Mycelium wallet review : What you need to know
You can find all the specifics that may influence your decision about whether or not this wallet meets your needs in this thorough assessment of the Mycelium Wallet .
Then what is a Mycelium wallet? In 2008, a group of hardware engineers established the business that was responsible for it. This wallet has established itself as one of the market leaders for Bitcoin wallets because of its lengthy history and the entrepreneurial energy of its creators. Users can access it through a user-friendly and practical mobile phone application.
Table of Contents
Mycelium Wallet Features
The first thing that springs to mind when considering Mycelium Wallet is whether it is safe given its mobile nature.
In answer to that will tell you this and let you decide if it’s safe or not:
Your private keys are entirely under your control and are kept on your smartphone when using this program.
You don’t need to download the complete blockchain, which makes the setup process quick and simple. You can create an unlimited number of new transaction addresses, send and receive payments, and manage multiple accounts.
You can also access your hardware wallets via your phone if you’re interested in that option.
Mycelium wallet Weakness
The company’s background and the functionality of the wallet have already been covered in our MyCelium wallet review. Let’s review the MyCelium wallet’s cons that are the most obvious.
You could hit a bit of a brick wall while trying to identify the MyCelium wallet’s problems because there aren’t many that stand out.
The lack of a desktop version of the wallet, which we have already discussed, is one of the key problems with the wallet that merits noting in a MyCelium review.
While from the company’s standpoint this is completely comprehensible, from the viewpoint of the customer, this is not the case. Some people would rather keep their Bitcoin Mycelium in a secure location rather than carry it with them wherever they go, while others simply prefer a desktop for its user interface and overall look.
MyCelium does see some client churn as a result, whatever the circumstances.
MyCelium iOS performance may not be as good as it is on Android, which is a different problem you might hear about. Some people complain about missing features, longer processing times, etc. The wallet itself functions perfectly, although it should be noted that it is slower and less well-optimized than it could be.
The only question on your mind right now, if you’ve read this far in the MyCelium wallet review, is presumably “how much?”. Let’s examine the fees associated with the MyCelium wallet.
It costs nothing to use the wallet itself. Everything is free, including access to all features and the ability to personalize it.
There are, however, transaction costs. These vary depending on the transaction’s size; they might be anywhere from $0.25 to $7.
There are no further costs related to the MyCelium wallet itself aside from that.
How The Mycelium Wallet Works
According to three categories, here is how the Mycelium wallet functions:
To make a wallet, first
From the Google Play Store or App Store, download the Mycelium Wallet apk for Android or iOS.
1.Start the application, then choose “New wallet” from the menu.
2. Create a passphrase and PIN
3.Right now, you should PIN-protect your wallet.
4.Tap the “Set PIN code” option after selecting settings (the three small squares that are vertically stacked in the upper right corner).
5.Make sure you remember your PIN code after setting one. You can’t use bitcoin as a currency or get access to your master recovery seed without the PIN code.
6.Let’s, therefore, examine the process of creating a recovery seed.
7.Select “Backup” under “Settings.”
8.Your screen will display 12 words sequentially. On a piece of paper, spell them out and write them down in the proper order. Keep the paper somewhere secure.
To be sure you wrote each phrase correctly the first time, Mycelium will ask you to confirm by having you type each word individually.
It’s now possible to use your Mycelium wallet. To transfer and receive cryptocurrency using your Mycelium wallet, simply follow the instructions.
Choose “Receive” under the “Balance” tab in the Mycelium wallet apk.
Selecting “Optional Amount” will allow you to specify a specific sum.
At this point, you must send the sender your address. There are two choices for this:
Enable the sender to scan your QR code.
To transmit your address as a message to the sender, select “Share Bitcoin Address” from the menu.
Hold off until you receive the money.
The completed transaction can be seen on the “Transactions” tab.
Choose “Send” under the “Balance” tab in the Mycelium wallet app.
Any one of the following stages must be completed before sending the crypto:
You can look up the QR code for the receiver.
the address that was forwarded to you into the address bar
manually enter the wallet address of the recipient.
Add the desired amount from your wallet.
Afterward, tap “OK” to confirm the amount.
Click “Send” after making sure all the information is correct.
Once you’ve finished, just enter your PIN to proceed.
How Safe Is Using Mycelium Wallet?
Business-grade security features are available to users of Mycelium wallet. Listed below are some details regarding the wallet’s security:
Hierarchically deterministic (HD)
Safeguard your secret key
Why Choose A Mycelium Wallet, in Brief?
Easy to use, secure, and trustworthy, the Mycelium wallet is a smartphone app. You should select the Mycelium wallet for the following reasons:
supports the most often used coins.
There is the option of offline transactions.
Transaction costs are minimal ($0.25 to $8).
Wallets like Trezor, Ledger, and other well-known wallets are compatible
How to Set Up a MyCelium Wallet?
Assuming you liked the wallet and that all you’ve learned about it in this MyCelium wallet review is true for you, you want to make your own as soon as possible. Let’s look at the options for doing that now.
Remember that downloading the wallet, installing it, and stopping there are not sufficient first steps. Security is one of the extra precautions you should take to guarantee your wallet is operating effectively.
To get the wallet itself, go to the official MyCelium wallet page (wallet.mycelium.com) (whether on iOS or Android). Install and open the wallet after the downloading is finished.
Afterward, select Backup from the main menu. Twelve words will show up on your screen. Writing them down will work since you can’t snap screenshots. Store and keep it somewhere safe and out of sight because this will serve as your backup wallet key.