Users Complain About Mycelium Wallet Update Now Displaying In-app Advertisements

[UPDATE 07/06/2017: The advertisements have been removed by the developers.]

There are many Bitcoin wallet applications for people to use. Some of these apps are more popular than others. Mycelium has built up quite a solid reputation over the past few years. However, it appears their latest update forces users to view advertisements. That is a rather strange turn of events. Not too long ago, the company held a major crowdsale to raise funds. Now it seems they want to make even more money from users.

Things have started to unravel for Mycelium over the past year or so. The company had a major crowdsale was a relative success. However, investors are concerned about the lack of promised features being implemented. That does not sit well with a lot of people. However, it is possible the company will add these features at some point in the future. For now, it is a waiting game for anyone who partook in the Mycelium crowdsale.

A Strange Decision by Mycelium has Users Riled Up

What has users riled up even more is the latest wallet update. Several reports have reached us claiming the Mycelium wallet now displays advertisements. That is a very strange turn of events no one saw coming. Even though these ads do not diminish the service provided, it is not a popular decision by any means. Then again, this may be an error on the developers’ part. It is possible a new update will be released soon to remove the advertisements once again.

However, the Bitcoin community is showing a lot of negativity toward the Mycelium team. The crowdsale issues and now showing ads in the wallet is very unusual. Some people feel the company is slowly losing its edge in this regard. People feel there is no place for advertisements in any wallet software, which is understandable. Offering an ad-free premium version of the wallet could be worth considering for the Mycelium team, though.

In the end, providing a free wallet service takes a lot of time and effort. It is normal developers want to monetize their creation in some way. Introducing ads without prior warning is not a good business decision, though. Especially not after not [yet] coming through on the promised features outlined for the crowdsale. Some people will eventually switch to different Bitcoin wallet software. Plenty of users will stand by Mycelium despite whatever shortcomings it may have. There are plenty of wallet applications out there to choose from, though.


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Most cryptocurrency users have heard for the Mycelium wallet before. This particular application provides a safe and secure storage solution for bitcoin balances. Moreover, the company recently announced major upgrades right before their initial token crowdsale. Nearly a year further down the line, the upgrades have yet to be developed and investors are growing concerned.

It has to be said, the Mycelium wallet is still one of the most popular mobile solutions for bitcoin users. There is no steep learning curve and plenty of security features to enjoy. However, the demand for additional and advanced features is growing and the Mycelium developers are not delivering on their earlier promises. In fact, the company hinted at “massive upgrades” being deployed once the token sale concluded.

Mycelium Token Investors Are Growing Impatient

Mycelium raised a fair bit of money with their token sale a few months ago. A total of 5,131.445 BTC was raised, which represents a 5% stake of Mycelium Wallet. Unfortunately, it is a bit unclear as to how this money is being spent right now. The announced upgrades are not here and the developers remain rather silent on progress being made. Some people even claim the team under delivered after making such big promises.

Moreover, it appears Mycelium is all over the place right now, but not for the right reasons. The CEO was involved in Swish Coin, which acts as the merchant payment platform of Mycelium. Interestingly enough, this coin is not part of the token crowdsale and warranted a separate ICO. A rather strange turn of events, especially when considering the team wasn’t even aware of when the ICO would be held.

On the other hand, the team added one significant feature a little while ago. Mycelium users can now buy cryptocurrency with their credit card from within the wallet. However, there is a very high fee associated with this feature, which is troublesome. Moreover, the profits generated from this process are not distributed to token holders. That in itself is considered to be somewhat shady.

So far, token investors have gotten little to no returns on their original investment. To top it all off, it appears Mycelium leans toward supporting Bitcoin Unlimited, which isn’t received all that well either. There is still plenty of time for the team to get their act together, but there is plenty of reason for concern right now as well. Token holders have no return on investment whatsoever, a situation that needs to be addressed sooner rather than later.

Header image courtesy of Shutterstock

Earlier today, Mycelium officially announced the introduction of their new wallet. The new wallet application is expected to be a feature rich product with various integrations according to the company’s website.

The announcement about the new wallet was made on the well-known social media forum, Reddit by one of the company representatives. Simply called Mycelium, the wallet is expected to support various API integrations, allowing people to include their own service and feature offerings into the application. By allowing people to integrate their services into the wallet, the company is cutting down the time and resources it spends on manually integrating the features upon a partner’s or a vendor’s request. Now instead, any company or a bitcoin platform can use the available wallet API to plug in their offerings directly to Mycelium.

