Mycelium Crypto Wallet Review: Is It Safe for Your Coins?

Mycelium is a Bitcoin Wallet that is non-custodial as well as reproducible. It was launched in 2008 by a group of engineers. It is one of the earliest wallets to be launched in the crypto market. Since its inception, it has adopted new features invented by the Bitcoin community.

What is Mycelium?

Let’s begin reviewing Mycelium wallet. This is a system that only accepts Bitcoin. It offers advanced cold storage as well as spending and saving accounts. The application also has educational material useful for beginners.

Mycelium Summary

How does Mycelium work?

This wallet works on both Android and iOS devices. After you open the wallet app, you will find an option labeled Buy Bitcoin. Prior to adding any funds, you should create a backup. You can select your location and check the reputation of multiple sellers. Check the minimum and maximum amounts and select an appropriate amount. After that, you need to pass a captcha test and communicate with the seller to finalize the deal. Since this wallet only supports BTC, you cannot carry out conversions. 

Features of Mycelium

Here are the main features of this platform:

• In-app trading

You can buy and sell BTC on this platform. No coins are stored in the in-app exchanges.

• Transaction history

On this platform, you can see the full transaction history including details like exchange rates, timestamp, miner fee, number of confirmations, block height, etc. You can also export the history to CSV files.

• Backup feature

You can create a backup of this wallet to restore your account. In the event of theft, you can restore your accounts within a minute.

• Educational materials

Inside this app, you will find a wealth of educational resources. If you are a novice trader, it will help you get started with crypto trading.

• Non-custodial

When you store your funds on an exchange, it has custody of your funds. This is not the case with Mycelium, where you have full control over your holdings.

What kind of wallet is Mycelium?

Mycelium is a hot wallet that is connected to the internet. However, it supports advanced cold storage. Entropy is a USB device from Mycelium that can generate paper wallets. It also supports cold wallets like KeepKey, Ledger, and Trezor.

How to send cryptocurrencies using Mycelium?

Follow these steps to send assets from this platform:

1. Navigate to the Balance tab
2. Click on Send
3. Enter the address of the recipient 
4. Enter the amount of BTC 
5. Choose the miner fee category
6. Review all the details prior to confirming the exchange
7. Authenticate the transaction using the PIN code

What currencies does Mycelium accept?

This is a platform that only accepts Bitcoin.

Is Mycelium wallet safe?

Since this is a reproducible wallet, you are not overly reliant on the dev team. The platform does not collect any data. There are multiple layers of PIN to protect your account and a distinct backup mechanism for accounts having one address. You can also hide your location and IP through the TOR network.

Does Mycelium wallet charge fees?

There is no fee for storing coins on this platform. You don’t need to pay a monthly fee but for payments, there is a fee based on the transaction urgency.

Customer support & reviews

This platform has an average rating of 3.5 out of 5 on Trustpilot. However, some of the reviews are unrelated to the service. There are only 9 reviews, which means not many people are currently using this system.

Mycelium pricing

This wallet is free for download and there is no monthly fee.

Mycelium vs competitors

This platform provides a higher degree of privacy and security compared to others. However, it only supports Bitcoin and there is not a whole lot of documentation available.