The Mycelium cryptocurrency wallet is a product that appeared on the market and managed to win the favor of users. This review of the Mycelium wallet is devoted to its features, functionality that the developers have prepared for you.
The Mycelium wallet basic information
The Mycelium wallet has awarded the title of “Bitcoin-wallet by default”. Developers provide you with a user-friendly interface for the application, so even an inexperienced novice can cope with it: the function names speak are understandable, and the transaction procedure is only a few steps away. So the developers of the Mycelium digital wallet wanted to “make Bitcoin easier for masses”, which they did quite well.
Installation of the Mycelium wallet can be performed on devices running on Android and iOS platforms. You get both standard functionality and additional options for advanced users of cryptocurrency, for example, you can use hierarchically determined wallets, cold storage, and special accounts. Get several Mycelium wallets at once and make authorization management as minimal as possible.
The Mycelium wallet provides you with completely free access to the source code – developers conduct an open policy, with each day acquiring more users of the application. While creating a project, the rate was made for the client’s performance and availability of management functionality for each – for both an experienced cryptocurrency investors and a novice cryptocurrency user.
The issue of the Mycelium wallet is operating by the Apache and MS-RSL license. This is one of the first wallets in the digital market.
The company cooperates with various companies, which include exchanges, Blockchain organizations, which allows them to successfully integrate their services around the world. An example of such cooperation is the work of the Coinapult – control of the safety of storage and operation of facilities is carried out, and the simplicity of the platform management is provided. One of the “gadgets” is the ability to regulate the state of your account, which will always remain the specified amount of the currency. The use of this option is rational only if you are going to fix the equivalent of the currency for a long time – all because the blocking of funds takes a long time, for which you can potentially get revenue from the turnover of funds.
Another feature of the Mycelium wallet is efficient and fast currency exchange. The function is built into the application, which allows you to quickly and easily perform exchange operations. An additional bonus is the integration of the application with the Trezor – now the turnover and movement of funds will be carried out without problems.
The storage of Bitcoins using the Mycelium application requires the proper level of protection of your funds. The Mycelium client provides you with B-keys of a closed type – they are permanently stored on your device and protected by the gadget’s memory area and password. To prevent attempts to hack your accounts, always generate new addresses when you request a transaction. Also, the Mycelium gives you the opportunity to further protect your Bitcoins by using a backup and using a complex password consisting of 12 words – write it down and store it in an inaccessible place. This password you will use to restore access to your account in the event of a hacking account and theft of funds.
Advantages of the Mycelium wallet
Using the Mycelium application opens up to you a wide range of possibilities and a list of benefits, which includes the following “bonuses”:
- The ability to instantly download the application;
- Clear and easy to manage interface;
- Independent adjustment of protection levels;
- The balance is displayed in multiple currencies;
- Support for the most popular platforms;
- Option to decrypt PDF files;
- Integration with QR-scanner;
- Backup availability;
- Creating an address book with frequently used addresses;
- Display detailed operations history;
- Integration with social networks;
- Full control of the user assets.
Disadvantages of the Mycelium wallet
If we talk about the drawbacks of using the Mycelium digital client and some flaws, we can distinguish the lack of a Russian interface and the use of only a mobile version of the application.
Procedure for downloading and installing the Mycelium wallet
Now let’s talk about installing the digital client. To start using the application, you need to download and install the Mycelium wallet on your gadget. This is done very simply and quickly: just go to, for example, to GooglePlay by the link https://play.google.com/store/apps/details?id=com.mycelium.wallet&hl=en, find the application and click “Install”. The download is completed and the client starts up automatically when the system request is confirmed.
After that, you need to register your Mycelium wallet. Everything is very simple: click on “Register”, fill in all the fields, come up with a username and password, confirm the registration by clicking on the link sent to your email address and all is ready.
Sending and receiving the cryptocurrency with the Mycelium wallet
If you scroll through the application menu briefly, then the “Balance” tab displays your Bitcoin-address and QR-code. By exporting this data to a text file, you can save information and use it when working with other clients when buying and selling cryptocurrency. Here you will see subsections “Buy”, “Sell”, “Active transactions” and more. All these options are clear and logical, so we will not go into their description.
The Mycelium wallet conclusions
The Mycelium digital cryptocurrency client is an application with a wide functionality and high speed. We can recommend it to both beginners and experienced users: the interface is simple and straightforward, the level of protection is reliable.