Mycelium Bitcoin Wallet is one of the most secure & popular wallets for mobile phones. It comes with the functionality of securing your Bitcoin Private keys on the device itself, without trusting any third party or hosted services.
Mycelium is an HD wallet. HD is short for Hierarchical Deterministic. All HD wallets use Master Seed Key which is a string of 12 random words. This seed is used to derive all further bitcoin addresses in a sequential manner.each of this new address is calculated by appending a counter to the end of the initial seed key.
That’s why it is called Hierarchical Deterministic because all the bitcoin addresses are created from a single seed key only. This seed key needed to be back up once and kept safe so that you can back up your wallet in case your mobile device is lost or damaged.
It is also having an unparalleled functionality of Cold storage spending which allows you to spend bitcoins by connecting your hardware wallets such as Trezor and Keepkey or Paper Wallets also.
Note: I have shared video guides too. If you like to learn about setting up MyCelium Wallet watching videos, you can do that by scrolling to the bottom.
How to set up the Mycelium Bitcoin Wallet For The First time
First of all, you need the following:
- An Android smartphone
- Internet access on Phone.
Once you have procured the above things, you are ready to set up your Mycelium Wallet
Step 1: Download Mycelium Bitcoin Wallet from Play Store and click Open and select create new.
Your wallet is installed and ready to use. But I strongly recommend you to secure it.
Step 2: Take a backup of master seed key and set your Pin number to secure your wallet.
During this wizard, you will be shown a series of 12 random words which are your seed key. Write it on a piece of paper and secure it.
Pin Code is set in this Wizard to keep your bitcoins safe.No one can spend these bitcoins without this pin or cannot change your seed key.
Step 3: Receive Bitcoins
- To receive payment go to Balance Tab, Click “receive”.
- If you want to enter the amount to be requested (optional field).
- Share your bitcoin address QR code or alphanumeric address using the option “Share Bitcoin Address” or “Copy To Clipboard” with anyone from whom you want to receive bitcoins.
- Check for received funds under Transaction History.
Step 4: Send Bitcoins
- To send Bitcoins, go to the Balance tab and click “send.”
- You can “Scan QR Code” or “Copy to Clipboard” or “Manual Entry” the address to which you want to send
- As the address is entered, enter the number of bitcoins you wish to send.
- Select the kind of miner fee you want to pay for confirmation of this transaction.
- Verify all details once
- Click Send
- It will prompt you to enter the pin code to confirm if you want to carry out this transaction. Enter Pin Code.
Other Functionalities of Mycelium Wallet
Mycelium has four kinds of Miner fee. These fees are attached to transactions are paid to the miner. Mycelium developers don’t keep this fee. These
- Priority-Takes 600 satoshis/byte and takes approx 10 mins to confirm the transaction.
- Economic-Takes 143 satoshis/byte and takes approx 2 hrs to confirm the transaction.
- Normal-Takes 196 satoshis/byte and takes approx 30 mins to confirm the transaction.
- Low-Priority-Takes 129 satoshis/byte and takes approx 3 hrs to confirm the transaction.
Mycelium transaction history tab enables the user to see how many bitcoins are received or send to what address at what time in the past.
Address book tab allows users to maintain their addresses to which they often transact. The user can add as many addresses they want.
Cold Storage Spending
It also allows you to scan QR code and spend through your paper wallets.
Note: In case your device is lost or damaged or your password lost.
Don’t Worry Your bitcoin cannot be spent without the pin code. Just simply uninstall your mycelium app and reinstall it and choose to restore the backup. Now with the help of 12 Words Seed key you will be able to restore your wallet and set a new pin.
If lost your phone or damaged it. Get a new device and re-install mycelium. When you open the app select a restore wallet option, and you will be prompted to enter 12 Words Seed key and your funds will be restored.
Hope you liked the tutorial on setting up your Mycelium wallet. Below is the video tutorial covering each and every necessary aspect to mycelium new wallet setup and also how to restore your old wallet.
Do let me know your comments or questions on this. Until that time let’s keep learning and sharing the Bitcoin Revolution with Coinsutra.
Until that time let’s keep learning and sharing the Bitcoin Revolution with Coinsutra.
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