Mycelium Wallet has yet to release information pertaining future Bitcoin Cash support.
Mycelium is one of the higher rated and more trusted wallets found on Google Android and Apple Iphone devices. It has proven secure and has gained quite the following since its creation in 2008. One of the primary reasons for its adoption is that is based on open source software that can be peer reviewed. Peer reviewed open source software, especially one that handles sensitive material, has proven over time to increase quality as well as security. The software providers can then ensure the applications being used arent being used maliciously. Of course there's always people out to fool the system and make a dime off another. So always put fourth due dilligence and research the products, links, agreements, etc.. when dealing with anything sensitive. You can find the Mycelium's code on their github page.
Given that Mycelium is a trusted name the fact they have yet to release anything positive in regards to supporting the BitcoinCash its users have stored on their services is disheartening. Never fear! A new contender arises that is gaining much attention, Coinami. Coinomi is quickly gaining notoriety for its slick interface, customer service and the highly sought after Bitcoin Cash. Coinomi has released an update to its software that includes support for Bitcoin Cash as well as the method of importing your coins from another wallet, such as Mycelium. This is great news, not only can Mycelium users grab their coins, other wallet users will have the chance to do so.
While Coinomi offers good customer support and a nice interface, its code is closed source, or private. This means the community does not have the chance to review the code and ensure there are no back doors or anything fishy in general happening. This is not to say that Coinomi is doing any of those things, and based off of the recent reviews it seems quite the contrary. That said, and I'll continue to state it, always put fourth due dilligence with anything sensitive.
With that in mind, many wallet users are anxious to split up their Bitcoin and gain some additional coins to their bags and the information out there can be daunting and some what misleading. So, I will walk you through, step by step, of importing your Bitcoin and Bitcoin Cash from Mycelium or any other supported wallet into Coinami!
First off, there are many wallets out there, some use different methods of storing your private keys and it is important to be sure you understand what you're doing. Rather then getting into the specifics here, Coinomi has already done so on their blog. Hopefully you've read through and have a better understand of what's going on. With said, let's split our Bitcoin and get our Bitcoin Cash!
- Gather your private key and seed data.
- Coinomi suggests utilizing the online, client-side tool to extract the data from your seed data and utilizing the QR code inside the app. We will go straight to the app and manually insert the seed data. Again, use any additional tools at your discretion, but, either method should reach the same result.
- Open Coinomi, if this is your first time, select restore wallet. If you have already created a wallet and you can go to settings and select restore wallet also.
- Coinomi now asks you for your seed data which you have already collected. Insert it and click next.
- Once you've inserted your seed you will be prompted to create a password for your wallet. Create the password and select next.
- After your password is created you select the coins that you want to use. Select only Bitcoin for now.
- After you've selected Bitcoin, you will have created your wallet and added Bitcoin support to it essentially. You should be on the Bitcoin wallet page.
- Now, in the upper left hand menu, select 'COINS+' and then select Bitcoin Cash.
- This pops up a menu. In the pop-up, enter your description, your password for the wallet you just created, and then click advanced settings.
- Advanced settings gives you an option to add a derivation path. This path is how Coinomi with find and split your coins. Add the path as shown, it should be: 'M/44H/0H/0H', where the last two entries contain a zero not the letter 'O'. Click next.
- You will now be directed to your Bitcoin Cash wallet!
That's all there is to it! You should now have two wallets, both with the equivilent number of coins that was brought over from Mycelium. Keep in mind if you have more than one wallet or any other concern to view their blog here for additional information. Coinomi has made this process easy by providing plenty of documentation and great customer service. I think I'm sold! How about you? Let us know your thoughts and experience in the comments below!