Mycelium Wallet ReviewBy: Josh MillerUpdated: Thu Mar 16 2023
Mycelium Wallet at a glance
What is Mycelium Wallet
Mycelium is also one of the most popular wallets when it comes to mobile devices. It can be used on both Android and iOS platforms. The wallet takes up less than 10 MB of space, which is considerably less than what other wallets like Blockchain require for their mobile apps. It also means that the app can run smoothly even on older devices that are still running on 2G connections.
Pros & Cons
Before we dive into the full review, lets get into the pros and cons of Mycelium Wallet.
- Supports Bitcoin.
- Mobile applications for iOS, Android.
- Completely free to use/download.
- Does not support Ethereum or EVM chains, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand.
- Not Web3 enabled. Cannot be used to access dApps, DeFi, NFT marketplaces .etc.
- Does not have a standalone desktop application.
- Cannot be used as a browser extension. Therefore does not support Chrome, Firefox, Edge, Opera.
- Closed source.
Table of Contents
- What chains does Mycelium Wallet support?
- Is Mycelium Wallet Web3 enabled?
- Does Mycelium Wallet support Mobile?
- Does Mycelium Wallet support Desktop?
- Is Mycelium Wallet free?
- Is Mycelium Wallet open source?
- Does Mycelium Wallet support in-wallet staking?
- Does Mycelium Wallet support in-wallet swaps?
- Does Mycelium Wallet require you to run a node?
What chains does Mycelium Wallet support?
Mycelium Wallet supports Bitcoin.
Mycelium Wallet does not support Ethereum or EVM chains, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand. This limits the number of coins/tokens that you'll have access to.
Is Mycelium Wallet Web3 enabled?
No, Mycelium Wallet is not Web3 enabled. Therefore, you cannot use it to access dApps, DeFi, NFT marketplaces, etc. This is a hugely limiting factor. I would advise you to seek out a web3 enabled wallet if you want to access all the blockchain has to offer.
Does Mycelium Wallet support mobile?
Yes, Mycelium Wallet supports iOS, Android. Which is great if you own a mobile device with the relevant operating system.
Does Mycelium Wallet support desktop?
No, Mycelium Wallet is not a standalone desktop application. Therefore, it does not support Windows, MacOS, Linux. Although it isn't a standalone desktop application, there are other means of using Mycelium Wallet.
Is Mycelium Wallet free?
Yes, Mycelium Wallet is completely free. You don't have to pay a cent to get access to it. Although this is awesome, you have to bare in mind that free doesn't always mean it's the best option for your needs.
Is Mycelium Wallet open source?
No, Mycelium Wallet is closed source. This means you cannot get access to the code, and it is reserved only for the eyes of the developers. While this is a negative, it also makes it harder for hackers to reverse engineer the code.
Does Mycelium Wallet support in-wallet staking?
No, Mycelium Wallet does not support in-wallet staking. This means you can't earn passive income from your coins/tokens by using the wallet alone. We suggest using another crypto wallet if you need this. Or, there's always exchanges if you're okay with sacrificing custody of your coins/tokens.
Does Mycelium Wallet support in-wallet swaps?
Yes, Mycelium Wallet supports in-wallet swaps. This means you can exchange your coins/tokens for other tokens without going to an exchange. Be mindful that crypto wallets often charge fees for this service.
Does Metamask require you to run a node?
No, Mycelium Wallet does not require you to run a node. This is great because running a node is often expensive, and requires lots of bandwidth and harddrive space. Running a node means you must download the full blockchain!