- What Is a Mycelium Wallet?
- Pros and Cons
- How to Set Up the Mycelium Wallet?
- How to Use the Mycelium Wallet?
- How to Send Payments on a Wallet?
- How to Get a Mycelium Wallet Address?
- Mycelium Paper Wallet
- Mycelium Wallet Fees
- Supported Coins
- Mycelium Wallet Security
- Customer Support
Mycelium, one of the first wallets in the cryptocurrency world, was launched in 2008. It is a mobile-based wallet offering multiple types of accounts, including Hierarchical Deterministic (HD), Single Address Accounts, Watch Only Accounts, Bit ID accounts, and Hardware. 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. It was awarded as the Best Mobile App in 2014.
Mycelium Wallet Summary
|Wallet name||Mycelium Wallet|
|Type of Wallet||Hot Wallet|
|Coins Accepted||BTC, ETH, USDT, USDC, HT, BUSD, ZRX|
|Supported Hardware Wallet||Yes|
|Supported Countries||Most of All|
|Charges||Transaction Charge ($0.25 to $8)|
In this Mycelium Wallet review, we will discuss the wallet’s fees, features, security, pros and cons, and many more.
What is a Mycelium Wallet?
Mycelium is a reproducible wallet meant for storing Bitcoin; no other digital assets can be stored in it. Besides, the mobile app is available for both iOS and Android users. Hardware engineers of the Mycelium team have developed a simple user interface that offers easy switching through the accounts, add multiple payment addresses, view transaction history, and enjoying several other functions.
Mycelium wallet depends on SPV or Simplified Payment Verification technique that allows users to download a complete blockchain. In addition, the cold storage function on this platform is unparalleled, allowing users to secure their funds till they want to spend or transfer their cryptocurrencies. This article helps you get the answer to “what is the best crypto wallet?”
Mycelium Wallet Review – User Interface
Features of Mycelium Wallet
Mycelium Bitcoin wallet is a feature-rich Bitcoin wallet suitable for both learners and experienced users. Here are a few notable features Mycelium wallet offers:–
Hierarchical Deterministic Wallet
Mycelium wallet uses a mnemonic seed or master seed that successfully derives the Bitcoin address for wallet restoration.
Single Address Accounts
With a single address account, you can delete your private key from your device to make the wallet entirely inaccessible and lock up your funds. If you want to gain access to your account and start transacting your funds, all you have to do is import private keys back into your mobile device.
Mycelium Wallet Review – Features of Mycelium Wallet
Compatible with Hardware Wallet
Mycelium cryptocurrency wallets enable you to store crypto coins by using a hardware wallet like Trezor, KeepKey, and Ledger Nano S.
This open-source module offers a secure authentication process instead of a simple password authentication process.
Watch Only Accounts
These accounts have Bitcoin addresses stored without any corresponding private key. They do not allow the wallet to send out transactions, but users can only watch them for output. This feature is useful for those who want to stock their Mycelium wallets and view their outgoing transactions.
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.
Mycelium comes with its own decentralized exchange known as Mycelium Local Trader. It is an in-person marketplace connecting traders and facilitating the Bitcoin users to sell and buy Bitcoin in a secure environment. The service has also gained a reputation for automatic calculation depending on the number of abandoned and successful trades. Additionally, there is a secure chat function that uses end-to-end encryption with the Bitcoin private keys.
Is Mycelium Wallet Trustworthy?
Backed by business-level security features, Mycelium wallet is one of the most trustworthy hardware wallets that offers above-par backup and extensive security options to secure your private keys. At sign-up, users have to set a code that locks all the essential functions like sending Bitcoin, exporting a single address account, adding new accounts, or changing buy/sell orders. A backup feature is also available, which requires a 12-word backup phrase that helps you retrieve your account if the device is stolen or lost.
Services Offered by Mycelium Wallet
Mycelium offers one of the best crypto exchanges that allow you to send, trade, and store Bitcoin and multiple cryptocurrencies. It provides all these services, and you can enjoy the features from one or multiple accounts with business-level security features offered on this platform. It supports several account types, including HD, Bit ID, Single Address, Watch Only, and Hardware accounts.
