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Muun Wallet Review 2024: Is It a Good BTC Wallet?
Swen Keller
- URL: https://muun.com/
- Hardware Compatible: Yes
- Price: Free
- Staking Rewards: No
- Platform App: Mobile
- NFTs Storage: No
- No. of Assets Supported: 1 (Bitcoin)
- Type of Wallet: Self-custody hot wallet
Muun Wallet Review: Our Opinion
The Muun wallet is a traditional self-custody wallet that only supports Bitcoin. Users can also send and receive instant Bitcoin funds via the Lightning Network with blockchain fees as low as 1 satoshi. They can also instantly pay lightning invoices with their wallet.
That said, it offers a limited set of features as it supports only one cryptocurrency and does not permit NFT transactions nor allow dApps interaction like its competitors.
This gives Muun Wallet a very restrictive target audience – Bitcoin and lightning network enthusiasts. So if you’re looking for a large selection of assets and crypto-related features the Muun wallet is not for you.
An Overview of Muun
The Muun wallet was launched in 2018 as a self-custodial wallet for users to store and manage their Bitcoin coins.
The Bitcoin wallet allows users to send and receive coins via the lightning network for instant payments.
It is also compatible with hardware wallets like Trezor. Muun wallet is SegWit enabled as well.
Muun Bitcoin wallet has the motto “pay to people not addresses” and in line with this facilitates peer-to-peer payments enabling users to send Bitcoin to their friends using their mobile numbers and contact list.
Beyond its Bitcoin wallet features, The Muun wallet is built on an open-source code that members of its community with technical expertise can review.
Pros
- Built-in open-source code
- Supports peer-to-peer lightning payments
- Easy to use
Cons
- No NFT support
- No staking
- Only supports Bitcoin
Muun Wallet: What Is It?
The Muun wallet is a self-custodial Bitcoin wallet that allows users to manage and participate in Bitcoin transactions (send and receive Bitcoin) via the lightning network for quicker speeds.
Muun Wallet Review: How Does it Work?
Muun is a self-custody wallet. This means unlike custody wallets on centralized exchanges such as Coinbase or Kraken, the Bitcoin, and Lightning wallet gives users complete ownership of their Bitcoin private keys.
So with Muun users aren’t at the risk of losing their funds in the event of bankruptcy of the company as in the case of Celsius Network or exchange-wide hacks.
In addition, with Muun all bitcoin and lightning transactions are secured with multi-sig 2-of-2 and theft detection. This means that a personal key is kept on your smartphone and another is held by Muun as a co-signing key.
Your co-signing key is also kept on your phone in an encrypted manner. This way users get complete ownership of their bitcoins as they hold 2 of 2 private keys.
How to Set Up Muun Wallet
The first step to setting up your Muun wallet is to download the mobile wallet on your smartphone.
Muun Wallet is available on the Google Play Store and Apple App Store. After downloading the Muun Wallet mobile app, launch it.
Next, create and confirm a PIN for the wallet.
After PIN confirmation, the wallet will create a Bitcoin lightning wallet for you. Once it’s done creating you’ll see a pop-up informing you that the mobile wallet was successfully created.
After this, you’ll want to back up your wallet to ensure that you can recover your bitcoins if you lose your device.
To do so, input your email address then open and verify the email sent from your wallet by clicking the link in the verification mail.
Next, create your wallet password.
It is important to note that Muun requires that you can access your recovery email and password to recover your wallet.
How to Send and Receive Coins
To receive bitcoins, launch the app and tap the receive button on your home screen. You’ll see a QR code and a crypto address.
Copy the address and share it with the Sender.
You have the option of compatibility with old Bitcoin addresses (if you’re sending from an obsolete/old wallet) or Bech32 Native SegWit.
To send Bitcoin, tap on the Send button and either share your QR Code with the sender or copy your address and send it to them.
Once the Bitcoins have been sent you’ll see it as an incoming transaction and it will become usable after the first confirmation. This is possible due to Muun Wallet’s support of Bitcoin and lighting technology.
Muun Wallet Review: Unique Features
Muun Fee Estimator
Muun’s fee estimator allows you to pay more efficient fees for your block transactions.
Most crypto wallets get their fee estimations from bitcoins but Muun uses its built-in fee estimates which are meem-pool based. Unlike other Fee estimators which suggest fees based on past blocks, fees rate, and transactions, Muun’s estimator suggests the next-block fee rate by looking at the current state of the meme pool.
The Muun fees estimator prevents you from underestimating the fee rate during high network congestion and overpaying when unnecessary. This allows you to save up to 30% in fees. It determines and recommends the appropriate fee required to validate a transaction in as little as 30 minutes.