Another advantage as mentioned by in the announcement includes support for multiple cryptocurrencies and digital assets. This will allow Mycelium to become a universal wallet, allowing users to have just one wallet to meet all their cryptocurrency deposit, storage and transaction needs. The open API feature will come in handy as it will allow developers to create supporting wallet integrations to enable handling of other digital currencies like Litecoin, Dogecoin, Ethereum and even other digital assets and tokens like hotel keys and stocks. Once implemented, it will turn Mycelium into a ‘Crypto-Swiss knife’. Cryptocurrency users will be able to make do with just one application for all their needs. Also, Mycelium’s move to use ReactNative platform will allow users across all the platforms to have similar user experience on the application.

Mycelium has plans to include more features into their wallet application to help people maintain their digital finances as well. Going by the announcement, there will be accounting and bookkeeping functionality built into the wallet application. It will soon be possible for users to keep track of all their receivables and expenses and maybe even issue invoices over Mycelium if they run a business. Additional social media and contact book integrations will also make it easier to send or receive digital currencies and invoices through multiple communication platforms.

The actual timeline for the release of all the mentioned features is not yet available. But once released, it will turn out to be a useful tool. In order to support further development, the company is soon going to conduct a crowd sale, where people will be able to invest in the Mycelium Wallet project. The crowd sale round is expected to start next month.

All those buying the Mycelium tokens during the crowd sale will be indirectly investing in the company, helping them complete the development and market the product. Users will soon be able to take part in the Mycelium crowd sale, starting May 1, 2016, to buy Mycelium crypto tokens. These crypto tokens are like any other cryptocurrency, built using Colu. They act as shares in the company and it can be sold or transferred to others. Mycelium token holders will also be able to exchange their tokens over the platform, provided all the pre-set conditions for redemption/buy-back is met.

The company will be utilizing the funds raised from the crowd sale to accelerate the development of the platform. Some of the much-awaited features on Mycelium wallet includes – support for fiat accounts, remittance services over select remittance channels, crypto virtual and physical debit cards, personal finance manager, investment platform, escrow accounts and crypto asset creation and exchange functions.

While the crowd sale is around the corner, those in tested in participating in the crowd sale are advised to read the terms and conditions thoroughly before investing.

Ref: Reddit | Mycelium PR 

BitHappy, a new bitcoin browser brings both digital currency and ecommerce together on the same page. The platform calls itself the first bitcoin browser in the world which enables people and businesses to sell things online for bitcoin. Unlike other ecommerce platforms, BitHappy allows anyone to list the things that they want to sell online and accept money in the form of bitcoin from their customers.

The simple, easy to use BitHappy allows individuals and retailers to sell their goods and services online to anyone across anywhere in the world. Selling on BitHappy is no rocket science. Sellers on the platform can easily list their products by adding a picture, few lines of description, any social links, website url related to the product and its price in local currency. BitHappy automatically converts the price in fiat currency to its equivalent in bitcoin.

Apart from being an open ecommerce platform, BitHappy also doubles as a point of sale application that can be used for scanning barcodes on the products and accepting payments for the same in a brick and mortar setting. When it comes to buying products on BitHappy, it is as simple as listing products for sale. One can search for sellers/businesses in their neighborhood by using BitHappy application. They can choose what they want to buy and add it to the cart. In the end they can proceed to check out and pay for all the items with bitcoin. The application generates a unique ID and corresponding QR code to scan and pay the bill with bitcoin. BitHappy comes integrated with Mycelium bitcoin wallet and it can be readily used to store bitcoin and pay using them.

BitHappy goes beyond ecommerce. It can be readily used to collect microdonations and raise funds for charitable and social causes. It is also ideal for individual craftsmen, artisans and entrepreneurs who are interested in selling their products without having to go through the hassles of setting up a shop, creating a bank account and more. According to the website, BitHappy does not charge any transaction fee for purchases made over the platform, making it even more attractive to sellers.