Mycelium Wallet Review: Pros and Cons
|Users can create multiple accounts.||Lacks desktop version.|
|Offline transactions are available.||Stores only Bitcoin.|
|Supports several crypto hardware storages.||Not suitable for beginners.|
|Above-par security feature.|
|Super-fast and smooth connection.|
How to Set Up the Mycelium Wallet?
Mycelium Wallet Review – Set-Up Process
To get started with this wallet, first, you need to download and install the Mycelium app. Follow the steps mentioned below to set up, secure, and customize your wallet:–
- Go to Mycelium’s official website, and download and install the application on your iOS or Android device.
- Open the Mycelium wallet app and select Backup.
- You will be given 12 words; note the phrase somewhere, and do not reveal the words. This will act as your backup, private key. Note that users cannot take screenshots of this page.
- In the final step, you will be asked to provide a strong and valid PIN code for additional security. And it’s done! Your new wallet will be created in just a few seconds.
How to Use the Mycelium Wallet?
Mycelium cryptocurrency wallet is exceedingly user-friendly, and everyone can use the wallet to store Bitcoin.
Step 1 – Create a New Account
Open Google Play Store, and download and install Mycelium wallet. After installation, open the new wallet app and start using it securely.
Step 2 – Set Up Wallet
Go to settings and select Set code. Enter a PIN and make sure that you note it down somewhere. Without this PIN, no Bitcoin can be spent, and you will fail to access the master recovery seed. After setting the code, you need to backup. This step will provide you with a 12-word recovery phase. Jot down the phrase somewhere because you will require it later.
Mycelium Wallet Backup Phase
How to Send Payments on a Wallet?
To start sending out Bitcoin, follow the instructions given below:–
Mycelium Wallet Review – Payment Process
- Press the Balance tab on the Mycelium account, and then enter Send.
- In the blank space, enter your recipient’s Bitcoin address. You can enter the address in three different ways – You can scan the recipient’s QR code, Copy the address to your clipboard or simply enter the address manually. You will get the QR code from the recipient.
- After entering the address, type the Bitcoin amount you wish to send.
- This will open another window prompting you to select the miner fee type.
- Verify all the details of the transaction before pressing Send.
- The next step will prompt you to enter the PIN code to verify the transaction, then you can go to the Transactions tab and check your recent transactions.
How to Get a Mycelium Wallet Address?
The wallet operates with FIO standards. The addresses on FIO are identified, eliminating the need for having public addresses on the blockchain. You can register and work with these addresses along with coins and tokens automatically. Users get an extra feature with the FIO address. You can not only send funds but also request funds through it. Mycelium wallet address removes the barriers and allows faster and encrypted ways of requesting funds from others.
Mycelium Paper Wallet
Mycelium paper wallet is one of the products the company offers to store and handle digital currency on paper wallets. They are known as Entropy on Mycelium. A paper wallet helps in storing Bitcoin without an internet connection. They are papers containing your private keys and public address. These Bitcoin wallets protect your funds against attackers and hackers.
However, paper wallets have been replaced by hardware wallets as users wanted a higher level of security for protecting their funds outside the internet. Paper wallets are not long-lasting, and they can get easily destroyed or lost, unlike hardware wallets.
Mycelium Wallet Fees
There are no hidden charges on Mycelium wallet. Users can hold funds on Mycelium for free. However, transaction fees are charged when funds are sent from one wallet address to another. Users have to pay the Bitcoin network fees. These are based on the congestion levels of a particular network. The fees go higher if the network’s congestion increases. The transaction charges range from $0.25 to $8.
Note that there are no subscription fees or payment limits, but exchange fees are charged when funds are withdrawn or deposited from the wallet. Additionally, the amounts of withdrawals and deposits are limited on this platform.
Mycelium Local Trader
Mycelium is not only one of the best mobile wallets where you can send or receive Bitcoins, but it also functions as an in-built Local Trader. This function allows users to buy or sell cryptocurrency from other local users. It is entirely decentralized, and the coins remain in your wallet unless you send them to your buyers.
