MyCelium

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MyCelium logo

MyCelium is a mobile bitcoin wallet with versions for Android and iOS. It positions itself as" default " — the fastest and easiest to use. MyCelium is a project by Megion Research & Development GmbH makes a number of products including the MyCelium Bitcoin Wallet, Entropy, Bitcoincard, MyCelium Gear (a payment gateway), ATMs, Local Trader, and Tabtrader. It is located in Vienna, Austria.

Description[edit]

How to Setup Mycelium Bitcoin Android Wallet To Store Bitcoins

MyСelium itself awarded itself the title of "bitcoin wallet by default". The developers offer you a simple and intuitive interface of the application, which can handle even an inexperienced beginner: the names of the functions speak for themselves, and the transaction procedure is concluded in just a few steps. So the creators of Mycelium's mobile wallet wanted to "make Bitcoin easier for everyone", which turned out quite well.

The MyCelium Bitcoin Wallet is available for Android and for iOS. The source is available for review on GitHub. It has been awarded the prestigious "Best Mobile App" award by Blockchain.info in 2014.[1] It is available in 12 languages, translated by volunteers.[2]

Creating a wallet Mycelium gives you free access to the source code – developers are open policies, every day acquiring more and more users of the application. When creating the project, the rate was made on the performance of the client and the availability of functional management for everyone – both for the experienced user and for the novice user of the cryptocurrency.

The production of Mycelium wallet is licensed under the Apache license MS-RSL. It is one of the first hardware clients in the digital currency market and one of the most popular applications among users.

The company cooperates with various companies, the list of which includes exchanges, blockchain organizations-this allows you to successfully integrate their services around the world. An example of such cooperation is the work of Coinapult – the control of the safety of storage and operation means, as well as the simplicity of the platform management. One of the "handles" is the ability to regulate the state of your account, which will always remain a specified amount of Fiat currency. Using this option is only rational if you are going to fix the currency equivalent for a long time – all because blocking funds takes a long time, for which you can potentially get income from the turnover of funds.

History[edit]

The MyCelium project was announced 13. September 2013[3]. The project was formerly called BitcoinSpinner. Since 7. October 2014 the wallet supports the hierarchical deterministic (HD)[4] system. On 18. December 2014 the iOS version was announced[5].

Bitcoin Wallet Features[edit]

  • 100% control over your private keys, they never leave your device unless you export them
  • No block chain download, install and run in seconds
  • Ultra fast connection to the Bitcoin network through our super nodes located in different data centers
  • Watch-only addresses & private key import for secure cold-storage integration
  • Encrypted PDF backup and restore of single key accounts
  • Send and receive by specifying an amount in Fiat and switch between fiat and BTC while entering the amount
  • Trezor enabled - directly spend from trezor-secured accounts.
  • MyCelium Entropy compatible Shamir-Secret-Shared 2-out-of-3 keys spending
  • Compatible with other bitcoin services through bitcoin: uri handling
  • Share your bitcoin address using NFC, Twitter, Facebook, email and more.
  • BIP70 payment request compatible
  • Integration with service Cashila to send money via SEPA[6]
  • Support for BitID Authentication
  • Deterministic signatures for Bitcoin transactions (RFC6979)

Usually cryptocurrency wallets generate a new address from a unique random number — a private key (for example, this happens in MyEtherWallet). Moreover, we need to create a backup copy of the key for each address, to avoid its loss. Therefore, in order not to complicate the process, such wallets use the same address for all transactions.

In HD (Hierarchical Deterministic) wallets "master seed"/"master private key" is used instead (in the case of Mycelium — a combination of numbers and letters based on 12 random words). In simple words, you can create many addresses for your purposes. All of them will be linked to your wallet. As a result, you only need a backup of "master seed"/"master private key".

Since the address is public information, HD wallets enhance the confidentiality of transactions, making it difficult to track the overall balance of the user.

An example of the work of the HD wallet:

MyCelium wallet

Local Trader[edit]

MyCelium Local Trader is a decentralized in-person exchange that is built right into the MyCelium bitcoin wallet. Because the coins are stored locally in your wallet, the Local Trader exchange never needs to hold any of your bitcoins or fiat. Local Trader servers only help arrange the trade between buyers and sellers, manage the transaction, and calculate reputation ratings based on the trades.

Bitcoincard[edit]

Bitcoincard is a stand-alone device that acts as an electronic wallet. It can be used to secure the wallet in a safe place (outside the computer, making it inaccessible to hackers). The goal is to create an infrastructure-independent, self-powered, ad-hoc network that could dynamically form wherever a sufficient number of nodes came together to support it. A prototype was presented in Q1 2015.[7]

MyCelium Entropy[edit]

MyCelium Entropy is a small USB device that uses hardware based entropy to generate directly printable Bitcoin paper wallets, without the need for a PC. The project was successfully funded on Indiegogo[8].

MyCelium Gear[edit]

MyCelium Gear is designed to allow you to receive BTC from customers directly into your wallet controlled by you only. MyCelium Gear eliminates the notion of payouts - you get your BTC instantly. It's easy to integrate with your online store or website, with no special skills required. Optionally you can convert your BTC to fiat using the Cashila service.

Advantages[edit]

Using the MyCelium app opens up a wide range of opportunities and a list of benefits, which includes the following " bonuses»:

  • instant download of the application;
  • intuitive and easy-to-manage interface;
  • self-configuring security levels;
  • the balance is displayed in multiple currencies;
  • support for the most popular platforms;
  • the option to decrypt PDF files;
  • integration with QR scanner;
  • backup copying;
  • create an address book of frequently used addresses;
  • displays the detailed operations history;
  • integration with social networks;
  • full user control over their assets.

Disadvantages[edit]

If we talk about the disadvantages of using the Mycelium client and some shortcomings, it is possible to highlight the lack of Russian – language interface and the provision for the use of only the mobile version of the application-with such a set of logs it is possible to live, agree.

External Links[edit]

See also[edit]

References[edit]

  1. http://www.coindesk.com/marc-andreessen-satoshi-nakamoto-take-top-honors-inaugural-blockchain-awards/
  2. crowdin.com link; you need to be registered at Crowdin
  3. MyCelium Bitcoin Wallet thread on bitcointalk.org
  4. HD announcement
  5. iOS announcement
  6. Cashila: Smoother and fee-free payments for MyCelium Wallet users
  7. https://bitcointalk.org/index.php?topic=78171.msg11080384#msg11080384
  8. Indiegogo campaign site for MyCelium Entropy