Mycelium Wallet

The Mycelium Wallet is one of the best wallets available to store mainstream crypto assets. The wallet provides excellent security features that maintain your privacy and keep you protected.

Released in 2012, the mycelium wallet has remained one of the most secure wallets available. It is widely integrated with the Bitcoin Blockchain, allowing you to trade, send, buy, or sell.

What is Mycelium Wallet?

The Mycelium cryptocurrency wallet is one of the most popular Bitcoin wallets. The wallet comes as an application for mobile platforms. Mycelium Wallet allows you to send and receive bitcoins directly to and from your mobile phone. The hot wallet has increased its support from Bitcoins and added other crypto assets as well. Mycelium wallet currently stores Bitcoin, Ethereum, and some ERC-20 tokens. It also allows you to integrate with other hardware wallets to store crypto coins and import/export your private keys.

Why do you need to buy Mycelium Wallet?

Mycelium Wallet is advertised as the best crypto wallet for storing Bitcoins. Mycelium Wallet is a non-custodial reproducible wallet that sets it apart from other Hot Wallets. If you are looking for a wallet that supports mainstream crypto coins such as Bitcoin, Ethereum, USDT, and more, then this wallet is the best choice as it offers a lot of security and ease. It also provides some versatility to you as it provides in-app integration with VPNs and other services to make your crypto more secure.

Key features of the Hot Wallet

Mycelium wallet has many other features that make it unique compared to other wallets:

  • Open-Source: The wallet is open-source and allows you to modify the source code openly.
  • Untraceability: The wallet is untraceable and provides a QR code with an address for receiving Bitcoin and other supported crypto assets.
  • Knowledge Base: Mycelium wallet application also provides in-app guides and education materials for beginners.
  • Simple Addressing: The wallet uses the FIO protocol to provide ease of use. FIO Addresses allow you to send, receive, and request crypto assets in a simple, readable format instead of public blockchain addresses.

Key Security Features of the Wallet

The Wallet provides users the best in class security and privacy features:

  • Reproducible: This wallet provides a reproducible application that does not depend on the development team.
  • Identity and Data Privacy: It provides security with transparency. It requires no verification of IDs and does not collect any user information.
  • Cold Storage: Mycelium wallet supports hardware wallets such as Trezor and Ledger, providing you cold storage facility.
  • TOR Support: It also has support for the TOR network to ensure privacy and security. You can easily toggle it to mask your IP and location.
  • Backup System: The wallet has a separate backup system for Single Address accounts. You can also delete your private key to lock up your funds. To make them accessible once more, you need to import your keys back to your device.
  • Third-party service protection: It allows you to turn off support for all third-party services for extra protection.
  • Direct Downloads: Mycelium’s official website provides the APK (Android application package) to download the application to Android devices directly.

You can read more about Mycelium’s security features here.

What’s in the box?

The Mycelium Wallet is not a hardware wallet and does not come in a box. It comes as a mobile application available on iOS and Android. 

How to use Mycelium Wallet: Step by Step Instructions

Mycelium Wallet is effortless to set up. Follow the step given below to set up your wallet account:

Download the Mycelium Wallet application

You can download the Mycelium Wallet application from Play Store or the App Store. Alternatively, Android users can also download the APK from the official website.

Setting Up your wallet

When you launch the application, it asks you to restore a backup or create a new wallet. Click on Create a new wallet.

Setting Up a Backup
  • Once the wallet is set up, go to Accounts, where the app will ask you to create a backup of your master seed.
  • This backup is necessary as it is going to safeguard your stored crypto assets. You can quickly restore a backup if you lose your device, but if you lose backup, you lose your cryptocurrency.
Setting Up Account preferences
  • Once you have created a backup, go to settings and choose security options. Here, you can set up a PIN for your wallet. You also need to set up a Miner Fee.  
  • A Miner Fee secures your transaction for confirmation. It provides a variable fee structure that ranges from low priority to high priority and differs in amount and transaction time.
Setting Up Buy/Sell
  • Once you click on the Buy/Sell option, you are provided a list of supported payment methods.
  • You can set up credit cards for adding funds, the wallet Marketplace for trading cryptocurrencies with other Mycelium users in your area, and use Glidera to use your bank account funds in the US or Canada.
Setting Up a Hardware Wallet (Optional)
  • You can go to the Businesses tab, where a list of supported hardware wallets and other services is provided. To enhance your security, you can add cold storage wallets such as the Ledger, Trezor or add an in-application VPN such as SaferVPN.

Mycelium Wallet Pros and Cons

Pros                       Cons
Trustworthy and Established Wallet.Not available on PC.
Multiple account support.iOS application needs improvement.
No ID required.App requires prior experience with wallets.
Integration with Hardware Wallets. 
Highly Secure. 

Final Words

Mycelium is one of the best wallets. Mycelium application has been here for almost a decade and has been a trustworthy wallet. It implements enterprise-grade features for back-ups and provides the best privacy and security in a single wallet. Mycelium wallet is sophisticated and advanced to meet the needs of almost everyone. Providing integration with many in-app services, turning off the support for these third-party applications, and the Mycelium Marketplace for buying/selling your crypto tokens with other wallet users, the wallet provides an excellent interface by giving power to the users for managing their cryptocurrencies

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