Mycelium – Is It a Safe Bet?
Are you having a tough time deciding on the best crypto wallet? Looking for the one that is ideal for mobile users? Well, Mycelium may be the best choice you have been searching for. In this blog post, we are going to let you know more about this wallet so you don’t have any doubts about it.
Mobile-only Open-source Crypto
Mycelium is a mobile-only open-source crypto or Bitcoin wallet that currently supports Bitcoin, ERC-20 Tokens, and ETH. Although it is quite similar to the Electrum wallet, it has a more improved user interface than Electrum and also comes with a built-in exchange.
Like Electrum, Mycelium is one of the earlier crypto wallets, and users can set transaction fees on their own. The lower you pay, the longer you will wait for your transaction to be completed.
Mycelium comes with some interesting functions and features like hardware wallet support that allows you to hold your cryptocurrency in an offline device while still using the user interface of Mycelium to see your holdings.
The Good
- Ability to use hardware wallets
- Customizable transaction fees
- Open-source software
The Bad
- It may be confusing for first-time users
- Mobile-only
A crypto wallet stores private and public keys necessary to perform crypto transactions, and provides a digital signature approving each transaction. You need to keep your private key safe and secure, which allows for you to unlock your cryptocurrency work to spend or trade your cryptocurrency.
Simply put, a crypto wallet doesn’t store or have any cryptocurrencies in it. It just stores the addresses of your digital assets. Users can choose from different wallet types: Online Wallet, Mobile Wallet, Desktop Wallet, Paper Wallet, and Hardware Wallet.
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