Mycelium Wallet Review: Is it the Best Mobile Bitcoin Wallet?

In our last review, we reviewed the cex.io cryptocurrency exchange. That exchange traded bitcoins for four different currencies such as the USD, RUB, EUR and GBP. You can it out over here.

We realized while jotting this review down that there are plenty of apps that we can use in order to manage bitcoins. In this forest of applications, there are actually a few that are worth it.

While looking at that, we realized that something as trusted and compact should is the need of the hour, so that our audience stays satisfied. So, we at CoinsCage thought, how about a mobile phone wallet review?

MyCelium Wallet Review

MyCelium Wallet Review

If you are someone who is with us in this, then tag along! We’ll be reviewing a wallet today that can keep track of your Bitcoin rampages.

So, today we’ll be talking about the mobile app wallet, MyCelium that can store Bitcoins and manage your account conveniently.

So, without wasting another moment, let us get to the business straight away!

What is Mycelium?

Mycelium is one of the Best Bitcoin wallets there are in the entire market. It comes along with a ton of security features that can secure your bitcoins with ease.

This means the MyCelium is convenient as well as secure. It also comes along with some buying and selling features.

Now the buying and selling of the bitcoins is no longer a tough job, thanks to mycelium app.

How to Get Started With Mycelium?

There is a short list of things you need to have in order to get a good start on the mycelium app. Since, we are using an iPhone for this process, consider the methodology to be slightly different for androids.

Download the app from the Google Play Store or the Apple App store. Now, run the app to begin the registration process.

How to Register with Mycelium?

After the app has finished downloading, open it up. Let’s begin looking into the app!

  1. As you open the app. You will see a dialogue such as this one.

mycelium wallet creation

In this step, there are 2 options for you to choose. If you are an existing user of the mycelium wallet. Obviously, you have to tap the “New Wallet” option.

On the other hand, if you’ve been already using the app, you can either start a new wallet or continue with your last session. The last session should be backed up for you to avail the services. So, tap on the required option.

  1. Now, We get to a dialogue where you have to shake your iPhone. Shaking your mobile will generate a unique master key that will secure your wallet. Shake your phone until the bar underneath the prompt fills completely.
  2. You will see a dialogue like this.

Mycelium backup

Under this dialogue, you can see there are two options. You can either back up the device right now, or you can skip it for later!

Remember: We recommend an immediate backup so that you can have access to your account whenever desired. And don’t worry it consists of noting 12 words that will come in handy later. That is a short stress for a big advantage!

If you are not able to do that right now, then don’t worry you can still back your device up from the settings tab.

Once, you are through this backup dialogue, the registration process has already completed. You are now ready to use the wallet!

How to backup MyCelium Account?

  1. If you are into the backing up screen, here is how it looks. Select the start option from this dialogue.

mycelium start

  1. You will see a single word per screen. Make sure you note them all down. Click Next button to move on to the next word.

mycelium start word

  1. Now, Verify all of the words you have written in the dialogue in order to verify that you have written all of the words correctly. Separate the words by using the space.

  1. Now Click the Finish button. You have successfully backed up your account against a master seed.

mycelium backup wallet

  1. Keep your master seed safe, in case someone knows about it, he can ultimately damage your Bitcoin account. Remember, it is best to stay safe than sorry.

How to use mycelium?

Now that you have registered on the app and the backing up has been completed. Now is the time to get to know the services of the wallet. The consists of four major sections.

  • Balance
  • Accounts
  • Transactions
  • Settings

Now, we will cover each of these sections individually.

What is the Balance Tab?

The balance tab is the primary tab of the wallet which allows the receiving and sending of payments. This tab comprises of three main parts. Receiving payments and sending payments and the Cold Storage.

In addition to these three parts, it also shows a highlight of the balance that is currently within your account in a currency format and the market price of the Bitcoins for that day.

Mycelium Balance tab

How to Receive Payments Using Mycelium?

Receiving payments needs to be checked first as it corresponds to the sending of the payments. In this context, let’s have a look at the following procedure.

