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How to set up and use Mycelium wallet [Updated 2022]

Last Updated on April 30, 2022 by Shounak

What makes Mycelium wallet one of the most downloaded mobile wallets to store Bitcoin? Let’s today discuss it in this guide on how to set up and use the wallet with the latest version?

The latest version is 3.14.1.0 

Mycelium wallet was a free Bitcoin wallet initially but now it also supports Ethereum blockchain and FIO protocol. In this article, we will only discuss the Bitcoin wallet.

What is the Mycelium wallet for Bitcoin?

Mycelium wallet is a mobile wallet through which you can send, receive, and hold your Bitcoin. It is only available as a mobile app and falls under the category of a hot wallet.

What is a Hot wallet?

Hot wallets are those wallets that are always connected to the internet through a device in this case it is a mobile device. Mycelium wallet is available for both Android and iOS users.

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We have been using the Android version of this wallet for more than a year now and we have never faced any issue to date. It has a very simple user interface but for some of you it might be tricky.

How to set up the Mycelium wallet?

In order to set up Mycelium, you need to download the wallet from either Google play store or from the Apple store. depending on the operating system supported by your mobile device.

After you have downloaded the software you need to wait for it to install on your device.

When the installation is complete you need to open the wallet and then select Bitcoin wallet. The first screen that you will see on the app will be a pop-up message asking you to either Restore Backup or Create New as shown in the picture below.

Restore Backup:

In order to restore your old Mycelium wallet on your device, you need to select Restore backup. On the next screen, you will see another popup asking you to select the word list and select the length. You will be shown four options.

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  1. 12 words
  2. 18 words
  3. 24 words
  4. I have a passphrase.

Select the appropriate and then tap on OK. Then follow the screens to restore your wallet. You can skip this part if you do not want to restore your wallet.

If you want a new wallet address then click on Create New.

Note: Mycelium wallet does allow you to create and restore multiple Bitcoin wallets that you can access under Accounts.

 

Create New:

To set up a new Bitcoin wallet you need to tap on Create New. After you have tapped on it, it will create a new Bitcoin wallet and direct you to the balance screen as shown in the above image.

How do I recover my Mycelium wallet?

After you have set up your Mycelium wallet for the first time you will be asked to backup your wallet.  It is highly recommended to backup your wallet at this time.

When you backup your wallet it will provide you with a set of seed phrases. By using these seed phrases you will be able to restore & recover your wallet in case your device is lost, damaged or bought a new one.

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You can also access your wallet’s backup phrases, later on, in case you misplaced them by tapping on the three dots at the top right-hand side corner on the balance screen and then selecting the backup.

It is highly recommended to write down your seed phrases on a piece of paper at the time of backup and always keep that paper somewhere safe, if you have any other ideas then do that to safeguard your wallet backup phrases.

How does the Mycelium wallet work?

The following screen shown in the images are still the same when you select the Bitcoin wallet. Let’s check the different screens of the wallet to find out what are their functions and how to use them for our benefits.

By default, the first screen that you will see is the balance screen in the beginning.

In the above image, your public Bitcoin address is shown below Account 1, your wallet balance is displayed below the Bitcoin address and the real-time Bitcoin market price is displayed below the wallet balance.

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At the top of the wallet are the menus that you can access when you scroll right or left. Let’s check them one by one.

Media flow:

Here you will find information related to the cryptocurrency market, micro OTC, wallet news, and knowledge center. You do have the choice to turn it off.

Accounts:

All your accounts and information related to them are displayed here.

Balance:

By default, it is the home screen of your Mycelium wallet.

Transactions:

As the name suggests, every transaction done within the wallet is stored and displayed here.

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Business:

This is where you will find Bitcoin dApps. I found this section to be not at all useful as some of them no longer exist such as purse.io.

Address Book:

You can save Bitcoin addresses of those whom you send Bitcoins frequently. For example, exchange wallet address.

