Mycelium Wallet Review

By CryptoBiter

Mycelium is one of the best bitcoin wallets on the market. Tons of features like HD wallets, easy back up process for control over private keys and a very unique feature of an address book which I have not seen with other bitcoin wallets. Even works with Trezor. I believe Mycelium is leading the pack in the Bitcoin wallet industry just by betting on the simplicity and innovative aspect of the app. The best part is that it is free.

Mycelium is stated to combine speed with simplicity of use and full protection to the user because he keeps his private keys. With Mycelium, users do not need to rely on any 3rd party (like Blockchain.info for example) and store the private keys on the user phone.

The Mycelium project was started by developing the Bitcoincard in 2008 when there was still no bitcoin. The goal was to create an infrastructure-independent, self-powered, ad-hoc network that could dynamically form wherever a sufficient number of nodes came together to support it. The whole purpose of this network was to create an uninterruptible text messaging system that worked directly between active and present nodes, via credit card form factor user devices. Once Bitcoin jumped on scene, the project team immediately identified with the project’s ideology, and decided to concentrate its efforts on integrating bitcoin into a software-programmable hardware device.

In 2012, Mycelium team started to diversify projects, and began developing the Mycelium Bitcoin Wallet and other bitcoin-related products. The main task was to develop a full range of products which would enable bitcoin use by both physical and legal/corporate persons in all areas of economic activity, ranging from the acquisition, storage, and use of bitcoins in everyday life as payment tool, to long term investments and professional cryptocurrencies trading.

The Mycelium technology

The reliability of the Bitcoin system is assured primarily by cryptography. The system’s main vulnerability is the Bitcoin wallet, created as a file on a computer. If a hacker (or a computer virus) gains access to a computer and can read this file, they will be able to transfer all money to their anonymous account, where it will be nearly impossible to find. It will also be impossible to prove to anyone that you yourself did not transfer the money to your own anonymous account.

Mycelium Wallets use custom nodes to process the bitcoin blockchain and scan for address balances. These nodes were written by the Mycelium team. These nodes are responsible for making the intersection of 30 gig Blockchain database, from the network into Mycelium custom database, which is much larger.

The larger size of these databases of over 100 gigs in size allows for a very quick and easy lookup of address balances, and enables instant balance confirmations and to do things like Cold Storage spending from paper wallets and Trezor. Note that this custom database doesn’t actually contain anything that’s not in the original blockchain database itself.

Mycelium Wallets

The Mycelium Bitcoin wallet is designed to be used on smartphones and provides the ability to send and receive bitcoins whilst benefiting from bank-grade security. The Mycelium Bitcoin wallet in 2014was awarded the “Best Mobile App” award by Blockchain.info.

Mycelium Entropy is a specially designed hardware wallet. This product is considered to be the safest way to generate paper wallets and securely store your bitcoin savings.

Mycelium Entropy is a small USB device that uses hardware based entropy that generates printable Bitcoin paper wallets.

The Bitcoincard is a stand-alone device that acts as an electronic wallet. It is a Radio enabled smartcard that can work as a self-sustainable wireless media without immediate internet connection. The Bitcoincard can be used to secure the wallet in a safe place, (outside the computer, making it safe against hackers) much like cold storage.

This device will be very similar to a credit card and will be able to combine the extreme functionality of a hardware wallet with the usual banking card. The Device is still in its final stages of development.

Other Functionalities

Mycelium also offers another useful functionality: a feature called Local Trader which allows the app users to meet Bitcoin vendors in their vicinities. Mycelium supports Tor as well.

For all the mobile wallet choices we can find out there today, Mycelium is clearly a winner because of its simplicity and as the most secure, anonymous and easy-to-use bitcoin mobile wallet in the market.