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How to set up and use Mycelium wallet [Latest Version]

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What makes Mycelium wallet one of the most downloaded mobile wallets to store Bitcoin? Let’s today discuss it in this guide on how to set up and use the wallet with the latest version? 

Mycelium wallet is a free Bitcoin wallet through which you can send, receive, and hold your Bitcoin. It is only available as a mobile app and falls under the category of a hot wallet.

Hot wallets are those wallets that are always connected to the internet through a device in this case it is a mobile device. Mycelium wallet is available for both Android and iOS users.

I have been personally using the Android version of this wallet for more than a year now and I have never faced any issue till date. In my opinion, it is one of the best Bitcoin wallets.

How to set up the Mycelium wallet?

In order to set up the Mycelium, you need to download the wallet from either Google play store or from the Apple store. After you have downloaded the software you need to wait for it to install on your device.

After installation, when you open the wallet for the first time the first screen that you will see on the app will be a pop up welcome message asking you to either Restore Backup or Create New as shown in the picture below.

mycelium wallet

mycelium wallet

Restore Backup:

In order to restore your old Mycelium wallet on your device, you need to tap on that link. After you have done that you will see another popup screen asking you to Enter word list and select the length. You will get four options.

  1. 12 words
  2. 18 words
  3. 24 words
  4. I have a passphrase.

Select anyone and then tap on OK. Then follow the screens to restore your wallet. You can skip this part and also do it later on. If you want a new wallet address then click on Create New.

Mycelium wallet does allow you to create and restore multiple Bitcoin wallets that you can access under Accounts.

mycelium wallet review

mycelium wallet review 

Create New:

To set up a new Bitcoin wallet you need to tap on Create New. After you have tapped on it, it will create a new Bitcoin wallet and direct you to the balance screen as shown in the above image.

How do I recover Mycelium wallet?

After you have set up your Mycelium wallet for the first time you will be asked to backup your wallet.  It is highly recommended to backup your wallet at this time.

When you backup your wallet it will provide you with a set of Master seed phrases. By using these seed phrases you will be able to restore & recover your wallet in case your device is lost or damaged.

You can also access your wallet’s backup statement, later on, in case if you misplaced them by tapping on the three dots at the top right-hand side corner on the balance screen and then selecting the backup.

It is highly recommended to write down your master seed phrases on a piece of paper at the time of back up and always keep that paper somewhere safe and easy to access.

How does mycelium wallet work?

Let’s look into different screens of the wallet to find out what are their functions and how to use them for our benefits. By default the first screen that you will see it the balance screen.

mycelium wallet balance

mycelium wallet balance

In the above image, your public Bitcoin address is shown below Account 1, wallet balance is displayed below Bitcoin address and the realtime Bitcoin market price is displayed below the wallet balance.

To the top of the wallet are the menus. Let’s check them one by one.

Media flow:

Here you will find information related to the cryptocurrency market, micro OTC, wallet news, and knowledge center. You do have the choice to turn it off.

mycelium wallet media

mycelium wallet media

Accounts:

All your accounts and information related to them are displayed here.

Balance:

By default, it is the home screen of your Mycelium wallet.

Transactions:

As the name suggests, every transaction done within the wallet is stored and displayed here.

Business:

This is where you will find Bitcoin dApps. I found this section to be not at all useful as some of them no longer exist such as purse.io.

mycelium wallet daaps

mycelium wallet daaps

Address Book:

You can save Bitcoin addresses of those whom you send Bitcoins frequently. For example, exchange wallet address.

Below the wallet balance, you will see Send, Scan, and Receive buttons. The send button is to send Bitcoin, scan button opens the scanner to scan QR code, receive button displays your Bitcoin address as well as the QR code.

mycelium wallet exchange

mycelium wallet exchange

Mycelium wallets also come with a built-in exchange, just below the realtime Bitcoin balance when you tap on Shift coins to BTC it opens a new screen where you can exchange cryptocurrencies for Bitcoin as shown in the image above.

Can I buy Bitcoin on Mycelium?

