MyCelium

MyCelium was formed by a group of hardware engineers in 2008. The team was interested in working with blockchain by the emergence and popularity of Bitcoin over the following years.

The platform offers the MyCelium Bitcoin wallet, it provides an affordable option for smartphone users. The Wallet supports bitcoin, and allows users to switch back and forth from regular fiat currency to bitcoin.

Fees

The Mycelium Wallet itself is free to use. However, transactions are subject to fees based on the transaction size. Mycelium’s miner fees range from 0.08 mBTC/kb* in the case of low priority to 1 mBTC/kb* for priority.

Security

Security is always a primary aspect for wallet applications, no matter what platform you are using.  The application has the usual interface protection in the form of a personal pin number. You need to open the application, send funds and export the private keys.

The HD (hierarchical deterministic) wallet design means that backups generate securely using a set of 12 random words. These words should be kept safe as they represent your private keys. In the event of phone loss or damage, you can quickly recover funds.

Local Trading

The Mycelium bitcoin wallet combines a proprietary peer-to-peer trading platform. This platform allows Mycelium users to enable GPS to search for sellers / buyers nearby. This system does not have a rating system, but includes encryption for secure conversations. This allows traders to anonymously buy and sell bitocoin.

 

Pros

  • Advanced key management
  • Create new random private keys
  • Import private keys for spending
  • GPS-assisted location
  • Customizable buy/sell ads
  • Reputation tracking

 

Cons

  • No desktop interface.
  • Have to open app to check for payments (no notifications)

Conclusion

Mycelium has been one of the bitcoin community’s most popular wallets for years – and for good reason. Many people enjoy the wallet’s enhanced security. You can spend and receive bitcoins with private keys that never leave your control.

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