Mycelium - Bitcoin Wallet

Mycelium - Bitcoin Wallet

Founded in 2012, Mycelium Bitcoin Wallet is one of the oldest wallets that has a good user base. The wallet is a mobile wallet and can be used is Android devices and can also be ported to ios devices.

The wallet is completely open-source, this gives a lot of transparency for users about the wallet. Tor browsers can be used to connect with the servers and the user’s transaction privacy is protected by rotating the addresses.

Users can also sync their cold storage wallet with Mycelium by importing their private keys. There are not many tutorials or support available for this wallet. So, users have to self-learn by using the wallet.

Using Mycelium Wallet

The wallet is very simple to use and the whole interface has only a few options. Once installed users would get a popup to back up their wallet, this makes sure that the wallet can be retrieved in case the device gets stolen or lost.

By clicking on the Balance tab users can either send bitcoins or receive bitcoins or buy/sell bitcoins using the appropriate options. Users can also find the current bitcoin value in popular exchanges.

Users can buy bitcoins using their credit cards or can also use the Mycelium marketplace to buy coins from other peer wallet users. If you are from the US or Canada then the Glidera feature can be used to buy or sell bitcoins.

Through the transactions, tab users can keep track of their transaction history and the accounts can be used to maintain the account like backing up private keys, connecting with a cold wallet, and many more.

Features

  • The address book tab can be used to save frequently used transaction addresses.
  • Users can change the miner’s fees to their preferred value, the fee can be changed to either low, economic, normal, or priority. The priority transactions have higher fees and the time taken for transactions is less compared to all other modes.
  • As an extra layer of security Mycelium uses hierarchical deterministic (HD) for its transactions. This makes sure that the transactions are secure and the wallet can be backed up with recovery keywords.
  • Using the “Watch Only” function users can keep track of the balances in their crypto addresses without using the private keys.
  • Users can configure a PIN in the settings menu, this PIN can be used to access the wallet and can prevent unauthorized access. This PIN code is also used while sending bitcoins to other addresses.
  • Peer-to-Peer trade is available in Mycelium, the sellers are given reputation scores based on their previous transactions. So, buyers can choose the best seller based on the reputation ratings.

Conclusion

Although there are not much documentation and support available for the wallet, the wallet is very easy and has a simple interface. So, even new users can get used to the wallet easily and can start doing their transactions.

To be on the safer side, Mycelium can be used for your short-term transaction and you can save your fund in cold storage.

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