Chainalysis, the new company on the block featured earlier on our site is back in news, but this time for a wrong reason.  The company has been forced to defend itself after allegations of Chainalysis launching a Sybil attack on bitcoin network surfaced.  Chainalysis’ claims to provide financial institutions with the means to access real time transaction information from the blockchain. Their API allows users (their clients) to identify the origin of transactions for regulatory compliance.

NodegateNodegate by Chainalysis draws ire of Bitcoin Community

Chainalysis allegedly created 250 false nodes to obtain information about the origin of transactions. These false nodes caused disruption of services and threatened to compromise the privacy of bitcoin users. They don’t store or dispense blocks when requested. Thereby causing slowdowns by keeping other connecting nodes in waiting, explained Wladimir van der Laan, one of the Bitcoin Core developer.

In its defense

In response to the allegations, Chainalysis CEO, Michael Grønager has described the “partial” Sybil attack as unintentional. According to him, these false nodes were created to obtain location data for a blog post on international bitcoin transfers.  Apparently Chainalysis had taken precautions to prevent these nodes from causing any harm to core bitcoin network. These false nodes don’t contain copies of the blockchain. They collect location information and network data from other trusted nodes.

Damages

Due to these false nodes, many simplified payment verification (SPV) based services were affected. Breadwallet, a decentralized bitcoin wallet was one such service that was affected. Breadwallet users were unable to carry out transactions as these nodes prevented their wallet from syncing with rest of the network.

Chainalysis is now facing the blowback from this incident. Mycelium (where Jan Møller, CTO of Chainalysis is a consultant) has distanced itself from Chainalysis and other node operators are blocking the company’s IP range from connecting to their nodes.

The bitcoin community was prepared to debate about Chainalysis’ services, its repercussions on anonymity of users and security of bitcoin network. Chainalysis, by its actions just handed over more ammo to its critics. Thanks to “Nodegate”, Chainalysis will be drawing heat from the whole bitcoin community.

Few days ago, on the 10th of February, the Mycelium team received a notice from Google in regards to their app. The wallet application got removed by Google for allegedly violating Google play’s section 3.5 of the Developer Distribution Agreement.mycelium

This section didn’t really provide the team with a clear enough explanation on why their app could have actually been banned. Mycelium community manager Dmitry Murashchik mentioned this in a Reddit post. members of the team originally thought that their app could have been banned either due to the fees had to apply for transactions or because of its donation button. A simple button that allowed the app’s users to donate to the Mycelium organization.

Turns out that one of their guesses was right. After a response from Google was received as a review of the appeal, it was apparent that the issue was clearly the donation button.

Key part of this response would be the following:

“Donations may only be collected within an app under specific conditions. The donation must be facilitated via a web browser, and any collection made through a secure payment system. Donations are only permitted for validated non-profit charitable organizations (for example, a validated 501(c)(3) charitable organization or the local equivalent).”

It seems like the team wouldn’t be unwilling to remove the donation button if they were warned first. In the response to Google’s review, they mentioned that they simply were not aware that giving their users an option to donate was against the agreement. Their response also included reasons why it wouldn’t be convenient for them and the apps users to just create and upload a new app. Listing trust issues and the need to update the old up.

On the morning of Friday 13 the appeal was accepted and the app has now been reinstated. This time without a donation button and with 0% LocalTrader fees. Murashchik closed his post with a warning to all android developers as it’s apparent that they could get themselves into similar adventures if they accept donations through their app.

Digital wallet provider Mycelium has had its popular bitcoin wallet suspended from the Google Play store following a violation of the Google Play content policy.

Google informed the app administrators of the reason behind the suspension:

Android Suspends Mycelium from Google Playstore“REASON FOR SUSPENSION:  Violation of the paid and free provision of the Content Policy and section 3.5 of the Developer Distribution Agreement.  Please refer to the Third Party Payments help center article for more information.”

 

Section 3.5 of that agreement reads:

“If the product is free, you will not be charged a transaction fee.  You may not start charging a user for a product that was initially free unless the charge correlates with an alternative version of the product.  The Payment processor must process all fees a developer received for any version of a product distributed via the store.”

Mycelium announced the wallet’s unavailability via social media platform Reddit, saying:

“If you try to download Mycelium Wallet from Google Play, you will get a 403 error.  We just received an email stating that Mycelium Wallet has been suspended due to policy violations… We are trying to get to the bottom of this.  In the meantime, you can always download our wallet from our website directly at https://mycelium.com/bitcoinwallet.”

