Choosing a cryptocurrency wallet is a tricky business. There are several factors for consideration but the topmost is security. There are hundreds of Bitcoin wallet apps but only a few are secure.
Most wallets are custodial, therefore — not secure, not private, and not independent. If you’re among the smart ones — reportedly 8% compared to other wallet holders — you will choose Mycelium wallet because aside from it being noncustodial, it is reproducible, private and transactions are untraceable.
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What is a Mycelium wallet?
Mycelium is the oldest and best Bitcoin wallet used since the beginning of cryptocurrencies. Launched in 2008, the mobile-based wallet offers multiple types of accounts, including Hierarchical Deterministic (HD), Single Address Accounts, Watch Only Accounts, Bit ID accounts, and Hardware.
The foremost feature of the Mycelium wallet is reproducibility. The foremost quandary of making crypto funds secure is solved by making a backup by following the instructions in the app. If you lose your phone, it takes one minute to restore your accounts from your backup.
Mycelium is available in the form of a mobile application for both Android users and in the Apple app store.
How does the Mycelium wallet work?
Mycelium wallet is a reliable platform to transfer, store, and trade Bitcoin. The wallet is open source, which provides a fast connection to the BTC network. Mycelium can be integrated with other wallets.
The Mycelium wallet app consists of many features to keep you updated about bitcoin. When you open the app, you’ll be able to see the live Bitcoin value along with the worth of your Bitcoin assets. In this way, you’ll stay updated on your assets’ value.
Moreover, several tabs include not only accounts, but also transaction history, wallet balance tab, financial advice for investment, and address books. In short, the Mycelium cryptocurrency wallet not only stores your Bitcoin but also keeps you updated about asset balance and transactions.
This Bitcoin wallet is easy to use daily. You only need to download the application and create your account. Once you’ve done this, you’ll stay updated on the cryptocurrency market situation along with the safe storage of your valuable Bitcoins.
How secure is Mycelium wallet?
Having a Mycelium Bitcoin wallet on your mobile can be dangerous as it is susceptible to exposure. However, Mycelium wallet developers knew the dangers so they secured it more, making it one of the safest apps to carry around.
First of all, you can put a safety lock on your Mycelium wallet. It would be best to use that pin code to open your wallet, making it safe and simple to use. But it is vital to remember your pin code and keep them in a secure place.
The second step of safety is the minimum usage of security codes. This happens with the help of the watch-only function of the Mycelium wallet. In this feature, you can watch your account balance and vital details without using your pin code.
Lastly, when switching to a new phone, you can easily access your Mycelium wallet through a twelve-digit phrase. You can enter this phrase in your new mobile to safely reopen your wallet. You can place these codes by securing private keys in a flash drive or written form.
All of these options give maximal and secure authentication at their best. However, as the Mycelium app requires an internet connection to run, we cannot say they are fully protected. All you can do is maintain a valid pin code and protect your wallet.
Features of the Mycelium wallet
Mycelium wallet comes with extensive features that provide the best service to the customers, and special characteristics that make it one of the best crypto wallets.
1. Onramp solutions (exchange)
Onramp solutions mean that Mycelium mobile-based wallet offers in-app transactions and exchanges, so your coins are easily managed. By this method, the person connects their wallet to Defi and Dapp’s and holds the funds to aid the coin exchange or transfer. It helps to create less fuss and more clarity.
Secondly, thanks to integrated exchange, a trader or a Bitcoin owner can easily exchange the cryptocurrency or trade bitcoin without compromising their value or funds.
This app-based exchange service helps you make better use of Bitcoin with less confusion and amazing clarity.
2. Watch only mode
Mycelium wallet has taken a step further to secure its Bitcoin wallet while improving its performance. You won’t need to enter your security pin to watch crypto stocks and transactions by this feature.
Mycelium wallet will allow you to keep track of your stocks and trades without permitting any outgoing transaction. In this way, no one can unlock or use your Mycelium wallet app except you.
3. Multi-currency support
If you have cryptocurrencies other than Bitcoin, you might worry about their compatibility with the wallet. In this case. Worry no more because the Mycelium wallet supports Bitcoin as well as Ethereum and other online currencies like ERC -20. In short, you can easily store other currencies of your choice.
4. Single address account
If you see a threat about starting your wallet information and hacking, you can prevent it through a single address account. A pin address should be in the device to open and run your account in every Mycelium wallet. So without these enabled private keys, it’s impossible to access your wallet.
When you want to completely lock up your wallet, remove the address pin from the device so no one can access your account no matter how hard they try.
Secondly, if you want to reopen and run your account for transactions, import private keys to your device, and your app will run like normal all over again.
5. Compatible with hardware wallets
The best crypto wallet must be compatible with other crypto wallets. Mycelium wallet has fulfilled this demand by easily supporting other hardware wallets like Keepkey, Trezor, and Ledger Nano-S.
You can store easily store your crypto coins in mentioned wallets while using the Mycelium wallet
6. Integrations with authenticated 3rd party services
A partnership between Mycelium and Cashila has allowed users to pay their bills in the SEPA zone, Europe. Partnership with Glidera has enabled users to purchase and sell Bitcoin using their bank accounts in Canada and the USA, whereas the Coinapult partnership has allowed them to trade against multiple fiat currencies like EUR, USD, and others.
