What is Mycelium Wallet?

Mycelium Wallet is a digital wallet that allows you to store, send, and receive Bitcoin and other supported cryptocurrencies. It is one of the earliest Bitcoin wallets in the industry and has a solid reputation and a large user base. The wallet was developed in 2012 by a group of engineers who were passionate about Bitcoin and wanted to create a secure and user-friendly wallet for the community.

The wallet’s emphasis on security is top-notch. It uses industry-standard encryption and offers a range of security options, such as PIN protection and two-factor authentication.

Mycelium Wallet also offers a range of account types to suit different user needs. The Single Address account is perfect for users who only need one Bitcoin address, while the Watch-Only account allows you to monitor your Bitcoin balance without being able to spend it. The Bit ID account, on the other hand, will enable you to sign in to Bit ID-enabled websites using your Mycelium Wallet credentials.

The Mycelium Wallet app is designed to be intuitive, straightforward, and user-friendly, even for new users. You can easily create a new wallet, receive funds, and send payments with just a few taps on your smartphone.

The app also includes a number of extra features, like the ability to customize your transaction fees and support for multiple languages.

Getting Started with Mycelium

Mycelium Wallet does not have a desktop version. It is only a mobile-based crypto wallet and is available both for Android and Apple devices. Setting up the wallet on mobile is pretty straightforward. Follow the steps below to get started;

1. Download the Application: The wallet is available for both Android and Apple mobiles. Search for “Mycelium Wallet” in the respective app stores of the supported devices and install it. The app size is not large and takes only a few minutes to install. After installation, open the application to start setting up.

2. Create New Wallet: Two options to restore or create a wallet will appear when you open the app. If you have an account before, restore it by putting in your 12-word seed phrase and proceed. But if you use the wallet for the first time, tap on the create wallet and follow the instructions. After tapping on the “create new wallet” button, hold on for some seconds to load. Next, the wallet’s homepage will appear, and you can start using the wallet immediately!

Important: It is advisable and very crucial that you write down your 12-word seed phrase on a paper and keep it in a place hidden from everyone except you. This is because if kept carelessly, it could be used to access your wallet, and you stand a chance of losing all your assets.

Cryptocurrencies & Assets Supported by Mycelium Wallet

Mycelium Wallet primarily supports only Bitcoin. However, you can buy and trade some ERC-20 tokens on the platform. Below are some of the assets it supports;

Bitcoin (BTC)
Ethereum (ETH)
1INCH Token (1INCH)
Aave Token (AAVE)
Ankr Network (ANKR)
Aragon (ANT)
Axie Infinity Shard (AXS)
Basic Attention Token (BAT)
Bancor (BNT)
Binance USD (BUSD)
Chromia (CHZ)
Chiliz (CHZ)
Compound (COMP)
Curve DAO Token (CRV)
Dai Stablecoin (DAI)
EnjinCoin (ENJ)
Fantom Token (FTM)
Gala (GALA)
Graph Token (GRT)
HoloToken (HOT)
HuobiToken (HT)
Illuvium (ILV)
KyberNetwork (KNC)
ChainLink (LINK)
Loom Token (LOOM)
Loopring (LRC)
Decentraland (MANA)
Matic (MATIC)
Maker (MKR)
Nexo (NEXO)
Numeraire (NMR)
Origin Protocol (OGN)
OmiseGo (OMG)
Paxos Gold (PAXG)
PowerLedger (POWR)
Quant (QNT)
Republic (REN)
Render Token (RNDR)
Synthetix Network (SNX)
Storj (STORJ)
SushiToken (SUSHI)
Theta Token (THETA)
Wrapped BTC (WBTC)
yearn.finance (YFI)
Secure Your Bitcoin in 2024 With Mycelium Wallet
Secure Your Bitcoin in 2024 With Mycelium Wallet

Mycelium Wallet Keys and Security

The private keys or seed phrase to your wallet is very important to keep safe. It is an avenue to access your wallet from another device. Therefore, it must be kept safely in a secure and private place. To access your seed phrase on the Mycelium Wallet, follow the steps below;

Step 1: Open the application

Step 2: Tap on the three dots at the upper right corner of your screen

Step 3: Tap on “Backup”

Step 4: Agree to the warning by tapping on “yes”

Step 5: Tap on “Show first word” and continue tapping until the last seed phrase is shown

Other Mycelium Wallet Features

Mycelium Wallet has other unique features apart from being just a Bitcoin wallet. These features set it apart from other competing crypto wallets out there. Below are some of the features;

Mycelium Wallet Usability and Support

The easy setup process is one of the notable qualities of the wallet. Setting up as a first-time user requires only a few clicks to complete.

The app is user-friendly and well-detailed, making it easy to navigate for users. It is not only user-friendly. The application is also very responsive. 

But while this app is undoubtedly easy to use, there are a few drawbacks to keep in mind. For example, it doesn’t offer live chat support, which can be frustrating for users who get confused or need help.

Additionally, there are no tutorial videos or support email addresses available, which means that first-time users may be left without any support. Despite these setbacks, the wallet is still an excellent choice for anyone looking for a straightforward, hassle-free experience.

Mycelium Wallet Reputation and Popularity

The wallet has a large user base that has been increasing since it was launched in 2012. The wallet has been downloaded more than one million times on the Google Play Store alone and more on the Apple Store. 

The wallet has not been involved in any major hacks or exploitation. However, in 2014, the wallet was removed from the Google Play Store for violating their terms of service. It was alleged that they violated Google’s terms of service by adding a “donate” button in the app. However, the button was removed by the team behind the wallet, and it was restored on Google Play Store.


In conclusion, the wallet strikes a balance between flexibility, convenience, and usability. Also, its emphasis on security is top-notch, using industry-standard encryption. The app is intuitive, straightforward, and user-friendly, with additional features such as support for multiple languages and the ability to customize transaction fees.

While primarily supporting only Bitcoin, the wallet allows users to buy and trade some ERC-20 tokens on the platform. Mycelium Wallet has unique features like its dedicated crypto casino, marketplace, bill payment, and in-app Bitcoin purchase.

Mycelium Wallet Pros and Cons

The wallet has its own downfalls just as its strengths. The table below contains some of its pros and cons;

Mobile version availableNo Desktop version
In-App Bitcoin purchaseMinimum support
No exposure to CEX
Reputable organization
Easy set up process