Mycelium Wallet

Learn all about Mycelium, an iOS and Android Bitcoin wallet app, which is very easy to install and is suitable for use on a daily basis.

Mycelium Wallet – Historical Background

Mycelium is a company founded in 2008. After bitcoin was released in 2009, things headed towards a different direction. There was great interest in blockchain technology as bitcoin seemed very promising. One of the company’s most ambitious projects though, was the Mycelium bitcoin wallet. The year between the company and bitcoin’s release, gave Mycelium an advantage; to keep up with the keep up with new trends in a competitive environment.

The Mycelium Bitcoin Wallet gives you the opportunity to send and receive Bitcoins, Ethereum (ETH) or ERC-20 tokens including Tether USD, USD Coin, HobiToken, Binance USD, Bitfinex LEO, 0x – just by using your phone. Its unmatched cold storage functionality enables 100% funds security up until the moment you are actually ready to spend them.

Why Mycelium Wallet?

The Mycelium wallet is known to be one of the best bitcoin wallets in the market. To begin with, its list of available features and characteristics is quite impressive. What is also worth mentioning is that it is specially designed for bitcoin. As mentioned above, the wallet is a mobile app designed for Android and Mac users and is also compatible with Trezor and Ledger, meaning that using this wallet is possible even with an offline bitcoin storage device.

Mycelium Wallet’s distinctive features

The Mycelium wallet has a strong company behind. It is well optimised, functional and trusted by many people who deal with cryptocurrencies.

It also offers some of the best transaction speeds in the market. All in all, it is a great product and is available to anyone who wants to try it out for free!

Mycelium – Steps to create your wallet

Creating a wallet does not only involve downloading the wallet and installing it. There are some extra steps involved.

Firstly, you should visit the official Mycelium wallet page and download the actual wallet. Once you do this, you can install and open the wallet. Then go to the main menu and click on the backup button and 12 words will pop up. Take a note as these will be the backup keys for your wallet. Store them somewhere safe.

The final step is to set a valid PIN code. You can go to settings and choose to set the PIN. You will be required to enter the PIN when you do different bitcoin-related transactions from and to your wallet. Remember to save this too.

Marketplace

This is integrated into the Mycelium wallet itself, meaning that once a transaction is made, either for buying or selling something, transferring bitcoin or fiat currencies from your wallet to the marketplace is not needed. As a result, extra security is added to the whole procedure. Privacy and anonymity are two of the biggest concerns of the company, that is why it encrypts all data from chats and transactions to ensure maximum discreetness.

Accounts

There are various ways to manage your accounts through Mycelium. Some of the account options that the Mycelium bitcoin wallet includes “watch only” accounts, single address accounts, and hardware accounts. The latter is very important as it allows you to create a Mycelium wallet via a hardware device such as a mining rig, which is offline.

Integration

Regarding integration, there are five different names from the industry mentioned by Mycelium. These are: Cashila, Coinapult, Glidera, Trezor, and Ledger. All these are great integrations. In fact, with the first three, deposits and withdrawals are easy and straightforward whereas the last two are the most popular in cryptocurrency storing hardware.

Learn more with us

Discover all about Mycelium wallet with Bitcoin harvest ltd and broaden your trading horizons!