What is Mycelium Wallet? Everything you need to know about Mycelium Wallet

June 8, 2021

Reading Time: 3 minutes

Mycelium is among the most famous Bitcoin wallets that are available in Android and IOS. It runs competitively with similar apps like Bither, Breadwallet, Edge, Coinomi, and Green Address but remains an industry-leading software application for Bitcoin transactions.

Currently, the use of Mycelium wallet has solidified globally with hundreds of thousands of users. This article will justify its dominance and illustrate the extent Mycelium is living to expectation in the industry.

Key Features of Mycelium Bitcoin Wallet

Mycelium is feature-rich when it comes to Bitcoin transactions and, for the longest time, has claimed itself as the ‘Default Bitcoin Wallet.’ Although these sentiments are debatable, the application has notable excellent features, as explained below.

  • Open-source – The Mycelium wallet program is easily accessible for Android and IOS users through relevant platforms for free. This also means that its source code is available for auditing by any developer to ensure that the final version is not hiding secrets.
  • Ease of Use – Mycelium interfaces are relatively easy to use. The application also offers a tabbed interface that lets one switch over different functions and a built-in address book to retrieve frequently used addresses easily.
  • No Blockchain Download – Mycelium uses a simplified Payment Verification technique (SPV) that allows for payment confirmations without the need to download the entire blockchain.
  • Hierarchical Deterministic (HD Enabled) – The application allows users to manage multiple accounts and never reuse addresses. With a HD wallet, a user could create watch-only accounts to monitor the balances of your other accounts without exposing private keys.
  • The app is reproducible – producible wallets eliminate fatal dependence by providing backup options which restorable in minutes.
  • Marketplace Integration – When you wish to make a transaction via the mycelium bitcoin wallet, you need not transfer the coins or fiat from your wallet to the marketplace since they are intelligently cohesive.

Least to mention reported setbacks to the use of Mycelium wallet would be its lack of availability in the Desktop version, its use for Bitcoin transactions only, and inefficient support and tutorage for novice customers.

Is Mycelium Wallet Safe to Use?

Mycelium is a warm wallet which means it is not as secure as other hardware wallets such as Trezor and ledger. However, for additional security, it can alternatively allow users to transact from their unparalleled cold storage wallets or integrate with hardware wallets by importing private keys and syncing them from hardware.

Additionally, the technology behind Mycelium allows routing of transactions through the Tor network that masks IP addresses and locations for additional privacy.

So Yes. If you are looking for a less technical answer, here is; Mycelium is safe for use in terms of security and user privacy.

What are the Wallet Fees for Mycelium?

Mycelium bitcoin wallet is free. Downloading it does not require any subscription, and users access all its functions and customizations uncharged.

There are no mycelium fees payable on the wallet itself except, of course, from only the transaction fees.

Transacting fees are directly proportional to the amount being traded and could range anywhere from $0.24 to $7.

How to Create a Mycelium Wallet

I assume if you have read this up to article here, you are probably fascinated with this Bitcoin wallet and are maybe considering creating one. Good!

Although contrary to widespread assumption, downloading and installing the application on your gadget doesn’t exactly cut it. The process as illustrated below involves the proper way to create a Mycelium wallet for maximum usability and security.

  1. Download the application as compatible with your device and install it
  2. Click on the Mycelium icon to open a wallet, then select ‘Create New Wallet.’
  3. Click on the main menu and select the ‘Backup’ button. Twelve unique characters (backup keys to your wallet)appear, which you should write down and store securely for use when/if needed.
  4. Go to the settings menu, choose to set a pin, then proceed to ‘set a Valid Pin Code.’
  5. Your wallet is now set up, and you can send and receive bitcoins

Conclusion

As you have learnt today, Mycelium is better featured than the average industry software wallets. Despite a gaping lack of tutorage on navigating the platform for novice users, they are still highly encouraged to try the software out and enjoy the liberties experienced crypto veterans enjoy.

The wallet is very convenient for day-to-day use while it ensures high-level enterprise security and hardware wallet compatibility.

A piece of quick advice to anyone intending to store a large stash of cryptocurrency on their Mycelium Bitcoin wallet- use a hardware wallet (Ledger Nano S, Trezor, or KeepKey) to store your additional coins. This adds to your security, and you could unlock the asserts over your mycelium wallet when you wish to.

As a lot of us embrace this new era of crypto dominance, don’t be left out. Let’s get to cracking. Find similar and more informational tips on how to make it in this new era of trading over at our website at mycrptoparadise.com.

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