Below the wallet balance, you will see Send, Scan, and Receive buttons. The send button is to send Bitcoin, scan button opens the scanner to scan QR code, receive button displays your Bitcoin address as well as the QR code.

Mycelium wallets also come with a built-in exchange, just below the realtime Bitcoin balance when you tap on Shift coins to BTC it opens a new screen where you can exchange cryptocurrencies for Bitcoin as shown in the image above.

Can I buy Bitcoin on Mycelium?

Besides, shift any coin to the BTC button, you will also see Buy/Sell Bitcoin. When you tap it, you will see a new screen as shown in the below image.

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Here you will be able to buy or sell Bitcoin using any of the three available options.  The Mycelium Marketplace is where you can get in touch with a local trader to buy or sell Bitcoins.

Best Features of Mycelium Wallet:

Some of the best features of this wallet can be accessed by the three dots at the top right-hand side corner of your default screen. When you tap on it you will see a drop-down menu as shown in the image below.

Backup:

As the name says, it used to backup your wallet, wherein you can backup your wallet anytime and in case if you lose your seed phrases you can check them here.

Cold Storage:

The best way to understand the use of cold storage is by watching the below video.

In the new wallet version, you can also connect your hardware wallet like Trezor and KeepKey to transfer your Bitcoins using the Cold Storage menu.

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Settings:

When you tap on settings it opens up a new screen where you can change the Language, Notification.

You can also add a six-digit Pin Code to lock your wallet, use Torrent network for the transaction, create a Backup, change Bitcoin denomination. 

Change Fiat Currency from USD to your preferred local currency, change the Exchange source, use a different Block explorer, update the default Mine fee, and many more.

Is Mycelium Wallet anonymous?

Yes, it is completely anonymous.

You are not required to register in order to use this wallet, nor you need to complete KYC to buy or sell Bitcoin using its Market place.

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You also have the option to use the TOR network to hide your transaction footprint. 

How do I transfer Bitcoin to a Crypto Exchange?

You can transfer Bitcoin by using the Send button on the balance screen. When you tap that button it will open a new screen which will show a list of buttons which are –

  • Scan QR Code – By using this button you will able to scan the Bitcoin wallet address of the exchange or another wallet.
  • My Address – If you have saved any Bitcoin address in the address book of your wallet you can select it from here.
  • Clipboard – When you copy the exchange address it gets saved here which you can enter directly by tapping this button.
  • Manual Entry – If you want to enter the Bitcoin address manually you can use this button.
  • Enter Amount – Enter the amount in satoshi, by default the miner fee is always set to normal mode, it gets automatically deducted from the total amount entered by you.

How do I add Bitcoin to Mycelium Wallet?

In order to add/receive Bitcoin to the Mycelium wallet, you need to tap the receive button on the balance screen. It will open up a new window where you will be able to view your Bitcoin wallets public key and also the QR Code.

You only need to provide your public key to the sender in order to receive Bitcoin or show the QR Code.

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In the End:

In my opinion, offline bitcoin wallets also known as hardware wallets are the best as there is very little chance for it to get hacked. 

But, when we are searching for a Bitcoin wallet app or the best Bitcoin wallet for android then the Mycelium wallet is one of the best Bitcoin wallets available in the market.

You can easily create your own Bitcoin wallet address just by downloading it and without even going through KYC or by registering your email address.

What I liked most about this is that it’s very easy and simple to operate. You can keep your Bitcoin safe and secure.

If you do lose your mobile phone you can still get access to your wallet with the backup phrases. If you are a trader who trades bitcoin using exchange apps then this wallet is right for you.

In my opinion, it is not the right wallet to hold a large quantity of Bitcoin. For only holding, you should invest in Hardware wallet.

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I hope you liked the guide on how to set up and use the mycelium bitcoin wallet. I hope you have enjoyed reading it as much as I did writing it. You can download the wallet by clicking the below link.

Click here to download Mycelium Bitcoin Wallet

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