Introduction to MYCELIUM wallet

Wallet  MyCelium  one of the oldest and most popular Bitcoin wallets is available as an Android app published first in 2013 and later moved to iOS as well.

Interestingly, the team behind Mycelium was formed in 2008, before the creation and release of Bitcoin. At the time, they were a group of hardware engineers interested in a mesh network project. After the release of Bitcoin, they naturally turned their attention to the Bitcoin ecosystem.

With that said, is mycelium safe, and is it okay to check this bag?

In this Mycelium review ,  we tell you all you need to know about wallets. We also give you a step-by-step guide on how to set up your wallet.

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MyCelium link

There is a good reason that Mycelium is one of the most popular Bitcoin wallets, and that is the professional design of the app.

After the release for Android, the team realized that an iOS version was also needed, and they quickly moved on to releasing the iOS version of the app. This combination makes Mycelium Wallet available to almost any mobile user.

When you open the app, you will quickly understand why users like it. You will see a simple and unique user interface that gives you your wallet and you can read its tabs easily. You will see the current BTC exchange rate as well as the send and receive buttons and easy QR code.

Go to the Accounts tab and you can back up your private key in seconds. This is an important step that you must take after generating your wallet to keep your bitcoin safe in case your phone is lost or destroyed.

Other understandable and usable features include an address book for frequently used bitcoin addresses and a screen for trading dates.

To avoid any mistakes, you can quickly add new payment addresses by scanning QR codes. Your transaction history to check payments with a tap to blockchain. info explorer is linked. You can also change the interface to your preferred blockchain browser.

access

In addition to ease of use, Mycelium Wallet is incredibly accessible, meaning it fulfills the promise of using Bitcoin in a practical way. Send and receive BTC anywhere, anytime.

You can pay for goods and services in seconds and get money quickly and easily with the QR code on the front page of your wallet. And the wallet supports the use of your phone camera, making QR code scanning and billing a simple task. You can even turn on the camera light from inside the wallet, allowing you to scan the QR code at night or in a dark place like a cinema.

Wallet lets you change the settings to your liking, such as the blockchain browser mentioned above. You can also specify where to choose your exchange rate wallet, which is ideal if you are using an exchange office.

This wallet uses the default extraction costs, and depending on your needs to get the deal done faster, you can choose from low, economical, regular or priority options. These settings are available in the “Send” tab, and this option even shows you the approximate time of the transaction.

Another interesting thing is to include a peer-to-peer market to help you deal with locals. With one touch, Mycelium Wallet shows bitcoin buyers and sellers in your area.

MyCelium Security

Security is one of the most important considerations whenever you talk about blockchain applications. This is especially true of wallet programs, where one mistake can cost you thousands of dollars (or much more) of bitcoin.

Smartphones are known to be insecure, so having a wallet app on smartphones is an immediate security concern for many people.

In fact, you have your private keys with you wherever you go, and you are not only at risk of malware attacking your phone, but also of physically stealing your phone and bitcoin wallet.

Naturally, the Mycelium wallet has the PIN protection expected to open the wallet, send funds and export private keys. And that’s probably enough so that no one can pick up your phone and quickly access your funds.

Mycelium has also been a hierarchical (HD) wallet since 2014. This means that when you generate your wallet, you will receive a backup phrase of 12 random words. If necessary, this seed phrase can be used later to retrieve the wallet on another device.

Mycelium Wallet also provides a “Watch Only” function that lets you monitor the balance of any other address while keeping your private keys offline.

So if you have a paper wallet or hardware wallet where you spend most of your budget, you can control inventory without revealing private keys.

For a smartphone app, Mycelium does an admirable job of keeping your Bitcoin secure. However, it is still not recommended to keep large amounts in the wallet because a phone that is connected to the Internet 24 hours a day, 7 days a week, always carries a security risk.

MyCelium User Comments

Even when you know the features and benefits of a platform, deciding on a good product can be difficult. The best way to go through the past is to study the experience of people who have used this product, and in the case of mycelium with such a long history, it is not difficult to find opinions and review others.

In general, user reviews are very good for mycelium. Rated 4.1 stars in the Google Play Store, with over 500,000 downloads and over 5,000 reviews. When you enter the reviews yourself and examine the comments in more depth, you will find many happy users as well as many experienced users. And most of the negative comments are not flaws or defects in this wallet, but are more related to some personal issues and tastes.

The reviews in the Apple App Store with a score of 2.6 stars do not seem very positive at first glance, but the outstanding reviews and comments are all positive. It seems that the negative reviews may be related to the hard fork and the lack of  early support for  segwit (MyCelium supports Segwit)

Step-by-step guide to MyCelium wallet

Before preparing to launch Mayslyvm Bitcoin wallet ,  a smart phone with an internet connection and a pen / pencil and paper you need. If you have those things, you’re ready to get started.

1- Loading and installation

The first task is to install and secure the Mycelium wallet.

Go to the Play Store for Android users or the Apple App Store for iPhone users and download the MyCelium Bitcoin Wallet.

