Mycelium Full Wallet Analysis
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Cryptocurrencies may revolutionize the current financial world and this is mainly the result of the rapid technological development companies. Mycelium is arguably one of them. It is a bitcoin company with adept features as well as services suitable for the crypto market. This company is a key block-chain player providing solutions to millions of users in the world. Its reputation precedes it, especially with the kind of problem solving-products it offers to its customers.
What is Mycelium?
Mycelium is one of the oldest bitcoin companies existing. It was founded in 2008 by a team of engineers and has since grown to serve the needs of many bitcoin users. This company is situated in Vienna, Austria, and serves various countries and up to 13 languages. The project was announced on the 13th September 2013. It preceded the BitcoinSpinner, a mobile app that was used to receive and send bitcoins.
Mycelium is originally a bitcoin wallet. But of late, the company also offers the following services:
This is perhaps one of the most aspiring developments of the company. The card network replaces the heavy infrastructure that payment networks depend on. It is actually a very small flexible computer fixed with its own Central Processing Unit, keypad, wireless connectivity, graphics display rechargeable battery and input/output contact plate enclosed with a very convenient and protective plastic case. Since it is self-powered, all it needs is a protected wireless protocol within the ISM radio frequency band and within a less-than-a-hundred feet range
This is a free and open source program that acts as a bitcoin merchant processor without the need of 3rd party services such as banks. It shows a merchant’s address on their behalf so that payments can be done directly to the merchant’s wallet.
Mycelium made a USB device that makes bitcoin paper wallets by use of hardware entropy. It offers a secure means of printing the paper wallets. To use the entropy, you insert it into the printer’s USB port and wait until it detects the paper wallet image, after which you select and click on print.
This is a decentralized exchange system that arranges a trade between buyer and sellers. It also manages transactions and gives reputation ratings as per the trade.
Storing Crypto in Mycelium
Mycelium crypto wallet is specifically meant for Bitcoins. Even though there are quite a number of altcoins in the market, bitcoin tends to be more reliable and popular as well. With the development of entropy and card, storage and transaction activities have never been any easier. You can store your coins in Mycelium wallet for as long as you want. All in all, when intending to store a larger amount of bitcoins, going for a hardware wallet would be preferable.
The Mycelium bitcoin wallet, just like any other wallet, provides a platform for users to receive and send bitcoins by use of your smartphone. But then again, it has special features like cold storage where you can store your coins in a secure place until the next transaction. It’s also well designed for master seeds, private keys and paper wallets. Take into account that it’s safe to store bitcoins in a hardware wallet or paper wallet, and henceMycelium serves just right.
The fact is, there is so much competition from other related cryptocurrencies and Bitcoin wallets. The competition has grown even stiffer now that there are more than one thousand altcoins and several wallets trying to get a slice of the market pie. Regardless of the competition Mycelium has made a firm ground in the industry due to its quality standard of service.
However, there are certain shortfalls that it faces such lack of ‘Segwit’ in particular. This has seen it being bypassed by various other wallets such as Samourai wallet. Samourai is actually one of the prominent Bitcoin wallet firms in the markets and a real competitor to Mycelium. Anyway, plans are underway into introducing SegWit into the wallet and changes have been in made in the user interface to efficiently execute this ‘Segregation Witness’. As for now, basic implementation has already come to an end.
Like any other crypto company, you are likely to part with some transaction fees. The Mycelium fees are charged depending on the magnitude of the bitcoin transaction. However, some people complain about the fees claiming is too much. Some even report that the transaction fee is higher than the amount they are sending!
Well, it may seem confusing but once a client knows how the process works, there will be nothing to worry about. For instance, fees may be higher than the amount sent because it’s a low priority transaction. The priority transactions are based on three major factors comprising of size (in bytes) of the text being transmitted, the age of the inputs and amount being sent.
Sending small amounts immediately after being received would automatically categorize the transaction as low priority. This, therefore, mean that the fee would be calculated to make the transaction a normal priority so as to be added in the next block. The whole calculation can raise the fees. Fortunately, you can change the charge rate to an economic fee which is part of the three selections you can choose from.
