Is Mycelium Mobile Wallet Safe? – Full Review

Mycelium Mobile Wallet
Mycelium Mobile Wallet

Overview

Founded in 2008, Mycelium is one of the oldest bitcoin companies around. Mycelium offers a great bitcoin wallet and some fantastic features.

The Mycelium Mobile Wallet is similar to other wallets but with some special features and it is specifically for Bitcoins. It provides a platform for sending and receiving bitcoins with your mobile device. Combining Wallet with entropy and card makes transactional activities easier than ever.

Some special features include cold storage, use of master seeds, private keys and paper wallets.

Mycelium Mobile Wallet

9.3

Cost

9.8/10

Functionality

8.8/10

Security

9.2/10

Usability

9.3/10

Pros

  • Solid security
  • Good reputation & community trust
  • Reliable support
  • Easy to use with a simple interface

Cons

  • Confusing Fee structure leading to a lot of complaints

 

 

Mycelium Mobile Wallet Review

Some of the most rapidly developing tech companies are at the forefront of the ‘Crypto-Revolution’. Mycelium is a Bitcoin company standing out as one of them. It offers great features and services very well suited to the crypto-market. It’s a Blockchain company providing excellent solutions to millions of users globally. It’s earned a well-deserved reputation as being solution oriented and producing problem-solving products.

 

 

Type of Wallet

Mycelium has developed three successful products:

Wallet, Entropy, and Gear. Though this is a review of the wallet, we will briefly discuss all three as they play great together.

  • Wallet: Software
  • Entropy: Hardware = Paper wallet
  • Gear: Program for receiving Bitcoin payments

Included with Mycelium Mobile Wallet

  • This is downloadable software. There is a large community of users and online support resources available.

 

 

Benefits

Mycelium is one of the oldest bitcoin companies around, and it continues to innovate creating great features.

The wallet has Hierarchical Deterministic (HD) making it easier to manage multiple accounts without re-using addresses. HD wallets use a ‘master seed’ which creates all other addresses allowing for single backups.

Mycelium has numerous integrations including

  • CASHILA to Pay bills in SEPA zone (EU)
  • COINAPULT to hedge against USD and other fiats
  • GLIDERA to buy and sell bitcoins with your USA and Canadian bank account
  • TREZOR & LEDGER for hardware security options

In addition to a great wallet option, Mycelium offers

  • Gear

Gear is a free and open source program allowing bitcoin processing without 3rd party services like banks. It displays the recipient’s address so payments can sent directly to their wallet.

Gear can be added to websites with a Widget, integrated into existing solutions and custom solutions can be developed with the API.

  • Entropy

This is a terrific little USB device. With the Mycelium Entropy USB device you can make bitcoin paper wallets in two simple steps:

Insert Mycelium Entropy into a printer that allows you to print pictures from a USB flash drive.
Select the print option on the printer.

Security

Mycelium is a very secure and private Bitcoins service provider. Your PIN acts as your verification code when making transactions. This prevents anyone from monitoring your transactions or making transactions without authorization.
For added security, you can create a twelve-word backup code, and use BIT ID instead of using a basic password. This is an open protocol providing greater authentication security.

Whether your coins are in storage or in a transaction, Mycelium keeps them safe from malicious hackers or unscrupulous users. Your password and private keys cannot be accessed by anybody other than you.

Backups

Mycelium has a cold storage feature so you can securely store your coins until your next transaction. Store as many coins in your Mycelium wallet for as long as you want. Consider integrating with Trezor or Ledger for larger amounts and for a secure backup solution.

 

Usability

Quick Guide to the Mycelium Mobile Wallet

The Mycelium wallet simple to use.

Creating your wallet

  1. Download the Mycelium wallet at the app store.
  2. Now, just open it!

Securing your Mycelium wallet

  1. Go to ‘Settings’ (3 vertical lines in the top right corner).
  2. Select the ‘set pin code’ option.
  3. Now, do a backup.
  4. Finally, set your twelve-word recovery phrase.
  5. That’s it! Time to add some coin.

Receiving

  1. On the Balance Sheet, select ‘Receive’.
  2. Request an amount by selecting the Keyboard option – ‘Optional Amount’.
  3. Share your bitcoin address with the sender.
  4. All done. Just wait for the coin to transfer.
  5. To check on the transfer, select the ‘Transaction tab’.

OS Compatibility

Android and iPhone

Coins Supported

Bitcoin

 

 

Reputation

Mycelium is one of the first to get into the Bitcoin market. They have a long track record of providing quality product & service. They continue to innovate and have gained a well-deserved reputation and following. They have been tested by and are trusted by hundreds of thousands worldwide.

Customer support

Mycelium seems to care about what they are doing and those that are using their products. They have committed support that is available to assist and address issues. Their open communication and rapid customer service has earned them a loyal following.

Feedback

Mycelium offers reliable and quality services. It ensures timely transactions, quality support and has many positive reviews. They’re not perfect and have some deserved criticisms but they continue to listen and improve.

 

Costs

Price

The Mycelium Mobile Wallet is free to download and the Entropy can be purchased on Amazon at a reasonable price.

Fees

Mycelium has a dynamic (somewhat confusing) fee structure.

Fees depend on how much Bitcoin is being transacted.

Here are the basics (as I understand them):

They have 3 Fee structures: Standard, Economic & Priority

  1. Standard fee: Transaction is charged as 0.1 mBTC per 1MB
  2. Economic fee: Transaction is charged as 0.001 mBTC
  3. Priority fee: Transaction is 0.2 mBTC per MB

All transactions are prioritized

  1. Standard: Takes longer to complete
  2. Economy is a little faster
  3. Priority is the fastest

You can choose which ‘structure’ you want to use.

The economic fee is usually ideal for saving on fees, but the transaction takes longer. The priority fee, is more expensive but should have your transaction added to the next block (as quickly as possible)

 

Final Verdict

GREAT

Mycelium is one of the oldest and best wallet service providers for bitcoin. They continue to innovate and improve the quality of service and product. They also, continue to come up with great new ideas and products.

This is a great wallet option for beginners. Just make sure you understand the fee structure or at least make sure you’re set to ‘Economy’.

It has a very simple interface with great navigation.

For more information about cryptocurrencies and wallets, make sure to check on this site next time!

 

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Mycelium Mobile Wallet 9.3 Cost 9.8/10 Functionality 8.8/10 Security 9.2/10 Usability 9.3/10 Pros Solid security Good reputation & community trust Reliable support Easy to use

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