Mycelium wallet, a well-known Bitcoin wallet, was voted "Best Mobile App" in 2014 by Blockchain.info. This is one of the most popular and used virtual wallets in the world.
Born in 2008, the company is located in Cyprus as Mycelium Holding LTD and in Lithuania as Mycelium SIA.
This wallet has the following companies as allies:
Coinapult facilitates hedging with USD and other currencies
Glidera is used to buy and sell bitcoins from a bank account in Canada and the United States.
Cashila facilitates the invoice payment business in the SEPA zone of the European Union
Trezor and Ledger Wallet are used as hardware data storage systems.
This portfolio is not of the “custodial” type, it is private and 100% independent; In other words, it depends entirely on the measures taken by the user.
This wallet has the following characteristics:
• It is open source.
• Cannot be traced.
• Used in incognito mode.
It is necessary to make a backup, since if the mobile is lost there is no problem to recover the account.
Among the main features of Mycelium we have the following:
• It is of the HD type (Hierarchical Determination), that is, they have a structure in the organization and deterministic because they always give the same result.
• One-way accounts, “old fashioned”.
• Possibility of hardware type accounts.
• System with secure authentications.
How does Mycelium work?
Its operation is quite simple for those who have already worked with Bitcoin wallets.
When we downloaded the application and created a "new portfolio", with this we could start using it, but it is advisable to make a backup, for that we go to the menu at the top and there we will find the "Backup" button.
It will show 12 words that we will have to write on paper, you cannot make a “screenshot”.
Mycelium will ask us for a PIN to increase the security of the wallet over others. The wallet will ask us for the PIN each time we are going to use it.
This is similar to the backup, we go to the menu, then to “settng”, we select the “PIN code” mode, we choose one and that's it, we can start using the wallet.