The fees are categorized under the standard, Economic or Priority sections. They are mainly determined by the size of the transaction in the rate of one millibitcoin (mBTC) for one megabyte (MB). In standard fee, the transaction is charged as 0.1 mBTC per 1MB, similarly, 0.001 mBTC is on economic fee and 0.2 mBTC is charged on Priority fee per MB.
The economic fee is usually ideal for whoever wants to save on costs. But then again, it takes longer to confirm, usually within six blocks. The priority fee, on the other hand, is usually supposed to get your transaction into the following confirmed block as soon as possible. As for the standard fee, in most cases, within two blocks.
Mycelium is usually one of the most secure and private Bitcoins service providers. Your PIN acts as your own verification code in making the transaction. Therefore, no one can peek or transact at your wallet without your authorization. Additionally, it also features an option where you can create your own twelve-word backup code. Aside from the classical password procedure, we have also developed a BIT ID. It’s an open protocol meant for a more secure authentication for the client’s account.
Mycelium may be one of the old companies in this industry, but innovations and generation of new features particularly in the wallet make it outstanding. The wallet has a special feature, Hierarchical Deterministic or simply referred to as HD that makes it easier to manage multiple accounts without re-using any addresses. HD wallets typically use a ‘master seed’ to create all future addresses one after another, and hence clients will only be required to back up once.
Aside from that, it is integrated with Cashilla and therefore you can use it to pay bills in the SEPA zone. That is not all. It also functions well with Glidera and hence selling or buying bitcoins through a bank in either USA or Canada is never a hurdle.
Is Mycelium safe?
Mycelium is among the companies that have been in the market for long ever since 2008. Their existence has not been mere because they are among the pioneers but rather because of their security measures, reliability and absolute outstanding reputation.
Mycelium may have its own weaknesses, but it’s surely reliable and delivers quality standards services. It has a dynamic fee handling system that ensures timely and organized execution of transactions in accordance with the blockchain that makes it well loved by its users. In general, mycelium is one of the wallets that have numerous features in today’s market to suit newbies and old users as well. They listen to people’s needs and work hard to ensure they deliver.
When it comes to security, the company ensures that your coins are safe whether in storage or during a transaction. With the help of the sophisticated bitcoin’s blockchain technology, it’s free from malicious hackers or unscrupulous users. The password and private keys that clients use cannot be accessed by anybody in anyway other than themselves. Additionally, Mycelium only stores the trading history, nickname, bitcoin addresses and sale orders on its servers to improve on security. Such enhanced security is what makes the company among the best.
They have a team of responsive personnel who work tirelessly to interact and pay attention to the customers’ grievances. You can mail them any time of the day and you will be guaranteed quick reply as soon as possible. Mycelium’s open communication and customer care is what has kept our clients’ loyal and happy.
There is no company that beats Mycelium when it comes to speedy services. Services such as filling up online forms, approval or placing an order for the currency before withdrawing the amount can all be done with of snap of a figure.
How to use Mycelium?
Using mycelium wallet is so simple. The guidelines below will show you how to go about it.
- First and foremost, you need to go to the apps store and download mycelium wallet.
- With the download is completed, you can simply open it.
- Well, you should not be in a hurry though as you still need to secure it.
Securing the wallet
- Look for the setting option, three vertical lines at the right upper corner.
- There is a ‘set pin code’ option, click on it.
- Once done with setting pin code, you still need to back it up.
- Set a twelve-word recovery phrase.
- Click on ‘Receive’ on the Balance Sheet.
- However, you still need to request for an amount by clicking on the Keyboard under ‘optional amount’.
- You need to share your bitcoin address to the sender.
- You then wait until the amount is transferred.
- Click on ‘Transaction tab’ to check on the amount sent.
In a nutshell
Mycelium wallet is one of the best wallets bitcoin has ever had. It has been in service for long enough to have sharpened its skills and become well versed in this industry. Its services are also fairly good even though emerging service providers have made the competition tighter, providing solutions to customers that it still finds it hard to deliver. For beginners, this is the ideal wallet for you since it has a very simple user interface and really easy to understand and navigate about. With the few coins earned, you will learn a lot about storage and making transaction.
Thank you for reading the Mycelium review above. For more information about cryptocurrencies and wallets, make sure to check on this site next time!