thanks guys,
so as for my queries, is this going to effect the way I transact now as well as transact from my cold storage, I really do not want to mess around with different change addresses, I just do not want to know about it and I want to use the same address as I do now. I also want to keep 1 Cold Storage backup and not keep changing my backup every single time I make a simple transaction from it.
In that case, after the 2.0 upgrade, you should just keep using your existing (legacy accounts) and cold storage spending.
Sorry, but I don't understand it, could you make it a bit clear. Thanks
With the current version of Mycelium you can go to the Keys tab and see the addresses you are working on. Some of those addresses have a key associated with them, they are the ones you can spend from. The ones without a key are so called read-only addresses, you can monitor them but not spend from them.
With Mycelium 2.0 the Keys tab is renamed to Accounts. All your existing keys/addresses are now called accounts and work like before. Those are the ones I call legacy accounts.
In addition you will have one or more Hierarchal Deterministic (HD) accounts following the BIP32/BIP44 standard. An HD account is one that automatically generates new addresses as you use the wallet for sending and receiving. This means that you get much more anonymous (today anyone who knows your Mycelium bitcoin address can see all transactions associated with it).
Furthermore, because we now have BIP32 support this means that one backup of one secret is enough to generate all the private keys/addresses you will ever need for all the HD accounts you will ever need. Everything can be deterministically generated from one secret. The backup mechanism we use follows the BIP39 standard, and basically involves that you write down 12 random words on paper.
As a user you will not have to worry about all of those addresses, they are managed internally.
Today Mycelium lets you monitor 20 separate bitcoin addresses. For some of those addresses you also have a key (the default), which lets you spend from them
Great So what your saying is the old way will not disappear, I will be able to choose ?
Lets just say I want to make a new account can I make it like a legacy ? And how will I be able to make another legacy type account with Mycelium 2.0, I assume there are options for this? Or are you saying that ANY new account created from M-2.0 will be HD and will transact in the NEW style?
If this is the case does this mean I will never be able to make another legacy account with M-2.0 other than my old account from previous version of mycelium meaning I will have to make it outside of M-2.0 and then import it? Thanks for clarification
I mean who knows when I feel comfortable I may jump to HD, but its still great to have a choice.