Mycelium Wallet Review
Mycelium is one of the few older cryptocurrency wallet provided since 2008. By then there are very few cryptocurrency related apps or softwares where enable users to keep their Bitcoin. Despite being one of the oldest wallet up to date , Mycelium is still standing strong as one of the best Bitcoin wallet to date.
- Very strong background since established , one of the oldest wallet still available till today
- Open source for developers
- Integrates with multiple services including hardware wallet such was Ledger and Trezor
- Different types of account available for different users
- Lack of message signing , a security measure
- Mobile only wallet
Do i have to pay anything for using Mycelium?
Mycelium is a free to use app and the transaction fee will only applied for Bitcoin Network upon making any transaction. The transaction fee for Bitcoin blockchain network will varies depending on size of transaction, thus the more you wish to transfer , the higher the fee. The transaction can be adjusted according to user’s preference as well , however it might hinder the efficiency if the fee is too low.
Difficulty of usage ?
The difficulty of using Mycelium wallet depends on what the users will be using it for. If users are using it as a means of keeping coins and doing simple transactions, the functions can be accessed easily. However, it is frequently used by high-end users to actually utilise every widget provided, users will require to spend some time on getting comfortable with it.
“Things” that makes Mycelium stand out compared with other wallet?
Mycelium is a wallet that integrates with different cryptocurrency related payment solution, exchange and physical wallet. Then users are allowed to choose the type of account they wish to use their wallet. The types of account are described as below
- HD account
- Single Address account
- Bit ID
- “Watch-Only” account
Hierarchical Deterministic (HD) account
HD account is a more secured account where wallet address can be change after every transaction and all addresses will be bind on just one private key. It also helps on recording your transaction as well.
Single Address account
One of the most classic and simple oriented account. This account will have the most minimal security measure as the each private key will only hold 1 wallet address.
This account is specifically meant for users who wish to integrate with their offline physical wallet such as Ledger and Trezor. Also known as “cold” storage.
Bit ID account
Bit ID account is one of the methods where standard artificial identification are not used. Artificial identification such as inputing username and password will be switched with QR code scanning via mobile device.Thus, to access the wallet will require mobile device with certain authorisation.
The “Watch-only” account is an account that merely acts as an wallet to monitor transactions. Anyone can view its transaction as longest they have the wallet address. Thus, any coins that the wallet stored are not able to be spent as a private key will be required.
So how does it work?
Mycelium wallet only provides it service on mobile app which can be downloaded from both Google store and Apple Store. If these 2 methods does not work well , theres an APK version available on their webpage as well. Other than just providing wallet service, Mycelium have its own dedicated marketplace as well where users can buy and sell their bitcoin among users in billboard style. Otherwise , users can purchase bitcoin from their respective integrated exchanges.
Is Mycelium safe?
Mycelium is a very reputable wallet which have been trusted and integrated with multiple different firms. Meanwhile, it existed and started its wallet service as early as 2008 where cryptocurrencies are not as booming as it is right now. This alone is enough to prove that Mycelium is indeed a legit crypto-wallet available in the market now. Mycelium has also won the “Best Mobile App” for mobile wallet awarded by Blockchain.info on 2014. On security wise, users are given different security measures depending on types of account and their security are known to have Bank-grade security.
Are there any customer supports on Mycelium?
Normally a proper product or service should have a remarkable FAQ section and customer support team. Mycelium does have a dedicated page just for both FAQ and ticket submission in case of any inquiry or issues arises. Their helpdesk can be accessed here.