Besides, shift any coin to the BTC button, you will also see Buy/Sell Bitcoin. When you tap it, you will see a new screen as shown in the below image.

Here you will be able to buy or sell Bitcoin using any of the three available options.  The Mycelium Marketplace is where you can get in touch with a local trader to buy or sell Bitcoins.

mycelium wallet guide

mycelium wallet guide

Best Features of Mycelium Wallet:

Some of the best features of this wallet can be accessed by the three dots at the top right-hand side corner of your default screen. When you tap on it you will see a drop-down menu as shown in the image below.

mycelium wallet features

mycelium wallet features

Backup:

As the name says, it used to backup your wallet, wherein you can backup your wallet anytime and in case if you lose your seed phrases you can check them here.

Cold Storage:

The best way to understand the use of cold storage is by watching the below video.

[embedded content]

In the new wallet version, you can also connect your hardware wallet like Trezor and KeepKey to transfer your Bitcoins using the Cold Storage menu.

Settings:

When you tap on settings it opens up a new screen where you can change the Language, Notification.

You can also add a six-digit Pin Code to lock your wallet, use Torrent network for the transaction, create a Backup, change Bitcoin denomination. 

Change Fiat Currency from USD to your preferred local currency, change the Exchange source, use a different Block explorer, update the default Mine fee, and many more.

Is Mycelium Wallet anonymous?

Yes, it is completely anonymous.

You are not required to register in order to use this wallet, nor you need to complete KYC to buy or sell Bitcoin using its Market place.

You also have the option to use the TOR network to hide your transaction footprint. 

How do I transfer Bitcoin to a Crypto Exchange?

You can transfer Bitcoin by using the Send button on the balance screen. When you tap that button it will open a new screen which will show a list of buttons which are –

mycelium wallet send

mycelium wallet send

  • Scan QR Code – By using this button you will able to scan the Bitcoin wallet address of the exchange or another wallet.
  • My Address – If you have saved any Bitcoin address in the address book of your wallet you can select it from here.
  • Clipboard – When you copy the exchange address it gets saved here which you can enter directly by tapping this button.
  • Manual Entry – If you want to enter the Bitcoin address manually you can use this button.
  • Enter Amount – Enter the amount in satoshi, by default the miner fee is always set to normal mode, it gets automatically deducted from the total amount entered by you.

How do I add Bitcoin to Mycelium Wallet?

mycelium wallet receive

mycelium wallet receive

In order to add/receive Bitcoin to the Mycelium wallet, you need to tap the receive button on the balance screen. It will open up a new window where you will be able to view your Bitcoin wallets public key and also the QR Code.

You only need to provide your public key to the sender in order to receive Bitcoin or show the QR Code.

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In the End:

In my opinion, offline bitcoin wallets also known as hardware wallets are the best as there is very little chance for it to get hacked. 

But, when we are searching for a Bitcoin wallet app or the best Bitcoin wallet for android then the Mycelium wallet is one of the best Bitcoin wallets available in the market.

You can easily create your own Bitcoin wallet address just by downloading it and without even going through KYC or by registering your email address.

What I liked most about this is that it’s very easy and simple to operate. You can keep your Bitcoin safe and secure.

If you do lose your mobile phone you can still get access to your wallet with the backup phrases. If you are a trader who trades bitcoin using exchange apps then this wallet is right for you.

In my opinion, it is not the right wallet to hold a large quantity of Bitcoin. For only holding, you should invest in Hardware wallet.

I hope you liked the guide on how to set up and use the mycelium bitcoin wallet. I hope you have enjoyed reading it as much as I did writing it. You can download the wallet by clicking the below link.

Click here to download Mycelium Bitcoin Wallet

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Source: https://cointikka.com/mycelium-wallet/

Blockchain News

Mastercard and GrainChain Bring Blockchain Provenance to Commodity Supply Chain in Americas

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Payments giant Mastercard has announced a partnership with GrainChain, a blockchain-based supply chain management firm to enhance visibility for producers and consumers in the commodity supply chain in Latin America and North America.

