Topic: Mycelium Bitcoin Wallet - page 22. (Read 586368 times)

I use Bitcoin Core now. It lets me specify any fee I like, lets me select which utxo's to spend, and has the option of taking the fee from the sent amount, so I don't receive change outputs when I don't want to.

The PIN will only be required If he have access to the phone wallet. If he have access to the seed Itself from that piece of paper then he will simply restore the wallet, so yes, just make sure Its stored in a safe place.

Good point
So... should I create a new wallet and back up the seed on a piece of paper?

Still, a person would require my pin code to do transactions, isn't it?

No problem.

Now for the issue.   You said you have the seed in a text document which was zipped.  This means the seed was actually 'online' at some point.  So, for the security concerned people, they would say (me included) that your machine 'could' have been compromised already.  You get the point. 

I'll PM you, since it's not related to this thread.
Moderator, you can delete this message if needed.

I also have a rooted Oneplus One, running cyanogen 6.0.1.
What OS do you run on your Oneplus One?

Thanks for the detailed reply.

I have an android device, Oneplus One, which is rooted by me but have latest google security patches.
I have PIN code access to the phone and PIN code access to Mycelium.
The seed is backed up on text document which is zipped with a password on cloud storage service and printed on a piece of paper as well.

i now that i still have some MT on icosite but i can't find any info about icosite

is there a link?

i remember as dashboard.colu.co but that does not work

edit already in

I wonder what's going to become of some of these sig campaign payouts when it comes to dust. Some of them are unbelievably piddling like Secondstrade, yet they arrive like clockwork every week and can't be stopped.

Yes, you can install the same app on your wife's phone and entering the master seed to use the same wallet.
It's the same as both of you have the same access to write checks from a joint checking account.

Any transaction you make will also appear on her phone and vise versa.  They will both keep in sync.



If your phone is stollen, and you don't have any security setup (example finger print or code AND the app isn't setup with another code), then the person could take all your bitcoin from all the accounts.  It's worse than a bank card that you wrote the pin on the back.  Just might as well have lost a wallet with cash in it.  So, don't be dumb.... setup a pin code (not 1.2.3.4.5.6)

Basically, keep the master seed on paper in a safe deposit box.  If you lose your phone (knowing someone can't get into it), then simply get a new phone and reinstall the app and recover from your master seed.

Note: bitcoins on a phone should be considered a hot wallet.  Meaning, funds in it should be what you need for day to day dealings.  Not a storage device with all your coins.

'Hacking' a phone isn't as easy as simply typing in digits until you get the right one.  So, a lost phone is safe if you went through setting up security.  If you want real security, then get a trezor / keepkey to use in conjunction with your phone.  (You didn't mention, that I noticed, which phone you were using (iOS or Android).)

There is no need (for most people) to backup the private key.  The seed (12 words) is what is needed to backup all the private keys the app makes.  A private key for a single transaction changes for each additional transaction since mycelium moves from one address to the next.  Yes, there are rare instances you would need a private key or even a master private key, but those are for very specific reasons.   

Well, this seems pretty divisive...

https://play.google.com/store/apps/details?id=com.mycelium.wallet&reviewId=Z3A6QU9xcFRPR2QxMjZmN2hPZ2dRMGFlV0lQNW5SRUdiZnFlLWlJWVpJQnRnaW5abEJzRVZYYWFXLVlpS3FiM2xId0RPaFFaUHZQbGd1T05nQ1ZNeTduM3c&hl=en

hmm... I didn't read it anywhere. I thought that after I backup my wallet in mycelium, that I should also export the private key.

I'm not sure from where you got the information's of backing up the extended private key but all you actually need is the seed (12 words), all private keys are generated from it so that's all you need to recover your wallet even after a few years from now. and see this[1] for more info.

[1] http://support.mycelium.com/hc/en-us/articles/207045535-How-do-I-make-a-backup-

Great! thanks for the tip.

I was thinking of using the Local Trader in mycelium and read the guide: https://mycelium.com/lt/help.html I then followed to the description of what is HD wallets.
Just to be really sure: All I need to do once I set up my 1st wallet is to back up the 12 words (master seed) by writing it down and also export the private extended key, and do it only once, not after every transaction or X days, correct?

So if in 2 years time I gained X bitcoins and I need to restore my wallet using master seed + extended private key, it will restore it with all the funds?

a PIN code should be required to send the funds so whoever stole the phone, won't be able to take the funds. In the meantime, you can send your funds to another wallet you have so even If he manage to get the PIN afterwards, It would be useless because you sent the money somewhere and Its empty now.

Thank you. I'll try that.

So, one more question that comes to mind is what happens if my phone gets stolen and hacked?
Let's say it does, but in the meantime I use a second phone to restore my wallet using the exported extended private key and 12 words, I should see the same funds, right?
But so does the one who hacked my phone. What does one do in this case?

I have never tried this but It should be the same as Electrum. You should be both able to use the wallet with no problems and nothing will be erased from your phone.

hi.
new user here.

probably a dumb question, but I'll give it a go

I opened a wallet in mycelium.
Is there a way to install this app on my wifes phone and share the same wallet?

I mean, what happens if she use the restore wallet and paste in the 12 words and private key? will this erase my wallet from my phone? will it sync them?

thanks!

That's brilliant news. Thanks for posting the results of your tests.

I have tested with a multiple mycelium account wallet.
It will work for other accounts; however, you have to restore them individually.  Meaning, follow the process outlined prior for each account within the wallet seed.  You get a popup asking which account you want to restore.



My seed has 6 accounts.  0-5   I restored the first 4 as tests to know that it works.