Mycelium Bitcoin Wallet: Review and Getting Started

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Mycelium the default bitcoin wallet

In the digital currency world, few companies like Mycelium can boast of being the elder in the world of digital wallets for Bitcoin. The company was established in 2008 with a focus on meeting the needs of Bitcoin users. Since its inception, Mycelium has established itself as a top mobile Bitcoin wallet among the different mobile wallets for Bitcoin. If you are looking for the best digital Bitcoin wallet, Mycelium provides smartphone users with a secure Bitcoin wallet. Mycelium mobile app for cryptocurrency is among the widely used and longest running wallets for Bitcoin. Most top mobile Bitcoin wallets allow the purchase of Bitcoins, so with Mycelium, cryptocurrency wallet users can use this digital wallet to buy Bitcoin. Also, the wallet enables users to receive, send and store Bitcoin. Like the best digital wallet for Bitcoin, this digital wallet for cryptocurrency is compatible with Android and iOS smartphones. The cryptocurrency wallet free downloads are available from the appropriate app store. In a cryptocurrency wallet comparison, Mycelium rivals the best cryptocurrency wallet apps for iPhone. If you want to know is mycelium wallet good, consider the features below for this digital wallet for Bitcoin:

  • Support for five different accounts
    • Hierarchical Deterministic (HD): Mycelium HD wallet sequentially derives future Bitcoin addresses
    • Bit ID: Provides secure authentication for the most popular mobile Bitcoin wallet
    • Single Address Accounts: Provide secure storage by deleting the cryptocurrency wallet private key and then importing it when needed
      backup missing mycelium bitcoin wallet
    • Hardware: Supports offline hardware wallets
    • Watch Only accounts: Allow wallets to examine outputs without spending them.
  • Easy to use: This cryptocurrency wallet app like the best digital crypto wallets provides a standard tab-based menu that eases transactions. This free mobile Bitcoin wallet provides local Bitcoin purchase options, numerous wallet addresses, cold storage, address books and secondary menu in each tab like most reputable mobile cryptocurrency wallets.
    open mycelium bitcoin wallet
  • Security: Digital wallet security concerns play a key role when choosing a cryptocurrency wallet. Mycelium is a safe and secure Bitcoin wallet. To back up Mycelium wallet, Mycelium uses enterprise-grade security features that include HD security as well as other extensive backup alternatives to secure the private keys. Such features establish it as the best Bitcoin wallet mobile app and the most secure Bitcoin wallet app. The cryptocurrency wallet security relies on the PIN for its interface protection. After signing up, you will be prompted to set your PIN code for the world’s secure Bitcoin wallet. As a leader in the best digital wallets for the cryptocurrency, the PIN for this Bitcoin wallet phone app locks these functions:
    one private key mycelium bitcoin wallet

    • Bitcoin payments
    • Export of single-address account, which show the private key
    • Including a new account
    • Altering sell/buy orders

The backup feature allows you to recover your wallet by using your security phrase made up of 12 words. The words are provided when you back up your account. After entering your PIN code, you will be provided with 12 words each separately. The words will assist in recovering your account after you lose your device.  The words are your private keys and must be written and kept in a safe place. Top mobile cryptocurrency wallets hardware wallets use this system. Mycelium allows you to watch your large hardware wallets through its Watch Only feature that leaves your private keys offline. This digital wallet for digital currency is a leader in safeguarding your Bitcoins. Thus, Mycelium is a good cryptocurrency wallet based on the digital wallet security features.

  • Accessible: To be the best mobile phone Bitcoin wallet, Mycelium supports everyday use of Bitcoin in a functional manner. You can receive funds or pay using the QR code on the wallet.

Getting Mycelium Wallet

You can download the mycelium Bitcoin wallet app directly from the mycelium official website. You will be able to download and install the wallet for your iPhone or Android. Also, it is available on iTunes and Google Play.

Mycelium Wallet set up for Android and iOS

To use your mycelium Bitcoin wallet app, consider the guide below on how to set up mycelium wallet. Although Mycelium supports fewer features on iOS, this cryptocurrency virtual wallet is a practical Bitcoin wallet. For both iOS and Android, the setup procedure for this mobile wallet for cryptocurrency is the same. Download Bitcoin wallet app for Android or iOS and install it. If you are wondering how to use Bitcoin digital wallet software or how does mycelium app work, below is a mycelium wallet how to use guide.
mycelium bitcoin address

  • After successfully installing your mycelium Bitcoin wallet download, open the mycelium Bitcoin app.
  • On your mycelium wallet for iPhone or Android welcome screen, choose Create New
  • The default home screen for Mycelium is the BALANCE section to ease transactions. Before you can use your wallet for any transactions, it is prudent you configure the security for your wallet. To set up your wallet, click the ACCOUNTS tab then tap on Account 1. Account 1 is the default name for a new wallet.
  • You can change the wallet name by tapping on the label icon. To create your cryptocurrency wallet backup, tap the CREATE BACKUP

Mycelium’s cryptocurrency wallet best practices allow users to restore their valuable assets when they lose their smartphones. To facilitate backups, Mycelium gives you a master seed that consists of 12 words. Write the seed on paper and keep it in a safe place. When you are ready to write the master seed, tap on Yes to proceed.
master seed mycelium bitcoin wallet

Record the 12 words in the correct order. To confirm the words, you will be requested to re-enter them. After successfully entering all the words, a verification message will appear. To proceed, click ok. You will be able to recover your mycelium wallet lost phone accounts using the master seed.

  • Next, create your PIN code. On the top-right corner of the accounts tab, select the menu button. Tap on the Settings option.
    settings mycelium bitcoin wallet app
  • Scroll to the PIN SETTINGS area. Press the SET PIN Code, you will be requested to enter a 6-digit PIN and then confirm it on the second screen. Select the box that needs you to enter your PIN when the application opens.
    pin mycelium

Now, the best mobile cryptocurrency wallet is secure and your cryptocurrency e wallet is ready for use.

Pros and Cons

Like other digital wallets and mobile wallets, Mycelium has its pros and cons. The digital wallets advantages and disadvantages include:

PROs

  • This cryptocurrency mobile wallet has a strong reputation in the industry
  • The digital currency virtual wallet integrates various services and supports Ledger and Trezor hardware wallets
  • The Android and iPhone mobile cryptocurrency wallet supports different account types

CONs

  • Cannot sign messages
  • Difficult for beginners
  • This online cryptocurrency wallet lacks desktop interface

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