Mycelium wallet review 2018 | Features & fees | finder.com

Mycelium bitcoin wallet – April 2018 review

Mycelium Wallet is a mobile bitcoin wallet that combines innovation and convenience to deliver a truly unique experience.

In the world of digital currency, few companies have been in the game for as long as Mycelium. Founded in 2008 by a team of hardware engineers, the company has evolved to meet the growing needs of bitcoin users.

The Mycelium Wallet is one of three successful products the company has launched in the bitcoin field. It’s therefore no surprise that the Mycelium Wallet has emerged as one of the most popular products in the cryptocurrency market.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is Mycelium Wallet?

Mycelium is a highly integrated bitcoin company specializing in hardware, software and security. The Mycelium Wallet is a mobile wallet that allows you to store, send and trade bitcoin.

All of this can be done on one account or multiple accounts that have enterprise-level security features.

The Mycelium Wallet offers five account types, including:

  • HD (Hierarchical Deterministic)
  • Bit ID (open protocol)
  • Single Address Accounts
  • “Watch Only” Accounts
  • Hardware (for offline devices)

Mycelium has been recognized as one of the best mobile wallets in the bitcoin industry, so much so that it was awarded the 2014 “Best Mobile App” by Blockchain.info.

The company’s bitcoin wallet is part of a larger universe of exciting new products and features. You can visit the website to learn what the company’s all about. For this review, we stick mostly to the Mycelium Wallet.

Compatibility

  • Android and iPhone.
  • APK file is available only for Android

How much does it cost?

The Mycelium Wallet itself is free to use. However, transactions are subject to fees based on the transaction size. Mycelium’s miner fees range from 0.08 mBTC/kb* in the case of low priority to 1 mBTC/kb* for priority.

*1mBTC equals 0.00100000 BTC

Which currencies can I store?

Mycelium Wallet supports bitcoin, and allows users to switch back and forth from regular fiat currency (US dollars, euros, etc.) to bitcoin.

  • Bitcoin

How do I add currency to my wallet?

In 2016, Mycelium introduced a feature where users can buy bitcoin right on its platform. You can add bitcoin to your account via Cashila and Glidera, which have been integrated into the mobile wallet platform.

These tools essentially allow you to buy and sell bitcoin in exchange for fiat currency.

Also, Mycelium Wallet can accept bitcoin stored on other wallets, giving you more options to consolidate your cryptocurrency accounts.

How do I make or receive payments with my Mycelium Wallet?

After setting up your account and protecting it with a PIN code, you are ready to send and receive bitcoins.

To receive a bitcoin payment, go to the “Balance” tab and select “Receive.” This will bring your bitcoin address into view, where you’ll be able to share it with the sender.

To send payments, go to the “Balance” tab and select “Send.” You can either scan the recipient’s QR code or manually input their bitcoin address.

How secure is Mycelium Wallet?

Mycelium Wallet is backed up by enterprise-level security features, including HD security and extensive backup options for securing private keys.

Upon signup, you will also be prompted to set up a PIN code, which will lock the following functions:

  • Sending bitcoin payments
  • Exporting single-address accounts that display their private key
  • Adding new accounts
  • Changing buy/sell orders

To use the backup feature, you need to write down the 12-word security phrase. This will be provided to you when you go to back up the account.

After entering the PIN, you will be given the 12 words, one at a time. These words will help you recover your account in case your device is lost or stolen.

Where can I get Mycelium Wallet?

The Mycelium Wallet can be downloaded directly from the company’s main website. Here, you’ll be prompted to download the wallet on either Android or iPhone. It’s also available on Google Play and iTunes.

Mycelium Wallet website

Pros & cons

Pros

  • Strong industry-wide reputation.
  • Open-source.
  • Integrates with a range of services, including hardware wallets TREZOR and Ledger.
  • Offers several account types.
  • Fast connection to the bitcoin network.

Cons

  • No ability to sign messages.
  • No desktop interface.
  • May not be ideal for beginners.

Next steps

As the company says, Mycelium has been “growing from the dawn of the blockchain era.” Users who feel passionately about bitcoin and blockchain will find lots to love about the Mycelium Wallet.

Setup is quick and easy, but it could take you a while to go through all the features. That’s why it’s important to start off slowly by accepting and receiving payments before testing out Mycelium’s other innovative features. All said, the Mycelium Wallet could very well be the last bitcoin wallet you’ll ever need.

Frequently asked questions

Image source: Mycelium Wallet

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2 Responses

  1. Default Gravatar
    geoApril 18, 2018

    i tried to use my credit card to make a purchase and it declined. i know it is good. is there another reason why it would?

    • Staff
      joelmarceloApril 19, 2018Staff

      Hi George,

      Thanks for leaving a question on finder.

      To be certain of the exact reason your credit card transaction was declined, you need to speak to your credit card company. However, these are some of the common causes:

      1. Odd spending pattern
      – If your card provider notices strange patterns in your spending habits they may well put a block on your credit card for security purposes. For example, if you only ever use your credit card a couple of times a week for very small purchases, and then in one day there are 3-4 large purchases made, your issuer may flag the activity as strange or potentially fraudulent and will block the card.

      2. Daily limit
      – Some credit cards have daily spending limit within the terms and conditions. If you have not read your terms properly you may not be aware of these and this could result in you overspending and having a transaction declined.

      3. Spending abroad
      – If you’re planning to use your credit card overseas, you should contact your card provider to let them know beforehand. If your issuer sees a range of transactions happening overseas, they might suspect it’s a fraudulent payment and block your card.

      4. EFTPOS offline
      – EFTPOS machines use the phone network to communicate with the banks to verify and authorise your transactions. If there is a system outage at the point of sale or with the bank’s server, the transaction may be declined. If this is the case, you may be asked to sign the tax invoice for authorisation.

      5. Exceeded your credit limit.
      – Every credit card comes with a maximum credit limit that you shouldn’t exceed. While some credit cards let you spend beyond the credit limit and will charge you a fee, others will simply decline the transaction if you spend beyond the limit. If you require more credit, you can find out how to increase your credit limit with our guide HERE.

      Cheers,
      Joel

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