Nov 22, 2021 07:10
Are you still using an exchange wallet to store your Bitcoins? 92% of the users do this and they are in harm's way. Hope the Mt.Gox event is still fresh in your memory. With that said, if you wish to fall into the 8% zone of users using a good wallet, Mycelium crypto wallet makes sense. It provides added security layers on top of non-custodial nature. Its reproducible features make it a battle-tested wallet against hacks and misuse. Let’s deep dive to find out everything about this wallet.
What is Mycelium Wallet?
Mycelium is the oldest wallet compatible with the Bitcoin network. This wallet works only for mobile platforms and it is quite famous on PlayStore for Bitcoin. The open-source feature of the wallet makes it safe and it uses SPV technique. In the SPV wallet verification, users don't need to download the entire blockchain. Thus, saving a lot of time while signing transactions.
Why Is Mycelium Wallet A Safe Option To Store Bitcoin?
Mobile devices do not have adequate security arrangements. As a result, the developers of the wallet introduced some smart features to protect users. Have a look at a few of them;
- Hierarchical Deterministic Wallet
A mnemonic seed allows the wallet to be restored from any device. So, even if the device on which you use the wallet turns defunct, you can still access the wallet. Whereas, if you forget the password, use the seed phrase and restore the wallet.
2. Single Address Account
A single address account allows the user to delete the private key at any point. In this way, it protects the wallet from misuse. If you wish to retrieve your private key, you can import it.
3. Open Source
Open source allows security while accessing the wallet. It is way ahead in protecting your wallet through a verification identity process.
4. Business Level Security
Mycelium wallet uses a business-level security system. In business-level security, users need to sign up with a code. This code can stop or start essential features like sending & receiving bitcoins, adding new accounts, and tweaking buy/sell orders.
Is Mycelium Crypto a Good Wallet?
It is very hard to categorize something as good or bad. Hence, we have mentioned the pros and cons to help users take their call.
Pros
Cons
Able to create multiple accounts
No desktop version is available
Supports online transactions
Can store only Bitcoin
Very good security features
Complex for first-time users
Open source allows faster connection to the Bitcoin Network
Experience While Using the Mycelium Wallet
UX
Ambivalent on the UX. The reason for the same is the complex process of handling other functions. Sending and receiving Bitcoin is simple though.
Transferring Funds
Very easy and helpful for users. The app pushes notifications to create a wallet backup. This is very useful. On top of this, users can customize the account type. They can choose to watch only to track other wallets. The private keys of such wallets won't get shared though.
Support
There's a lack of a visual tour to onboard new users. This broadens the gap to wider adoption.
Routing
This wallet allows routing transactions through the TOR network. This provides good privacy and simple toggle options ease usage.
Mycelium wallet
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