Should You Use Mycelium to Hold Your BTC?

All you need to know about the functionality and security of the Mycelium Wallet.

What is Mycelium?

Mycelium is a highly functioning fully integrated bitcoin firm which specializes in hardware, software, and security. The Mycelium Wallet is a wallet for mobiles which allows you to store, send, and trade bitcoin.

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All of this can be done on one account or multiple accounts that have enterprise-level security aspects.

You have control of your Mycelium wallet, but your private keys are also stored in Mycelium’s database. This wallet is exclusive for Bitcoin users, especially those with more experience in handling the currency throughout.

Mycelium is primarily for smartphones and as such can be a convenient way of looking after your bitcoin on your phone and in your pocket at any time.

History and About

Mycelium was founded by a group of hardware engineers all the way back in 2008. The team behind the wallet was attracted to the idea of working with blockchain due to the growing popularity of Bitcoin. The group of engineers was quite large and includes people such as Constantin Vennekel, Daniel Kravisz, Mariya Brown, Jan Dreske and Andrew Toth.

The Mycelium Wallet is one of three major products the firm has launched in the field. It’s, therefore, no shock that the Mycelium Wallet has emerged as one of the more popular products in the crypto market.

 

How Safe is Mycelium?

Mycelium Wallet is a wallet backed by enterprise-level security features, which are made up of HD security and diverse backup options for private keys.

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When you sign up, you will also be asked to create a PIN code, which can be used to lock function such as transferring bitcoin payments, adding newer accounts, and changing buy/sell orders.

To utilize this backup feature, you will need to write down certain backup features in the form of a code. This will be given to you when you try to back up the account.

Upon entering this, you will be provided with 12 words to authenticate your account should you forget the password. If you write them down, then you can easily recover your account.

Despite the fact that it is a mobile wallet for smartphones, its reviews are largely positive, though some Reddit users do remain skeptical.

Does Mycelium Have Fees?

The Mycelium Wallet is itself is free to use. Transactions are, on the other hand, subject to fees based on their transaction size. Mycelium’s fees for miners vary from 0.08 mBTC/kb* when tackling lower priority trades to 1 mBTC/kb* for higher priority ones.

How to Use Mycelium Securely.

Step 1: Create a Wallet

Download the wallet app, open it and select “New Wallet” which you can use immediately. You do need to take extra steps for added security.

Step 2: Backup the Wallet with the Seed

  • In the right corner, select the three squares and choose “Backup.”
  • 12 words will be displayed which you should write them down on a paper and store it securely
  • To ensure you correctly wrote down the words, you’ll be asked by Mycelium to input the words again, individually

Step 3: Enter the PIN

Use a PIN code to keep your wallet from being stolen by other people. You will need to enter PIN code for every usage.

  • Select “settings” in the corner of the menu
  • select “Set PIN Code.”
  • Choose a PIN code and don’t forget it. Without the code, you won’t be able to use your Bitcoin. If you lose it, the only way to access coins is through the seed.

If you lose your password or misplace your device, you will need a PIN code to use your Bitcoins. That said, skilled hackers can crack PIN codes as well so be aware of this potential security issue.

Step 4: Sending and Receiving Bitcoin

  • To receive payments, select receive under your balance tab to get a payment.
  • Send the sender your Bitcoin address by:
    • Having them scan your QR code.
    • Posting your address with the “Share Bitcoin Address” option or by copying and pasting it into a message.
  • Wait for the money once it has been sent.

Sending Payments

  • Click “Send” under the “Balance” tab to send payments to other people.
  • Select one of the following three options:
  1. The simplest and fastest option is to select “Scan QR Code.”
  2. Look for and paste the recipient’s Bitcoin address which was copied earlier into your clipboard
  3. Choose “Manual Entry” and enter the recipient’s Bitcoin address.
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