Mycelium
Website
Android Mobile, paper wallets when using Mycelium Entropy, and an autonomous payment system called Mycelium Card.
- ValidationCentralised
- AnonymityLower Intermediate
- Ease of useIntermediate
- Supported Coins
- BTC
Pros & Cons
- Mycelium supports many different payment methods, making it a favourite for vendors and shoppers.
- Mycelium’s code is fully open-source.
- You control your own private key, putting you in charge of your own funds.
- The development team is known for its innovation and is likely to continue to bring out new features.
- Mobile applications are less likely to be hacked than desktop applications.
- Only Bitcoin is offered on this wallet, making it unavailable to people who wish to use different cryptocurrencies.
- The Mycelium wallet is considered to have intermediate difficulty to use, so it may be difficult for beginners and first-time users to understand.
- Users’ private keys are also stored on the Mycelium network. Although encrypted, they are not impossible to decrypt.
- Mycelium does not support either two-factor authentication or multisignature authorisation, meaning that its security could be improved.
Features
Mycelium Gear (Automated and simple online payment system for merchants), Mycelium Swish (for restaurants and bars), Mycelium Card (an autonomous, battery-operated, fully functional point of service terminal), and Mycelium Entropy, a USB device that allows easy printing of paper wallets.
Wallet Info
- Founder(s)
- The Mycelium team consists of twelve people – Alexander Kuzmin, Bijan Mawji, Jerome Rousselot, Leo Wandersleb, Andrew Toth, Constantin Vennekel, Dmitry Murashchik, Daniel Kravisz, Jan Dreske, Andreas Petersson, Mariya Brown, and Vitaly Yuschkov.
- Price
- Free to download. No fees are paid to Mycelium. All transaction fees go to the network.
- Private Keys Stored by
- You and Third Party (Encrypted)
- Security
- Good/Great (Depending on the individual user's own ability to secure their private key)
- What it is
A mobile hot wallet on the Android platform, with cold storage available on a prepaid paper wallet system (Mycelium Entropy).
AuthorDavid Nugent
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.
