It is a purse designed to offer security, speed and easy use.
It is focused on security allowing the use of TOR and runs on Android.
A 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 you manage your digital currency. In the case of Mycelium, this is a wallet designed by offer security, speed and easy 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 out of your app unless you export them.
Validation: Your centralized private server will handle all your transactions securely.
transparency: Because its source code is free, any developer can audit the code and decide if it looks like a secure application or not.
environment: When running on mobile devices, you have the security 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, and you can prevent third parties from associating your payments with your IP address.
Starting the application
- Download. You have 2 options for this: go to the Mycelium page and download the Apk, Or you can go to the Play Store. It is also available for iPhone.
- Once downloaded and installed, you will need to open it, and the first message you will see will be:
This is in case you already have a backup of your Mycelium wallet. If you do not have it, you must press the button create New to start with a new purse.
3. Once the application has started, you will be in the balance tab, where we can see our balance sheet and our wallet address.
Preparing the application
To make any transaction you need to be secure, and Mycelium will not allow you to do anything until you have saved your backup, and set your PIN. To do this you must do the following:
- Press the options button on your phone to display the following menu, and select the Backup.
2. It will ask you to back up the seed of your wallet. prem Yes to proceed with the backup.
For security reasons, the app is blocking screenshots, so you’ll need to apply the following steps.
- In this option, you will have establish a new seed, Which allows you to make the support of your wallet.
- It will show you first a series of words, Which it is advisable to write down by hand, despite which tedious it is necessary for your own safety.
- Then you have to enter the indicated words in the order you wrote them down. This process is made easy and safe, as it uses its own keyboard, which shows you suggested words as you type. Remember to bring order.
- Once you have entered the words, you will be asked to enter the PIN, Which you will be asked every time you go to make a transaction. Remember it’s unique and you don’t have to share it with absolutely anyone.
Success! You have already saved the backup. This will allow you to recover your wallet in case you lose your phone or restart your phone.
As in any purse there will be money traffic, i.e. you will be able to fill it with money, or you will have to pay and say goodbye to it. So below I will tell you how to receive and send payments.
- To receive payments, you must go to the balance tab, and press the button receive:
2. Here you will see your Bitcoin address, which you can share or copy to the clipboard, and even (only if you want) you can enter the amount you will receive.
Once you’ve shared your address, you just have to wait for the person to complete the transaction, Which you can check in the balance tab (remember to be patient, as transactions will take time depending on your cost of operation).
- To send payments you will need to go back to the balance tab, and select the To send.
2. Inside you can choose the how to enter the address to which you will make the payment, Either by scanning the QR code, looking for the stored addresses, selecting the address you have on the clipboard or entering it manually and paying in euros (in case you have this currency available).
3. If you scan the QR code, you will see the address at which you will make the payment. Then you have to choose the amount or amount you want to send. You will do this at the indicated button.
4. You can select the currency you want (a) or place the maximum amount available (b). Once you have placed the sum, you can press OK to continue.
5. Choose the Operation Cost. Remember that the lower the cost, the longer the transaction time.
6. Prem To send and to finish you will need to enter the PIN for the transaction to start.
With this we have already made our payment. It will happen that the address you scan or enter using the clipboard already has a sum assigned, and you will not have to enter the sum (better that way, less work for you). remember always be sure of the data and the sum.
Mycelium allows you to have your address book, to always have on hand the people to whom you make frequent payments, or just want them to be here. To do this, you must do the following:
- Press the button Add.
2. It will show you the options to scan the QR code or add the address from the clipboard.
3. Once you have chosen the option, you must assign a label or name to the address.
And ready. You have already added an address to your notebook.
We have already seen how easy it is to use Mycelium. The most important thing is to have bitcoins. You don’t need more for this app.
This app is currently awaiting a (as they call it) radical update. Not only will your overall interface change to a nicer one, but as well they will incorporate debit card integration, Investment portfolio, creation and exchange of encrypted assets.