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MyCelium Review

In this Mycelium Review it is clear that the company behind Mycelium has worked professionally. It is compatible with the two biggest hardware wallet manufacturers and cooperates closely with both of them Ledger and Trezor. In the Mycelium Review, the app can be conveniently downloaded from the App Store (iOS) and the Play Store (Android).

It becomes clear that the company was actually founded as early as 2008 and started to deal intensively with bitcoin technology in 2009 at the latest. To date, the company behind Mycelium has already released the MyCelium Wallet, Entropy and Gear. All three projects are firmly entrenched in the crypto scene. Mycelium has a location in London, UK. However, the Mycelium Establishment company is based in Triesen, Liechtenstein.

As you can easily see, Mycelium has limited its wallet to one, namely the best-known cryptocurrency. The Mycelium wallet is a pure Bitcoin wallet. If you want to trade with other cryptocurrencies, you should undoubtedly use other wallets. For trading Bitcoins and Altcoins, our test winner is recommended. At the same time, there are numerous other trading platforms where you can easily learn and practice trading with cryptocurrencies. If you only want to buy and sell Bitcoins, you can do that easily through the Mycelium Wallet app.

Special Features

In fact, the platform offers a variety of wallets in the Mycelium Review. This alone is a feature of the website worth mentioning. Usually, wallet operators focus on one type, which is then optimized. You can find all types of wallets in the Mycelium Review. This is, for instance, the “Hierarchical Deterministic Wallet.” It is one of the most secure types of wallets that currently exist. Here, there is a “Master Seed” that you have to use and store securely.

It is used to constantly generate new unique addresses. With the help of the Master Seed, a password consisting of 12 words, one can create the addresses over and over again. For hackers, the Hierarchical Deterministic Wallet is extremely difficult to crack.

Even if they were to successfully hack the platform, they would have to find out the new address for each new transaction. This would require the master seed. Because the master seed is only with the user, not with the platform itself, successfully stealing the cryptocurrency is practically impossible.

Wallet Fees

Inevitably, the question arises: are there Mycelium Wallet fees? The answer here is clearly ‘no’. The platform itself does not charge Mycelium Wallet fees. This also includes that the company does not charge Mycelium Wallet transaction fees for itself. The company creates profits, among other things, through collaborations with third parties, such as the hardware wallet company Ledger, and through crowdfounding.

Does this mean that users do not have to pay Mycelium Wallet transaction fees, i.e. that they can transfer Bitcoins completely free of charge? Ultimately, this is not the case either. However, the Mycelium Wallet transaction fees are not recorded as profit. Rather, a fee goes to the miners for every Bitcoin transaction. The amount of the Mycelium Wallet fees ultimately depends on the amount to be transferred.

However, what struck us as interesting in our Mycelium review is the ability to set the amount of Mycelium wallet fees to the blockchain itself. Obviously, it is not only time that is a factor in the amount of Mycelium Wallet fees. For example, the utilization of the blockchain and the availability of the miners is also very relevant. Therefore, the fees vary on a daily basis. According to our Mycelium Wallet experience, it is therefore not possible to give generally valid, concrete figures for the amount of the total costs of a transaction. The above prices per byte of the transaction are to be considered as a guide as of May 2019.

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