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How to set up and use Mycelium wallet [Latest Version]

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What makes Mycelium wallet one of the most downloaded mobile wallets to store Bitcoin? Let’s today discuss it in this guide on how to set up and use the wallet with the latest version?  Mycelium wallet is a free Bitcoin wallet through which you can send, receive, and hold your Bitcoin. It is only available […]

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What makes Mycelium wallet one of the most downloaded mobile wallets to store Bitcoin? Let’s today discuss it in this guide on how to set up and use the wallet with the latest version? 

Mycelium wallet is a free Bitcoin wallet through which you can send, receive, and hold your Bitcoin. It is only available as a mobile app and falls under the category of a hot wallet.

Hot wallets are those wallets that are always connected to the internet through a device in this case it is a mobile device. Mycelium wallet is available for both Android and iOS users.

I have been personally using the Android version of this wallet for more than a year now and I have never faced any issue till date. In my opinion, it is one of the best Bitcoin wallets.

How to set up the Mycelium wallet?

In order to set up the Mycelium, you need to download the wallet from either Google play store or from the Apple store. After you have downloaded the software you need to wait for it to install on your device.

After installation, when you open the wallet for the first time the first screen that you will see on the app will be a pop up welcome message asking you to either Restore Backup or Create New as shown in the picture below.

mycelium wallet

Restore Backup:

In order to restore your old Mycelium wallet on your device, you need to tap on that link. After you have done that you will see another popup screen asking you to Enter word list and select the length. You will get four options.

  1. 12 words
  2. 18 words
  3. 24 words
  4. I have a passphrase.

Select anyone and then tap on OK. Then follow the screens to restore your wallet. You can skip this part and also do it later on. If you want a new wallet address then click on Create New.

Mycelium wallet does allow you to create and restore multiple Bitcoin wallets that you can access under Accounts.

mycelium wallet review

 

Create New:

To set up a new Bitcoin wallet you need to tap on Create New. After you have tapped on it, it will create a new Bitcoin wallet and direct you to the balance screen as shown in the above image.

How do I recover Mycelium wallet?

After you have set up your Mycelium wallet for the first time you will be asked to backup your wallet.  It is highly recommended to backup your wallet at this time.

When you backup your wallet it will provide you with a set of Master seed phrases. By using these seed phrases you will be able to restore & recover your wallet in case your device is lost or damaged.

You can also access your wallet’s backup statement, later on, in case if you misplaced them by tapping on the three dots at the top right-hand side corner on the balance screen and then selecting the backup.

It is highly recommended to write down your master seed phrases on a piece of paper at the time of back up and always keep that paper somewhere safe and easy to access.

How does mycelium wallet work?

Let’s look into different screens of the wallet to find out what are their functions and how to use them for our benefits. By default the first screen that you will see it the balance screen.

mycelium wallet balance

In the above image, your public Bitcoin address is shown below Account 1, wallet balance is displayed below Bitcoin address and the realtime Bitcoin market price is displayed below the wallet balance.

To the top of the wallet are the menus. Let’s check them one by one.

Media flow:

Here you will find information related to the cryptocurrency market, micro OTC, wallet news, and knowledge center. You do have the choice to turn it off.

mycelium wallet media

Accounts:

All your accounts and information related to them are displayed here.

Balance:

By default, it is the home screen of your Mycelium wallet.

Transactions:

As the name suggests, every transaction done within the wallet is stored and displayed here.

Business:

This is where you will find Bitcoin dApps. I found this section to be not at all useful as some of them no longer exist such as purse.io.

mycelium wallet daaps

Address Book:

You can save Bitcoin addresses of those whom you send Bitcoins frequently. For example, exchange wallet address.

Below the wallet balance, you will see Send, Scan, and Receive buttons. The send button is to send Bitcoin, scan button opens the scanner to scan QR code, receive button displays your Bitcoin address as well as the QR code.

mycelium wallet exchange

Mycelium wallets also come with a built-in exchange, just below the realtime Bitcoin balance when you tap on Shift coins to BTC it opens a new screen where you can exchange cryptocurrencies for Bitcoin as shown in the image above.