After completing the download, click to open the wallet. A page will show you where you want to recover your wallet or create a new wallet.

If you have already set up Mycelium Wallet and have your seed words, you can   click “Restore Backup” . In this example, we assume that you are just starting out. You can go ahead and select “Create New” which will generate a new wallet for you.

2- Create a backup word

After installing the wallet, you want to take all the necessary steps to secure it. If you do not back up, you have no way to recover your wallet if your phone is lost or stolen. As the wallet clearly says: “No backup = no bitcoin”.

At the top of the wallet you will see a request for backup and you must select  “Backup Now”  .

You will be asked to back up your original security statement. First, write down your master key as provided.

Warning 1: Do not save this primary key on your phone as this calls into question the purpose of producing the original grain!

Once you have encrypted your wallet keys with a password, you will need this master seed in the next step.

3- Encryption of wallet keys

Once you have this master key, you will be asked to confirm the master key you wrote down. Type each word in the order given in it

Then tap  “ Set PIN” to create a six-digit PIN and make sure no one can change your key if it is lost or stolen.

This step encrypts your wallet keys on the device. Therefore, if someone can hold your phone, they can not access it without decrypting it with the password of the keys.

Important Note: You should also take your main seed and store it in a safe place. It may also be wise to make a copy and store it separately if you lose it.

After completing this step, your wallet is now installed, secure and ready to use.

Get bitcoins on MyCelium

You are now ready to receive bitcoins from others. Go to the “Balance” tab and tap the green “Receive” link.

All the necessary information to receive bitcoins is provided to you. This information includes a QR code or Bitcoin address to share with others. You can also enter the requested amount optionally. There is also a “Copy to clipboard” option to ensure the correct address is sent.

After submitting a request for Bitcoin, you can check under the “Transactions” tab to see the history of all your transactions. After receiving the bitcoin, the transaction is shown here. This can take about ten minutes to several days, depending on the network congestion.

Important Note ✔️: You can control the transaction process in any number of Bitcoin block searchers that give you transaction confirmation information.

Send bitcoins

Sending bitcoins in Mycelium is as easy as paying. You can follow the steps below

Go to the “Balance” tab and tap on the red “Send” link.

You can select “Scan QR Code”, select “My Addresses”, paste an address from the clipboard, or enter an address manually. You must also enter the amount of bitcoin you want to send.

In the next step, select the mining fee you want to pay based on the speed of transaction confirmation. This will be entirely based on network congestion at the time. You can look at the size of Bitcoin Mempool.

It was correct to confirm everything (you can not reverse the Bitcoin transaction) and tap “Send”.

You will be asked to enter your PIN to confirm that you want to continue trading. Enter your PIN and submit.

You can then control the transaction process in the blockchain. If for some reason you choose a fee that is too small and your transaction is stuck, you should use the Bitcoin transaction accelerator. These are the services that pay extraction pools to prioritize your transaction.

Local MyCelium Trader

Mycelium does not only act as a mobile wallet for sending and receiving coins. You can also use the built-in Local Trader feature, which allows you to buy and sell coins from other Bitcoin users in your area. You can imagine it as a local bitcoin in your pocket.

This is done in a completely decentralized way and the coins remain as long as you do not release them to the buyer (or the seller releases them to you) and as long as they remain in your wallet. Mycelium Trader Local Servers only help in the order of transactions, transfer management and vendor credit calculation.

Because Mycelium has a scoring feature, you can filter out sellers and select the ones that are closest to you or have the best rankings. Traders in this software are ranked based on the feedback of previous buyers and sellers.

Professional Tip:  Use the in-app communication feature to facilitate sales and purchase conditions. Be clear in your communication, because the lack of this feature can damage your reputation and lower your score.

Once you have agreed to the terms of the transaction, you can meet with the seller and the buyer at the agreed location. It is wise to meet this trader in a public place, given the dangers of the local cryptocurrency business.

After the meeting, the bitcoin buyer gives cash to the seller. Once the seller has confirmed that the correct budget has been received, he can start trading automatically through the Local Trader.

If you want a more detailed guide to using the Local Trader feature, you can check the official documents in Mycelium.

Result

If all you need is a mobile wallet for Bitcoin. Mycelium may be tailored to your needs. It has a very clean user interface, it is easy to understand and it is very suitable for new users, but it also has advanced features for advanced users.

The team also has the following new projects to work on in the near future:

• Fiat accounts: Completely blockchain based.
• Cheap remittances: The most popular corridors.
• Debt cards. Wallet – Linked and issued in the wallet.
• Personal finance: Proper handling of bills and invoices.
• Investments: Efficient securities and economic coverage
• Screw-protected trading and betting.
• Create and exchange cryptographic assets.

The wallet also makes it easy to send and receive bitcoins, as well as find nearby buyers and sellers for those who prefer to trade locally if possible.

Some may be concerned about security concerns associated with Bitcoin wallets, and this is understandable. The best way to relax is to keep most of your funds in a cool wallet and use only mycelium for everyday needs and smaller amounts of bitcoin.

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