Mycelium is a bitcoin wallet that offers users the ability to store, send, and receive bitcoins. It is a mobile wallet that is available on both Android and iOS devices. Mycelium is one of the best bitcoin wallets available today due to its ease of use, security features, and integrations with other bitcoin services.
Here is a step-by-step guide on how to use Mycelium bitcoin wallet:
1. Download and Install Mycelium Wallet: You can download the Mycelium wallet from the Google Play Store or the Apple App Store. After downloading the app, install it on your device.
2. Create a New Wallet: Once you have installed the Mycelium wallet, open the app and create a new wallet. You can choose to create a new wallet by selecting “Create new wallet” or restore an existing one by selecting “Restore Backup.”
3. Set a PIN: After creating a new wallet, set a 4-digit PIN to secure your wallet. The PIN is required every time you open the Mycelium wallet.
4. Backup your Seed Phrase: Mycelium will generate a 12-word seed phrase that you need to backup. The seed phrase is essential for recovering your bitcoin wallet in case you lose your device or forget your PIN. Write down the seed phrase on a piece of paper and store it in a safe place.
5. Receive Bitcoins: To receive bitcoins, go to the “Receive” tab in the Mycelium wallet. You will see a QR code that you can share with the person sending you bitcoins. Alternatively, you can share your bitcoin address.
6. Send Bitcoins: To send bitcoins, go to the “Send” tab in the Mycelium wallet. Enter the recipient’s bitcoin address or scan their QR code. Enter the amount of bitcoins you want to send and confirm the transaction.
7. Check Transaction History: You can check your transaction history in the “Transactions” tab in the Mycelium wallet. You will see all your bitcoin transactions, including send and receive transactions.
8. Buy or Sell Bitcoins: Mycelium has integrated with various bitcoin services, such as Glidera and Cashila, that allow you to buy and sell bitcoins directly from the Mycelium wallet. You can access these services by going to the “Buy/Sell” tab in the app.
9. Use Mycelium Gear: Mycelium Gear is a payment gateway that allows merchants to accept bitcoin payments. Customers can pay using the Mycelium wallet or any other bitcoin wallet. To use Mycelium gear, go to the “Gear” tab in the app, and follow the prompts.
10. Enable Cold Storage: Mycelium allows you to enable cold storage, which is a method of storing bitcoins offline. Cold storage is the most secure way to store bitcoins, as it prevents hackers from accessing your wallet. To enable cold storage, go to the “Cold Storage” tab in the app, and follow the prompts.
In conclusion, Mycelium is a user-friendly bitcoin wallet that offers various features and integrations with other bitcoin services. By following the steps above, you can easily use Mycelium to store, send, and receive bitcoins. Remember to keep your seed phrase safe and secure as it is essential for recovering your wallet in case of loss or damage.