Mycelium wallet review

Mycelium
Developed Ease of use,  High Privacy,  User Private Keys Stored

Mycelium is known as one of the earliest and most secure Bitcoin wallets available on the market. Unlike other mobile apps, private keys are user controlled and never shared. The wallet was initially targeted to early Bitcoin adopters for anonymously buying/selling and making online purchases. It is now integrated with the Trezor wallet providing an even more secure level of storage.

Mycelium was specifically designed to buy and sell Bitcoin or make Bitcoin purchases. it has long been considered among the best apps available for this purpose. Its functionality will change soon when the new Mycelium is launched, adding fiat currency, debit cards, and countless new crytocurrencies to the app.

Company / organization behind the wallets

Mycelium is one of the first Bitcoin trading apps, launched in 2008 by Megion Research & Development. The company also makes Entropy, Bitcoincard, and Mycelium Gear. The wallet was named best mobile Bitcoin wallet in 2014. Recently they announced they are developing new features and functionality that will expand the app to support multiple Crypto and fiat currencies.

Crypto Currencies Support

Language Support

  • Chinese
  • English

Supported Systems

  • Android
  • iOS

Partners and integrated software

  • Cashila
  • Glidera
  • Coinapult
  • Trezor

Mycelium does not have a lot of extra security features that you will find with new wallets but it does have a long history of reliability. There is an option to export your private keys and make your mobile watch only which would provide a higher level of security. This option is now supplemented by its integration with Trezor.

Summary:

Security
Low
2 Factor Authentication
No
Multi-Signature
No
Private Keys Stored On
User
Storage Type
The default is hot storage but there is an option to set up cold storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

Mycelium was designed for early Bitcoin adopters and isn't as straightforward as some of the newer apps. It is targeted to advanced users who use Bitcoin often. It is very smooth if you know what you're doing. This is all set to change when they completely overhaul the app to dramatically expand its features, currency support, and accessibility to new users.

Summary:

Mycelium has great reputation for storing and purchasing Bitcoin and provide an important option cold storage. The current version can be complicated to use and has fairly limited functionality. The company is planning an overhaul with new design and functionality features. We expect good things to come.

Ease of use
Developed
Suitable For
Techy’s
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Withdrawal funds to bank account

Mycelium was specifically designed to buy and sell Bitcoin or make Bitcoin purchases. it has long been considered among the best apps available for this purpose. Its functionality will change soon when the new Mycelium is launched, adding fiat currency, debit cards, and countless new crytocurrencies to the app.

The wallet platform has developed a partnership with a 3rd party and integrated the 3rd party services into their software

Help and support:

  • FAQ section
  • Email

Most common customer complaint:

complex design and lack of desktop app