According to the media release shared with Blockchain.news on October 29, 2020, the partnership is aimed at empowering suppliers and farmers to protect their brand reputation through adherence to supply chain standards in a bid to create trust with the final consumers.

The supply chain management will be provided by the Mastercard Provenance Solution, and together with GrainChain, trusted end-to-end visibility will be given to products, ranging from coffee to sorghum, from the farmers or producers to the final consumers. This visibility will afford everyone in the supply chain to track each product and authenticate its origin, thus providing room for trust in the industry.

Deborah Barta, Senior Vice President of Innovation and Startup Engagement said:

“The traceability market is a global industry, and the digital identity of products and goods is even more critical today as consumers, brands, and governments demand to know where products and services are from […] With Mastercard Provenance Solution, we’re focused on helping parties benefit from reliable data, which brings efficiencies throughout supply chains, ultimately helping to protect consumers.”

Mastercard’s Provenance Solution is Expanding its Reach in Food and Commodity Tracking

The reach of Mastercard’s blockchain-based Provenance Solution for supply chain management has seen increased use in recent times. Besides its current deployment to track products as a GrainChain partner, the financial giant’s Provenance solution has also been deployed to track the origin of food products for America’s largest food group, in partnership with Envisible.

While Blockchain-based supply chain tools are becoming commonplace in the tracking of products including luxury items as offered by Reebonz, Mastercard hopes its Provenance Solution will find an increased use for other commodities including cosmetics, electronics, logistics, and retail as the firm confirmed in the shared media release. 

Image source: Shutterstock Source: https://Blockchain.News/news/mastercard-and-grainchain-bring-blockchain-provenance-to-american-commodity-supply-chain

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AR/VR

Warhammer Age of Sigmar: Tempestfall Announced for PC VR & Oculus Quest, Arrives 2021

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More and more franchises are making their way in the virtual reality (VR) space like Star Wars, The Walking Dead and Game Workshop’s Warhammer. The latter entered the field with Warhammer: Vermintide VR and The Horus Heresy: Betrayal at Calth, and now Carbon Studio has announced Warhammer Age of Sigmar: Tempestfall for next year.

Warhammer Age of Sigmar: Tempestfall

The Warhammer universe has a rich lore for Carbon Studio to take from with the synopsis detailing: “Set in the Age of Sigmar universe, Tempestfall begins following the Necroquake. From the domain of Nagash and across all the Realms, Nighthaunt forces are rising. A specially assembled retinue of Stormcast Eternals embarks on a quest to investigate a new threat to the Mortal Realms. Side by side with these elite soldiers, you must explore the dread-filled realm of Shyish and battle your way through the Nighthaunt in a quest to protect the Forces of Order from a sinister plot.”

With a brief teaser trailer showcasing a couple of locales and one enemy, the studio has said Warhammer Age of Sigmar: Tempestfall will mix melee combat with powerful, motion-based spellcasting, utilising the team’s experience developing The Wizards, which had gesture-based speels.

The world of Tempestfall will take players through cities, prisons, swamps and catacombs, an adventure full of Warhammer lore and secrets, reportedly over seven hours in length. Players will be faced with wraiths, revenants and other dangers in what could be Carbon Studio’s biggest project to date.

Warhammer Age of Sigmar: Tempestfall

You can wishlist Warhammer Age of Sigmar: Tempestfall over on Steam where there’s also a chance to win a T-shirt and poster, with 10 winners being selected.

This isn’t the only Warhammer videogame on the way as Pixel Toys previously unveiled Warhammer 40,000: Battle Sister for Oculus Quest, due before the end of the year.

Warhammer Age of Sigmar: Tempestfall is currently slated for a 2021 launch across PC VR headsets and the Oculus Quest platform. As further details including gameplay, visuals and launch date are released, VRFocus will let you know.

Source: https://www.vrfocus.com/2020/10/warhammer-age-of-sigmar-tempestfall-announced-for-pc-vr-oculus-quest-arrives-2021/

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Crowdfunding

I Dare You to Ignore This Trend

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As I told you on Tuesday, I like to set goals in life. Big and crazy ones.

