It is a wallet designed to offer security, speed and ease of use.
It is focused on security allowing the use of TOR and runs on Android.
Bitcoin wallet or purse, in a simple way, we could say that is a program or application that allows you to use the Bitcoin payment network, in addition to helping manage your cryptocurrency. In case yes Myceliumthis is a wallet designed for they offer security, speed and ease of use. Its address management is what makes it one of the best Bitcoin wallet apps. Let’s talk about its features:
Control: Gives you full control over your private keys. They will never be outside of your app unless you export them.
Validation: Your centralized private server will be in charge of securely handling all your transactions.
Transparency: As its source code is free, any developer can audit the code and decide whether it looks like a secure app or not.
Around: When working on mobile devices, you are sure that no spyware will be able to access the application.
Privacy: With Mycelium, spying on your payment and balance information becomes difficult. You can also use the Tor network as a proxy, thus preventing third parties from linking your payments to your IP address.
Launching the application
- Download it. You have 2 options for this: go to the Mycelium site and download apkor you can go to Play Store. It is also available for iPhone.
- Once you download and install it, you need to open it and the first message you will see will be the following:
This is in case you already have a backup of your Mycelium wallet. If you don’t have it, you have to press the button Create a new one to start with a new wallet.
3. When the app starts, you will be on the balance tab, where we can see our balance and wallet address.
Preparing the application
In order to make any transaction, you must be secure, and Mycelium will not allow you to do anything until you save a backup and set your PIN code. To do this you need to perform the following steps:
- Press the options button on the phone to display the following menu and select an option Backup.
2. It will ask you to backup your wallet’s schema. Press Yes to continue with the backup.
For security reasons, the app blocks screenshots, so you need to apply the following steps.
- In this option you have to establish a new seedwhich allows you to back up your wallet.
- They will show you first string of wordswhich it is advisable to write down by hand, despite how tedious it is for your own safety.
- Then you have to enter the indicated words in the order you wrote them down. This process is simple and safe, because it uses its own keyboard, which shows you suggested words as you type. Remember to maintain order.
- When you enter words, it will prompt you enter your PIN, which will be requested every time you make a transaction. Remember that it is unique and you should not share it with anyone.
Success! You have already saved a backup. This way you can recover your wallet in case you lose your phone or restart your phone.
As in any wallet, there will be a turnover of money, that is, you can fill it with money or you will have to pay and say goodbye. Below I will explain how to receive and send payments.
- To receive payments, you will need to go to your balance tab and press a button Receive:
2. Here you will see your Bitcoin address which you can share or copy to clipboard and you can even (only if you want) enter the amount you will receive.
When your address is shared, You just need to wait for the person to complete the transactionwhich you can check on your balance card (remember to be patient, as transactions will take time depending on their operating costs).
- To send a payment, you need to go to the balance tab again and select the button Send.
2. When you enter you can choose How will you enter the address to which you will make the payment?either by scanning the QR code, searching for stored addresses, selecting an address you have in the clipboard or manually entering and paying in euros (in case you have this currency available).
3. If you scan the QR code, you will be able to see the address to which you will make the payment. You will then need to select the amount or amounts you wish to send. You will do this on the indicated button.
4. You can choose the currency you want (a) or enter the maximum available amount (b). When the amount is paid, you can press okay continue.
5. Select Operating costs. Remember that the lower the price, the longer the transaction time.
6. Press Send and to finish, you will need to enter your PIN to start the transaction.
We have already made the payment with this. It will happen that the address you scan or enter through the clipboard already has an amount allocated and you won’t need to enter the amount (better this way, less work for you). Remember always be sure of the details and amount.
Mycelium allows you to have your own address book, to always have at hand the people you pay frequently or simply want to be there. For this you need to do the following:
- Press the button Add.
2. It will show you options to scan QR code or add address from clipboard.
3. Once the option is selected, you must assign a label or name to the address.
And ready. You have now added the address to your book.
We have already seen how easy it is to use Mycelium. The most important thing is to have bitcoins. You don’t need anything else for this app.
Currently, this application is waiting for (as they call it) a radical update. Not only will your general interface change to a more pleasant one, but also will include integration with debit cardsinvestment portfolio, creation and exchange of encrypted assets.