Mycelium Local Trader
Servers of Mycelium Local Trader helps manage and arrange trade and transfers and also to calculate sellers’ reputation. Users can filter and zone in on those sellers who are closest to them. If you have met all the agreements to trade, you can connect with the buyers and sellers in the agreed local place.
At the time of the meet-up, the BTC buyer will provide money to the seller. Upon confirmation of the correct funds by the seller, the transaction automatically initiates through the Mycelium Local Trader.
Mycelium Wallet Supported Coins
Mycelium crypto Wallet does not support many cryptocurrencies, and it is quite surprising considering that it is the first mobile wallet in the market. Its competitors have multiple crypto coins supported on their platforms. Mycelium supports the following cryptocurrencies:-
- Bitcoins (BTC)
- Ethereum (ETH)
- Tether USD (USDT)
- USD Coin (USDC)
- Huobi Token (HT)
- Binance USD (BUSD)
- Zero X (ZRX)
However, the good news is that the company does have big plans to start supporting more cryptocurrencies soon.
Mycelium Wallet Security
Mycelium offers some of excellent security features on its wallet platform.
Protection of User Interface
Mycelium interface protection features on the Mycelium Bitcoin wallet keep your Bitcoin and private keys secure. The feature requires you to enter a PIN to send Bitcoin or share private keys. If your device gets damaged or stolen, your funds will remain safe and secure as hackers will not be able to access sensitive information.
Mycelium wallet offers an impressive feature known as Watch Only, enabling you to see your current funds without requiring your private keys. Note that you can only view your funds and make offline transactions. The feature is essential for those who have large paper wallets. The Watch Only feature is not meant for beginners but experienced users only.
Store Private Keys
Users can save their private keys on a USB stick or Mycelium paper wallet. Mycelium gives full control of your private keys, unlike many other crypto wallets. This feature can be both safe and dangerous, depending on how responsible you are. Do not expose or carry your private keys with you everywhere you go. Using the Google Authenticator turns on the two-factor authentication that adds security to your wallet. Interact with authentic websites while downloading the wallet app as hackers may obtain important data from the users.
Mycelium Wallet Review – Customer Support
Mycelium customer support team does not use social media networks. They can be reached through their email account – [email protected] The team responds to the emails within 24 hours. However, there have been complaints of a late response. Nevertheless, other cryptocurrency platforms are also facing issues in answering the queries and requests of their clients. Moreover, users get a wide-ranging library of artifacts and an inclusive FAQ page.
Mycelium Wallet Review: Conclusion
If you are looking for the best crypto wallets, Mycelium wallet should be on your top three list. All in all, it has an excellent record bundled with sophisticated and advanced features. However, a downside to this software wallet is the possible security threat while it is connected to the internet. It is prone to hacking and malware issues. Hence, users must employ precautionary measures to ensure a high-security level for their funds. This Mycelium review covers all the necessary features, pros and cons, fees and answers some of the pertinent questions of the Mycelium users.
What Coins Does Mycelium Support?
Mycelium wallet supports Bitcoin and some major digital currencies, such as Ethereum, Tether USD, USD Coin, Houbi Token, Zero X, and Binance USD.
Is Mycelium Wallet Safe?
Mycelium is fairly safe. Everything depends on how you store your funds and how you protect your private information. Till the time you hold your private keys safe and secure, you are the sole owner of your Bitcoin funds.
What Wallet Type Is Mycelium?
We can say Mycelium wallet is a Hot wallet.
What Fees Does Mycelium Charge?
Mycelium cryptocurrency wallet charges reasonable fees on transactions. They vary from $0.25 to $8, and they are very high compared to the global industry average. Users can simply get the app from the Apple App Store or Google Play Store free of any charges. They can also customize essential wallet functionalities for free.
Note: Mycelium Wallet Review does not provide any kind of financial advice. Cryptocurrency or financial markets are highly volatile. Hence, it is advisable to conduct your own research and consult a financial advisor before making financial decisions.