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Mycelium – Bitcoin Android Wallet

Mycelium – Bitcoin Android Wallet
By Patrik Eberle – January 17, 20180
Bitcoin Android Wallet Mycelium

Note: There is also a Mycelium Wallet for iOS, but this was developed separately from the Android – version, and differs strongly regarding the functional range.

Mycelium is one of the oldest smartphone wallets. Already in 2013 it arose from the project, BitcoinSpinner. The Wallet is not open source, i.e. the license does not permit the distribution of modifications. However, the source code is publicly available, so that you can read and understand it if you are interested.

The download size is about 5 to 7 MB, depending on the device the size varies, the installed application is about 25 MB. In addition, there are a few MB for the data, depending on the extent of use, the requirement is about 3 to 5 MB.

data backup
Mycelium is an HD wallet and implements the BIP32, BIP 39 and BIP44 standards, which means it allows multiple accounts to be created and uses standardized word lists as a backup system. It is compatible with other wallets that use these standards, such as the hardware wallet Trezor* or ledger Nano S*.

First installation of Mycelium Wallet
Figure 1: Creation of Mycelium Wallet
As soon as you start the application (Figure 1) you will be asked whether you want to use a backup or create a new wallet. Whoever creates the new wallet waits a few seconds, and then sees the default view. Longer synchronization for “catching up” with the blockchain, as known from other wallets, is no longer necessary. This is because Mycelium is not an SPV wallet that regularly collects and verifies information on the Bitcoin network. Mycelium connects exclusively to special Mycelium servers, which are designed to deliver required information efficiently and quickly.

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Mycelium Wallet Dashboard
Figure 2: Mycelium Wallet Dashboard
Before you start sending Bitcoin to the wallet (see Dashboard Figure 2), you should make a backup. Hardware or software can malfunction at any time and smartphones can be lost, damaged or stolen. To still have access to the bitcoins in this case, select “Backup” from the menu.

Mycelium Wallet Backup
Figure 3: Create backup
You will then see 12 words that you should write down. The screenshot function is not disabled for no reason at this point – the backup should never be stored digitally, especially with images it can easily be seen by other apps or cloud services, and thus strangers get access to their own bitcoins. After writing down the words you will be asked to enter them again to make sure that you have written everything correctly and legibly. Afterwards it is best to store the note of the said 12 words directly in a safe place.

Receive
To receive bitcoin (Figure 4) you can now use the “Receive Button” on the start page. You will see a QR code, and you can also copy the bitcoin address to the clipboard or share it directly with other apps. An amount can also be specified optionally, and is then embedded in the QR code.

Receiving Bitcoin’s Mycelium
Figure 4: Receiving bitcoin
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To send, use the “Send button” of the same name – here you can choose whether you want to scan a QR code, send it to your own address, use an address from the clipboard or even type in manually where the money should go (Figure 5).

Send Mycelium Bitcoin
Figure 5: Send Bitcoin from Mycelium Wallet
Additional functions
Besides the start page Mycelium offers three more tabs: On the left side there is an overview of your accounts, here you can also create, import or export new accounts – and select which account should be active at the moment. On the right-hand side is the transaction history, in which past transactions can be viewed and labelled, and the address book, in which frequently used addresses can be stored.

Mycelium also includes a variety of additional features and integrations that make the app a very powerful wallet:

 

This entry was posted on 6. August 2018, in license.