For example, a few weeks ago, I set the goal to run every street in downtown Nashville and Davidson County, Tennessee.

That’s 2,957.06 miles of running. (Told you I’m crazy.)

Why am I bringing this up now?

Well, as you’ll see in a moment, it has to do with the latest emerging market trend…

And it has to do with your investment goals.

So let’s get to it…

A Journey of a (Few) Thousand Miles

Perhaps you’ve heard the Chinese proverb, “A journey of a thousand miles begins with a single step.”

The same thing goes for my running journey of a few thousand miles.

But to be honest, it’s hard for me to picture reaching my goal. Especially when I look at a map and count up what it’s going to take.

All the red in this chart shows every road I still have to run.

And the tiny handful of green spots represent the roads I’ve run so far.

(Full disclosure: I decided to run every street before I knew how many miles it would entail. So consider me not just crazy, but a little impulsive! But I digress.)

I’m barely 1% of the way to my goal. But I’m not going to quit.

And based on all the emails my readers shared with me over the past week or so, when it comes to reaching your investment and retirement goals, you’re not going to quit either…

Keeping At It

I get it. You feel like you still have so far to go.

Plus, the clock is ticking, so it can feel like the pressure is on.

But you know that you can’t quit. Which brings me to today…

Remember, every big accomplishment starts with taking a small step.

And the fact that you took action — including deciding to read Trend Trader Daily — is a small but meaningful step!

If you keep at it, I know you can accomplish your investment goals, and even exceed them.

Especially if you focus on the right trends.

Like semiconductors…

Down, Down, Everywhere — Except…

Yesterday, the markets suffered their single biggest drop in four months, as coronavirus cases spiked globally, and hopes for additional stimulus evaporated.

Against such a backdrop, most investors forget about seeking opportunity. Instead, they seek shelter.

But don’t join them! Why? Because when a similar type of fear and paranoia gripped the markets in March and April, my fearless readers were presented with a major investment opportunity…

An opportunity to leapfrog closer to their investing goals by almost doubling their money.

And all they had to do was invest in semiconductor stocks.

Keep in mind: I’m not sharing this now to rub it in your face.

To the contrary, I’m sharing it because, today, the investment set-up is even better.

Let me explain…

Buy the Chip Dip (Again)

As I wrote earlier this year, without semiconductors, the most important tech innovations of the future literally can’t happen.

I’m talking about major trends like:

  • Artificial Intelligence, which is expected to be worth almost $120 billion by 2025.
  • The Internet of Things, which is already a $200 billion industry.
  • Driverless cars… 5G networks… and the list goes on and on.

Long story short — because of these trends, annual semiconductor sales are expected to top one trillion units, year-in and year-out.

That’s how I know the slowdown in March promised to be a blip in the long-term growth trend.

Or as I wrote back then, “Covid-19 might impact how we work and live in the future… But one thing it won’t change is our demand for chips.”

As such, this presented a tremendous buying opportunity.

And not just based on the price performance of the iShares PHLX Semiconductor ETF (SOXX) that you saw above…

But based on actual market fundamentals…

I Dare You to Ignore This Trend

To understand what I mean, consider the latest analysis from chip-market insiders:

  • The pure-play foundry market, which makes up to 90% of integrated chips, is on pace for its strongest growth since 2014, according to IC Insights.
  • And global silicon wafer shipments, which are the fundamental building material for chips, are on track for recovery this year and a record high in 2022, according to SEMI.

Here’s the key: it turns out that Covid-19 is actually boosting demand for chips.

Tomorrow, I’ll share more details on why this is so, and more importantly, I’ll share the single market indicator that reveals which specific chip stocks are all but guaranteed to blast off.

And that’s regardless of who wins this election, or how bad the third wave of Covid-19 gets.

I dare you to ignore this trend.

Don’t miss out on the profit opportunity this time!

Keep an eye on your inbox.

Ahead of the tape,
Lou Basenese
Lou Basenese

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Source: http://www.crowdability.com/article/i-dare-you-to-ignore-this-trend-2

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