Mycelium Wallet

Now that there are thousands of cryptocurrencies in the market, the demand or urgency for the most secure wallet is even increasing more. The cryptocurrencies need to be stored in a safe platform, which can be protected from any kind of thefts or hacks. Here, in this article, we are going to talk about one of the most secure and crypto-specific wallets- Mycelium, which has been created for the specific need to store Bitcoin, the world’s largest cryptocurrency. Mycelium Wallet review will help you understand both the pros and cons of this wallet.

About Mycelium Wallet

Mycelium wallet was founded in 2008 by a team of tech-savvy people, who were mostly hardware engineers with the purpose of developing a mesh networking project.Till now, Mycelium has launched three Bitcoin-related projects: Mycelium Wallet, Entropy, and Gear. Mycelium was developed a year before Bitcoin came into the picture, and with its release, they strategized towards a promising project,i.e, Bitcoin. Mycelium is specifically designed for Bitcoin, and it does not support any other cryptocurrency.

Main Features

Let us talk about the basic features of Mycelium wallet:

1. Designed as a mobile app both for iOS and Android.
2. Compatible with Trezor and Ledger
3. Three notable groups- the marketplace (which is integrated into the Mycelium wallet), Accounts (Open Protocol system helps manage the account efficiently) and Integration (with Trezor, Ledger, Gildera, Coinapault, and Cashila)
4. The transaction fee depends on the size of the transaction, varying from $0.25 to around $7. (Mycelium wallet Fees)

Mycelium is concerned about its privacy and anonymity feature, the company encrypts all the data from chats and transactions. It guarantees maximum discreetness when it comes to the user information. They just check the general information like Bitcoin address, trading history, location, etc, when it comes to transactions. Back in 2014, Mycelium won the award for the “best mobile app” from Blockchain.info. They don’t have a desktop version though, because of which they might lose some of the users, who prefer desktop wallet.

How To Create Mycelium Wallet

You can install the wallet directly by going to the website. It supports both iOS and Android devices. After installing, go to the “backup” menu. On your mobile screen, 12 words will appear, which you should jot down somewhere safe, as you can’t take a screenshot. Then set a valid PIN code. You can do so by going to the “settings” option, where you can set the PIN. Remember this PIN will be required as and when you make a transaction.

How To Use Mycelium

#1 You can add Bitcoin via Gildera or Cashila, which are integrated into the mobile wallet.

#2 When you want to send Bitcoin, go to the “Balance” tab and select “send”. Either scan the recipient’s QR code or add the address manually.

#3 When you want to receive BTC, go to the “balance” tab and select “receive”.

Pros:

• Open-source, Bitcoin-specific mobile wallet.
• Can integrate with a wide range of hardware wallets such as Ledger and Trezor.
• Offers different types of accounts, based on users
• It is fast and fluid, the set up is quick and easy.

Cons:

• No desktop interface/ Mycelium wallet for Windows or Linux or Mac is not available.
• May not be ideal for beginners.

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