We’ll take a look at the features of Mycelium, a cryptocurrency wallet that uses a hierarchical deterministic wallet design. This wallet doesn’t charge a monthly subscription fee and supports watch-only addresses. In addition, it allows P2P trading. And while we’re on the topic of features, here’s a quick look at how Mycelium compares to other wallets. Check out bitcoin-prime.nl for more in-depth information about bitcoin trading.
Mycelium is a mobile app that allows you to send and receive Bitcoin, Ethereum, and ERC-20 tokens. Besides Bitcoin, Mycelium also supports Tether USD, Binance USD, HobiToken, and Bitfinex LEO. The app is also compatible with paper wallets, private keys, and master seeds. To avoid losing your wallet, you should back it up with a PIN code, which you can generate in Mycelium’s help center.
Mycelium is a secure and private wallet for your Bitcoin. It uses AES-256 encryption to protect your private keys and does not store or transmit them anywhere. The app also provides features for managing your crypto assets, including a cold storage account. This feature is particularly helpful if you are concerned about security since you don’t want your private keys to be available to anyone. Mycelium also lets you check the balance of cold storage accounts.
Hierarchical deterministic wallet design
Mycelium is a software wallet that uses a hierarchical deterministic wallet design to ensure your account’s security. This type of wallet design uses a master seed to keep your private keys secure while storing and sending your coins. The wallet can also support multiple accounts and a mnemonic key phrase. This is a standard feature of most wallets, and it is necessary to ensure the safe storage of your keys.
The wallet generates a 12-phrase seed code that you can use to restore your wallet in case of theft or loss. It also supports single address accounts and supports Bit-ID authentication protocol.
No subscription fee
It is a free online wallet. However, you should remember to back up your account before using it. To do so, you should write down the seed phrase, which is 12 words, one after the other. If you forget the seed phrase, the wallet will prompt you to input it again. Mycelium offers different account management features, including watch-only addresses, to view your balances without knowing your private key. The wallet also provides other features like BitID authentication, which allows you to authenticate on certain websites.
Another great feature of the Mycelium wallet is the absence of subscription fees or storage fees. The only subscription fee the wallet charges is for the transaction fees, which you must pay to miners for the transaction to process. The fees will vary depending on how quickly you need the transaction processed. Paying more for priority processing allows you to pay a little extra to receive your transaction faster. On the downside, paying too little will delay your transaction.
Mycelium wallet supports watch-only addresses.
This wallet allows you to create watch-only addresses and a single address for storing large amounts of money. To set up a single address, you can delete the private key from your device and import it when you need it. Watch-only addresses are an excellent option if you want to monitor the output of your transactions but don’t want to share your private key.
You first create a new wallet file in Mycelium to use a watch-only address. After this, create an MPK. Next, you will see a warning about private keys. The Watch-only wallet will show you your balance and transaction history. It’s important to note that this type of wallet is not designed for beginners, so make sure you’re confident in your knowledge before setting up a watch-only address.
Pros
- You can download Mycelium Bitcoin Wallet from Google Play or Apple App Store.
- Mycelium is a new type of cryptocurrency wallet that doesn’t place payment limits on the amount of Bitcoin that you can hold.
Cons
- This wallet is not good for beginners.
Final Words
Mycelium also doesn’t impose any fees on users. Users can deposit and withdraw funds without paying a subscription fee or a fee for using the wallet. Based on the congestion of the network, transaction fees can range from $0.25 to $8. As a bonus, you can use Mycelium to store your bitcoins while not in use. You can also use it as a secure storage wallet for your funds.
