MyCelium Wallet Review
In the fast-paced world of cryptocurrency, the need for an easy to use, seamless interface for Blockchain transactions is essential. The company was formed by a group of hardware engineers back in the early days of cryptocurrency and have been one of the most trusted Bitcoin wallets available.
MyCelium lets smartphone users utilize the full day-to-day potential of their Bitcoins by giving them a straightforward and intuitive platform to send, receive, and track Bitcoin payments. The ability to have your funds in your own possession without having an exchange control your coins is an essential feature of owning crypto. With how simply you can complete transactions from the smartphone app has helped to make every day Bitcoin use more of a reality.
As wallets go, there are few simpler than MyCelium without sacrificing security and trust. It can be downloaded from both the google play store and iTunes and has shining reviews on each.
The home page of the app is very straightforward. You have your QR code which has your payment address, or public key, imbedded in it. This can be used to receive payment information and the address of the person on the other end of the transaction.
You’ll also see send and receive buttons, as well as tabs that link you to your transaction history, address book, exchange of your choice (for buying Bitcoins), and a Blockchain Explorer (Blockchain.info)to track transactions. This makes the system incredibly easy to use since it’s all contained in one application.
Additionally, included in the address book is the ability to back up your wallet at any time. This will give you a 12-word seed that can be used to retrieve your coins if your phone is lost. Tenzor, a hardware wallet company, operates on a similar system of seed phrases to back up user wallets and it has proven to be an essential feature of any Bitcoin wallet worth your time.
The security of MyCelium is superb for a mobile phone based wallet. There is a PIN number that’s is set up by the user upon first opening the application. This PIN will be used to access the app and also be used to confirm transactions you make through the app, as well as for exploring your private keys if need be. Their wallet is based on something called hierarchical deterministic wallet design. This is where that 12-word seed comes in handy. It acts as your private key in the event of a lost phone and should never be put online. Private keys are best kept in your own memory or hand written on paper and stored in a secure location.
Having your main storage hub for your Bitcoins constantly connected to the internet, often through unsecured networks, and on your person at all times is never the best option when using cryptocurrency. Even though MyCelium does have exceptional security for its functionality, it is recommended that you keep the bulk of your coins in cold storage hardware wallet that is always offline.
The MyCelium application works well in conjunction with other crypto services and it gives the user an experience that feels fully integrated and frictionless. The app links with your preferred exchange to track prices and also has the ability to spend coins from cold storage wallets. This allows you to move Bitcoins with not trace recorded on the device’s internal memory.
There is also the ability to change the priority level of your transaction, which will alter the miner fee based on how quickly you need the transaction processed. As the priority level increases so does the fee for mining the transaction.
Overall, the MyCelium wallet is one of the go-to solutions for storing your bitcoins securely, while still being able to use them on a daily basis and in more places other than just an exchange. It represents what Bitcoin use will end up becoming, something that is used to pay for your clothes, food, or even gas the same as with fiat currencies.
If you are in need of an easy to use wallet that does not skimp on security, then MyCelium might be worth a look.
Images via: Google Play