A recent report from Statista suggested that, there are nearly 35 million active Blockchain wallet users across the globe! This rise in the number of users are predominantly facilitated by the growing number 0f blockchain exchanges and wallets that are available at the tip of your finger tips! In this post we take a look one of the leading Blockchain Wallet Service Providers in the world – Mycelium Cryptocurrency Wallet.
Step 1: Open the Play Store / App Store on your mobile phone & type “Mycelium Wallet” in the search bar ( Or visit the official site HERE )
Step 2: In the search results displayed below, Tap on Mycelium Bitcoin Wallet app.
Step 3: Tap on the Install button ( If your mobile prompts with any messages, hit OK ).
Step 4: You will see the app getting downloaded & installed ( will take a few minutes, based on your internet speed ).
Step 5: Once the app is installed, Tap on the Open button.
Mycelium has a pretty simple interface. The application is designed to facilitate the needs of both beginners and experts around crypto. To begin with you need to “Create a new wallet” on the app. Wallets services offered by the likes of Mycelium do not require you to make an exclusive account as such, because everything is stored on the hard drives of your system. It is not connect to any cloud network as such.
To proceed click on “CREATE NEW”
With that a new wallet would be set up for you. Now before you can deposit to that wallet, it is essential for you to back up your wallet! Now this process involves 12 seed phrases that are given out to you in a certain order. These 12 phrases hold key to your wallet incase something happens and you lose access to your wallet. It is only with these 12 phrases that you can regain access to your wallet.
Click on “BACKUP NOW” > Note down the 12 seed phrases in the same order as shown > Enter the 12 phrases. With this your backup is now complete. (Note: Kindly make sure you have access to the 12 words that were shown to you. It is always advisable to write it down on a piece of paper and keep it safely)
The application has 5 main tabs on the top
- Address Book
– On the Accounts tab you can view all the different wallets that you have on the app. Against each wallet, it also shows how many coins/tokens are present in each wallet. And the bottom, you will find “Total” heading which shows the overall summary of all tokens found in all the wallets. You can add more wallets to your account by clicking the “+” option found on the top of the screen. Mycelium’s integration with Coinapult gives users access to Coinapult’s convenient value-locking service, which allows any value of bitcoin to be locked to USD. This provides the user with a quick and simple way to use and hold bitcoin without worrying about bitcoin market volatility. The dollar value of the user’s bitcoin is retained over time, no matter what the market does.
– On the Balance tab you can see all the details with regards to your wallet. The wallet address is SegWit compatible, you can also scan the QR code to get the address. You can also make all of your transactions on this page. Click on “Send” inorder to send coins to another address and click “Receive” inorder to receive coins from another address. The process followed are similar! Mycelium also allows you to exchange/shift any coins to BTC. Using the slider, select the token to which you want to convert your BTC into. Next enter the amount of token you wish to convert to into BTC. A min stipulated amount would be shown. Click on “Continue”. On the next page you will see the address of the wallet you need to send the tokens to carry out the exchange process. Later follow the instructions mentioned on the page.
– The Transaction tab is similar to your book of accounts where you will find all the transactions that you have carried out on a day to day basis. A debit and credit balance of your account is shown here.
– The Businesses tab, shows you a list of businesses that are associated to Mycelium. You can purchase the offerings of these affiliates via the links that are provided on the app.
– The Address Book, like the name suggests shows you a the list of all the addresses of your connections. It makes it easier for you to access them everytime you want to transact with these address. In short its a store book of all the address! To add a contact to your address book, click the “+” icon found on the top right corner!
How do I send Bitcoins via MyCelium Wallet App?
- Click “Send” under the “Balance” tab to send a payment.
- Use one of the following three options:
- The easiest and quickest option is to select “Scan QR Code”.
- Find and paste the recipient’s Bitcoin address you copied earlier to your “Clipboard”.
- Select “Manual Entry” and type in the recipient’s Bitcoin address.
- After the address has been entered, type in the amount you want to send the recipient by clicking on the “Enter Amount“ icon.
- You may select the type of currency in the top right-hand
ATTENTION: If you’re making the payment online, the amount you’re sending may be entered automatically when scanning the merchant’s QR code. In such an event, refrain from modifying the amount. You’ll be shown how many Bitcoins to send the merchant.
- Select “OK” to get back to the payment screen after the amount has been entered.
- Before clicking “Send”, ensure that all the details are correct.
- To confirm the transaction, enter your PIN code. You’re now finished! You’ll find particulars under the “Transactions” tab.
How do I receive Bitcoins via MyCelium Wallet App?
- Select “Receive” under your balance tab to receive a payment.
- If you choose, under “Optional Amount”, you can request an amount of your choosing.
- Send the sender your Bitcoin address by:
- Having them scan your QR code.
- Posting your address with the “Share Bitcoin Address” option or by copying and pasting it into a message.
- Await the funds once they are sent.
- Under the “Transactions” tab, you can see the transaction on the Blockchain.
ATTENTION: it takes about 10 minutes to receive one confirmation. You won’t be able to re-send those funds until 10 minutes after you’ve received at least one confirmation.
Which currencies can I store?
Mycelium Wallet supports bitcoin, and allows users to switch back and forth from regular fiat currency (US dollars, euros, etc.) to bitcoin.
How secure is Mycelium Wallet?
Mycelium Wallet is backed up by enterprise-level security features, including HD security and extensive backup options for securing private keys. Upon signup, you will also be prompted to set up a PIN code, which will lock the following functions:
- Sending bitcoin payments
- Exporting single-address accounts that display their private key
- Adding new accounts
- Changing buy/sell orders
To use the backup feature, you need to write down the 12-word security phrase. This will be provided to you when you go to back up the account. After entering the PIN, you will be given the 12 words, one at a time. These words will help you recover your account in case your device is lost or stolen.