Do you want to explore how to use mycelium wallet? If yes, then stay with this guide and find how to create and secure the mycelium wallet on your device. Here you can also explore the procedure to send and receive payments through this wallet. Generally, experts are recommending mycelium to all expert and novice bitcoin users. It is secure, have more interesting functionalities and easy to use.
What is Mycelium Crypto Wallet?
The mycelium crypto wallet is the application software that let you use the for bitcoin payment network and manage cryptocurrency . For an instance, if you need to send and receive emails, then you must need an email application such as Gmail, Hotmail or Yahoo. On that basis, if you want to Use Mycelium Wallet, then sure you must need to mycelium.
The mycelium wallet can manage the crypto private keys and addresses and from that, you can store and spend your cryptocurrencies. Here the address is associate with the crypto balance and it is the identity on the bitcoin network. Then private key can let you to spend cryptocurrencies from that address. It can be represent as numbers and letters or a QR code very .
In addition to that, grabbing Mycelium Hardware Wallet can derive particular other advantages. Sure you can able to gain a lot through this service. The mycelium crypto wallet is the interface from which you can access the bitcoin network, that allows
It is to be remembering that, owner of crypto coins must in the control of their associated seed or private key. It is must for you to have a proper backup of the wallet’s seed when you lose access to the mycelium crypto wallet when you lost phone or lost password. You can make it possible by writing such details on a paper. Seed have the string of generated texts or words.
Steps to Setup Crypto Wallet?
Step 1 – Create your mycelium wallet
- At first, you have to visit the Google play store and then download mycelium hardware wallet
- After downloading the app, then you can go back to the home screen to find the app and then open it
- When your wallet is ready to use immediately, you can Use Mycelium Wallet it and then get into the procedure of securing it.
Step 2 – Set-up and secure your wallet
Protect the wallet from theft with the PIN code
- At first, you have to go to the settings option
- Then click the set pin code option
- After setting the pin code, you should not forget it. Without the code, you could never spend bitcoin and never access the master recovery seed
Protect the Wallet When You Lose PIN Code or Lose the Phone:
- Now you have protected the wallet with the pin code that you want to back it up
- You can choose the backup option by clicking the three small squares in the top right corner on the screen
- Then you have to enter the pin code for accessing the recovery phrase
- The mycelium wallet will show that 12 words
- Next you are promote to write the 12 words to ensure that you written them
- You must write them physically on paper with pen
- Important: You could never take a screenshot. You should never write such words on a PC or send email. Those who know those 12 words can easily get access to your bitcoins.
- Then use mycelium wallet needs you to enter the words once again to ensure that you have written correctly without errors.
NOTE: When you forget password or lose your phone
If your device is lost or lose your bitcoins, then you could not get back it without the PIN code. Here, hackers may stole your data.
Now you don’t get panic! When you lose your pin code and have those 12 words. then you can uninstall the mycelium wallet and download it once again. When you lose your device, then you have to get anyone’s android device and re-install mycelium.
you are opening the mycelium app for the first time, then it may ask you whether you want to recover an existing wallet or create new wallet. Now you must have to click the recover wallet option. Then you can get the prompt of entering the recovery password and your wallet with all funds can be restored .
Step 3 – Receive bitcoins
- Here you are receiving payments
- Go the balance tab receive a payment by clicking receive option
- You can request the amount by clicking the icon under optional amount
- You can share your bitcoin address along with the sender by making them to scan your QR code. Then share the address manually with them via using either copy to clipboard or share bitcoin address. Through copy to clipboard, you can paste the address in the message. A share bitcoin address can give you more sharing options.
- You have to wait for some time for the sender to send all your funds
- Then you have to ensure that you have got the funds by checking out the transactions tab
NOTE: Here you could not send funds. You have just received the payments until receiving the confirmation approximately 10 minutes
Step 4 – Send bitcoins
- Here you are sending payments
- You have to go to the balance tab and then click the send option to send the payment
- Now either you scan the QR code of recipient using ‘Scan QR Code’ option (It is the fastest and simplest option). Or paste the copied bitcoin address from the clipboard through ‘Clipboard’ option. Or you can enter the bitcoin address manually using ‘Manual Entry’ option.
- When you are having the bitcoin address, you have to enter the total amount that you want to send by clicking enter amount option. Here you can also choose which type of currency to enter the total amount in (CAD, BTC, USD etc) by clicking on the displayed currency option.
- NOTE: When you are making the online payment, the amount you want to send can be automatically entered sometimes by scanning the merchant’s QR code. You should never change the amount during this case. You must know how much the merchant wants to receive the bitcoins, not the amount of euros or dollars that he wants to get.
- When you are completely satisfied with the total amount, then you have to click the OK button to return back to the payment screen.
- Then you must verify that all the information and details are correct
- After ensuring everything correct, then you can click the send option
- Then you have to enter your official PIN code to confirm your transaction when it is done.
- Finally, you can check out the transaction details under the transactions tab
Final Verdict: From the above mentioned scenario, now you have got the idea about how to use mycelium Crypto wallet? So why are you still waiting? Get ready to use this wallet and start sending and receiving payments without any serious issues.