![\"Bildergebnis](\"https:\/\/coinsutra.com\/wp-content\/uploads\/2017\/05\/mycelium.png\")
Mycelium wallet is one of the oldest wallets in the digital currency world. Launched back in 2008, the wallet has made a name for itself in the ever competitive cryptocurrency industry thanks to the able team of engineers behind it. The mobile-based wallet offers several account types including Single Address Accounts, Hierarchical Deterministic (HD), Hardware, ‘Watch Only Accounts’, and Bit ID Accounts.<\/p>\n
Mycelium wallet provides a secure way to trade, transfer, and store Bitcoins. The open-source wallet also offers rapid connection to the Bitcoin network. Its wide-reputation and the ability to integrate with other wallets earned it ‘Best Mobile App’ award in 2014.<\/p>\n
In this review, we discuss MyCelium wallet’s features, pros, cons, and fees. We must say that although we were impressed by a great deal of the features offered by this wallet, we believe that wallets such as eToro provide a much better alternative for storing digital currencies.<\/strong> Keep reading to learn more about Mycelium wallet and find out why we think eToro wallet is better or go and read our eToro review<\/a>.<\/p>\n \n \n<\/p> ❌We didn’t find Mycelium wallet to have all the important features that constitute a great wallet for storing digital currencies<\/strong>. We think the eToro wallet<\/a> is way much better than Mycelium as it is more affordable and safer. It is also well-regulated by renowned financial entities.<\/p>\n<\/div><\/div>\n Mycelium wallet is a vastly integrated with Bitcoin wallets<\/a> that allows adept Bitcoin users to trade, send, and store their coins. Note that this mobile wallet is only meant for Bitcoin meaning you cannot use it to store any other digital currency.<\/p>\n Being a mobile wallet, Mycelium wallet is offered as a mobile app and is available for both iOS and Android users. Some bad news for desktop and Windows phone users out there. The wallet has received equal measure of both positive and negative reviews on Play Store and iTunes.<\/p>\n Most users like the wallet for its fast connection and its ability to integrate with popular hardware wallets including Ledger and Trezor. Others love it for its design and ease of use. It’s easy to use interface allows you to switch through accounts, check transaction history, add payment addresses and perform many other functions within seconds.<\/p>\n Users don’t seem to be too happy with the wallet’s inability to sign messages. Others users don’t like the fact that the wallet doesn’t have a desktop interface. We must also add that this wallet might not be the best choice especially for beginners. Unfortunately, overall we believe that the negatives of the wallet outweigh the advantages, which is why we recommend the eToro wallet instead.<\/p>\n You’ve probably come across wallets that support a pretty decent amount of cryptocurrencies; eToro is a perfect example. This is not the case with the Mycelium wallet. The wallet only supports one digital currency, and that is Bitcoin.<\/p>\n Cost is one of the most important things to consider when choosing a cryptocurrency wallet. We are happy to report that the Mycelium wallet has reasonable fees. Users can download the app from Google Play Store or the Apple Store free of charge. Customizing important wallet functionalities is also free.<\/p>\n You will incur are transaction fees. Fees range from as low as $0.25 USD to as high as $8 USD. Usually, transaction charges depend on the nature, size, and type of transaction. Even though the fees at MyCelium are not particularly high, we do believe that the fees charged by eToro are more affordable.<\/p>\n If you are still reading our review, chances are you’ve liked this wallet so far and you are considering opening an account. Note that downloading the app itself and installing it isn’t enough. To properly get started, you need to follow a few steps to customize and secure your wallet. Here is how to go about opening a Mycelium wallet account:<\/p>\n I have opened an account, how do I go about transferring coins into my new wallet? Glad you asked.<\/p>\n Mycelium offers one of the easiest ways of sending Bitcoins.<\/p>\n Receiving Bitcoins from other users is simple and super fast. Here is how to go about it:<\/p>\n Before choosing a cryptocurrency wallet, take it upon yourself to understand its security protocols first. The best wallet should have strong security features and shouldn’t be easy to hack.<\/p>\n Note that some wallets are more secure than others. Wallets such as eToro have some of the best security features and are impossible to hack. The same cannot be said about MyCelium. Because of its popularity, MyCelium wallet is one of the most targeted wallets by hackers. Additionally, the fact that it is a hot wallet makes it more susceptible to all kinds of attacks.<\/p>\n Here are a couple of security features offered by MyCelium<\/strong><\/p>\n Make sure to utilize the wallet’s interface protection feature to keep your private keys and Bitcoins secure. This security feature requires a pin number to share private keys and send coins. In the event your phone falls in the wrong hands, they won’t be able to access your sensitive information.