Mycelium Wallet is an open source, mobile-only hot wallet that is primarily used to store bitcoin. It is one of the oldest and most popular Bitcoin wallets, and it has strong security features. It was first released in 2012. Mycelium might be preferable for an expert cryptocurrency user, though, due to some of its advanced features. Read more about these and other advantages and disadvantages in our in-depth Mycelium Wallet review.
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What is Mycelium Wallet?
Since cryptocurrencies first emerged, Mycelium has been the most reliable and experienced Bitcoin wallet. The mobile-based wallet, which debuted in 2008, offers a variety of account types, including Hierarchical Deterministic (HD), Single Address Accounts, Watch Only Accounts, Bit ID Accounts, and Hardware. Additionally, the hot wallet is totally open source. In the beginning, it only supported Bitcoin, but the company has since added a few well-known coins and tokens, though there is still a very small selection.
The Mycelium cryptocurrency wallet (opens in new tab) is one of the most well-known and well-established Bitcoin wallets (opens in new tab) that is only accessible through mobile devices. It was initially released in 2013 as an Android app (opens in new tab) before being later ported to iOS (opens in new tab).
Although it no longer truly holds the title of the most highly rated cryptocurrency wallet on the Play Store, Mycelium still describes itself as the “default Bitcoin(opens in new tab) wallet” and has a number of noteworthy features.
To begin with, Mycelium is entirely open source, which is one of the most crucial characteristics for any good cryptocurrency wallet(opens in new tab). The app also makes use of the Simplified Payment Verification (SPV) method, which enables it to confirm transactions without having to download the entire blockchain(opens in new tab).
Mycelium Wallet Features
The ability to create “watch-only” accounts, in which you can view your account’s balance without access to its private keys, is one of its most crucial and best features. Another is the fact that private keys are encrypted and stored on your device rather than being shared.
It is incredibly helpful for flexibility and increased security because it is compatible with hardware wallets like Trezor and Ledger. Additionally, it enables you to switch between wallets very quickly and allows you to have multiple BTC accounts under the same master seed in the same wallet, saving you the trouble of having to remember multiple seeds.
It adds even more features through collaborations with outstanding businesses in the sector. Users can receive and convert a wide range of cryptocurrencies thanks to its collaboration with Waves DEX, all without ever leaving the wallet or connecting to a third party. Additionally, it has a partnership with Simplex, enabling simple Bitcoin purchases from the wallet using a credit card, and Gildara, enabling Bitcoin and Ethereum purchases using a bank account.
Pros And Cons Of Mycelium Wallet
Pros
- Open source
- Multiple types of accounts
- Integrated marketplace
- Supports other hardware wallets
- Watch only mode
- Incorporated trade marketplace
Cons
- For Bitcoin only
- No desktop version
- Poor IOS app optimization
- Challenging for beginners
How Exactly Does The Mycelium Wallet Work?
Mycelium wallet is a reliable platform to transfer, store, and trade Bitcoin. Due to the wallet’s open source nature, the BTC network can be accessed quickly. Other wallets can be integrated with Mycelium.
In order to keep you informed about bitcoin, the Mycelium wallet app has a ton of features. You can view the current Bitcoin value and the value of your Bitcoin assets when you first launch the app. You can keep track of the value of your assets in this way.
In addition, a number of tabs offer access to address books, transaction history, wallet balance, and financial advice for investments in addition to accounts. Simply put, the Mycelium cryptocurrency wallet not only holds your Bitcoin but also keeps you informed of asset balance and transactions.
Which Cryptocurrencies Does Mycelium Support?
At first, only Bitcoin was supported by Mycelium Wallet. It has since expanded its capabilities and now supports:
- Ethereum
- Tether USD
- Huobi Token
- Binance USD
- Zero X
- Some ERC-20 tokens
Is It Safe To Use Mycelium Wallet?
Overall, Mycelium is a secure wallet that is safe to use and has a high level of security. However, it’s crucial to remember that what really makes it secure is how the user uses the features and how the keys are handled responsibly.
