Muun is a very powerful, self-custodial wallet for Bitcoin and Lightning. The wallet is simple, fast, and secure. Just scan and make all the payments from a single balance.
The Muun wallet is available for both Andriod and iOS users.
- Self-custodial – Users have full control over their Bitcoin.
- Lightning-fast payments – Send and receive instant payments using the Lightning Network.
- Mempool-based estimator – Muun is mempool-based, which means the estimator looks at the current state of the mempool to suggest a next-block fee rate. It helps in confirming your transaction fast without overpaying. Muun’s fee estimator is 23.75% cheaper, on average, for the same precision.
Whereas Bitcoind and most of the other fee estimators suggest fee rates based on past blocks, transactions, and fee rates.
- Emergency kit – Export an emergency kit with your private keys and output descriptors. Designed to fit complex scripts, such as multisig, Lightning, and taproot.
- Easy wallet recovery – You can access your wallet from a different phone using a code written on paper or your email and password.
- Multi-signature – Muun is a 2-of-2 multi-signature wallet. Your emergency kit has both keys, but your phone just one. So, in case you lost your phone or it gets hacked, no one can spend your money because two keys are needed to spend it, and only one is present in your phone.
- Highly secure – No reuse of address; public address changes frequently.
If you are holding BTC, then you can directly install the MUUN application and transfer BTC into your wallet address and proceed.
In case you are not holding, then you can buy Bitcoin from Binance.
So, we have some BTC in our Binance account, which we will use for this activity.
Install the Application (Android)
Users can download the Muun wallet mobile application from the Google Play Store (Android).
Important: While downloading any mobile wallet application from the Google Play Store, it is always recommended to check the application download count, reviews, and the rating status. This way you can protect yourself from various phishing applications found on the internet.
Once the application is installed, a pop-up window will come up that will allow you to do two different activities related to the wallet installation.
- Create a new wallet
- I already have a wallet (restore wallet)
Create a New Wallet
Choose the option Create a New Wallet If you are a new user.
The application will ask to set up a wallet pin for security.
After PIN setup, the wallet is created and you can start doing transactions.
The Muun wallet offers a high level of security. The wallet allows you to recover your funds using your email and password.
Users can also use their email address and recovery code to recover their wallet as an alternative wallet backup facility.
It offers an emergency kit that contains the instructions and information to recover your funds without using Muun.
We will explore and activate each of these features and enhance our wallet security.
Once you create a wallet, you will get a pop-up message to back up your wallet. Take Backup before making any transactions so that, in case you lose your device or forget the pin, you’ll be able to recover your BTC.
To back up, click on the Backup your wallet button.
The application will ask you to provide your email address that the user will need to verify.
After that, it will ask you to set a backup password. Once done, you can see that your wallet backup status becomes green in the security section.
Important: The user needs to have access to your recovery email and the password to recover the wallet. So, keep the recovery email and the password safe.
Create an Alternative Backup
Click on this option, and the Muun wallet application will show you the recovery code that you can use along with your email address to recover your wallet.
Due to security reasons, we are not able to take…