Mycelium wallet is among the oldest Bitcoin (BTC) wallets in the market. The application was released 8 years ago in 2013 and it fastly became one of the most used wallets for Bitcoin. The wallet has a very user-friendly interface and it is also among the most secure wallets in the market.
In this Mycelium wallet review, we will analyse the most important aspects of this wallet. Some of the most important things include Mycelium wallet fees, interface, security and other features.
- What is Mycelium Wallet?
- Mycelium Wallet Features
- Is Mycelium Wallet Safe?
- How to use Mycelium Wallet?
- Mycelium Paper Wallet
- Mycelium Customer Support
- Pros and Cons of Mycelium Wallet
What is Mycelium Wallet?
Mycelium Bitcoin wallet is one of the most popular and user-friendly Bitcoin wallets in the industry. The team behind this wallet has been working for more than a decade creating software and other types of crypto platforms.
The main selling point of Mycelium wallet is related to its interface. Several newcomers to the crypto market do not really know how digital assets work. This is why having teams that focus on usability and interface are very valuable nowadays.
However, to create a user-friendly wallet is certainly necessary to have years of experience and understanding of cryptocurrencies. Nowadays, the wallet is available for Android and iOS devices. Despite being a software wallet, the wallet claims to be one of the most secure to hold and store digital assets.
In addition to it, the wallet offers support to Ethereum (ETH) and ERC-20 tokens that became very popular in recent years. There are other interesting features that we will cover in the next sections.
Mycelium Wallet Features
The wallet has many exciting features for users. From offering multi-currency support to an exchange that allows you to purchase cryptocurrencies directly from the application.
The first thing to mention about the Mycelium wallet is that they offer support to Ethereum (ETH) and ERC-20 tokens. Ethereum is the second-largest virtual currency after Bitcoin. Moreover, ERC-20 tokens are those digital assets that run on top of the Ethereum network.
With the expansion of decentralized applications (dApps) and decentralized finance (DeFi), a large number of users got access to ERC-20 tokens. However, not all wallets offered access to ERC-20 coins. This is why Mycelium wallet helps users handle not only their Bitcoin but also other digital assets they could have.
This is very positive considering they do not need to use different wallets to use other coins. They can store Bitcoin, Ethereum and ERC-20 tokens using the same wallet.
In the future, it could be a very good thing for the wallet to add support to other blockchain networks. It is worth taking into account that there are new projects that run on top of their own blockchain networks.
For example, Binance Coin (BNB) and Tron (TRX) are offering a large number of projects to the crypto market. Having the possibility to use coins based on these networks would increase the number of users of DeFi platforms and dApps. Both Tron and Binance Smart Chain are attracting a large number of projects to their networks.
Onramp Solutions (Exchange)
Another positive thing about this wallet is related to the onramp solutions that it offers. Mycelium wallet includes an in-app exchange and trading solutions that make it easier for users to handle their coins.
Rather than sending and receiving coins with exchanges and other trading platforms, traders can simply hold their funds in a wallet that would then be connected to different dApps and DeFi platforms.
Furthermore, if they also want to trade or exchange their virtual currencies, they can also do it through the integrated exchange. In this way, users do not have to be worried about their funds being compromised in exchanges.
Additionally, having in the future the possibility to lend and borrow assets through this wallet could be a very positive thing for users. Indeed, there are some wallets that are already helping users get rewards on their funds (lending).
Moreover, staking could be also a new feature the company should take into consideration.
The wallet works with the FIO wallet standard. FIO addresses are identified that eliminate the need for blockchain public addresses. Users can register them and work with every single token and coin automatically.
In this way, users of Mycelium wallet have access to an additional feature that is not available in most of the wallets currently in the crypto market. Moreover, you do not need to only send funds to a FIO address but also request funds through it.
Furthermore, you can do FIO requests. You do not need to ask people what you owe them, but they can tell you with a FIO request in seconds. The wallet application makes it easier for users to request funds in a fast and encrypted manner. This eliminates confusion for the sender and the person that has to send you funds.
Mycelium Wallet Fees
The wallet does not have hidden fees for users. Holding funds on the wallet is 100% free. If you want to send funds to another wallet address, you would only have to pay the fees of the Bitcoin or Ethereum network.
This is a standard procedure. In order for your transaction to be approved by the network, you have to pay a fee. The fees are defined according to the level of congestion of a specific network. The larger the congestion, the higher the fees.
Mycelium wallet does not have any subscription fee of any kind and there are no payment limits. This includes no maximum daily or monthly amounts that users can exchange, move or withdraw. Exchanges have fees to withdraw and deposit funds and they also have limits to the funds users can deposit and withdraw from their platforms.
Is Mycelium Wallet Safe?
The wallet is safe. However, everything will depend on how users store their funds and how they protect their information. One of the most important things about a cryptocurrency wallet is related to the private keys. If you hold the private keys, then you are the owner of your funds.
However, if you do not own your private keys (for example, when you use a cryptocurrency exchange), then the funds are handled by the platform itself. As the company claims, you should make a backup of your private keys.
This backup is going to be certainly important to control your coins.
But what if you lose your phone?
This would not be a problem if you have your backup properly stored and protected. Why? Because if you lose your wallet, the backup will help you recover your funds. The negative side of having a backup is related to losing the backup phrase or private key. If you lose it, then you literally lose your funds.
The wallet will be secure as long as you protect your phone from viruses or malicious software. If your phone is infected with a virus, then it could get access to your wallet and compromise your funds.
Another thing to take into consideration is the way in which you hold and store your private keys. If you store them on your phone, then they are at risk. Nevertheless, if you store them in a safe place such as a safety box, then this could be the best thing to protect your money.
The cryptocurrency market motto is the following: not your keys not your crypto.
How to use Mycelium Wallet?
It is not difficult to use the Mycelium wallet. Indeed, it is very simple due to its user-friendly interface. Users that want to start depositing funds to this wallet will have to download the wallet application on their smartphones.
Once the wallet has been downloaded, you can start using the features offered by the wallet. Considering the wallet is very simple, you shouldn’t have difficulties finding the exchange, receiving and sending money or even holding your BTC or ETH.
In this Mycelium Bitcoin wallet review, we took into consideration how easy it is for users to get access to their wallets. This is where Mycelium takes the lead with a very clear user interface. Most of the content can be accessed in just a few taps. This is a huge difference from other crypto platforms such as exchanges that have menus and sub-menus everywhere.
Mycelium Paper Wallet
Before explaining Mycelium paper wallet, we need to know what a paper wallet is and how it works. A paper wallet is a Bitcoin wallet that helps you store your BTC in a safe way and without being in contact with the internet. This is one of the safest ways to store Bitcoin considering hackers and attackers cannot get access to your funds.
Paper wallets are simply papers that contain your public address and private keys. The private keys are the most important part of paper wallets. This is why it is certainly important to store these wallets properly and in a safe place.
Remember, the Bitcoin address is like a bank account and the code to send money to it. The private code works like a password to your account. If you want to get access to your BTC account, then you should have your private keys.
In recent years, paper wallets became less useful. Hardware wallet became the norm for those users that want to have their funds protected outside the internet. Paper wallets do not last long, they can get lost and they can also be destroyed. Thus, hardware wallets are now the best solution if you want to keep funds safe.
Mycelium paper wallet is also one of the available ways to handle digital currencies. One of the devices the company created in order to store digital assets on paper wallets is called Entropy.
Entropy is a device that prints paper wallets in a fast and easy way. Entropy looks like a pen drive that can be connected to the USB ports of printers. It generates a new Bitcoin address with a private key. Then, it will automatically create a new paper wallet that will be printed for you.
In this way, users could easily use and print new paper wallets to use. The positive thing is that these devices created a wallet address that was never used before and allowed users to remain protected. Privacy is one of the most important things to take into consideration in the crypto market.
Although this could have been a very good device, there has been no project updates and it seems rather a dead project from Mycelium wallet. The official Entropy page includes a broken video link and an unavailable product on Amazon.
Thus, despite having a very good project, the company seems to have left it paused. Mycelium wallet Reddit users have been talking about this and why the company decided to shut this project down.
Mycelium Customer Support
According to the team, due to a matter of principle, they do not use any social networks. This is why customer support works using an email account: [email protected]. The team might take some time to answer any questions you might have.
Indeed, we have seen that despite being one of the most popular Bitcoin wallets in the market, there have been many complains about it. This is why customer support is not the strongest point of this crypto wallet.
Other wallets have 24/7 support. That means that Mycelium could definitely improve its customer support. Nevertheless, other crypto projects such as exchanges are facing issues answering the requests of users and clients.
Pros and Cons of Mycelium Wallet
This is a list of the positive and negative aspects of Mycelium wallet. However, there are many other things to take into consideration. Remember that no wallet would be able to offer you all the things you need. This is why there are different wallets for different use cases.
Positive Features of Mycelium Wallet
- The wallet is very easy to use
- Mycelium wallet focuses on user experience
- It supports Bitcoin, Ethereum and ERC-20 tokens
- It has a built-in crypto exchange for users to exchange their coins
- It is among the most popular wallets to store Bitcoin
- The wallet can be downloaded for both iOS and Android devices
Negative Things of Mycelium Wallet
- Slow customer support
- Projects that were left behind (Entropy)
- A large number of complaints on social media
There are many other things we can mention about this wallet. However, these are just some of the most important bullet points we should mention about this wallet. Remember that if the wallet solves some of your needs, then you should consider it a positive feature. Using a hardware wallet for increased security could be a good way to complement this wallet.