Mycelium is one of the most popular Bitcoin Wallets available in 2023. The wallet claims to consist of a multitude of features paired with a highly functional security system. The wallet designed by a collaborative team of developers functioning in a semi open source manner is being trusted by a majority of crypto users. This article will delve deep into the reasons behind the popularity of this wallet and examine the functionality of its features and its security system.
Is it safe to store your precious Bitcoin in Mycelium wallet? Deep dive into a detailed review of the Mycelium wallet.
What is the Mycelium wallet?
Mycelium wallet, launched in the year 2012, is one of the first movers in the crypto wallets sector. The USP of the Mycelium wallet is its security systems. The strong security system of the wallet has positioned it as the most trustworthy option to store your coins. In the light of rampant scams and regular security breaches in the cryptocurrency ecosystem this wallet has been adopted by various users.
The reason why Mycelium is trusted by users is because it never takes complete custody of the assets of the users. This is a contrasting factor compared to the strategy adopted by BlockFi, FTX etc. wherein the overall custody of the funds of the users lies with the exchange or institution. This makes the user susceptible to losses incase the institution with their assets goes bankrupt or suffers a loss.
What are the features of Mycelium Wallet?
The Mycelium wallet comes loaded with various features which are as follows.
Single address account
The Mycelium wallet operates as a single address account. This feature allows a user to delete the private key from the device. This ensures that the funds are securely locked up inside and the wallet is inaccessible. Incase the user desires to initiate transaction processes with his funds he needs to import the private key back to the mobile device.
Seamless integration with Hardware wallet
The UI of the Mycelium wallet is compatible with various hardware crypto wallets such as KeepKey or Ledger Nano. This allows a user to store extra additional coins with the help of integrating the software with the hardware wallet.
Hierarchical Deterministic wallet
The wallet operates with the help of a “master seed” which is also referred to as a “mnemonic seed.” This process helps in deriving upcoming Bitcoin addresses which are essential for the restoration of the wallet.
Bit Id
Instead of operating through a classical password authentication process the Mycelium wallet operates with the help of a secure authentication process. The reason behind this is attributed to the fact that the wallet functions through an open source protocol.
Multiple integrations
Mycelium has initiated various agreements with third party services which has resulted in multiple integrations on the platform. The wallet confirms the authenticity of the third party services before incorporating them on the platform. Some of the examples of such integration are as follows. Mycelium has partnered with Coinapult. This service allows users to initiate hedging processes against various fiat currencies. USD,EUR are some of the fiat currencies against which hedging processes can be initiated.
OS Compatibility
The Mycelium wallet is seamlessly integrable with Android and iOS. The Mycelium Wallet app can also be downloaded directly from its own website.
Which market segment is the Mycelium wallet fit for?
The Mycelium wallet is suited for the needs of any individual regardless whether they are beginner or a veteran in the cryptocurrency ecosystem.
The overall UI of the design is intuitive in nature. The system is processed in a seamless manner that a user can easily store and manage Bitcoin while initiating trading processes through the wallet.
The wallet can turn portable in nature by integrating it with your phone. Apart from that the overall security of the wallet is enterprise-level which makes it a perfect fit for securing your cryptocurrency holdings.
The wallet comes loaded with various basic and advanced features which can easily satisfy any user.
Detailed insights about the security system of Mycelium
The security system of any wallet is the primary aspect of a wallet that matters. All other aspects can be labelled as secondary because a wallet is used with the intention.
The wallet operates with the help of a standard PIN. This is required inorder to access various services and features on the app.
This is the standard PIN that is required inorder to launch the app, initiate any transactions on the app or export the private keys. Apart from these basic security systems the wallet allows users to possess their accounts in a hierarchical deterministic manner.
The “Watch Only” feature on Mycelium allows you to only view your crypto because you can’t initiate any transactions.
This feature allows a user to connect his cold storage account with Mycelium sans the ability to make transactions through it. All that can be done is you can keep a tab on any of your accounts through this mechanism.
However if you are worried about any security issues, let me tell you that the Bitcoin addresses associated are encrypted by the AES-256 encryption method. Apart from that any data pertaining to your Bitcoin addresses is never transferred between the servers of Mycelium.
Detailed insights about Privacy of the Mycelium system
The Mycelium software provides its users with adequate privacy measures. It never stores any information pertaining to the user which can be termed as personal in nature.
The only information stored by the wallet is pertaining to the Bitcoin address, location (given by the user) and the overall trade history. This is the only information taken by the platform.
The nature of the information clearly underlines the fact that it isn’t enough to identify the user. These are the privacy factors regarding Mycelium. A cursory glance over these ensures the fact that the wallet takes privacy measures very seriously.
What are the coins supported by Mycelium wallet?
The Mycelium software currently supports a single cryptocurrency ie. Bitcoin. This is quite different from various other competitors in the wallet space. But Mycelium focuses on a single cryptocurrency and provides exceptional features to it’s users.
However the wallet is planning to diversify in future by inclusion of various different cryptocurrencies.
Can you initiate cryptocurrency trading processes from your Mycelium wallet?
The Mycelium wallet allows a user to store the Bitcoin for safekeeping and also initiate cryptocurrency transactions with various other Bitcoin addresses. These trading processes can be initiated from inside the wallet itself. Apart from that Mycelium allows a user to initiate various processes from its software with the help of its third party associations.
Mycelium has partnered with Glidera which helps a user to initiate buying and selling based transactions with the help of a bank account. However this service is geographically limited to the USA and Canada.
Apart from that, Mycelium has also partnered with Cashila. It is a service which allows the users to process Bitcoin payment with the help of the platform. This service is limited to the European SEPA zone. These are some of the third party integrations by the Mycelium wallet which has tremendously incorporated advanced features into the wallet.
What is the price of the Mycelium wallet?
The Mycelium wallet is completely free to use. The software can be downloaded from the Google Play Store and the App Store. Apart from that, it can also be downloaded through the official website of Mycelium.
How does the Support feature of Mycelium work?
The Mycelium support feature currently works fantastically. It is something which has been iterated and refined over the years which has resulted in the system being fine-tuned in such a manner. Users can initiate the support process by raising a ticket on their support ticket system. Apart from that users can reach out to Mycelium through its social media platforms and initiate an enquiry process.
Also the platform has an extensive array of articles titled as “FAQ.” These articles will help users to easily find solutions firsthand without even initiating a support enquiry process.
FAQs
Is Mycelium a better Bitcoin wallet than Metamask?
Metamask is not a Bitcoin wallet. It can store ERC20 tokens, but does not support Bitcoin. On the other hand, Mycelium wallet is a Bitcoin only wallet, and can’t store any other cryptocurrencies. You can use Mycelium as well as Metamask based on which crypto you want to store.
Mycelium vs Trust wallet: Which is a better Bitcoin wallet?
Trust wallet is a desktop come (mostly) mobile wallet that comes in the form of an app. Both wallets are good. However, I prefer Trust wallet, as along with BTC, I can store other cryptocurrencies too (almost all).
Who is the CEO of Mycelium app?
Final review
An extensive review of the Mycelium wallet underlines its features and advantages.
The Mycelium wallet has a proven track record which helps in proving the legitimacy of the overall system. Apart from that if we look at the features of the wallet it provides the user with an intensive array of enterprise level security measures paired with a horde of innovative features.
Although the wallet has adequate security measures, there’s always a scope of error. However apart from this, the overall wallet seems to be a perfect fit when it comes to mobile based Bitcoin wallets.
