Mycelium Wallet Review: What it is and how to get started
Choosing a bitcoin wallet might be a difficult task whether you are a newbie or an experienced crypto enthusiast. Given many crypto wallets out there, you need to consider several factions like security, usability, and other add-on functions.
This review will cover everything you need to know about Mycelium wallet. At the end of the review, you will be able to determine whether this wallet is a good fit for you.
What is Mycelium Wallet?
Mycelium is one of the earliest cryptocurrency wallets. It started in 2008. It's a mobile wallet that supports various account types, including Hierarchical Deterministic (HD), Single Address Accounts, Watch Only Accounts, Bit ID Accounts, and Hardware Accounts.
Mycelium wallet is a safe and secure way to send, store, and exchange Bitcoin.
The wallet is open source, and it connects to the Bitcoin network quickly. Other wallets can be connected with Mycelium. In 2014, it was named the Best Mobile App.
How does Mycelium Wallet work?
Mycelium wallet is designed to work as a standalone or mobile wallet. The HD structure is one of the best features of Mycelium and allows users to store Bitcoin. The Hierarchical Deterministic also generates a unique set of addresses every time a transaction is sent or received.
Mycelium wallet is a reliable platform for storing and trading Bitcoin. The wallet can be connected with other wallets and exchanges to transfer, trade, and store Bitcoin. The wallet is designed to offer support for mobile apps.
Mycelium Wallet offers a simple interface for managing the Bitcoin wallet. The users can keep track of their transactions and monitor their holdings.
How to use Mycelium Wallet
Mycelium has been convenient for traders over the years. Follow these steps to get started:
- Download the app
- Create an account
- Backup your wallet
- Set a pin code
You can also manage more than one account on the Mycelium wallet. To do that, click "Add account" at the top of the page and select from the list of account types.
Which coins does Mycelium Wallet support?
While Mycelium is traditionally a Bitcoin wallet, it also supports the following coins:
- Bitcoins (BTC)
- Ethereum (ETH)
- Tether USD (USDT)
- USD Coin (USDC)
- Huobi Token (HT)
- Binance USD (BUSD)
- Zero X (ZRX)
Users can store and convert these coins into fiat currencies on the wallet. And while it is a hot wallet, Mycelium allows transactions from cold wallets.
What are the pro features of the Mycelium Wallet?
1. Ease of use:
Mycelium is an open-source wallet that allows users to send and receive Bitcoin through a mobile interface. No sign-up, login, user name, or central authority is required. Once you download the app and set up a backup, you can start trading crypto. The wallet supports multiple denominations and allows users to track their transaction history. The HD interface adds another feature to the Mycelium wallet.
2. Security:
Mycelium places a premium on the safety of its users. It has never been involved in any scandals or breaches. These are some of the security measures you will enjoy on the app:
3. Simple user interface:
The interface is quite intuitive and user-friendly. It is easy to transfer funds from one account to another, set transaction limits, and control private keys. It is also possible to create a wallet with a 24-word seed and create multiple accounts in the same wallet.
4. Hardware wallet support:
You can connect to your hardware wallets like Trezor and Ledger. TREZOR may be added to the application as a new account. Mycelium simply imports the XPUB of your chosen TREZOR account, allowing the app to display your account balance even when the device is not connected. Mycelium, on the other hand, never has access to your private keys!
5. Exchange:
Mycelium supports buying and selling Bitcoin. The platform allows users to set the price they want to buy Bitcoins from various exchanges. The feature enables users to connect to the exchanges and buy or sell Bitcoin.
