Tutorial – How to setup the Mycelium wallet

The Mycelium wallet, is one of the more established wallets to be used on Android phones. Mycelium has been developed with state of the art security and convenience in mind, and has become the go-to wallet for Android devices. Mycelium further supports the use of the Trezor hardware wallet, to enable users to access their high-security coin storage, right from their phone.
In order to get the Mycelium bitcoin wallet, you open up your google play store, find and install the Mycelium Bitcoin Wallet, as shown here.

Step 1 – Getting started with Mycelium

  • Once the wallet has been sucessfully installed, you can go ahead and open the app.

  • Here you will be asked to choose if you want to restore from a backup or create a new wallet. If this is your first time installing Mycelium, go ahead and click Create New, to setup your first bitcoin wallet.

  • The wallet will now be setup and will generate your bitcoin public and private keys

If you have used Mycelium previously and have your recovery phrase handy, please choose Restore Backup and complete the backup wizard to recover your previous wallet. These steps are not described here, so if you problems with this process, please feel free to contact our customer service here, where we will be more then happy to help you with the process.

Step 2 – Completing the setup

  • The wallet will now be setup and you will first be asked to create a PIN, that you will use every time you access your bitcoin funds.
  • After you have set a PIN, your wallet is now ready to use. However we strongly urge you to keep reading and to setup a propper backup of your wallet, in case you should lose your phone.

  • Click Backup

Step 3 – Keeping your recovery phrase safe

During this wizard, you will be shown 12 words that you need to write down. DO NOT write them down on any device connected to the Internet or take a screenshot for that matter. If a hacker were to get a hold of this sequence of words, he would be able to steal all of your bitcoins.

  • Instead, go ahead and grap a pen and a piece of paper and write these words down the old fashion way.

  • And, yes… We will wait for you to get back 😉 

  • Once you have recorded this sequence of words, we recommend that you keep this piece of paper in a bank vault or safety deposit box, preferably one that your relatives will have access to if anything, god forbid, were to happen to you.

Step 4 – Your bitcoin wallet is now ready to use

  • Following this process you will be returned to the main page of the wallet.

  • Just below the text saying Account 1, you see your bitcoin address. This sting starting with a 1, is your bank account number in the bitcoin world, that you can use to have people send you money. The QR code to the right of this, is simply a representation of your bitcoin address, shown for convenience.

  • You are now ready to buy your first bitcoins, so go ahead and get started here