Mycelium Wallet Review: Open Source Bitcoin Wallet

Description

Mycelium is an open-source, noncustodial, mobile bitcoin wallet available for Android and iOS devices. It provides a simple and user-friendly interface for storing, buying and selling bitcoin. Mycelium is open-source, which means that its source code is available to the public and can be evaluated by the community. As one of the oldest bitcoin wallets, it has a strong reputation in the bitcoin community.

Key features

• With Mycelium, you can buy bitcoin with European bank account, credit/debit card or find Mycelium users in your area using the Mycelium Local Trader, a peer to peer exchange.
• Support for hardware wallet, which lets you store your bitcoin offline using hardware wallets such as Trezor, Ledger and KeepKey.
• Your private keys are automatically encrypted.
• Support for Tor integration, ProtonVPN, two-factor authentication and watch-only accounts.
• Custom fee settings allow you to adjust transaction fees.
• View your balance in 164 supported fiat currencies.
• You can use the wallet in any of the 12 supported languages, including English, Spanish, Dutch, Spanish, German, Italian, and Portuguese.
• Mycelium Gear is a non custodial bitcoin payment processor that allows businesses to accept bitcoin from customers straight into their wallets.

How to use Mycelium wallet

To use Mycelium Wallet, first install the app on your Android or iOS device and then create a new wallet. The following are the general steps to get started:

• Get Mycelium Wallet from the App Store or Google Play Store.
• Launch the app and choose “Create new wallet.”
• To set up your wallet, follow the prompts, which include creating a strong password and writing down your recovery phrase.
• After you’ve created your wallet, you can view your balance, transaction history, and other information on the home screen. Other features include news, Micro OTC (Over-the-counter), games, gift cards, Local Trader (p2p exchange), address book, and tons of external services such as ProtonVPN, Spendabit, and others.
• To receive or send bitcoin, go to “Balance” and tap the “Receive” or “Send” button.
• Tap the “Send” button to send bitcoin, then enter the recipient’s address and the amount you want to send.
• To buy and sell bitcoin directly, use in-built third part features.

How to buy bitcoin with Mycelium wallet

You can buy bitcoin using third party services. For instance, Mycelium integrates with Glidera, a non custodial service that allows you to buy and sell bitcoin directly from your wallet. With this service, you can buy bitcoin in US and Canada directly using your bank account into your Mycelium wallet. It also allows you to connect to various bitcoin exchanges like Kraken and Bitfinex to trade your existing digital assets or fiat currencies for bitcoin within the Mycelium interface.

Its in-built peer to peer marketplace, LocalTrader, connects you with other users in your area willing to sell bitcoin directly. It is a decentralized in-person exchange feature. It operates without holding any of your bitcoin or fiat currency, as the coins are stored locally in your wallet. The marketplace handles trade arrangements between buyers and sellers, manage transactions, and calculate reputation ratings.

Its “External Services” feature enables you to buy bitcoin with SEPA and show debit/credit card buy option.

Mycelium wallet fees

Mycelium, like most bitcoin wallets, charges transaction fees. The fees are determined by the current condition of the Bitcoin network and the transaction size in bytes. The wallet has a dynamic pricing mechanism that determines the right fee based on current network circumstances. You will see the Mycelium fee amount before you finish your transaction. It’s worth noting that greater costs often result in faster transaction confirmations, while smaller fees may take longer. Mycelium also provides a “custom fee” option, which lets customers to manually determine the fee for their transaction.

Mycelium does not support Replace-by-fee (RBF) (or Bump Fee) transactions, a feature that allows you to replace a low-fee transaction with a new one with a higher fee to speed up the confirmation time. However, it does support Child-Pays-For-Parent (CPFP), which serves as an alternative method to expedite unconfirmed transactions by creating a new, smaller transaction (the “child”) with a higher fee and attaching it to the original unconfirmed transaction (the “parent”)

Is Mycelium wallet safe and legit?

Mycelium has been around for a long time (since 2008) and has a track record of security and reliability. It is a non-custodial wallet, meaning you have complete control over your private keys. This is a much safer approach than custodial wallets, where a third party holds your keys and can potentially mismanage or lose them. It offers various security features like PIN protection, TOR network support to mask IP address and location, and cold storage integration, enhancing its privacy and making it less vulnerable to attacks compared to other software wallets. Additionally, the wallet’s code is open-source and audited and direct download (APK file) is available. Finally, no ID required or any other data collection procedures and all third-party services can be manually turned off.

We do not use social networks as a matter of principle. Any accounts on Facebook, Twitter, Instagram, Tik-Tok, Bitcointalk, Reddit, etc. that claim to represent Mycelium or to be related to Mycelium in any way — all belong to scammers! – Mycelium team

Is Mycelium a good bitcoin wallet?

One of the primary advantages of Mycelium bitcoin wallet is that it is open-source, which allows for transparency and security because the community can evaluate the source code to ensure its safety. Another advantage is the advanced security feature, such as the integration of hardware wallets such as Trezor. Noteworthy features include SegWit, watch-only, NFC, QR code support, and Child-Pays-for-Parent (CPFP). For active Bitcoin traders, Mycelium provides a convenient built-in exchange directly accessible from the app.

However, Mycelium Wallet has a few drawbacks to consider. It is only available for mobile devices, lacking Mycelium desktop version. The reliability and safety of its Local Trader feature, which allows you to buy and sell bitcoin directly within the app, has been criticized. Furthermore, it lacks certain advanced features favored by experienced users, such as multisig, RBF, 2FA, and Lightning.

In addition, Mycelium Wallet may not be suitable for beginners due to its complex interface. On the other hand, its support for other cryptocurrencies may be seen as a drawback by Bitcoin maximalists.

If you are considering using Mycelium Wallet, we recommend using the Android version instead of the iOS version. The Android version is generally maintained, more reliable and stable.

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