Every time when talking on Skype, I look in panic for a control button to turn the microphone on or off. Annoying terribly. So I set up hotkeys.
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MicMute will help turn on / off the microphone using the hotkey.
The program has a minimum of settings, and in fact you can only change the hotkey by which the microphone is turned off / on. Separately, you can select the devices for which MicMute will work. Or set the walkie-talkie mode when the microphone only works when the key is pressed.