  1. Head out to the balance section of the app. If you are already on that tab, then skip step to 2.
  2. Click the Receive button.

Mycelium Receive payment Button

  1. A screen appears like this.

 mycelium receive payments

You can specify the amount of the money you want to exchange by entering it in the USD text box. There are also other currency options you can receive your payment in. For now, let’s put that aside as we’ll wrap that up in the payment sections.

  1. You can let the sender scan your QR Code if the sender is around you.

Mycelium QR code scanning

  1. Is the sender not around? Not a problem! Just copy the address under the main account and send it to the sender! This way, you can initiate receiving and sending procedures while being miles away!

mycelium receive funds

Now, you have received the first batch of your money successfully! Now, having that done, let’s get to the sending payments section of the app.

How to Send Payments Using Mycelium?

For sending the payments, follow the procedure as follows.

  1. Head out to the Balance section of the app. Skip to step 2 if you are already there.
  2. Tap on the Send button.

Mycelium send payment Button

  1. Upon clicking the sending button, a dialogue appears like this.

Mycelium send payment

  1. You have to input the address of the receiver in order to send the payment to the right person.

mycelium main account

  1. In addition to that, you can also scan the QR code of the receiver as well. Click on the “Scan address” button in order to initiate this procedure. Remember snapping the QR?

Mycelium SNAP THAT QR!!!

  1. Specify the amount you have to send. Also, keep an eye on the currency you are about to send. There is a hell of a difference between 10 USD and 10 Bitcoins, you need to keep that in mind.

Also, note that at this point, you have to provide with a miner fee upon sending a payment. It is not a rule that you will be charged according to a given criteria. So, just hope that “your pool is cool” for the server.

7. Click the Send button to complete the sending process.

mycelium send payments

How to Use the Cold Storage in Mycelium?

Now you know how to make the payments or receive the incoming payments using this wallet. Wait, you don’t have any credits at hand? Are you not willing to spend through your wallet? Well, this is where the cold storage comes in!

The cold storage is more like a backup of funds which are not in the wallet. In a nutshell, they are more secure and safe. In order to use the cold storage, follow the procedure below.

  1. Head out to the Balance tab.

Mycelium Balance tab

  1. Tap the Cold Storage option. You will see this screen.

Mycelium Cold Storage Button

  1. Enter the private key of the ATM, or the paper backup. The key needs to be in the WIF format, STRICTLY!

mycelium cokd storage

  1. The amount within the provided ATM key will be shown. You can further use it to your advantage.

This is how you use the Cold Storage for making the payments by using this wallet. We have, now, gone through the most important lecture of all! Good going folks!

What is the Account Tab?

Now that you have learnt how to use the Mycelium app to send or receive payments, let us tell you something fun! With mycelium in your hands, you can manage multiple accounts within the same app!

In order to check this feature, you need to head out to the accounts tab in the app.

Mycelium accounts tab

Upon reaching the accounts tab, you can see the status of all the accounts. You will see the name of the account. In my case, I right now have an account named Main Account. Its USD Worth and Current Bitcoin worth is also being displayed in front of the name.

How to Add a New Account?

In order to add a new account, follow these steps.

  1. Click the + mark in the corner of the screen.

Mycelium new account

  1. You will be shown a dialogue with “New Account” written on top of it. Under it, you can type the name of your account. In my case, I named my account as “Faizan’s 2nd Account”.

Mycelium add account name

  1. Now Click the add button.

Mycelium add button account name

  1. You can see a screen with the Account Details written on top of it.

Mycelium account details

This screen includes the following options relating to the account.

  • Label

The name of the account is in this option.

  • Public Key

The key to for accessing your account via other people for processing payments is in this option.

  • View Transactions

List of all the transactions associated with this account are here.

Also, you can make this account as the current account using the Make Current option. Making the account current actually refers to the sending and receiving of the funds via that account. The account is not current, then you cannot send or receive the payments.

To see the current account of the wallet, just go to the Accounts tab. You will see that the current account has written underneath it.

Mycelium 2nd account

You can also Archive this account. This option actually isolates the account and doesn’t keep it up to date. Moreover, you can also delete this account with this option.

Another option in the Accounts tab is the synchronization option. When a user synchronizes the account, it means that the account updates itself with the server. Now, the contents of the accounts will be the same in the server as well!

Mycelium Synchronization option

What is the Transactions Tab?

Transactions tab shows the transactions in the wallet, as the name implies. The tab contains a summary of the transactions which originate with this app and their details.

Mycelium transactions tab

What is the Settings Tab?

Mycelium settings tab 1

The settings tab is a collection of the settings that a user would require in the app. It comprises of the following options.

  • Currency

This option relates to the currency you are using within the app. It also shows the amount that particular currency is equal to.

  • Bitcoin Average

It tells about the market average price of the Bitcoin at that specific moment.

  • Inviting Option

This option lets you invite friends so that you can share your experience with other people.

  • Backup Option

If you haven’t made a backup in the first step, you can still do it via this option.

  • About Options

This is a compendium of options. It shows us the version of the app, credits behind the app, Legal information regarding this app and diagnostics data exporting options.

Mycelium settings tab about

A Few Professional Tips to Avoid Any Nuisance

While we work with the better safe than sorry approach here at Coinscage, we will like to tell you some tips also so that you can be safe and sound in your Bitcoining experience.

Back Up the Wallet

It is always safe to back up the wallet so that you can come to the same account even if you lost your device.

How do I Find the Customer Support?

To get in touch with the support desk of the cex.io, use the customer support email info@mycelium.com.

How Much Fees/Charges Do We Pay for cex.io?

The fee system of the Mycelium app is actually transaction pool based. One cannot determine how much the fees are straight ahead. This is one of the main disadvantages of using Mycelium as a wallet.

What Are the Supported Countries?

Mycelium is available for all the countries around the world.

How Good is The Privacy?

The privacy within the Mycelium wallet is not the traditional type of security. The account is actually protected upon a set of Seed Keys.

So, in order to hack a particular account, a seed phrase is a vital component. This is a very high level of security.

How Speedy is the Mycelium?

Users have reported the transactions to take time after they their initialization. The app is not very good at processing the transactions within due time. So, I would stick with the majority even though I did not face an issue in my turn.

What is the Reputation of Mycelium?

Mycelium has been awarded the Best Mobile Phone app award by Blockchain.info in 2014. So, in terms of reputation, this app is of the highest caliber.

Which Payment Methods are Accepted?

The payment methods that are accepted by the app have numerous currency and cryptocurrency types. The list includes:

  • BTC
  • mBTC
  • Bits
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • NZD
  • JPY
  • CNY
  • CHF
  • RUB
  • UAH

All of these payments are convenient to be used for the wallet. If there are any issues, don’t worry, the customer support is made for you! You can also reach out to us and we will make sure we provide our best help to you.

If you want to see which currencies can you use within the app, head out to the currency option in the settings. You will see the list of all the available currency types that are supported on the wallet. Make sure you scroll down as well!

Mycelium currencies

MyCelium Wallet Review- Final Verdict 

After going through MyCelium Wallet App and its contents, I must say folks, this is one interesting wallet.

However, we at Coinscage are always looking out for the most critical aspects of the things. This wallet is not suitable for the beginners. An advanced approach towards the Bitcoin management is required in order to use this app to your advantage. The controls, this app offers are very cool, and the amount of security is indeed remarkable.

On the other hand, there are users reporting the app because of slow processing of transactions, and minute bugs. Well, the bugs shouldn’t be there because, it is your money after all! So, I say we keep this app in the mediocre category for now.

Another reason for having MyCelium Wallet app in the mediocre, and “Not-Hot” category is that it is only available on the smartphone. It should be a cross-platform app as personal computers are more powerful than the smartphones.

So, This is for today!

If you liked reading this MyCelium Review, then I’m sure you’d love to read our other reviews as well.

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