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, and it continues innovating, and 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 be 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.
You can create a twelve-word backup code for added security and use BIT ID instead of a basic password. This is an open protocol providing greater authentication security.
Whether your coins are in storage or 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 to store your coins until your next transaction securely. Store as many coins in your Mycelium wallet for as long as possible. Consider integrating with Trezor or Ledger for larger amounts and a secure backup solution.
Usability
Quick Guide to the Mycelium Mobile Wallet
The Mycelium wallet simple to use.
Creating your wallet
- Download the Mycelium wallet at the app store.
- Now, just open it!
Securing your Mycelium wallet
- Go to ‘Settings’ (3 vertical lines in the top right corner).
- Select the ‘set pin code’ option.
- Now, do a backup.
- Finally, set your twelve-word recovery phrase.
- That’s it! Time to add some coin.
Receiving
- On the Balance Sheet, select ‘Receive’.
- Request an amount by selecting the Keyboard option – ‘Optional Amount’.
- Share your bitcoin address with the sender.
- All done. Just wait for the coin to transfer.
- 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 products & services. 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 using its products. They have committed support that is available to assist and address issues. Their open communication and rapid customer service have earned them a loyal following.
Feedback
Mycelium offers reliable and quality services. It ensures timely transactions, and 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
- Standard fee: Transaction is charged as 0.1 mBTC per 1MB
- Economic fee: Transaction is charged as 0.001 mBTC
- Priority fee: Transaction is 0.2 mBTC per MB
All transactions are prioritized
- Standard: Takes longer to complete
- The economy is a little faster
- 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 you 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 products. 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, check out this site next time!
