Mycelium bitcoin wallet – November 2018 review

Mycelium Wallet

Mycelium Wallet is a mobile bitcoin wallet that combines innovation and convenience.

In the world of digital currency, few companies have been in the game for as long as Mycelium. Founded in 2008 by a team of hardware engineers, the company has evolved to meet the growing needs of bitcoin users.

The Mycelium Wallet is one of three products the company has launched in the bitcoin field. It’s therefore no surprise that the Mycelium Wallet has emerged as one of the most popular products in the cryptocurrency market.

What is Mycelium Wallet?

Mycelium is a highly integrated bitcoin company specialising in hardware, software and security. The Mycelium Wallet is a mobile wallet that allows you to store, send and trade bitcoin.

All of this can be done on one account or multiple accounts that have enterprise-level security features.

The Mycelium Wallet offers five account types:

• HD (Hierarchical Deterministic)
• Bit ID (open protocol)
• Single Address Accounts
• “Watch Only” Accounts
• Hardware (for offline devices)

Mycelium has been recognised as one of the best mobile wallets in the bitcoin industry, so much so that it was awarded the 2014 “Best Mobile App” by Blockchain.info.

The company’s bitcoin wallet is part of a larger universe of new products and features. You can visit the website to learn what the company’s all about. For this review, we stick mostly to the Mycelium Wallet.

Compatibility

• Android and iPhone.
• APK file is available only for Android

How much does it cost?

The Mycelium Wallet itself is free to use. However, transactions are subject to fees based on the transaction size. Mycelium’s miner fees range from 0.08 mBTC/kb* in the case of low priority to 1 mBTC/kb* for priority.

*1mBTC equals 0.00100000 BTC

Which currencies can I store?

Mycelium Wallet supports bitcoin, and allows users to switch back and forth from regular fiat currency (US dollars, euros, etc.) to bitcoin.

• Bitcoin

How do I add currency to my wallet?

In 2016, Mycelium introduced a feature where users can buy bitcoin right on its platform. You can add bitcoin to your account via Cashila and Glidera, which have been integrated into the mobile wallet platform.

These tools essentially allow you to buy and sell bitcoin in exchange for fiat currency.

Also, Mycelium Wallet can accept bitcoin stored on other wallets, giving you more options to consolidate your cryptocurrency accounts.

How do I make or receive payments with my Mycelium Wallet?

After setting up your account and protecting it with a PIN code, you are ready to send and receive bitcoins.

To receive a bitcoin payment, go to the “Balance” tab and select “Receive.” This will bring your bitcoin address into view, where you’ll be able to share it with the sender.

To send payments, go to the “Balance” tab and select “Send.” You can either scan the recipient’s QR code or manually input their bitcoin address.

How secure is Mycelium Wallet?

Mycelium Wallet is backed up by enterprise-level security features, including HD security and extensive backup options for securing private keys.

Upon signup, you will also be prompted to set up a PIN code, which will lock the following functions:

• Sending bitcoin payments
• Exporting single-address accounts that display their private key
• Adding new accounts
• Changing buy/sell orders

To use the backup feature, you need to write down the 12-word security phrase. This will be provided to you when you go to back up the account.

After entering the PIN, you will be given the 12 words, one at a time. These words will help you recover your account in case your device is lost or stolen.

Where can I get the Mycelium Wallet?

The Mycelium Wallet can be downloaded directly from the company’s main website. Here, you’ll be prompted to download the wallet on either Android or iPhone. It’s also available on Google Play and iTunes.

Pros and cons

Next steps

As the company says, Mycelium has been “growing from the dawn of the blockchain era.” Users who focus on bitcoin and the blockchain will find a number of features in the Mycelium Wallet that may be useful.

Setup is quick and easy, but it could take you a while to go through all the features. That’s why it’s important to start off slowly by accepting and receiving payments before testing out Mycelium’s other features.

Frequently asked questions

• What’s an HD Wallet?

  An HD Wallet uses a single bitcoin address for all transactions. This means you don’t need to make a new separate backup each time you create a new address.

• Where are the bitcoins stored?

  Bitcoins are simply account balances that are stored on a large, shared ledger. It’s your private key that proves you own the account. When using the Mycelium Wallet, your private keys are stored on your phone and they never leave unless you make a backup.

• How do I see my transaction history?

  On Mycelium Wallet, your entire transaction history can be accessed by swiping to the “Transactions” tab on the left. This shows all incoming and outgoing transactions, along with dates and confirmations.

Image source: Mycelium Wallet