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A mobile wallet allows you to take your cryptocurrency with you wherever you go. You can’t only access your coins on the go but execute trades if you find a good opportunity. Mobile wallets enable you to be more flexible and become a better and more active cryptocurrency trader.
Introduction to MyCelium
MyCelium is one of the top mobile wallets for Bitcoin as it comes with enterprise grade security features along with a variety of other add-ons that make it highly versatile. It is among the most feature rich wallets which accommodates the needs of both amateurs as well as professionals. For starters, the wallet is available both on Android and iOS platforms so it doesn’t matter which ecosystem you prefer.
It features a user-friendly and intuitive interface along with seamless cryptocurrency management, storage and trading. It can also be integrated with hardware wallets providing additional versatility. Some of the key features of the wallet include master seed for restoring your currency, single address accounts, secure authentication, watch only accounts, and integration with a multitude of third party services along with a crypto marketplace.
How Does MyCelium Work?
Just like any other mobile, you first need to download and install the app from Play store or App Store. Open the app and select “Create New” option which will take you to the step where you will be asked to generate a seed phrase. Make sure that you create the backup and note down the master seed phrase which you will also need to encrypt your wallet keys.
Once you’ve gotten your seed phrase, you can encrypt your private keys and set up a six digit PIN. Now you can transfer your Bitcoins to MyCelium by going to the “Balance” section and tapping on the “Receive” button. Simply follow the instructions and receive your coins.
Security
The security of any wallet, may it be hardware or software, is of crucial importance. In fact, that’s what the wallet is all about, secure storage of your digital assets where you can access them. Evert other feature should be a second priority. Mycelium may offer a variety of extra features but do they affect its main purpose i.e. security? The answer is no. Mycelium isn’t only one of the first mobile wallets but amongst the most secure ones. During the course of last few years, Mycelium team has introduced latest security features and protocols and has taken many initiatives ensuring the safety of the users’ funds.
One of the top security features offered by MyCelium wallet is tying access to the wallet with a six digit PIN which is required to access the wallet, carry out transactions, and export private keys. Mycelium wallet also includes a hierarchical deterministic wallet design which allows users to restore their cryptocurrency using a 12 word mnemonic key phrase if and when required. Another distinct feature of Mycelium wallet is the option to add watch only accounts which allow you to spend the digital assets but you can also keep an eye on them. For instance, if you own a secured hardware storage account, you can check the balance without transferring it to Mycelium. Bitcoin addresses along with their private keys are secured with AES-256 encryption and are never transmitted or stored on Mycelium servers.
Last Word
MyCelium is one of the most popular and old mobile software wallets present on the market. It not only brings you intuitive design, ability to trade directly from the wallet, and ensure 24/7 access to your digital assets but includes advanced features that make it a great option for both the beginner and experienced crypto traders. If you’re looking for something that is extremely safe and enables you to recover your coins in the event your devices get damaged, MyCelium is one of the top options you can rely on. Moreover, this is the only team which has been working so long on software wallets and is more likely to bring innovative features to the app.