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How To Use Mycelium Wallet?

Read this article to understand how to use Mycelium wallet and at the same time answer the question- Is Mycelium wallet safe to use?

Mycelium is a hot wallet that was launched in 2008. It is available in both iOS and Android and allows you to receive and send crypto using the Bitcoin payment network. 

In this article, we’ll learn how to use Mycelium wallet and answer the question- Is Mycelium wallet safe to use?

Connecting Your Mycelium Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your Mycelium transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
  • Paste your wallet address into the Mycelium wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add a coin.

How Does Mycelium Wallet Work?

Here’s how the Mycelium wallet works in three categories:

1. Create A Wallet

  • Install the Mycelium Wallet app on your Android or iOS from Google Play Store or App Store.
  • Launch the app and select "New wallet" from the menu.

2. Set Up PIN & Passphrase

Now it’s time to secure your wallet with a PIN.

  • Click on settings (vertically stacked three little squares in the upper right corner) and then tap on the "Set PIN code" option.
  • Set a PIN code and make sure you remember it. Without the PIN code, you won't be able to spend bitcoin or access your master recovery seed.

So, let’s see how you can set up a recovery seed.

  • Go to settings and select "Backup".
  • You’ll see 12 words on your screen that’ll appear one by one. Write them down on a piece of paper in the correct sequence and spelling, and keep it safe.
  • Mycelium will ask you to confirm by asking you to type the words again, one by one, to make sure you typed them correctly the first time.

Your Mycelium wallet is now ready to use. Now you can easily follow the given steps to send and receive crypto using your Mycelium wallet.

3. Receiving Crypto

  • Go to the balance tab on the Mycelium wallet app and choose “Receive”.
  • You can request an amount of your choice if you choose "Optional Amount".
  • Now you have to send your address to the sender. For this, you have two options: 
  1. Let the sender scan your QR code
  2. Tap on “Share Bitcoin Address” and send your address as a message to the sender.
  • Wait for the funds to be sent to you.

Once the transaction is complete, it can be viewed under the "Transactions" page.

4. Sending Crypto

  • Go to the balance tab on the Mycelium wallet app and choose “Send”.
  • In order to send the crypto, you have to first follow any one of the given steps:
  1. You can scan the recipient’s QR code
  2. Paste the address sent to you from the clipboard
  3. Manually type the recipient’s wallet address
  • Enter the amount you want to send from your wallet.
  • Now confirm the amount by tapping on “OK”
  • After you've double-checked that everything is accurate, click "Send."
  • Finally, enter your PIN and you’re good to go.

Is Mycelium Wallet Safe To Use?

Mycelium wallet offers business-level security features to its users. Here are a few security specifications of the Mycelium wallet:

  • Secured with a PIN code
  • Hierarchical deterministic (HD)
  • Store your private key
  • Two-factor authentication

The Bottom Line: Why Choose A Mycelium Wallet?

The Mycelium wallet is an easy to use safe and reliable mobile app wallet. Here’s why you should choose the Mycelium wallet:

  • Open-source software
  • Supports most popular coins
  • Offline transactions are available
  • Low transaction fees ($0.25 to $8)
  • Compatible with Trezor, Ledger, and other popular wallets

Mycelium wallet FAQs

1. How to set up a PIN for your Mycelium wallet?

You can secure your wallet with a PIN.
  • Click on settings (vertically stacked three little squares in the upper right corner) and then tap on the "Set PIN code" option.
  • Set a PIN code and make sure you remember it. Without the PIN code, you won't be able to spend bitcoin or access your master recovery seed
  • You’ll be asked to enter the PIN when you send crypto from your wallet to others’.
  • 2. How to send crypto from your Mycelium wallet?

  • Go to the balance tab on the Mycelium wallet app and choose “Send”.
  • In order to send the crypto, you have to first follow any one of the given steps:

  • You can scan the recipient’s QR code
    Paste the address sent to you from the clipboard
    Manually type the recipient’s wallet address
  • Enter the amount you want to send from your wallet.
  • Now confirm the amount by tapping on “OK”
  • After you've double-checked that everything is accurate, click "Send."
  • Finally, enter your PIN and you’re good to go.
  • 3. What are the pros and cons of using the Mycelium wallet?

    Here are the pros of using the Mycelium wallet:
  • Open-source software
  • Supports most popular coins
  • Offline transactions are available
  • Low transaction fees ($0.25 to $8)
  • Compatible with Trezor, Ledger, and other popular wallets
  • On the other hand, the cons of using the Mycelium wallet are:
  • No desktop version
  • Can store Bitcoin only
  • Not beginner’s friendly
  • Simplifying DeFi, NFT, and Crypto Taxes for Investors and Tax Professionals.

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