Despite the growing number of new Bitcoin wallets, it is still relevant to check the first set of wallets introduced to users. Mycelium is a popular and old mobile Bitcoin wallet. Loyal customers use this wallet because it is known for its security. It makes sure that you never lose control of your private key.
Mycelium’s best features
The basic features of this wallet include the ability to keep the account of offline hardware devices, access to chat app and hardware wallet support, and selling and buying of bitcoins in the app. This wallet is hierarchical deterministic, which means that it can back up all Bitcoin addresses at once. It also offers a classical password authentication to keep accounts protected at all cost. At the same time, it allows watch-only accounts where you can observe your account without spending coins.
One unique feature that this wallet has is its local trading. This app allows a fee of 0.2% per trade. It allows two users to buy and sell bitcoins with a protected system. There is also a GPS feature that lets you find other traders nearby. Lastly, it has a feature where you can find out which shops accept cryptocurrencies as payment.
How to use a Mycelium wallet
First, download a Mycelium wallet found on Google Play Store or iTunes. After downloading, you create a wallet. Next, secure your wallet with a pin code. Afterward, you back it up by using the pin code to open the recovery phrase. The wallet will show 12 words and you need to make sure to write it in a piece of paper in order to have your own copy. Your next step will be to accept bitcoins; it can come from a Bitcoin exchange or Bitcoin mining. You simply click the receive button found on the balance tab. You also have the option to choose the amount of coins that you will receive.
If you can receive, you can also send coins. Click the balance tab and find the send button and enter the amount of coins that you will send. To check if the receiver got your coins, check the Transaction tab. Before sending or receiving bitcoins, it is crucial to make sure that your QR code and your receiver’s code are typed or scanned carefully.
Mycelium wallet upgrade
Due to the increase of newly developed wallets, Mycelium makes sure that it never goes out of trend. Upgrades will keep satisfying the customers and will help the wallet to continue improving. This wallet can now receive, send, and hold tokenized fiat currencies, such as Japanese Yen and US Dollar. You have to go to a gateway first and have your fiat currencies convert with any bank or satoshi exchange to tokenize it.
Mycelium also promises to add a remittance solution, new token solution, debit cards, and another layer of privacy.