Quote from: Michail1 on May 29, 2017, 04:34:53 PM

Quote from: Gil80 on May 29, 2017, 11:23:20 AM

I opened a wallet in mycelium.
Is there a way to install this app on my wifes phone and share the same wallet?

I mean, what happens if she use the restore wallet and paste in the 12 words and private key? will this erase my wallet from my phone? will it sync them?

thanks!

Yes, you can install the same app on your wife's phone and entering the master seed to use the same wallet.
It's the same as both of you have the same access to write checks from a joint checking account.

Any transaction you make will also appear on her phone and vise versa. They will both keep in sync.

Quote from: Gil80 on May 29, 2017, 12:01:23 PM

So, one more question that comes to mind is what happens if my phone gets stolen and hacked?
Let's say it does, but in the meantime I use a second phone to restore my wallet using the exported extended private key and 12 words, I should see the same funds, right?
But so does the one who hacked my phone. What does one do in this case?

If your phone is stollen, and you don't have any security setup (example finger print or code AND the app isn't setup with another code), then the person could take all your bitcoin from all the accounts. It's worse than a bank card that you wrote the pin on the back. Just might as well have lost a wallet with cash in it. So, don't be dumb.... setup a pin code (not 1.2.3.4.5.6)

Basically, keep the master seed on paper in a safe deposit box. If you lose your phone (knowing someone can't get into it), then simply get a new phone and reinstall the app and recover from your master seed.

Note: bitcoins on a phone should be considered a hot wallet. Meaning, funds in it should be what you need for day to day dealings. Not a storage device with all your coins.

'Hacking' a phone isn't as easy as simply typing in digits until you get the right one. So, a lost phone is safe if you went through setting up security. If you want real security, then get a trezor / keepkey to use in conjunction with your phone. (You didn't mention, that I noticed, which phone you were using (iOS or Android).)

Quote from: OmegaStarScream on May 29, 2017, 02:03:29 PM

I'm not sure from where you got the information's of backing up the extended private key but all you actually need is the seed (12 words), all private keys are generated from it so that's all you need to recover your wallet even after a few years from now. and see this[1] for more info.

[1] http://support.mycelium.com/hc/en-us/articles/207045535-How-do-I-make-a-backup-

There is no need (for most people) to backup the private key. The seed (12 words) is what is needed to backup all the private keys the app makes. A private key for a single transaction changes for each additional transaction since mycelium moves from one address to the next. Yes, there are rare instances you would need a private key or even a master private key, but those are for very specific reasons.

Thanks for the detailed reply.

I have an android device, Oneplus One, which is rooted by me but have latest google security patches.
I have PIN code access to the phone and PIN code access to Mycelium.
The seed is backed up on text document which is zipped with a password on cloud storage service and printed on a piece of paper as well.