Mycelium Wallet – The complete Guide

Mycelium is an iOS and Android Bitcoin wallet app. Very easy to install, for daily basis use. A Bitcoin wallet is an application that allows you to use the Bitcoin payment network. Just like how email application is required to receive and send out emails, a Bitcoin wallet is needed to receive and send out Bitcoins.

More about Bitcoin wallets can be read here at our recent article. Mycelium can also work well with cold storage like Trezor.

Mycelium for Newbies:

Step 1: Wallet creation

• Download Mycelium Wallet app from Google Play or iTunes (iOS) and install.
• Open the app, and choose “New wallet”.
• You can use your wallet right away. Now we want to ensure security.

Step2: let’s backup our wallet, with the 12 words paraphrase, called seed.

• In the top right corner, find the three squares (the menu) and select “Backup”.
• 12 words will be individually displayed. Write them down on a paper, store it safely.
• You won’t have the ability to take a screenshot. Don’t write those words in an email or anywhere else on your PC. Anyone who gains access to your 12 words can access your wallet and Bitcoins.
• To ensure you correctly wrote down the words, you’ll be prompted by Mycelium to input the words again, one by one.

Step 3: the PIN

Use a PIN code to keep your wallet from being used by others. You will need to enter PIN code for every single use.

• In the top right-hand corner, go to the menu, select “settings”.
• select “Set PIN Code”.
• Choose a PIN code and remember it. Without the code, you won’t be able to use your Bitcoin. If you lose it, the only way to access coins is using the seed.

ATTENTION: If you misplace your password or lose your device, you will need your PIN code in order to use your Bitcoins. That said, skilled hackers can decipher PIN codes with not much effort. If you think this is feasible, ensure you adhere to the following instructions. Don’t be too worried. If you misplace your PIN code and you have written down your 12 words, just install Mycelium on a different device. When Mycelium is opened for the first time, you’ll have the option to recover a wallet. Enter your seed and transfer your coins to another address.

Step 4: Send and Receive Bitcoins

Receiving Payments

• Select “Receive” under your balance tab to receive a payment.
• If you choose, under “Optional Amount”, you can request an amount of your choosing.
• Send the sender your Bitcoin address by:
  • Having them scan your QR code.
  • Posting your address with the “Share Bitcoin Address” option or by copying and pasting it into a message.
• Await the funds once they are sent.
• Under the “Transactions” tab, you can see the transaction on the Blockchain.
• ATTENTION: it takes about 10 minutes to receive one confirmation. You won’t be able to re-send those funds until 10 minutes after you’ve received at least one confirmation.

Sending Payments

• Click “Send” under the “Balance” tab to send a payment.
• Use one of the following three options:

1. The easiest and quickest option is to select “Scan QR Code”.
2. Find and paste the recipient’s Bitcoin address you copied earlier to your “Clipboard”.
3. Select “Manual Entry” and type in the recipient’s Bitcoin address.

• After the address has been entered, type in the amount you want to send the recipient by clicking on the “Enter Amount“ icon.
• You may select the type of currency in the top right-hand
• ATTENTION: If you’re making the payment online, the amount you’re sending may be entered automatically when scanning the merchant’s QR code. In such an event, refrain from modifying the amount. You’ll be shown how many Bitcoins to send the merchant.
• Select “OK” to get back to the payment screen after the amount has been entered.
• Before clicking “Send”, ensure that all the details are correct.
• To confirm the transaction, enter your PIN code. You’re now finished! You’ll find particulars under the “Transactions” tab.