When we talk about storing your cryptos, we always stress the importance of using a cold storage, for safety reasons. In the past we mentioned the best highly recommended cold storage wallets to keep your funds secure at any time. However, you may not have known this but there are hot wallets as well. And, when we say “hot” we do not refer to its popularity only, or the fact that some of them are brand new. These mobile friendly bitcoin wallets are hot because they can provide very quick access to your cryptos at any time, but with a certain risk. Moreover, they have been designed to keep your Bitcoin just a click away and on the go.
Mycelium is a mobile friendly bitcoin wallet that is free to use, which is convenient. It is important to accentuate that Mycelium is compatible with Ledger and Trezor hard wallets, with an incorporated exchange option. Now, let us see what all of this means.
The Pros & Cons of Mycelium Use
Many people compare Mycelium to Electrum wallet. Nevertheless, Mycelium has some upgrades but some disadvantages as well.
First of all, Mycelium supports only Bitcoin, for the time being. If you go to the Mycelium web site you will notice the big title on the home page saying “Expect a Massive Upgrade”. It is apparently an announcement of widening their scope. Hopefully, we will see more surprises from Mycelium soon.
Secondly, Mycelium is a mobile only wallet, although it has the ability to use hardware wallets. When it allows users to hold their crypto offline, it simultaneously allows them to use Mycelium interface to see the funds. However, primarily this is a hot mobile wallet to provide access to bitcoin online and “on the go”.
The fact it features a built-in exchange and can access the hard wallets easily is one of the main advantages of Mycelium. Furthermore, the users get to set the custom transaction fees. This allows them to decide how long they are willing to wait for a transaction to complete.
Edge is another one of mobile friendly bitcoin wallets. It is also a hot wallet, meaning it provides quick access to your cryptos online. You can use it on iOS and Android devices. It is an open source, so it is free to use.
The Pros & Cons of Edge Use
Unlike Mycelium, Edge supports not only bitcoin but thirty different crypto currencies as well. This is a big plus. Moreover, Edge is a mobile friendly bitcoin wallet that can tap into blockchain services. This is an advantage because it can provide features like discounted gift cards, for example.
Edge makes in-app buy and sell possible. It also enables the user to exchange the fiat money for cryptos.
One more big advantage of Edge mobile friendly bitcoin wallet is its security system. Namely, they say that Edge is so secure that other online sites use it as an authentication system. If you check the Edge web site you will see the part where they state that all the user data is encrypted on the user device before accessing their server, so Edge should not have access to the user account info. They claim to be ”private by default” and not to ask for any of the personal information about their users.
As for the cons of using Edge, we surfed the Internet to see what users are claiming and were not able to find much. Basically, the cons come down to the lack of the desktop/web interface. Now, since this is a mobile friendly bitcoin wallet, it is debatable whether the lack of desktop interface is a real disadvantage if the mobile wallet fulfills its purpose.
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