<\/p>\n Mycelium has a ‘Watch Only’ feature that allows users to see their current funds without having to use their private keys. With this feature, you can easily make transactions offline. This is especially important for users with large paper wallets. We must say that this feature isn’t ideal for newbies. We, therefore, recommend it for adept users only.<\/p>\n With MyCelium wallet, you can save your wallet’s private keys on a paper wallet or USB stick. You can also inscribe your private keys on a paper, but make sure not to expose the information to unwanted parties.<\/p>\n MyCelium is one of the few wallets that give total control of private keys to users. This can be extremely dangerous since you are basically taking your private keys with you everywhere you go. Hackers may use malware to get a hold of your private keys. There is also the risk of losing your phone to pick-pocketers, and this may expose your Bitcoins.<\/p>\n While MyCelium has put in place all these measures to protect users’ private keys and coins, we advise you to interact with the wallet cautiously. Use Google Authenticator to turn on two-factor authentication. Also, make sure you are interacting with the correct website when downloading the Mycelium wallet app.<\/p>\n We also encourage you to check the authenticity of links before clicking on them and remember to activate ad blockers. Hackers use links, Google ads, and enticing giveaways to obtain sensitive data from unsuspecting users. Lastly, we encourage you to only unlock your Mycelium wallet when you have to make a transaction.<\/p>\n We noted that Mycelium wallet isn’t well regulated. We, therefore, don’t think the wallet is the best choice especially for users who are not ready to switch between wallets. We highly recommend going for wallets that are well regulated and by trusted financial entities like the eToro Wallet.<\/p>\n Cons:<\/strong><\/p>\n To understand Mycelium better and figure out whether it is a good wallet or not, let’s see how it compares to other wallets.<\/p>\n On this Page:<\/h2>
Contents [show<\/span>]<\/div><\/div><\/ul> <\/div><\/div><\/div><\/span><\/p>\n
\nIs MyCelium Recommended?<\/h2>\n
What is MyCelium wallet?<\/h2>\n
What wallet type MyCelium?<\/h2>\n
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What cryptocurrencies does MyCelium wallet support?<\/h2>\n
What fees does MyCelium have?<\/h2>\n
How do I open a MyCelium account?<\/h2>\n
![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/04\/Image-1-278x300.png\")
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How do I transfer coins to MyCelium?<\/h2>\n
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How do I send and receive cryptocurrency on MyCelium wallet?<\/h2>\n
How to send coins on MyCelium wallet:<\/h3>\n
![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/04\/image-2-1-187x300.png\")
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How to receive coins on MyCelium wallet:<\/h3>\n
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How safe is MyCelium wallet?<\/h2>\n
![\"Related](\"https:\/\/www.coba.org\/wp-content\/uploads\/2016\/12\/lock-icon.png\"){kind=icon}
<\/p>\nInterface protection<\/h3>\n
‘Watch Only’<\/h3>\n
Save private keys<\/h3>\n
MyCelium Pros and Cons<\/strong><\/h2>\n
\n\nPros<\/strong>\n\n\n
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Mycelium Wallet Vs Other Wallets- how does it compare?<\/strong><\/h2>\n
Mycelium wallet vs. eToro<\/strong><\/h3>\n
![\"eToro](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/11\/eToro.png\")
<\/a>eToro is one of the most well-reputed exchanges on the market for good reasons, and its wallet definitely does not let anyone down. First of all, it is part of eToro, a fully regulated platform, which is always something to consider. It also offers a great selection of coins, a high level of security and a very intuitive and simple-to-use interface. You will be able to access the wallet once you sign up on the general eToro platform. It is very simple. Mycelium on the other hand, supports Bitcoin only, and it has been attacked by hackers before.<\/p>\nMycelium wallet vs. Jaxx<\/strong><\/h3>\n
![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/06\/jaxx-1024x465.jpeg\")
<\/a>Over the last few years the popularity of Jaxx has drastically improved thanks to its ease of use not to mention its user-friendly interface. Unlike Mycelium, Jaxx can support multiple cryptocurrencies, but it isn’t a smart contract wallet. Also, unlike Mycelium, Jaxx isn’t open source. Mycelium is open source and is in a position to support smart contracts.<\/p>\n![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/04\/cryptonator.jpg\")
<\/a>While Mycelium supports only one crypto, the Cryptonator wallet supports an array of cryptocurrencies. Also, Cryptonator is more advanced than Mycelium as far as trading options go. When it comes to security, Mycelium wallet utilizes HD algorithms and Cryptonator utilizes 2FA.<\/p>\n