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Mycelium Wallet Review 2022 | #ios | #apple | #iossecurity | #hacking | #aihp



Type of wallet Mobile
Price  Free 
Fees  Network fee to send assets only. No fee or associated cost to receive assets
Number of cryptocurrencies supported  25+ cryptocurrencies supported
Bitcoin and Ethereum supported?  Yes
Earn (staking/rewards)  Yes, users can earn interest on their crypto holdings
Customer Service  Mycelium offers customer support via email.  Phone and/or chat support is not offered at the moment. 
In-App Features  Mycelium users can send, receive, swap, exchange, and convert assets with the app 
Hardware Compatible  Yes 
SVP or Full Node  Mycelium uses Simplified Payment Verification 
Mobile App  Mycelium is available for Android and iOS 

Pros Explained

  • Enhanced security features: Mycelium is a reproducible app which allows for its original code to be audited for security flaws.
  • Compatibility with hardware storage options (i.e. Ledger, Trezor, KeeperKey): For users wishing to house their crypto offline, Mycelium allows for easy transfer of to well-established hardware wallets.
  • Well established/tenured record as a bitcoin wallet: Its existence since 2008 makes Mycelium one of the longest-tenured Bitcoin wallets on the market.
  • Local Trader feature: Mycelium offers a decentralized exchange within the app itself that allows users to purchase and sell cryptocurrency from and to other local users.

Cons Explained

  • Lack of coin options: Many crypto wallets offer a number of coins. Mycelieum, on the other hand, is designed to handle Bitcoin only.
  • Local Trader feature not available for iOS users: The Local Trader feature is only available to Android users. Users will be unable to access this feature with an iPhone.
  • Lack of a desktop version: Users are not able to access Mycelium via desktop, which puts them at a disadvantage to wallets that offer both desktop and mobile versions.
  • Not ideal for newer cryptocurrency adopters: Information on Mycelium’s website is scant in comparison to its competitors. Newer cryptocurrency users may find the lack of documentation challenging. More seasoned users will find less of an issue with this.
  • Email only customer support. Users looking for customer support are left with an email-only option. Mycelium indicates that they respond to inquiries within 24 hours.  

Features

Mycelium is a straightforward, Bitcoin-focused wallet with a heavy emphasis on security of users deposited coins. While the wallet holds Bitcoin only, Mycelium supports over 25 cryptocurrencies. Moreover, users will find that they can buy, stake, and earn interest on their BTC deposits as well.

Android users have access to Mycelium’s Local Trader feature, which allows users to buy and sell Bitcoin to individual users. Users of Apple products, however, will not be able to take advantage of Local Trader.     

Top 5 supported cryptocurrencies:

  • Bitcoin
  • For Android users, Mycelium wallet supports Bitcoin Network, Ethereum network, FIO Protocol, and BTCV (Bitcoin Vault). 

Security

Mycelium has a non-custodial framework, and as a result, does not have access to user funds or keys. The wallet merely acts as a conduit between users and the network itself. Mycelium is also a hierarchical deterministic wallet, an advanced security feature whereby a series of key pairs are generated from a random seed, to protect against hacking. Your keys are yours at all times with Mycelium, and the app is reproducible, allowing the code to be audited for security issues. This again reduces the users’ dependency on any core development group or individual.

Mycliem also allows for integration with both hardware wallets like Trezor and Ledger, as well as cold storage (paper wallets). An additional unique feature of Mycelium is the allowance of “watch only” accounts, which allow the user to view their current funds without the requirement of private keys. This is valuable to users who wish to view transactions and balances without putting their coins at risk.

Privacy and Anonymity

User privacy and anonymity is a core tenet of Mycelium.  At no point are users required to divulge personal information or go through a Know Your Client (KYC) process. Moreover, Mycelium does not engage in any data collection procedures. Mycelium also uses multiple levels of PIN protection for users, so if you misplace or lose your phone/mobile device, you will be able to restore your account with your seed phrase and PIN.  

Additionally, Mycelium makes use of the Tor network (‘the Onion Routing project”) to conceal locations and IP addresses. For clarity, the Tor network, initially used by the U.S. Navy to protect communications, allows for anonymous web browsing. Mycelium also generates a new address following each user transaction. Doing so adds an additional level of privacy and layer of complexity should anyone attempt to track your account’s transactions via a block explorer. 

Setup 

Setup is relatively simple. Users navigate to the app store for their respective mobile device (iOS or Android), and download the application to said phone/device. Following installation, users will be prompted to backup their wallet. Users will be provided with a 12-word seed phrase which they will need to re-type in the same order. Proper safekeeping of your seed phrase is absolutely paramount. Losing the seed phrase could mean a loss of funds. Finally, as an additional security buffer, users will be required to provide a PIN and your Mycelium Bitcoin wallet setup is complete. 

Usability

Desktop


While Mycelium has a website where users can gather information, there is no desktop option for the wallet at this time.

Mobile App 

Mycelium’s app is available for both iOS and Android users; however, you will find a different experience depending on which one you use. The mobile app itself is straightforward and presents the user with options to send, receive, or spend funds from cold storage. You will also be provided an option for the currency you wish to transact in, as well as with whom you wish your exchange rate provider to be. Android users will find they can create Ethererum/ERC-20 tokens as well as make use of Mycelium Local Trader. Apple users will not be able to access these features.  

Customer Service

Users may find Mycelium’s customer service options challenging, as they only respond to customers via e-mail.  There is no phone or chat option available, and unlike other current wallets, do not boast of 24/7 support.  They do, however, endeavor to provide a response to email inquiries within 24 hours of receipt. Mycelium’s customer support offerings fall short of many of its competitors, and as such fall short of what much of the crypto community has grown accustomed to. 

Cost & Fees 

Costs associated with the usage of Mycelium are fairly standard for cryptocurrency wallets. There is no cost associated with downloading the app itself. Users will encounter network fees for sending coins, but this is the industry standard. You can customize send fees. Upon selecting the option to send coins, you can set a miner fee in a range that ranges between “low priority,” “economy,” “normal,” and “priority.” The send fee increases as the priority level is increased. There is no cost associated with receiving crypto on the Mycelium wallet. Mycelium’s fees are on par with its competition.

Final Verdict

The Mycelium wallet is a solid option for experienced Bitcoin holders who place a premium on security. As a reproducible wallet, Mycelium users will be in rare company as it relates to the overall security of their funds. Still, users will need to determine for themselves if reproducibility is a must have feature in the wallet that they choose. Users can also find comfort in the tenure of Mycelium itself, as it is indeed one of the longest standing Bitcoin wallets on the market.

A few potential drawbacks standout for Mycelium.  For starters, the lack of options specific to coins doesn’t make it the best option for users wishing to store anything other than bitcoin. The user interface is straightforward, but not for beginners, and there’s a general lack of educational resources within the app and on the website. What stood out the most to us however was the lack of uniformity between its Android and iOS offerings. They simply are not the same, with Android users enjoying a much more robust offering, particularly as it relates to the use of “Local Trader.” Additionally, while the Android app version supports both the Ethereum and Bitcoin networks, the iOS version supports the Bitcoin network only.  

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

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