Final verdict
The Mycelium app is a very capable one and offers all the necessary options for sending and receiving Bitcoin. The fact that it can integrate with hardware wallets and can be made to work with Tor with a flick of a slider is a further testament to the app’s attention to security and privacy of its users. And the inclusion of a marketplace helps distinguish Mycelium from its peers.
The Mycelium app is a very capable one and offers all the necessary options for sending and receiving Bitcoin. The fact that it can integrate with hardware wallets and can be made to work with Tor with a flick of a slider is a further testament to the app’s attention to security and privacy of its users. And the inclusion of a marketplace helps distinguish Mycelium from its peers.
Pros:
Cons:
Open source
Multiple types of accounts
For Bitcoin only
No desktop version
The Mycelium cryptocurrency wallet is one of the oldest and most popular Bitcoin wallets available exclusively for mobile platforms, having first been released in 2013 as an Android app before later being ported to iOS as well.
Mycelium describes itself as the “default Bitcoin wallet” and while its claims to the title of most well-rated cryptocurrency wallet on the Play Store isn’t really accurate anymore, the app does have several noteworthy features.
For starters, Mycelium is entirely open source, which is one of the most essential features for any good cryptocurrency wallet. The app also relies on the Simplified Payment Verification (SPV) technique, which allows it to confirm transactions without having to download the entire blockchain.
Since mobile devices are insecure in some regards and more prone to theft, the developers of Mycelium have implemented a handful of features to improve the security profile of the app, without overly complicating the interface.
Interface and ease of use
We have mixed feelings about the Mycelium interface. While some aspects of the app, such as sending and receiving Bitcoin, are fairly straightforward, the app contains many functions likely to confuse first-time cryptocurrency users.
The app has a tabbed interface to switch between the different functions. By default, the Balance tab opens at launch, displaying the amount of Bitcoin in your wallet and the current BTC exchange rate, as well as buttons to send and receive BTC.
The app has a tabbed interface to switch between the different functions. By default, the Balance tab opens at launch, displaying the amount of Bitcoin in your wallet and the current BTC exchange rate, as well as buttons to send and receive BTC.
You can also change your Bitcoin exchange by selecting one from a drop-down menu in the Balance tab. The good thing is that the list displays the exchange rate currently offered in each of the exchanges. Mycelium also has a built-in address book for frequently used Bitcoin addresses, which is a nice little extra.
The app has basic privacy features, such as the ability to rotate addresses, and you can configure it to communicate with the servers via the Tor anonymizing network from under the Settings section.
Although Mycelium is a hot wallet, it very helpfully offers the option to transact from a cold storage wallet. It can import private keys and can also sync them from a hardware wallet as well.
The app has basic privacy features, such as the ability to rotate addresses, and you can configure it to communicate with the servers via the Tor anonymizing network from under the Settings section.
Although Mycelium is a hot wallet, it very helpfully offers the option to transact from a cold storage wallet. It can import private keys and can also sync them from a hardware wallet as well.
Support
Unlike many of its peers, Mycelium offers no guides or tutorials to help orient new users within the app. While the basic functions of the app are fairly intuitive, considering that Mycelium offers several advanced features, we feel the lack of documentation is a major drawback that would prevent us from recommending the app to inexperienced Bitcoin users.
Similarly, the app’s support options are equally bare bones and don’t offer much to write home about. Mycelium’s primary means of support is via email and the app developers explicitly warn against using any other means of contacting them. The app does have a presence on Twitter and the developers do use the platform to interact with their users.
Similarly, the app’s support options are equally bare bones and don’t offer much to write home about. Mycelium’s primary means of support is via email and the app developers explicitly warn against using any other means of contacting them. The app does have a presence on Twitter and the developers do use the platform to interact with their users.
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