Topic: Mycelium wallet query (Read 191 times)
Thank you for the help. I have summarize the duscussion in my article on blockchain vs mycelium
If you install mycelium on your mobile which you are carrying around with you, i would suggest to not put more money on it than you would carry in cash with you.
If you just want to hold them long-term without regularly accessing it, i'd suggest to either us a dedicated offline device or a paper wallet.
I have replied in your other thread with a recommendation of mine.
I wrote "should" because I use Mycelium only to see the content of my wallet, I don't trust phone security to keep money on a phone wallet, so I didn't try out the backup/restore.
I can verify that mycelium creates bip39 mnemonic codes.
They can be used in any other bip39 compatible wallet.
So no problem here, OP.
If you just want to hold them long-term without regularly accessing it, i'd suggest to either us a dedicated offline device or a paper wallet.
I have replied in your other thread with a recommendation of mine.
Mycelium wallet is one of the recommended wallet by Bitcoin community. Few ques.
1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
On my Android phone Mycelium allows (insists!) to make a backup. The backup consists in a 12-words seed which *should* work on other wallet programs too (e.g. Electrum) to recover your wallet and your money.1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
I wrote "should" because I use Mycelium only to see the content of my wallet, I don't trust phone security to keep money on a phone wallet, so I didn't try out the backup/restore.
I can verify that mycelium creates bip39 mnemonic codes.
They can be used in any other bip39 compatible wallet.
So no problem here, OP.
First of all always store your Bitcoin in a wallet that is not connected to the Internet. I recommend ledger or TREZOR.
Bitcoin that your store in your wallet is basically stored on Bitcoin Network. So if you have SEED WORDS you will be able to Import them to any Bitcoin Wallet from the Network. So always create a Backup and keep those SEED WORDS somewhere safe.
If you are planning to HODL your Bitcoin then the best option is Paper Wallet. Always your trusted paper wallet generator.
Bitcoin that your store in your wallet is basically stored on Bitcoin Network. So if you have SEED WORDS you will be able to Import them to any Bitcoin Wallet from the Network. So always create a Backup and keep those SEED WORDS somewhere safe.
If you are planning to HODL your Bitcoin then the best option is Paper Wallet. Always your trusted paper wallet generator.
Mycelium wallet is one of the recommended wallet by Bitcoin community. Few ques.
1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
On my Android phone Mycelium allows (insists!) to make a backup. The backup consists in a 12-words seed which *should* work on other wallet programs too (e.g. Electrum) to recover your wallet and your money.
I wrote "should" because I use Mycelium only to see the content of my wallet, I don't trust phone security to keep money on a phone wallet, so I didn't try out the backup/restore.
2. What is HD wallet? How it works?
A HD wallet creates all the private keys based on a seed, which is a list of normal words (usually 12 or 24 words) from a list.
This means that if you have the seed you can always retrieve your wallet and all its subsequent addresses.
3. Mycelium is better or paper wallet?
If you want to hold your money for years I advise paper wallet. Just make sure you generate it safely with a known and reputed paper wallet generator.
Obviously you should keep the paper wallet's private key offline (printed? written by hand? just make sure you'll be able to read those letters correctly when you want to spend).
Why I advise paper wallet? Any wallet that stays online is a security risk for your funds. Simple.
Mycelium wallet is one of the recommended wallet by Bitcoin community. Few ques.
1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
2. What is HD wallet? How it works?
3. Mycelium is better or paper wallet?
1. Suppose if I put my Bitcoin for 3 years in this wallet and meanwhile they close this app then is there any way to recover it?
2. What is HD wallet? How it works?
3. Mycelium is better or paper wallet?
Jump to: