MyCelium wallet

mycelium-bitcoin-wallet

If you are dealing with crypto currencies, you got to have a “wallet”.

I tried many different ones, but stick with Mycelium (for BTC), since it also let me locally trade with Bitcoins.

Watch this introduction video:

Where to get, how to use?

MyCelium wallet is a mobile app, which you get in Google play.

Install it with an easy click 😉
The app will be downloaded and installed. From the description:

With the Mycelium Bitcoin Wallet you can send and receive Bitcoins using your mobile phone.

  • 100% control over your private keys, they never leave your device unless you export them
  • No block chain download, install and run in seconds
  • Ultra fast connection to the Bitcoin network through our super nodes
  • Watch-only addresses & private key import for secure cold-storage integration
  • Encrypted PDF backup and restore
  • Secure your wallet with a PIN
  • Compatible with other bitcoin services through bitcoin: uri handling
  • Compatible with Orbot (socks setting) so you may connect via Tor even without rooting.
  • Support for Bip38 Keys
  • Find other people to trade Bitcoins with

Please always make sure you have backups of your private keys!

When you open your MyCelium wallet you will find 3 tabs. The BALANCE tab shows your current used wallet address (= public key of your wallet) in text format and as QR-code (2-dimensional bar code).

Below the address you see your current balance in mBTC (1/1000 BTC) and the estimated FIAT currency (You can select your currency).

If there is a transaction at the moment, then you see this also.

balance

payment_request

 

 

To receive BTC you click on the button Receive and show your QR-code to the sender …

 

 

 

send_amount

 

 

… and he or she will use the send button, scan in your QR-code, add the amount to send and click OK.

On top you see the conversion rate of your currency and BTC as well how much you can spend from this wallet.

 

It takes 6 confirmations to transfer the BTC to the receiver. You can see the progress under the tab TRANSACTIONS:

transactions

 

From each transaction you see date, amount, Bitcoin address or Name if you have attached a name to a BTC address.

 

 

 

transaction_details

 

 

If you click on one transaction, you see the details:

 

 

 

You can add multiple Bitcoin addresses to your wallet. Open the KEYS tab and click on the key+ icon at the top:

keysTo have the ability to add multiple KEYS (Bitcoin addresses) you need to enable Expert mode in the Settings menu.

Please make sure, that you backed up your key(s), before you do any receiving transaction! The wallet will remind you to make a backup till you confirmed you have one.

To make a backup, click on the Backup button and follow the instructions, share the backup as pdf file, print it and write on the paper copy the 16 digit code, as displayed during the process. Please note, the code is only displayed during this process once!

After you have a backup on paper, verify your backup, by scanning in the private key (right side on the print out). It will tell you which public address it has and asks you to key in the 16 digit key. After processing the key it will confirm that you have made a workable backup.

Keep the backup on a save place, maybe even laminate it to make it environment resistant.

Please do not proceed without a backup!

I like MyCelium wallet for another special feature:

Cold storage

A cold storage is a wallet that is NOT online. Hopefully never was online before. A cold storage is therefore NOT accessible from the Internet or from a computer. You should make paper wallets, the easiest form of a cold storage and send BTC to this wallet for security purposes. In another post, I will explain how to make a paper wallet.

We have already mentioned that the BTC address is the public key. For sending BTCs you need the private key. If the private key is not on the computer/wallet, then you can use the cold storage function of MyCelium.

cold_storage_spending

 

Select from the Menu the item Cold Storage. Add the private key by scanning in the QR code of the paper wallet. Now you are ready to send the BTC to another wallet.

Please note, as soon you have used the private key of a paper wallet this key is not any more secure.

You are advised to use up the paper wallet immediately, by sending all BTC of that wallet to other wallets. Use what you need and send the rest to a new paper wallet.

Videos:

The unparalleled cold storage functionality allows you to 100% secure your funds until you are ready to spend them:

Demo of trading locally bitcoins

 

If you like the post, share it with your friends and social media.

If you find this article worthy then share some Bitcoins with me:

1PXWTtyAZ5zjrV1PuGGzrZJoJqeZS34g7d

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Ronald Wiplinger
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