Mycelium Wallet Review: Is Mycelium a Reliable Wallet?
Mycelium Wallet is one of the best Bitcoin mobile wallets that has been standing at the top of all Bitcoin wallet lists and guides for quite some time now. In fact, few companies have been in the crypto game for as long as Mycelium has.
What is Mycelium?
Preceding the BitcoinSpinner, a mobile app used to receive and send Bitcoins developed by the same company, Mycelium Wallet is a very popular and free Bitcoin wallet for two of the most popular mobile platforms, iOS, and Android. Anyone can download and install the wallet on their phone from the official stores, the App Store, as well as Google Play.
During the installation, Mycelium will ask for various permissions. For example, the wallet requires your location, necessary for bringing out up to date Local Trader information. To scan QR codes, the app will also require access to your phone’s camera and microphone.
Like most wallets of this type, Mycelium Wallet allows you to send and receive Bitcoin directly from and to your mobile phone. As expected, the main benefit of using Mycelium is the fact that it puts you in complete control over how your private keys are stored (on your own device).
You are provided with five account options: HD (Hierarchical Deterministic), Bit ID (open protocol), Single Address Accounts, “Watch Only” Accounts, and Hardware (usually for offline devices).
One of the main benefits of Mycelium is the fact that there’s no need to download the whole Bitcoin blockchain, as the wallet can be installed and run in a matter of seconds. If you opt for the HD option, you can manage multiple accounts and never re-use addresses. The wallet uses a master seed to redirect all future Bitcoin addresses sequentially, also making the backup process easier.
The Watch Only account allows you to store the addresses in your wallet without the corresponding private key. The Single Address option allows you to securely store large amounts of Bitcoin by deleting the private key from the device and then importing them back if and when needed. You can also opt to secure your wallet via a PIN. Additionally, you can create a 12-word recovery phrase
Another advantage of Mycelium includes support for integration for Trezor and Ledger, two of the most popular hardware wallets currently on the market. While the Mycelium Wallet is free to use, it’s important to note that all transactions are subjected to fees based on their size.
There are three types of fees: standard, economic, and priority. As mentioned before, the fees are determined based on their size. For example, the standard fee is charged as 0,1 mBTC/MB (1 mBTC = 0,00100000 BTC), the economic fee is charged as 0,001 mBTC/MB and 0,2 mBTC/MB in the case of priority.
The wallet also allows you to send and receive Bitcoins by specifying the amount in fiat currency. Advanced users might also be interested in some of Mycelium’s other useful features. The wallet offers integration with Cashilla, allowing you to pay bills in the SEPA zone. Since it also works with Glidera, Canadians and US citizens can sell and buy Bitcoins through various banks.
When it comes to crypto wallets, security should always be the main concern and Mycelium does not disappoint. Mycelium ensures that your coins are safe both during storage and transactions. It uses a set of in-house technologies, but it also relies on Bitcoin’s core security features.
What’s more, Mycelium only stores a limited amount of data such as trading history, nickname, Bitcoin addresses, and sale orders. At the end of the day, Mycelium has a rich history when it comes to offering top-notch services to its users.
Mycelium is one of the oldest Bitcoin mobile wallets on the markets and has gained a solid reputation over the years. Even though more and more mobile Bitcoin wallets are rolling out with each day, Mycelium has remained, at least for most users out there, the de-facto mobile wallet for Bitcoin. Besides its security features and good community image, it’s also very easy to install and to use, which only makes it even better.