Mycelium developer Jan Dreske says that the company team was unable to find any direct violations of the terms of service.  The company is filing a complaint with Google, as it is felt that the app was removed in error.

The good news is that current users will not be affected by the suspension and removal, and all wallets that have already been downloaded from the store are still slated to work.

We often speak about local bitcoin trading as if it’s a sure-fire way to accommodate buying and selling of digital currency in the shortest amount of time. And to some extent it is, when it all goes according to plan.

But according to a Redditor’s short account of what happened during his most recent trade, we’re reminded that there are bad people out there who at the end of the day are nothing but criminals.

What you’re about to read first appeared here, on the Bitcoin subreddit.

I’m in a French city (not Paris) and somebody contacted me over localbitcoins for an in person trade. He wanted to buy 500 euros worth of BTC. We agreed to meet at a big open public square where there is a bar and lots of people milling around. When we met up two people arrived and we started to talk about how the site works and how he can verify the transaction BTC. I then whip out my phone and log in to my account stressing the whole time that I need extra passwords to release the funds. Then when I ask him for the [money], one guy grabbed the phone while the other pulled out a tear gas canister and sprayed me. Luckily I had managed to grab back my phone and started to shout and swing a few punches and they ran off. I was glad that the place was quite full and people quickly helped me. I will be filing a police report but I’m not sure that it will do any good.

We’re a little confused on the tear gas canister part (perhaps he meant pepper spray?), but we’re glad he came out of the situation in somewhat good form. Also, he still has his bitcoins.

It just goes to show you that you always want to organize trades with trusted people using LocalBitcoins and other apps like Mycelium local trader.

Setting up a meeting with someone you don’t know to make a money transaction is really just asking to get robbed. That’s why trust plays a huge role in local trading.

Keep this one in the back of your mind on your next in-person trade.

Recall that in the past few weeks, Mycelium came on the spot with an interesting new feature called Local Trader.

Now, in case you’re not familiar with Local Trader, I’ll try to put this simply. Essentially, the wallet application (which is extremely popular, mind you) allows users to buy or sell bitcoins with other Mycelium users.

Sellers post ads, and nearby buyers can communicate with those sellers in order to meet up and make the transaction happen.

The concept is great, and so far, user response to the feature has been mostly positive.

Adding another level of convenience, Mycelium will now show you Local Traders on a map around the world.

It’s done as an overlay on a Google Map — allowing you to see traders in your neighborhood or in a nearby town.

Not only that, this map is especially useful if you’re planning to travel. One can zoom in to the location to which they are traveling and get a good ideas as to how many (or if there are any) traders are in the area.

By my scan of the map, the areas with most traders are just those you would expect — the east and west coast of the United States. Also heavy with users: Europe.

Take a look for yourself [link].

The Mycelium Bitcoin Wallet has a new feature available that will make the acquisition and sale of bitcoin a whole lot easier for existing users.

Dubbed Local Trader, the feature will allow bitcoin buyers and sellers who are local to each other to transact, similar to LocalBitcoins.com. Trades made are done person-to-person using cash and, well, bitcoin.

A seller using the feature can make “geographically pinned sell orders” where they can sell at a chosen exchange rate. Buyers can look for sellers geographically and/or scout for the best deals available nearby.

According to the announcement post on Reddit, “All trades use in-app end-to-end encrypted chat between the buyer and seller. Not even the Local Trader servers can read the contents.”

Once a price is negotiated, the buyer and seller can meet a chosen spot, and the transaction takes place. No escrow here, though. Funds are spent from the seller’s Mycelium wallet.

Using a “confidence graph”, Local Trader will “[display] the probability that the transaction that sends coins to the buyer’s wallet will get included in the next block.”

To achieve this, Mycelium servers track the transaction as it propagates through thousands of nodes, as well as check it for possible double-spends, transaction malleability, long chains of unconfirmed inputs, proper transaction fees, and other possible issues. With this, traders can exchange cash and be on their way, fairly confident that the transaction was legitimate, without having to wait 10 minutes for a confirmation.

A fee of 0.2 percent is applicable on both sides of the transaction to support the service.

The solution comes at a time when the bitcoin community remains wary of centralized exchanges, some of which have failed or simply run off with investor funds.

For more information on this, please follow this link.

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