Mycelium Wallet Review
Bitcoin, Bitcoin News, Uncategorized

Mycelium Bitcoin Wallet Review


Mycelium is one of the best Android bitcoin wallets there is.

It was created by a team of developers that are huge on cryptography.

Mycelium has caused ripples since its launch, and in 2014, blockchain.info had granted it the prestigious “Best Mobile App.”

The selling point of a bitcoin wallet is two key things; usability and security features. Mycelium has been able to achieve both functionalities and the number of users keeps rising by the day.

Security

Password logins are a most insecure sign-in method, but Mycelium uses a two-factor authentication. This rigid security system is designed to keep out the bad people. And so, your bitcoins are in maximum safety.

Hierarchical Deterministic

Mycelium wallet uses a master seed to derive all future bitcoin addresses sequentially and may only be backed up once. This is a recent trend among bitcoin wallets for improved functionality.

Store Large Amounts

Mycelium allows its users to store large amounts of bitcoin on a single address. And for security purposes, you may deactivate your private keys, and call it back when the need arises.

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Cold Storage 

Everyone knows that cold storage is at the peak of digital wealth security. And Mycelium allows for cold-storage integrations with hardware bitcoin wallets like Trezor or KeepKey.

Chat

Another cool functionality about Mycelium is the chat system. The conversations are encrypted and even Mycelium itself is in the dark about what users are saying, and thus guaranteeing maximum security.

Privacy 

Mycelium Local Trader uses your bitcoin private key for registration and authentication with Mycelium servers. The only information retained by Mycelium servers is your bitcoin address, nickname, sell orders with the entered location, and your trade history.

Mycelium vs Airbitz

It’s hard to declare the winner among these two wallets, but I’m inclined to state that Mycelium would win by a strand of hair.

Conclusion

It’s a yes, from us.

I have not found any bad rap about the company, although I will keep watch to see if that trend remains, or if Mycelium will finally start to annoy.

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