Tutorial – How to setup the Mycelium wallet
Mycelium is one of the world’s most used and trusted wallets for storing and trading bitcoins. It has been tested by hundreds of thousands of Android users for many years. It’s popularity stems from it’s obvious qualities: it’s secure, easy to use, and it has a lot of interesting features. You can import TREZOR as another account into the Mycelium-application to check your balance without having to plug-in your TREZOR hardware every time.
As such, we highly recommend Mycelium to Android users. Below, you’ll find a step-by-step guide to help you setup the Mycelium wallet on your device.
Step 1 – Getting started with Mycelium
Once Mycelium has been successfully installed, please launch the application.
- If you’re a first-time user, choose ‘create new’. If you already have an Mycelium wallet, choose ‘Restore Backup’*.
- From here, the wallet will initiate the setup.
* If you’re a previous user, use your recovery phrase to complete the backup wizard and restore your wallet.
Step 2 – Completing the setup
- Enter a new PIN code to access your wallet.
From here, your wallet is ready to use.
- However, we urge you to create a backup of your wallet as shown in step 3, in case you break or lose your phone.
Step 3 – Keeping your recovery phrase safe
The recovery phrase is the easiest way to restore your wallet, should something happen to your phone. It’s very important you write your recovery phrase down on a piece of paper and not on any device connected to the internet. If anyone gets a hold of your recovery phrase, they can access your wallet and steal your bitcoins.
- Go to ‘Settings’ (the three vertical dots in the top right corner) and choose ‘Backup’.
- From here, you’ll be shown a recovery phrase.
- Write down the recovery phrase using pen and paper.
Before moving on to the next step, write down the recovery phrase and store it in a safe place. If you plan on keeping significant amounts of money in your wallet, we recommend storing your paper in a vault etc.
Step 4 – Locating your Bitcoin address
Following the backup process, you’ll return to the wallet’s main page. Below the account name, you’ll notice a string of letters and numbers. That is your Bitcoin address. It’s the digital currency equivalent of a bank account number. You use this number to receive bitcoins from other people.
Note: We recommend that you never attempt to write down your address by hand, and that you always ‘Copy & Paste’ and double check the correctness of the Bitcoin address you’re sending bitcoins to.