Mycelium Wallet Review (UPDATED 2018): Is It Safe? | VKOOL

933 Review(s)
AVG Rating: 7.5/10

What is Mycelium?

Mycelium is a mobile wallet for Bitcoin that offers cold storage for secure funds. This allows the user to be fully responsible for their private keys, ensuring full ownership and responsibility.

The company is working on developments and has completed a card, a USB device for paper wallets, and the ability to automate payments. The app is intended to be user friendly, quick acting, and easy to access at all times.

We’ve concluded what the best coins are of the year in this informative free guide.

User Experience

The official website boasts that there is no other similar wallet which “has more stars on Google Play”. They do have a total of 3,064 5 star reviews, with a total tally of 4.1 out of 5, ranking it high for a mobile wallet.

The consensus is that it’s very simple, user friendly, and pleasant to look at. It’s also available on the App Store where it has a 2.8 out of 5 rating. This is fairly light at just 4.4 megabytes, and it’s offered in both English and German.

People did like how fast transactions were implemented and the ability to use Mycelium any time without fail.

Fundamentals of Mycelium Wallet

The biggest praise that was given to Mycelium is the ease of use.  For example, below we show that you can scroll various options to immediately see what your balance and how that converts into fiat currency.

The other options include sending BTC to a specific address, looking at your current cash flow, adding an additional account, and if needed, an informative FAQ section.

The option to trade Bitcoin is also open where users can decide to meet in a location, and before that you can view their reputation to see if they’re reliable. There is going to be ongoing developments on Mycelium which will allow 3rd party companies to integrate their software into the wallet as well.

7 different upcoming tools will be provided including a debit card, a way to handle bills, escrow transactions, fiat accounts, and much more.

Our research makes it easy to determine and understand which coins are the best so far.

Reliability

The need for quick access and security can be a trade off in the world of mobile wallets. This is why Mycelium mentions the importance of security in two distinct ways. Any chat discussions are kept encrypted and on Mycelium the only information kept is time stamped text.

The additional support comes from private transactions which only keep things like the sell order, BTC address, historical trading, and the location.

To further enhance security they have what’ known as BitId. This is unlike a traditional password and it does not require either an email or password. BitId instead takes advantage of using a ledger wallet address.  With this added security there is less fear of losing a traditional password or having it exposed when typing it through the internet.

You use a pin number you came up with to access your account, and there is a set of 12 words generated which represent private keys. This makes it easier to send and receive funds using a different address than your private address.

Ultimately like any other wallet, it’s important for the user to ensure that they keep their information private. Another way to enhance security is to make a paper wallet using Mycelium.

Consumer Support

The FAQ section on the app and on the official website reveals a lot of what needs to be known about Mycelium. It’s of course meant to be very user friendly, taking out the guess work or complications related to sending, receiving, or using many of the tools. Everything is laid out and easy to understand without the need to interpret much of the features.

Taking the send money feature as an example, you can directly provide a note or attached image to the transaction. You can even categorize it to look at your funds later and see where your expenses are coming from. This makes it incredibly easy to identify spending habits and priorities.

When you’re in the process of sending funds through any means it’s required to have the appropriate address in order for funds to be transmitted properly. In the case of even a single digit being incorrect, this could lead to lost funds that are not recoverable. By having the option to copy and paste with Mycelium you get rid of this risk as it’s ensured that you’d have the correct address.

Another great option is the ability to send your funds through cold storage on a paper wallet which can be generated with Mycelium direct. An exchange rate from various difference exchanges can be used as well to have updated trends on the market.

Mycelium vs Coinbase

Coinbase is a cryptocurrency exchange that offers major coins and which does offer fund storage with a unique address. This is just like any other exchange service which allows transferring and deposits of certain crypto such as Bitcoin, Ethereum, and Bitcoin cash. Since it’s not a full wallet, it relies on the company having access to user’s private keys.

Mycelium vs Jaxx

Jaxx is a wallet that offers the storage of Bitcoin, Ethereum, Dash, Qtum, Bancor and a few other coins. This is intended for easy access without the need for registering to the service. This functions as a desktop or mobile wallet which can be used to on many kinds of devices and platforms including Linux, Windows, and Mac.

Mycelium vs Electrum

Electrum is an older Bitcoin wallet that offers quick transfers on fully cold storage. The private keys are protected and won’t be exposed even if there is an issue with hacking. This is very bare bones and simple with a basic interface that doesn’t offer much in the form of information. This is intended to be user friendly, quick to access, and simple.

Mycelium vs Exodus

Exodus offers storage of different forms of cryptocurrency such as Litecoin, Ethereum, Bitcoin, Dash, Ethereum Classic and even certain tokens. Their desktop wallet is available for Linux, Mac, and Windows. The interface is user friendly and allows people to make direct exchanges, as well as view a colorful representation of a user’s portfolio.

Mycelium vs Breadwallet

Breadwallet is a mobile wallet which allows people to send and receive Bitcoin quickly. The company does not actually retain any Bitcoin, and therefore transactions are anonymous and controlled by the user. This makes it less likely to be a victim of fraud if the company is targeted. A free download can be found on the App Store and Google Play. Also offered are tokens which had a pre-sale of $32 million USD.

Mycelium FAQ

  1. Does Mycelium store bitcoin?
    This is the only form of cryptocurrency it can store at this time.
  2. What’s a common Mycelium wallet review?
    It has been rated favorably by many for its ease of use, speed, useful tools, and security.
  3. What is the Mycelium supported coins?
    As of right now they are limited to Bitcoin only.
  4. Does Mycelium function well?
    People generally said it was useful and user friendly.
  5. What is the Mycelium network all about?
    The company offers local trading and they are expanding into allowing 3rd parties to integrate their tools.
  6. Is Mycelium on iOS?
    Yes, you can find a free download on the App Store.
  7. Will the Mycelium wallet hold Bitcoin Cash?
    There are talks of it being adopted in the future.
  8. Where is the Mycelium wallet help?
    You can actually find it on the app itself in the options menu, or by visiting their official website.
  9. What is the Mycelium wallet Reddit page?
    Check it out here: https://www.reddit.com/r/mycelium/
  10. The Mycelium wallet is unable to broadcast, how do I get help?
    You can submit a direct request on this form: https://mycelium-support.zendesk.com/hc/en-us/requests/new

Summary

Mycelium provides an updated wallet which offers a lot of unique features to ensure that your experience is optimized for crypto security and trading. They offer tools which are being updated and newly added to ensure that users have a single source for all their demands. Whether it is secure deposits and transfers, the ability to mark your spending habits into categories, making paper wallets, finding locals to begin trading BTC and even future not yet discussed developments.

The wallet is easy to set up and ensures that Mycelium is not directly responsible for your private keys or personal spending habits. Users can take advantage of future integrations with 3rd parties which will offer even more adaptability and tools. The infrastructure as it is a very easy to follow and user friendly experience for even beginners to figure out, and it’s offered as a free and low data requiring download.

Discover all you need to know about the best coins of the year by clicking on this link.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.