Can I buy Bitcoin on Mycelium?

Besides, shift any coin to the BTC button, you will also see Buy/Sell Bitcoin. When you tap it, you will see a new screen as shown in the below image.

Here you will be able to buy or sell Bitcoin using any of the three available options.  The Mycelium Marketplace is where you can get in touch with a local trader to buy or sell Bitcoins.

mycelium wallet guide

Best Features of Mycelium Wallet:

Some of the best features of this wallet can be accessed by the three dots at the top right-hand side corner of your default screen. When you tap on it you will see a drop-down menu as shown in the image below.

mycelium wallet features

Backup:

As the name says, it used to backup your wallet, wherein you can backup your wallet anytime and in case if you lose your seed phrases you can check them here.

Cold Storage:

The best way to understand the use of cold storage is by watching the below video.

In the new wallet version, you can also connect your hardware wallet like Trezor and KeepKey to transfer your Bitcoins using the Cold Storage menu.

Settings:

When you tap on settings it opens up a new screen where you can change the Language, Notification.

You can also add a six-digit Pin Code to lock your wallet, use Torrent network for the transaction, create a Backup, change Bitcoin denomination. 

Change Fiat Currency from USD to your preferred local currency, change the Exchange source, use a different Block explorer, update the default Mine fee, and many more.

Is Mycelium Wallet anonymous?

Yes, it is completely anonymous.

You are not required to register in order to use this wallet, nor you need to complete KYC to buy or sell Bitcoin using its Market place.

You also have the option to use the TOR network to hide your transaction footprint. 

How do I transfer Bitcoin to a Crypto Exchange?

You can transfer Bitcoin by using the Send button on the balance screen. When you tap that button it will open a new screen which will show a list of buttons which are –

mycelium wallet send

  • Scan QR Code – By using this button you will able to scan the Bitcoin wallet address of the exchange or another wallet.
  • My Address – If you have saved any Bitcoin address in the address book of your wallet you can select it from here.
  • Clipboard – When you copy the exchange address it gets saved here which you can enter directly by tapping this button.
  • Manual Entry – If you want to enter the Bitcoin address manually you can use this button.
  • Enter Amount – Enter the amount in satoshi, by default the miner fee is always set to normal mode, it gets automatically deducted from the total amount entered by you.

How do I add Bitcoin to Mycelium Wallet?

mycelium wallet receive

In order to add/receive Bitcoin to the Mycelium wallet, you need to tap the receive button on the balance screen. It will open up a new window where you will be able to view your Bitcoin wallets public key and also the QR Code.

You only need to provide your public key to the sender in order to receive Bitcoin or show the QR Code.

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In the End:

In my opinion, offline bitcoin wallets also known as hardware wallets are the best as there is very little chance for it to get hacked. 

But, when we are searching for a Bitcoin wallet app or the best Bitcoin wallet for android then the Mycelium wallet is one of the best Bitcoin wallets available in the market.

You can easily create your own Bitcoin wallet address just by downloading it and without even going through KYC or by registering your email address.

What I liked most about this is that it’s very easy and simple to operate. You can keep your Bitcoin safe and secure.

If you do lose your mobile phone you can still get access to your wallet with the backup phrases. If you are a trader who trades bitcoin using exchange apps then this wallet is right for you.

In my opinion, it is not the right wallet to hold a large quantity of Bitcoin. For only holding, you should invest in Hardware wallet.

I hope you liked the guide on how to set up and use the mycelium bitcoin wallet. I hope you have enjoyed reading it as much as I did writing it. You can download the wallet by clicking the below link.

Click here to download Mycelium Bitcoin Wallet

In case if you have not joined our community on social media, you do so now. We are available on the following platforms.

Source: https://cointikka.com/mycelium-wallet/

Blockchain

What Is a Trailing Take Profit?

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Cryptorobotics

Today, cryptocurrency trading is considered one of the most demanded and profitable ways to invest in cryptocurrencies. However, cryptocurrency trading is a rather complicated and time-consuming process that requires a deep understanding of the market from a trader. After all, a lack of knowledge and proper experience can lead to significant losses. The main difficulty for traders is that the cryptocurrency market is unpredictable enough, and the price of assets fluctuates very often. Fortunately, there are now a lot of crypto trading platforms on which traders can enter transactions even with minimal experience and knowledge in this field of activity. The best trading platform for trading is Cryptorobotics.

On the Cryptorobotics platform, you can set up and implement a trading process, both manually and algorithmic.

Many traders who trade cryptocurrencies through this trading terminal are already familiar with the function of the Take Profit that increases the chances of making a profit from cryptocurrency trading.

Take Profit is a type of pending order to close a deal when the price reaches a certain profit level. If the price reaches the Take Profit mark, then the deal will automatically close and fix the received profit.

But with a possible increase in the price of an asset, each trader can set a Trailing Take Profit. This tool is intended to maximize your income.

Let’s take a closer look at what Trailing Take Profit is and how it works.

What is Trailing Take Profit?

Trailing Take Profit provides you with placing an order when a certain percentage of the maximum of the market price is reached in conditions of increased market volatility.

Trailing Take Profit moves with the price when it moves in a favorable direction. The order guarantees a profit by leaving the position open and following the price in a profitable direction. If the price reverses in an unprofitable direction by a certain percentage, this type of Trailing Stop Order will close the trade at the market price.

How does Trailing Take Profit work?

A Trailing Stop Order can be placed when you open a new trade. As we have already mentioned above, for a long position, a sell Trailing Stop Order will be placed higher than the open price of the position on the chart. The trailing stop price is increased by a certain percentage. A new trailing stop price will be created when the price starts growing. In case the price is falling, the trailing stop discontinues its movement. If the price changes by more than the specified percentage of deviation from the peak price and reaches the trailing stop price, then, a sell order will be placed. To close the trade, a sell order will be placed at the market price.

The Trailing Take Profit is the exact opposite of the Trailing Stop Loss.

What is the Trailing Stop Loss?

Traders place a Trailing Stop Loss during the opening of the order. This type of Trailing Stop Order could be placed with the aim to help limit losses and protect profits when a price moves in an unfavorable direction.

For a short position, a Trailing Stop Loss will be placed below the open trade price. The trailing stop price is decreased by a certain percentage. A new trailing stop price will be created when the price is falling. When the price starts growing, the trailing stops moving. If the price changes by more than the specified deviation percentage from its lowest price and reaches the trailing stop price, then, a buy order will be opened. To close the trade, an order will be placed to buy at the market price.

How to start using the Trailing Take Profit on the Cryptorobotics trading platform?

To start using this function in the Cryptorobotics trading terminal, you should implement the following acts:

  • Go here and pass the registration process.
  • Set up an account on one of the exchanges that are available on the Cryptorobotics platform.
  • After creating an account, you should bind it to the terminal by using the API key.
  • Transfer funds to the exchange wallet (in the absence of funds).
  • Click on the Trade button.
  • Select the exchange.
  • Select the crypto pair.

It is worth noting that if you want to search your crypto pair much faster, you can click on the heart to add it to your Favorites section.

After you click on the pair that was chosen by you, you will have access to the chart in a new window.

In order to set Trailing Take Profit, you need to set additional settings for a new order.

Any type of order available in the terminal can be used to place an OCOs or smart order: market, limit, and stop-limit.

Let’s take a look at the limit order. In the Trade section of the tab, when you click on the Smart order button or the Buy button, a settings window will be opened.

The upper part is intended for placing a buy order. To customize it, you have to follow these steps:

  • In the upper field, indicate the price at which you want to purchase this coin.
  • Indicate the amount of the purchased coin.
  • You have an opportunity to use a certain percentage of the deposit (25%, 50%, 75%, 100%).
  • You can also set the balance in the main currency. If you add your value there; then, the required amount will be updated in the Number of coins.
  • The price value can also be set by moving the level on the chart.
  • Activate Take Profit. Take Profit indicates the price at which the order will be closed in profit (in percentage). Take Profit can also be set by moving the level on the chart.
  • Activate Trailing Take Profit by adding a checkmark, and you need to specify the distance in %.

You can use Stop Loss and Trailing Stop Loss. When setting Stop Loss, you specify the loss (in percent) that you are willing to go when the price is falling. When this value is reached, the order will be closed automatically. The Stop Loss can also be set by moving its level on the chart.

You are able to use both the exact price level and the percentage with help of moving the slider or indicating its exact value in %.

As for Trailing Stop Loss, it is also activated by adding a checkmark.

We advise you to use Trailing Stop Loss only in a growing market. During the flat market, this function can reduce your profits.

After you have specified all the parameters, you need to click on the green Buy button in the lower-left corner, and the order will automatically go into operation.

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Source: https://medium.com/@cryptorobotics/what-is-a-trailing-take-profit-2cac30f1a0b4?source=rss——cryptocurrency-5

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Blockchain

Wormhole #7: PolyGamma Finance Review

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PolyGamma (L4) is by the same team behind PolygonFarm (L1), PolyAlpha (L2), and PolyBeta (L3). PolyBeta is a project that we’ve reviewed and Wormhole-ed previously.

At the time of writing, PolyGamma seems similar to PolyBeta in terms of product features. It has the standard farming, dividend pool and vault features (for both its native and native LPs). The only difference is that PolyGamma doesn’t seem to have the lottery system that PolyBeta had.

The project team has also stated that L5 will be their last layered farm. After which, they plan to launch an NFT project and profits will support all their layered farm tokens.

For the newest layer, PolyGamma (GAMMA):

  • Max Supply: 70,000
  • Emission Rate: 0.04 GAMMA per block
  • Listing price: $1

Assuming that emission rate remains constant, max supply will be reached at block 22223090 (~approx 43 to 45 days from farming launch).

Based on what we can see:

  • Liquidity providers for L2 and L3 native tokens are still incentivized through the farming of L4 token.
  • L2 and L3 natives are following the standard farm chart and found stable price floors — which means it could be consolidating for an upward movement. Nonetheless, natives are rather volatile, and providing liquidity can result in potential IL.
  • L4 native will return to a stable price after ATH. APRs will continue to fall due to profit taking, so get in fast before it’s all gone!

The project has a Low Risk rating for its latest layer, PolyGamma, as well as its other 3 layers. The project owner has also done a KYC, and you can read more about RugDoc’s KYC process here.

Any malicious actions from the KYC’ed applicant can be prosecuted with legal action, so developers undergoing the KYC process show the first steps towards transparency.

PolyGamma has also locked its liquidity with RugDoc:

  • 1,366 WMATIC-GAMMA LP tokens (~55 at time of review) — Txn Hash: 0xe75d5b…449382
  • 0.00174 USDC-GAMMA LP tokens (~79% at time of review) — Txn Hash: 0xfc00f…c5d6d1

Audits

The project has completed a total of 5 audits across its layers:

Paladin is one of the leading audit firms in the DeFi space and also a RugDoc recommended audit firm.

There are 2 risk levels that we’ve assigned to PolyGamma, namely:

  • High Risk: Potential IL due to the project’s earlier layers dumping. If there’s low liquidity for the earlier layer, we recommend staking with small amounts, then DCA in with larger amounts to make the most of your profits. Our Wormhole contracts also protect you from any large slippage risks with a maximum slippage of 5%. This safeguard will thus cause your transaction to fail, thereby keeping your capital safe.
  • Low Risk: Assigned because of deposit fees (to the specific project, not Timeleap), but once again, you’re likely to earn it back through farming

Standard risks also apply across all Wormholes regardless of project:

  • Project decides to adjust multipliers to encourage liquidity migration to other pools
  • Project decides to change emission rates
  • Insufficient utility for native token may cause native dumping, which affects APR
  • Poor community management resulting in FUD

Please make sure you understand the risks and the associated terminology prior to staking in a Wormhole!

Website: https://polygamma.finance/

Docs: https://polyalpha.gitbook.io/polygamma-finance-1/

Twitter: https://twitter.com/PolyAlphaFi

Telegram: https://t.me/PolyAlphaFi

At the time of writing, we’re seeing some amazing APRs and APYs — we had to display those APYs as such because there’s no way we could fit all the numbers into the card UI 😂

Even the Low Risk Wormholes are getting some of the sweetest APYs in the market for stables and large caps!

High Risk Wormholes
Low Risk Wormholes

Wormholes are estimated to officially launch within the hour after PolyGamma launches its GAMMA farming layer.

This is so that we can verify that the project’s MC used on chain is the same as the one on their UI — a safety precaution as projects switching out their MC is a common type of rug.

We’ll make an announcement on Telegram and Twitter once our PolyGamma Wormholes are launched — you’ll be able to find them via the below links then:

If you’d like to participate in this batch of Wormholes early (before the project even launches its farm), head to our Telegram to request for the URL to our beta site.

Note that this is high risk, high rewards territory. Although deposit and withdrawal transactions have been tested to work, we’re pending farming launch in order to verify that the MC on chain is minting correctly.

Only recommended for experienced yield farmers!

All information in this review is accurate at the time of writing.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://timeleapfinance.medium.com/wormhole-7-polygamma-finance-review-b041ca65bfc2?source=rss——cryptocurrency-5

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Blockchain

On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

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On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin.

Stablecoins Exchange Inflow Addresses Count Recently Surges

As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday.

Stablecoins are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin.

The “all stablecoins: all exchanges inflow addresses count” is an indicator that shows the total number of these fiat token addresses that are sending their coins to exchange wallets.

A spike in the metric’s value means there is an increase in the supply of stablecoins for transferring to other cryptos. This could suggest investors believe now may be a lucrative entrance into volatile markets, and so they are converting their fiat-tied coins to BTC and other cryptocurrencies. They may also be looking to withdraw the coins into fiat.

Related Reading | Bitcoin Bullish Signal: Whales Are Building Their Positions On Derivatives

Now, here is a chart that shows the trend in the indicator’s value over the last week:

Stablecoins Inflow Addresses Count

The stablecoins inflow addresses count showed a huge spike yesterday | Source: CryptoQuant

As the above graph shows, the indicator showed a very large value yesterday, implying that a lot of investors sent their coins to exchanges at that time.

The reason behind the trend could be the recent correction that Bitcoin suffered after making its new ATH. Investors may be bullish on the future price of the coin and find that this dip is a good buying opportunity.

One that thing should be noted is that not the entire stablecoins supply moving into exchanges will be pouring into Bitcoin. A percentage of them will go into altcoins and another will be withdrawn into fiat or kept on exchanges.

Related Reading | Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

Nonetheless, a surge in the total supply is still a good sign for BTC and may help the coin bounce back from the correction. Sustained such inflows can prove to be bullish and take the crypto to higher all-time highs (ATHs).

Bitcoin Price

At the time of writing, BTC’s price floats around $63k, up 4% in the last seven days. Over the past month, the crypto has gained 48% in value.

The below chart shows the trend in the price of the coin over the last five days:

Bitcoin Price Chart

BTC's price observes a correction in the last few days, but now looks to be making a come back | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://www.newsbtc.com/news/bitcoin/chain-data-stablecoins-supply-bitcoin/

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