Cryptocurrencies Supported
Muun Wallet is a Bitcoin-only wallet. It allows you to send and receive different denominations of Bitcoin including Millbitcoins, Microbitcoins, and Satoshis.
Does it Support NFTs?
No, the Muun wallet does not support NFTs.
Fees Explained
The Muun wallet does not charge processing fees but you’ll have to pay the standard network fees (transaction costs) which go straight to miners (Muun does not get these fees). That said, these fees are as low as 1 satoshi on some occasions. However, users have complained of being charged from 6% to 20% in fees for Lighting Network transactions for the same size of transactions being billed 1 satoshi.
These higher fees are usually due to the wallet having to open new channels on the Bitcoin and lightning node for users (an on-chain transaction that they require you to pay for) or channel rebalancing.
Muun Wallet Review: Security
Muun is a 2-of-2 Multi-signature, non-custodial Wallet. It is also a fully self-custodial wallet, which means your Bitcoin cannot be accessed by anyone including Muun, only you have control of your Bitcoin.
Self-custody is at the core of the Muun. Unlike other wallets, Muun does not use mnemonics as this means your bitcoin can be easily frozen.
Instead of a mnemonic, Muun uses an Emergency Kit. When combined with your Recovery code, the Kit gives you full self-custody of your assets.
The Emergency Kit is a PDF document that provides details and guidance on accessing and utilizing your funds autonomously. It includes your private keys and output descriptors, ensuring there’s no need to forcibly retrieve any absent data.
The Kit can be replicated into multiple copies and even stored in the cloud. Your private keys are securely encrypted with your Recovery Code.
It is designed to fit Bitcoin’s latest scripts, this includes lightning, taproot, and multi-sig.
As a 2-of-2 Multi-signature lightning Wallet, all your outgoing transactions on the wallet must be signed by two keys instead of one. Also, your keys are not all stored on a single device. Your phone has just one key while the Kit holds two.
To keep your funds in the Muun wallet safe, Muun ensures that your decrypted keys are never stored in the same place. This means that even if your phone gets hacked or is compromised by a malicious file or dangerous app, your bitcoins will be safe. While the attackers may be able to extract your secure storage contents, they will not be able to steal your funds because they will not find enough keys to access your funds.
Muun’s server only has the second key, so even if the server is attacked, your funds in the wallet will be secure.
Only the Kit has both keys but they are encrypted with a code written on paper with no internet connection.
Muun Wallet Review: Opening an Account
The Muun wallet operates without any account opening procedure, as it refrains from gathering or transmitting personal information, unlike traditional Bitcoin wallets.
To use the app, you just need to download it from the Google Play Store or Apple App Store, launch it, and use it.
Muun Mobile Wallet App
The Muun app is a mobile wallet for Bitcoin and a lightning network that makes sending and receiving Bitcoin on the go easy.
The Wallet app has a user-friendly interface, it can be used by beginners without any specific knowledge of the lightning network. Muun’s use of the lightning network makes sending and receiving Bitcoin faster and cheaper.
The app features the meme pool-based Muun fees estimator which prevents you from overpaying and saving up to 30% in fees.
The Wallet app offers support for Bech32 and a fee selection feature.
In-app customer service is available in English and Spanish.
Customer Satisfaction
Muun offers customer support via email. Customers who need help can contact Muun customer support via email at support@muun.com while those who have questions or want to make enquiries can reach the support team via email at contact@muun.com.
Muun offers good customer service but has limited support channels available.
That said, the Muun mobile app has a user-friendly interface and lots of positive feedback from users.
Who Should Use Muun Wallet?
The Muun wallet is for Bitcoin investors who want to fully own their coins and lightning channels.
Why Use a Muun Wallet?
The Muun Bitcoin wallet gives you complete ownership of your bitcoins as both private keys are stored on your device.
Alternatives to Muun Wallet
Popular Bitcoin wallets aside from Muun include Phoenix Wallet, Breeze, and BlueWallet.
Final Thoughts
The Muun wallet is strictly for users interested in managing their Bitcoin assets.
It doesn’t offer many features except sending and receiving bitcoins via the lightning network and giving you full ownership of your coins.
If you’re looking for a lightning wallet with NFT support, staking, dApps, in-built third-party exchanges, and payment processors, Muun isn’t it.
Users have also complained of exorbitant network fees.
FAQ
Most frequent questions and answers
No, you cannot buy Bitcoin with the Muun wallet.
Muun uses your email address for backup while Mycelium provides traders with a recovery seed phrase.
The Muun wallet supports the Bitcoin lightning network.
You can withdraw your bitcoins by pasting another address in the Send field in your Muun wallet and then sending your coins to it.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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