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Review: Mycelium bitcoin wallet
Mycelium Wallet is a mobile bitcoin wallet that combines innovation and convenience.
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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
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
Pros
- Strong industry-wide reputation.
- Open-source.
- Integrates with a range of services, including hardware wallets TREZOR and Ledger.
- Offers several account types.
- Fast connection to the bitcoin network.
Cons
- No ability to sign messages.
- No desktop interface.
- May not be ideal for beginners.
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
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volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
