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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 […]

The post How to set up and use Mycelium wallet [Latest Version] appeared first on CoinTikka.

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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

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

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Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

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“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

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Blockchain

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

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TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

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Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

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