Mycelium Wallet Review and Usage Guide - Part II

In the previous part of this Mycelium wallet guide, we have explained how you can install, send, receive, and different account addresses available in the wallet application. In this part, we will explore the remaining features supported by the wallet.

FIO Requests

Mycelium wallet allows you to create an FIO account. FIO addresses are human-readable text that work with every token in your wallet. No need to send a public address, and no confusion on typing a long hexadecimal address. It is an easy, secure, decentralized, private, and encrypted method of requesting crypto from another wallet.

Mycelium Wallet

Address Book

Users can add the public address of other users whom they transfer funds regularly in the Address book.

You can either scan or copy the address of another user and save it in the Address book by providing a valid label.

Mycelium Wallet

Trading Account

Users can perform trading from the Mycelium wallet powered by BEQUANT. Users need to activate and transfer funds into their trading account first. After that, they can use the token exchange, deposit, withdrawal, and market trading facilities offered by the platform.

Mycelium Wallet

Setting

Using the Setting tab, you can do the following things:

Language

Mycelium wallet supports multiple languages. Choose your desired one.

Mycelium Wallet

PIN Code

Users can protect their accounts by setting up a transactions and application launch PIN code.

Mycelium Wallet

Tor Network

Enabling this option will ask you to install and activate the Orbot application to proxy traffic through it.  It allows you to communicate with back-end servers. But change this option only when you need it because it will slow down the performance of the application.

Currencies
  • Cryptocurrency Denomination

Change and select your desired Bitcoin denomination.

Mycelium Wallet

  • Fiat Currencies

Mycelium wallet supports multiple currencies. Choose your desired one, and your token values will be displayed in the selected currency denomination.

Mycelium Wallet

  • Exchange Source

Users can choose their desired exchange, and the wallet application will display the token and corresponding fiat value rates available from that platform.

Mycelium Wallet

Accounts

Show Address Path

You can do the following setup change to get the address path. However, this option is completely out of the scope of the normal user.

Mycelium Wallet

Transactions
  • Block Explorer

You can check the default block explorer setup for Bitcoin, Ethereum, and FIO. Users can check their transaction details by using these explorers set in the application.

Mycelium Wallet

  • Transaction Change Handling

This option allows you to decide how the change will be handled when the transaction is generated.

Mycelium Wallet

  • Miner Fee

Users can set the miner fee that is required to include your transaction in a block for processing. By default, the miner fee is selected as normal. You can change and increase/decrease the priority as well as the fee.

Mycelium Wallet

Mycelium Services
  • Local Trader

Toggling this Local Trader option will enable/disable the Mycelium marketplace feature that allows the users to do P2P trading.

Mycelium Wallet

External Services

Users can go to this tab and enable/disable the external services supported by the wallet application.

Mycelium Wallet

Updates

You can check the application version installed on your phone.

Help

Help will trigger a mail communication with the Mycelium team. In case you are facing any issue with the wallet application, you can press the help option and start a communication with the project team directly.

About

You can get the following details about the Mycelium wallet from the About tab:

  • Application version
  • Github repository link
  • Website
  • Customer support
  • Download links
  • Change log (version update history)
  • Log
  • License
  • Terms and conditions

Mycelium WalletCold Storage

The cold storage spending facility allows you to connect your cold wallets like Trezor or KeepKey and pay directly using your private key. Once the transaction is sent, the details are erased from the internal memory.

Mycelium Wallet

Social Presence

Website

Twitter

Future Plans

Below are the top 7 features that the platform is planning to bring and embed in its interface.

  • Fiat accounts: fully-fledged, blockchain-based
  • Inexpensive remittance: most popular corridors
  • Debit cards: wallet-linked and in-wallet-issued
  • Personal finance: convenient handling of bills and invoices
  • Investments: efficient portfolios and hedging
  • Escrow service
  • Crypto assets creation and exchange

Conclusion

Mycelium is a feature-packed wallet for Bitcoin. The UI is attractive. Users can create and use trading as well as P2P accounts along with simply managing the BTC tokens. It supports all three Bitcoin address types (legacy, SegWit, SegWit native) and the different accounts created supporting these address types. Hence, you will have three different private keys. Though this is a bit tricky for new users to understand the difference, usage, and features of these three addresses, a little bit of effort and knowledge can help them in grasping the key concepts and importance. We suggest the users first understand the different address concepts so as to avoid the loss of funds.

Resources: Mycelium Wallet 

Read More: How To Provide Liquidity on RAMP DEFI Vaults and Earn RAMP Tokens

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