tab
- Toggle on "set PIN code" on the next screen.
- If you haven't made a backup of your master seed, the system won't allow you to create a PIN.
- Input and verify your PIN.
You can also manage more than one account on the Mycelium wallet. To do that, click "Add account" at the top of the page and select from the list of account types. You can add a
- Bitcoin HD account
- Bitcoin Vault HD account
- FIO account
- Ethereum account
- ERC-20 account
- Digital asset account (NFT)
Which coins does Mycelium Wallet support?
While Mycelium is traditionally a Bitcoin wallet, it also supports the following coins:
- Bitcoins (BTC)
- Ethereum (ETH)
- Tether USD (USDT)
- USD Coin (USDC)
- Huobi Token (HT)
- Binance USD (BUSD)
- Zero X (ZRX)
Users can store and convert these coins into fiat currencies on the wallet. And while it is a hot wallet, Mycelium allows transactions from cold wallets.
What are the pro features of the Mycelium Wallet?
Ease of use.
Mycelium is an open-source wallet that allows users to send and receive Bitcoin through a mobile interface. No sign-up, login, user name, or central authority is required. Once you download the app and set up a backup, you can start trading crypto. The wallet supports multiple denominations and allows users to track their transaction history. The HD interface adds another feature to the Mycelium wallet.
Mycelium places a premium on the safety of its users. It has never been involved in any scandals or breaches. These are some of the security measures you will enjoy on the app:
● Watch only
This feature allows you to check the status of your funds without registering your private keys. On the other hand, this function is intended for experienced traders and is best suited for holders of big paper wallets.
● Storage of private keys
Mycelium's paper wallet supports the storing of private keys. This choice is in the center, offering both pros and downsides. When working with this function, it is necessary to take extra precautions.
● Two-factor authentication (2FA)
Two-factor authentication adds an extra degree of protection to your Mycelium account. This is a relatively common feature with most cryptocurrency wallets. Never give out your private key and store it in a secure location.
● Interface protection
Mycelium wallet, like other bitcoin wallets, provides user interface security. This function safeguards your Bitcoin addresses as well as your private key. If a user misplaces their phone, this function allows them to recover their Bitcoin and other digital assets.
● Backup and restore feature
Mycelium wallet has backup and restores features. The backup feature allows users to create a backup of their wallet data, while the restore feature allows users to restore their wallets when the data is lost. The system uses the 12-word recovery phase so that users do not go through the lengthy recovery process.
Simple user interface
The interface is quite intuitive and user-friendly. It is easy to transfer funds from one account to another, set transaction limits, and control private keys. It is also possible to create a wallet with a 24-word seed and create multiple accounts in the same wallet.
Aside from that, it has an attractive dark theme feature that provides a sleek and smooth interface.
Hardware wallet support
You can connect to your hardware wallets like Trezor and Ledger. TREZOR may be added to the application as a new account. Mycelium simply imports the XPUB of your chosen TREZOR account, allowing the app to display your account balance even when the device is not connected. Mycelium, on the other hand, never has access to your private keys!
Mycelium supports buying and selling Bitcoin. The platform allows users to set the price they want to buy Bitcoins from various exchanges. The feature enables users to connect to the exchanges and buy or sell Bitcoin.
This feature helps users to trade Bitcoins in their local neighborhood. It is quite useful for people who want to convert their Bitcoin into cash.
This feature enables users to manage their coins and the transactions using the coin control feature. It helps users set the transaction fees and lower the transaction fee by bundling the transactions.
Segregated Witness (SegWit)
This feature allows users to send and receive small transactions without compromising the blockchain. SegWit also will enable users to save a considerable amount of transaction fees.
Mycelium allows you to set transaction limits, which is excellent for controlling spending. You can set policies in your wallet to prevent over-spending.
This feature allows Mycelium mobile users to conduct in-app trades and exchanges, making it simple to manage your money. This approach involves connecting one's wallet to Defi and Dapps and storing money to facilitate coin exchanges or transfers. It contributes to the reduced commotion and greater clarity.
Single address account
If you suspect a threat to your wallet, you can protect yourself by using a single address account. To open and manage your account in any Mycelium wallet, you must have a pin address on your smartphone. It is therefore impossible to access your wallet without these activated private keys.
You can remove the address pin to lock up your account completely. That way, no one can access your wallet no matter any means they try.
So, when you want to reopen the account, just import the private keys to your device, and your app will automatically authenticate it.
3rd party integration
Users can pay their invoices in the SEPA zone, Europe, thanks to a collaboration between Mycelium and Cashila. Users can also buy and sell Bitcoin with their bank accounts in Canada and the United States, thanks to a relationship with Glidera. They can trade against numerous fiat currencies like EUR, USD, and others thanks to cooperation with Coinapult.
What are the cons of Mycelium wallet?
Mycelium wallet offers a few cryptocurrencies compared to other cryptocurrency wallets, which is a significant drawback.
No exchange rate
It does not offer exchange rates, making checking the rates quite challenging.
Not suitable for beginners
The wallet is not suitable for beginners as it does not offer an extensive list of features. Users who are new to Bitcoin will find the features quite taxing. It does not provide a setup guide for new users.
Mycelium provides no instructions or tutorials to assist new users in getting started with the software. While the app's essential functions are straightforward, the lack of documentation or on-screen instruction is a significant drawback that would prevent crypto newcomers from using it.
Mycelium Wallet FAQS
Can Mycelium wallet be hacked?
One disadvantage of the Mycelium wallet is that it is a software wallet connected to the internet, which poses a security risk. As a result, virus and hacking attempts are possible. To safeguard the security of their funds, users must utilize the wallet with caution and prudence.
What are Mycelium wallet fees?
The Mycelium mobile wallet is available for free. You may use all of its premium features without purchasing a premium version. In addition, transaction costs are small, ranging from 0.2 to 7 dollars depending on the amount. It's a bargain when compared to other wallets.
What is cold storage on Mycelium?
Cold storage is the safest way to store bitcoin. Mycelium uses Entropy, a small USB device, as its cold storage. Entropy uses a hardware-based system to generate real printed bitcoin paper wallets.
What are Mycelium transaction fees?
The wallet allows the instant and automatic exchange of BTC at rates that depend on the volume of BTC traded.
MyCelium charges miner fees from 129 satoshis/byte in low priority to 600 satoshis/byte for high priority transactions. It provides the function to set different miner fees: