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.
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.
- 12 words
- 18 words
- 24 words
- 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.
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.
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.
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.
All your accounts and information related to them are displayed here.
By default, it is the home screen of your Mycelium wallet.
As the name suggests, every transaction done within the wallet is stored and displayed here.
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.
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 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.
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.
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.
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.
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 –
- 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?
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.
In case if you have not joined our community on social media, you do so now. We are available on the following platforms.
SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project
Bitcoin Press Release: Blockchain eco project SafeEarth has donated over $100,000 to TheOceanCleanUp charity with more donations planned for other global charities.
16th April, 2021, London, UK — SafeEarth, a blockchain eco project, has donated over $100,000 to community selected charity TheOceanCleanUp. The donated funds will help towards the removal of plastic waste from the planet. This generous donation represents the first act of SafeEarth’s continuing initiative to help charities across the globe.
The money was raised from SAFEEARTH token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet.
The Ocean Cleanup Head of IT Steven Bink offered his thanks to Safe Earth on Twitter, stating:
“Dear SafeEarth community. On behalf of the entire crew at The Ocean Cleanup, I would like to thank you for this very generous donation. We are also honored that you chose The Ocean Cleanup to be the first charity to receive this gift from @SafeEarthETH”
Safe Earth & Earth Fund
Deforestation, pollution, global warming and many other factors have had an adverse effect on the environment for decades. As the world shifts more towards renewables and eco-friendly alternatives, initiatives like that of Safe Earth represent a changing mentality in industry
SafeEarth’s sole focus is to generate capital and build a community which is able to repair the ecological damage done to the planet. Safe Earth also collaborates with another green charity called The Earth Fund, which has raised around 50 ETH ($125,000 at the time of writing) to be used for similar causes.
As a part of their plan to raise awareness for ecological causes SafeEarth have also started a #PlasticChallenge on twitter, which urges people to get rid of plastic waste. The challenge (which launched on 27th of March) rewards users from a prize pool of $3,600 in SAFEEARTH tokens.
In the short time since the challenge began the SAFEEARTH token has been listed on the number one DEX Uniswap, recorded $3 million in trading volume and locked away more than $1.5 million in liquidity.
SAFEEARTH Token Burn & Benefits
The SAFEEARTH token is a deflationary asset that uses an autonomous yield and liquidity generation protocol. Each transaction charges a total of 4% in fees, which is then broken up evenly with 1% going to charities, 1% refunded to holders, 1% for advertising and 1% token lock-ups to increase liquidity. By burning at least 50% of the total supply after launch, (which will go to a black hole address) SafeEarth ensures increased token scarcity and liquidity.
$SAFEMARS is the sister token to SafeEarth and available on PancakeSwap exchange. The token uses very similar tokenomics to SAFEEARTH and over 50% of the tokens have already been burned. As none of the transaction fees from SafeMars go towards charity the company has chosen to give more back to users, with a total of 2% going instantly back to the holders wallets and the other 2% is auto-locked to increase scarcity and liquidity. Right now the number of $SAFEMARS holders is growing steadily with 93,699 holders at the time of writing.
Save Earth Through Safe Earth
Harnessing blockchain technology through it’s unique protocol in the interest of both charitable giving and community incentives is helping SafeEarth to stand out from its competition. This $100,000 donation is just the beginning of the company’s mission to effect a lasting and positive change to the planet.
SafeEarth blockchain eco project is already gearing up for another large donation with another 35 ETH (roughly $87,600) reserved for 5 charities that focus on humanitarian causes, such as access to clean water and wildlife preservation. The charities will be chosen by the SafeEarth community and will be announced on Earth Day, April 22nd, 2021.
Media Contact Details
Contact Name: Bitcoin PR Buzz Press Team
Contact Email: firstname.lastname@example.org
Learn more about SafeEarth — https://safeearthcrypto.com/
Buy SafeEarth Coin on Uniswap — https://app.uniswap.org/#/swap
Take off with SafeMars — https://www.safemarscrypto.com/index.html
About Bitcoin PR Buzz
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SafeEarth is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
The post SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project appeared first on Bitcoin PR Buzz.
Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?
Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.
The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday.
Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied “the real jet fuel” for the pump with their tweets and TV appearances.
“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” wrote Einhorn, according to Markets Insider.
Amid the orchestrated short-squeeze on GameStop by redditors on r/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase “Gamestonk!!” accompanied by a link to the WallStreetBets sub-reddit.
Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 — an 18,693% increase on the stock’s value just nine months earlier.
Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street.
Einhorn said that “quasi-anarchy” now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where “the laws don’t apply to [Elon Musk]” to the defunding of the police force.
“Many who would never support defunding the police have supported — and for all intents and purposes have succeeded — in almost completely defanging, if not defunding, the regulators,” said Einhorn.
Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk’s tweets may have acted as a catalyst for the coins’ gains at the time, and warned that such tweets could attract SEC attention.
Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked “dogs and memes.”
Turkey to ban cryptocurrency payments
A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.
The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.
While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.
Payment providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when they first entered the Turkish market to provide a lira onramp for several different cryptocurrencies.
This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.
Historically, the Turkish government has always had a tight grip on the payment ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.
Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.
Additional reporting by Cointelegraph Turkey’s Emre Günen.
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