The most important thing to keep in mind about this style of wallet is that you have the most control over the security of your investments. The safest choice if those investments are expanding is to use a hardware wallet, and Mycelium facilitates this transition fairly easily (with the compatible hardware wallets Trezor, Ledger Nano S, and Keepkey). You alone possess the private keys, regardless of whether your cryptocurrencies are being kept in a hot or cold wallet. It is highly advised to create a backup using the instructions provided by the app.
Can You Exchange Cryptocurrencies Right From Your Wallet?
The ability to do so much more with your Bitcoin is a very special feature of the Mycelium software wallet. You can actually use Bitcoin rather than just storing it and sending it to other wallet addresses. In the European SEPA zone, for instance, Mycelium has partnered with Cashila, a service that enables users to pay bills with Bitcoin. Additionally, Mycelium is integrated with Glidera, a service that enables users to purchase and sell Bitcoin using a bank account in either the United States or Canada. Additionally, they have a partnership with Coinapult, which enables customers to protect themselves against fiat currencies like the USD, EUR, and others. & to answer the initial question of this heading, Users of Mycelium can trade Bitcoin directly from their wallet. As was already mentioned in this review, Mycelium has its own independent decentralized Local Trader marketplace service. Trades can be made between traders using this service to buy and sell bitcoin.
How To Use The Mycelium Wallet
1. Create An Account
Get the MyCelium mobile app first by downloading it from the Google Play store. Users of Android and iOS can access it!
Once you get into it, there will be some self-explanatory clicks that will lead you into creating your personal wallet
2. Verify Details
In addition to a blank “PIN code,” you will also receive a backup master seed key.
The backup code is the most important component of the account; if anyone loses their phone, their backup code will quickly restore their Mycelium account. One has a good chance of never seeing their digital assets again, though, if they tend to lose the backup.
The new password that will let you manage the account should be entered in the PIN code blank.
The PIN code should only be known by the holder and is not intended to be shared.
The deals and your Bitcoin address are priorities for Mycelium, so it frequently employs stringent security measures.
3. Set-Up Wallet
Now that you have complete control over your wallet, it’s time to configure it properly, if necessary.
You can still start trading bitcoins to strengthen those assets, though!
Fees Of Mycelium Wallet
The cost of storing bitcoins in the Mycelium wallet is free. Additionally, there are no monthly or annual fees. To authenticate their transactions on the bitcoin blockchain, users must pay transaction fees to miners. How quickly your transaction is processed depends on the fee you choose to use. The bitcoin network enables you to pay more and receive faster transaction processing. Your transaction could be delayed, though, if you don’t pay a high enough fee.
Who Should Use Mycelium Wallet?
The Mycelium wallet is for everyone, whether you’re new to cryptocurrencies or a seasoned pro. A seamless experience with Bitcoin storage, management, and trading is made possible by the user interface’s intuitive design. The wallet is portable via your phone, so you can carry it wherever you go. It supports enough sophisticated and advanced features to satisfy the needs of the majority of people. With the integration of hardware wallets, the wallet is incredibly practical while maintaining enterprise-level security. As a result, the Mycelium wallet may be suitable for everyone’s needs. However, it is strongly advised that you unlock your Mycelium wallet using the security of a hardware wallet if you intend to store sizable amounts of cryptocurrency there.
Summary
The Mycelium wallet may be a great choice for you if you’re searching for a mobile Bitcoin wallet. Many people adore and use the wallet, and it has a great track record. Additionally, it has a ton of sophisticated features that are far more sophisticated than traditional crypto wallets and give the user an entirely new level of experience. The potential security risk posed by the Mycelium wallet’s status as an online software wallet is one drawback. It is therefore vulnerable to malware and hacking attempts. To protect their money, users must use the wallet carefully and with precaution. The integrated support of various hardware wallets to secure the Mycelium wallet services, however, is a special feature enhancing the security of Mycelium. To sum up, when selecting a Bitcoin mobile software wallet, the Mycelium wallet is one to take into account.