Connect with us

Hi, what are you looking for?

Academy

How To Setup MyCelium Wallet and connect to the Ledger Nano S

Mycelium Bitcoin Wallet is one of the most popular and secure wallets for storing your mobile assets which can be used for iOS and Android. Using this wallet, due to its high security and excellent user interface, has made it possible for you to easily operate in the Bitcoin network. This wallet also has the ability to work well with Paper Wallets and cold storage like Trezor & Ledger.

Mycelium is an HD wallet

HD stands for Hierarchical Deterministic and all these types of wallets use Master Seed Key (a string of 12 random words). This seed is used to derive all further Bitcoin addresses and all-new Bitcoin addresses are created from a single seed key only. The seed key must be kept secure. If you lose your cell phone or your cell phone is damaged, you can use the seed key to recover your Mycelium wallet.

Steps to set up the Mycelium Bitcoin Wallet

Required items:

  • A mobile phone (Android / IOS)
  • Pen and paper (for writing important information)
  • Internet access

The first step (Installation)

Go to the Mycelium website or Play Store / App Store and download the app. Open the app, and choose “New wallet” After selecting this option, your wallet will be created. So let’s continue with the security points of this wallet.

Step 2 (Backup)

You can use the master seed key to make a backup copy. Find (the menu) in the upper right corner and select Backup. After selecting Backup, a series of 12 random words will be displayed to you, which is your seed key. Write these random words on a piece of paper and keep them in a safe place. Mycelium asks you to enter these words one by one. This is to ensure that you spell these words correctly. It is also recommended that you do not store the seed key digitally. Because the possibility of losing it is high and if someone has access to it, they can access your wallet.

Step 3 (PIN Code)

By going to settings and selecting the Set PIN Code option, you can add a PIN Code to your wallet. This feature prevents activities such as sending and receiving Bitcoins or changing your seed key without entering a PIN Code. But if you forget your PIN Code, do not worry. You can retrieve your wallet and create a new PIN Code by reinstalling Mycelium Wallet and using the seed key.

Other sections

To send or receive Bitcoins, go to the Balance tab and select send or Receive. You can also go to the transaction history tab to see the history of sending and receiving your Bitcoins. The address book tab allows the user to store the addresses with which he often transacts. You can also manually enter the addresses you want in this section.

Using Mycelium, you can connect to your cold storage devices such as Ledger Nano S and Trezor, etc. You can also use a QR code to spend through your paper wallets.

To connect to the Ledger Nano S, follow these steps
Mycelium is compatible with the Ledger Nano S or Blue from version 2.8.5
Step 1

Go to the Accounts tab and press the “+ key” button.

Step 2

Select the Advanced option.

Step 3

From the options in this section, select the Ledger option.

Step 4

Connect your Ledger wallet to the OTG cable. Now enter your PIN and select the Bitcoin app.

Step 5

At this point, the Mycelium wallet starts syncing (may take a while)

Step 6

After sync, all your accounts are displayed and you can select the desired account. (You can do this process again and select more accounts)

Step 7

After selecting, your account will be added and you can select it as the default account and use Mycelium.

Congratulations. You have successfully connected the Mycelium wallet to the Ledger device. From now on, your Ledger device will be required when you wish to sign a payment.


Conclusion

Mycelium can easily meet your needs on your mobile phone. With a secure environment and a great user interface, it is one of the best choices for people who are interested in Bitcoin wallets on mobile.

Author

You May Also Like

Tutorials

KuCoin is a popular digital currency exchange that has a large daily trading volume in the market. Registration on this site is very easy...

Bitcoin

Losing your Bitcoin private¬† keys can be devastating and at the same time frustrating. This is because you wouldn’t have access to your precious...

Tutorials

Earlier Bitcoin Wallet used to be a bunch of private keys. In order to use new address, user had to generate new private key...

Tutorials

When you send Bitcoin from your wallet to some other address it needs some time for transaction confirmation in the blockchain.