Mycelium Wallet Review – Storing Your Bitcoins Safely

Last updated on July 11, 2020

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The Mycelium Wallet is an Android and iOS-based cryptocurrency wallet that lets you trade, store and send bitcoin.  It is one of the oldest and most reputable bitcoin wallets in the world.

If you check the Google Play Store, you’ll see that it has been downloaded more than half a million times, has over 4,183 reviews, and has been awarded, cumulatively, a 4.3 star rating.

In this Mycelium wallet review blog post, you will find out why it has stayed at the top of its league, even as more and more competing wallets are created.

Mycelium – a Hot Wallet

In the crypto world, there are different types of wallets. There are hot wallets and cold wallets. A hot wallet is one that is connected to the internet.

The good thing about that is that withdrawals and deposits are extremely fast.

Read: What is bitcoin – all you need to know

People who own large amounts of bitcoin prefer to keep them in cold wallets, but still keep a small amount in a wallet such as Mycelium for purchasing items and making payments.

Enterprise-Level security

The Mycelium wallet boasts of advanced security features above most other wallets in the market. Just like other providers, you will have to create a secure PIN code which will lock functions such as adding new accounts, sending coins, modifying orders and so on.

On top of that, it is highly recommended that you back up your wallet. There is a 12-word security phrase for that purpose.

You need to write down this phrase correctly and ensure you store it very carefully. This phrase will be useful if you ever lose your mobile phone. 

The other bit of security worth mentioning is that Mycelium uses private keys when you are sending or receiving bitcoins. The best thing about this feature is that these keys never leave your device (account).

Read: How to buy bitcoins in Kenya from LocalBitcoins 

What happens if you lose your mobile phone and yet you’ve installed the Mycelium wallet? The recovery bit is worth expounding a little further. For that purpose, let me take you through a step by step process of installing this app.

Step 1

You’ll need to visit the Google App Store. You will be asked whether you want to create a new wallet or recover an existing one. If this is your first time installing the app, choose NEW.

If your device has been corrupted or you lost it but you had already installed the app, choose  Restore Backup.

The app requests for a few permissions during installation such as camera, microphone and location access.

The camera is very useful in that it enables the app to use the QR code feature. The QR code is a form of advanced security where you can use the code in place of giving out alphanumeric payment addresses.

Step 2 – Backing Up Your Wallet

Here is where you need to back up your wallet. A very critical step!

Click on the three squares seen on the top right of the image below.

You will be shown 12 words (in sequence) that you need to write down. So grab a piece of paper, write down the phrase and store the piece of paper safely.  Losing that 12-word phrase is equivalent to losing your bitcoins.

Step 3 – Setting Up The Pin

Once you are through with that step, it is also important that you set up a PIN for your wallet.

That will hinder anyone from accessing your wallet and thus transfer your bitcoins to their wallet.

Once again, click on the three squares, select ‘SETTINGS’ then click on ‘SET PIN CODE’ Remember to click on ‘REQUIRE PIN ON START’ 

Remember, the 12-word phrase is very critical to the safety and security of your bitcoins.

When you are done with these steps, the wallet is ready to start receiving and sending bitcoins.

The dominant uses include displaying the personalized QR code, sending coins as well as requesting for a fixed amount of the coins.

You can also open several accounts in your Mycelium wallet. To create a new account, click on the Accounts tab, press the key icon and +. Press ‘Add HD Account’  and you are done. 

How To Make or Accept Payments

It is very easy to send and receive coins with this app. To send coins, you just need to access the “BALANCE” tab then press “SEND.” From here, you can either input the recipient’s bitcoin address or scan their QR code. 

Similarly, to receive bitcoins, simply press “RECEIVE.” Your bitcoin address will be shown.

You just need to copy it and give it to the sender. Alternatively, simply use the “SHARE BITCOIN ADDRESS” part.  The Mycelium creators also added an ‘Address book’ section for commonly used addresses.

Pros and Cons of the Mycelium Wallet

Pros of Mycelium

  • The wallet has a strong reputation in the cryptocurrency industry
  • It supports the two major mobile OS platforms in the world (Android and iOS)
  • It is a hot wallet and saves the users a lot of time
  • It offers several account types which users can choose from
  • It’s connection speed to the bitcoin network is amongst the fastest
  • Its level of security is amazing
  • Mycelium is also compatible with other hardware wallets, like the well-known Trezor and Ledger Nano wallets. 

Cons of Mycelium

  • It would be great if the creators of this wallet would consider notifications for incoming payments, because what happens now, is you have no way of knowing if you have received bitcoins in your wallet.  You have to open the app to find this out. 

Conclusion

The Mycelium wallet has lots of features that blockchain and bitcoin lovers will enjoy, as you have seen from this Mycelium wallet review.

This is mainly because the wallet integrates almost all the necessary bits used in the cryptocurrency industry.

The setup is easy and quick, meaning even new users can get going in the shortest time possible.

Personally, I think it’s quite user-friendly and ideal for non-techies like myself 🙂

About the author

Virginia Nakitari is a work from home mom passionate about making money online. She's here to show you legitimate companies offering full-time, part-time and remote jobs from home! Stay tuned!

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