Hi Guys,

Thanks for the quick replies. Well answered.
Many thanks Bob123 for the direct answer and to the others who have given me the research material asked for 

Regards
-Moscow101
 

Hi,

Newby question about the Mycelium wallet miners fees.

I'm starting to acquire through an Exchange a very small amount of Bitcoin to play with and experiment. I downloaded the Mycelium wallet (recommended by many) and I instantly had a question that I'm confused over.

With regards to sending Bitcoin, I'm aware that in order for my transaction to take place I should pay the miners for including my transaction in a block. However, I'm a little uncertain how these miner fees are calculated. For example, suppose I want to send a small amount of Bitcoin and at the bottom third of the screen I see the following text...

Normal
~30min
0.22323mBTC
~1.62 GBP
99 sat/byte

...how am I to be charged by the miner?

I'm guessing that the wallet has worked out that for my transaction to be included in about 30min that a fee of 0.22323mBTC is appropriate and that in my currency this works out at about 1.62 GBP.

But, has the wallet already worked out that it might take 3 inputs to complete the transfer and the total cost to me will be 1.62 GBP. Or, am I being told by the wallet that I will be charged 1.62 GBP per input, and it's somehow up to me to work out how many times this 1.62 GBP will be applied. I.e. if it were three inputs then 4.86 GBP would be charged by the miners.
Or, have I got this all wrong and need schooling?

Please keep your answers simple, it could quickly go above my head. I do realise that the charges are low but I would like to understand.

Thanks in advance
-Moscow101