Introduction
In today’s time, more people are investing in the bitcoin or other cryptocurrencies and a large share of people don’t know how to do it even if they know there are some other problems that they face like in which crypto we should invest and how can we store the crypto assets we own. The answer to other questions is quite easy to get with the help of google and other mediums, but the question related to storage needs a lot of things to be considered because if we once lost the crypto asset then they are lost forever. Click here should you choose dogecoin or stablecoin.
First of all, we should know that storage for bitcoins and other crypto assets is of two types i.e. Hot storage and cold storage. Cold storage is very easy to use and is not prone to cyber-attacks because in cold storage we keep the key in offline mode. The hot type of storage or online storage is risky but it is very handy and easy to access at any time and any place.
Although everything is online these days and we are controlling a maximum number of things through our smartphones so why not for storage purposes? The answer is yes because the mobile phone is handy and with the help of smartphones, we can access our crypto assets very easily.
There are a lot of applications that provide the service for the storage of bitcoins but we have to be careful in selecting one. In this article, we will discuss one of the most reliable and most used mobile applications for the storage of bitcoins. The name of the application is Mycelium.
MyCelium
Mycelium acts as a wallet for bitcoins and allows the user to store bitcoins in the mobile phone so that they can access their owned crypto assets easily and safely by securing their keys in the mobile phone. Due to this, there is no need to give our keys to third parties to keep the keys safe like we have to do in other apps or hot storage. MyCelium is a kind of HD Wallet whose full form is Hierarchical Deterministic. In this type of wallet, there is the use of Master Seed Key which consists of 12 random words. This is one of the advantages of HD wallets because once the key is generated and kept safe we can use it to get our crypto assets back in case of the loss of the device or mobile phone. This application also allows the user to use their cold storage for spending bitcoins like Trezor or Paper wallets. This application is available for Windows, Android platforms, and IOS platforms.
Set up MyCelium wallet
Now, the question is how a beginner can set up this wallet for the first time. For the setting up of the Mycelium bitcoin wallet first of all the user needs an android platform or iOS platform or Windows. Then we need pen and paper to write down our seed key which consists of 12 random words as we have discussed above and the most important thing is that the user should have an internet connection.
Download the Mycelium App from the app store or play Store and open it then choose to create a new wallet. The Master Seed Key will be shown to you on the screen, write it down on a piece of paper and keep it safe then you have to set your pin for the wallet. For receiving bitcoins, select the Receive option and share your QR code or address with the sender, and in case of sending a bitcoin scan the QR code of the receiver.