Everyone has been familiarized with the idea of cryptocurrency that uses blockchain and an online ledger for effective functioning. It was introduced to the world as a digital currency for the new and digital world that we live in. Similar to physical currency, you’d need to store your digital currency too. That is when digital or crypto wallets were given life. They are designed with strong cryptography that helps in keeping your transactions safe. Here, let’s talk about Mycelium, which is considered to be the best mobile crypto wallet among the several wallets that exists.
Why Mobile Wallet?
All of us know that things become extremely easy when they can be accessed on our mobile phones. Emails were important but had to be accessed on computers, which then shifted to mobile phones and can now be accessed whenever we want with just one or two clicks. Similarly, trading in, dealing in, or transfer of cryptocurrency got extremely easier with Mobile wallets. And Mycelium added to the experience with its exclusive security in cryptocurrency storage.
Hot and Cold Wallets
There are two variants of crypt wallets and both have different functions. Hot wallets are used to move around the crypto coins/tokens. Cold wallets are, in simple terms, storage wallets where you can reserve or save your cryptocurrency offline. Yes, where hot wallets are online, cold wallets are entirely offline. And as they are storage spaces, they are secured as they are nowhere on the radar of getting connected to the Internet. Mycelium wallet has not been much appreciated as a hardware wallet but has proved to be an ideal mobile wallet.
Features of Mycelium Wallet
There are tons of cryptocurrency wallets that you can browse and settle upon. Some of these wallets are ideated for a particular cryptocurrency, and others grant you access to more than one type. With Mycelium you can function around several cryptocurrencies and that too just with your phone. Let’s look at a few features of Mycelium:
- Security features are best inline
- Entirely self-custodian
- Exclusive cold storage account
- Open-source and untraceable
- In-app backup instructions
- Inter-wallet functionality
What Makes It So Special?
Mycelium is secured and guarantees that your crypto funds are safe with them at all times. There are two simple steps to see that Mycelium Wallet works:
- Get the app from the Google play store and create an account.
- Post creation; protect it by setting up a PIN on your account.
Now, let’s say, for some reason you lose your phone, with Mycelium you have nothing to worry about. Your account will be safe from getting wiped off as it cannot be accessed without the set PIN and it’s untraceable which makes the security feature both complex and strong. Therefore Mycelium Wallet for your cryptocurrency is the best mobile option among the thousand others that are available today.
Although Mycelium has not been appreciated as a hardware wallet, it is considered to be the best in the line of mobile wallets. And in today’s fast world, everything gets better on mobile phones. Hence, mentioned above is the reason for choosing a mobile wallet, the two major variants of crypto wallets, features of Mycelium Wallet, and the one specific advanced feature that makes it the best and worth trying.