Advantages and disadvantages
Pros
- Can run one or multiple accounts
- Fast response
- Offline transactions are available
- Well-known wallet
- Secure
- Supports other hardware wallets
- Watch only mode
- Incorporated trade marketplace
- one of the best mobile wallets
Cons
- It does not have a desktop version
- Lacks support to all cryptocurrencies
- Poor IOS app optimization
- Challenging for beginners
Mycelium wallet fees
With all its extensive features, one would think that Mycelium would be an expensive application to buy. In reality, the Mycelium mobile wallet application is free to use. You can access all of its premium elements without buying any advanced version.
Also, there are minimal charges on transaction fees, ranging from 0.2 to 7 dollars, depending on the amount. Compared to other wallets, it’s a steal deal.
How to use the Mycelium wallet
Mycelium has been convenient to use for traders over the years, let us take you through the steps.
1. Create An Account
First, download MyCelium’s mobile app from the google play store. It is available for both android and IOS users!
Once you get into it, there will be some self-explanatory clicks that will lead you into creating your personal wallet
2. Verify Details
You will be given a backup master seed key and an empty ‘PIN code’ blank.
The backup code is the most crucial element of the account, if anyone tends to lose their phone, their backup code will recover their Mycelium account within minutes. However, if one tends to lose the backup, there’s a solid chance for them to never see their digital assets again.
The PIN code blank is supposed to be filled with the new password that will permit you in making decisions for the account.
The PIN code is restricted to be shared, it should merely be accessible to the holder.
Mycelium prioritizes your Bitcoin address and the deals, which is why it tends to take strong security measures.
3. Set-Up Wallet
Now that your wallet is fully under control, it is time to set it up appropriately (if required).
However, you can still begin trading bitcoins and make those assets stronger!
Mycelium wallet customer support
Mycelium wallet customer support is great at assisting wallet holders. Create a support ticket through the email address provided.
Social media accounts with Mycelum’s name are fake and should not be used in contacting them. Best to visit their site, know the requirements before taking any action. However, built-in features such as Mycelium local trader servers have already helped users immensely without customer support.
Customer support resolves each small issue that arises from a Mycelium account from forgetting your pin code to misreading the buttons’
Mycelium wallet supported coins
This old mobile Bitcoin wallet merely supports a single cryptocurrency, i.e, Bitcoin. They allow the users to store Bitcoin or convert it into fiat currency.
Mycelium is great to receive and send Bitcoin, however, if a holder deals with digital currencies other than Bitcoin, they can opt for different crypto exchanges, such as Coinbase, Binance, etc.
The Mycelium wallet is a hot wallet but also permits transactions from cold wallets as well.
Security features of Mycelium wallet
Mycelium prioritizes the security of its holders.
Mycelium is a hot wallet that is known to lack potential in terms of protection, however, Mycelium has never been a part of scandals or hacks. Mycelium is not a new wallet but is well-experienced.
1. Watch only
This feature-rich bitcoin wallet has an option that permits you to view the status of the funds without enrolling your private keys. However, this feature is meant for experienced traders and is ideal for holders with large paper wallets.
2. Storage of private keys
Mycelium permits the storage of private keys in its paper wallet. This option lives in the middle of providing benefits and disadvantages. It is mandatory to take extraordinary secure steps while dealing with this feature.
It offers two-factor authentication that doubles up the security of your Mycelium paper wallet. Never share your private key and keep it in a protected space.
3. Interface protection
Similar to other cryptocurrency wallets, Mycelium wallet offers protection of user interface. This feature looks after your Bitcoin addresses and the vital private key. If on the chance, one tends to misplace their phones, this feature lets them restore bitcoin and other digital assets again.
Conclusion
A Mycelium wallet review is certainly not enough to throw light on their features and years of success. This HD wallet is ideal for Bitcoin users. It has been supporting the Bitcoin network for over a decade and is used and recommended by thousands of successful traders. With Mycelium Wallet, you avoid the usual inconveniences of banking nonsense where your payments cannot be reversed, suspended, or declined.
Your accounts cannot be blocked. Further, there are no cross-border control and fees. Storage is secure and free and you need not pay subscription fees of any kind. As there are no payment limits, you are not restricted from making transactions. If you want to be with the upper 8% of the smart crypto crowd, use a Mycelium wallet, IMHO.
FAQs
Along with the versatile features discussed in the mycelium wallet review, let’s take a look at a few user queries:
Is Mycelium a good wallet?
Mycelium has gained a wide reputation for its ease of use. It is an excellent wallet that has grown over the years, never been hacked, and won the position for “Best Mobile App” in 2014. It offers versatile features that other digital asset wallets don’t.
Is Mycelium wallet only for Bitcoin?
With the Mycelium wallet, you can send and receive Bitcoins, Ethereum (ETH), and ERC-20 tokens like Tether USD, USD Coin, HuobiToken, Binance USD, Bitfinex LEO, 0x using your mobile phone. However, it only stores Bitcoin.
Can Mycelium wallet be hacked?
Being a software wallet, Mycelium comes with a risk of being hacked, it has taken all the possible measures to keep the app secure. Here is what to do to avoid hacks.
How does Mycelium wallet work?
The Mycelium wallet is extremely easy to install and is accessible to every mobile.
Source: https://www.cryptopolitan.com/mycelium-wallet-review/