Mycelium to Ledger Nano S - Transaction fee issue

[chesatochi]

Hi,

I bought the Ledger Nano S, and I want to transfer money from my Mycelium wallet. I have 0.15 BTC that I want to transfer and I have an issue with the fee that I don't understand.

for example, if I want to transfer 0.20 CDN with a normal transaction fee and the software set the fee to 7.70 CDN.

What is going on with the transaction fee? my goal is to send 0.15BTC, but the software wants to charge me 78 CDN to transfer only 175 CDN. 

[xhomerx10]

Hi,

I bought the Ledger Nano S, and I want to transfer money from my Mycelium wallet. I have 0.15 BTC that I want to transfer and I have an issue with the fee that I don't understand.

for example, if I want to transfer 0.20 CDN with a normal transaction fee and the software set the fee to 7.70 CDN.

What is going on with the transaction fee? my goal is to send 0.15BTC, but the software wants to charge me 78 CDN to transfer only 175 CDN. 

  Sounds like your 0.15 BTC is comprised of many small inputs.  The fee is based on the size of the transaction in bytes - you might be able to lower the fee you send and cross your fingers or you can wait until the number of unconfirmed transactions diminishes.  There is a possibility of attaching a minimum .0001 BTC per kb fee and using ViaBTC accelerator as well.  I'm not familiar with mycelium wallet though - perhaps  you should move the post to that section.
 

[HCP]

You're selecting "Normal" from the "Low-Prio, Econominc, Normal or Priority" list right? Do you have any idea how many inputs are making up your 0.15 BTC total? Is is just one or two inputs or are we talking 10-20+ inputs?

It is probably because the bitcoin network has been choked up lately, so the fees escalated in response to there being 50K+ unconfirmed transactions for several days. It dropped down yesterday, but, at the time of writing this, it seems to have spiked to over 40K again.

The app calculates fees on a "per (kilo)byte" basis, so if there are more than one or two inputs, the transaction becomes a lot larger and the fees increase as a result.

You could maybe try selecting "low prio" to see if it drops the fee down to an acceptable level for yourself, but be aware that this could mean your transaction could sit as unconfirmed for several days (based on recent history)! 

[Cerbera]

You're selecting "Normal" from the "Low-Prio, Econominc, Normal or Priority" list right? Do you have any idea how many inputs are making up your 0.15 BTC total? Is is just one or two inputs or are we talking 10-20+ inputs?

It is probably because the bitcoin network has been choked up lately, so the fees escalated in response to there being 50K+ unconfirmed transactions for several days. It dropped down yesterday, but, at the time of writing this, it seems to have spiked to over 40K again.

The app calculates fees on a "per (kilo)byte" basis, so if there are more than one or two inputs, the transaction becomes a lot larger and the fees increase as a result.

You could maybe try selecting "low prio" to see if it drops the fee down to an acceptable level for yourself, but be aware that this could mean your transaction could sit as unconfirmed for several days (based on recent history)! 

Interesting. It has never occurred to me that the number of inputs you are referring to might be an issue. Would I be correct in saying that one Bitcoin from one source might be "better" than a Bitcoin from somewhere else? What happens to the network when all Bitcoins have been divided millions of times?

[HCP]

You can easily "combine" bitcoins again... it's not like they are permanently split... if you have 10x 0.1 BTC chunks, you can just send yourself 1.0 BTC and all the 10 inputs will be combined back into 1x 1.0 BTC chunk.

[Cerbera]

You can easily "combine" bitcoins again... it's not like they are permanently split... if you have 10x 0.1 BTC chunks, you can just send yourself 1.0 BTC and all the 10 inputs will be combined back into 1x 1.0 BTC chunk.

Thanks HCP, that sounds like a good plan if you need to send your BTC somewhere (without a long delay) at a later date.

[BitMaxz]

You can easily "combine" bitcoins again... it's not like they are permanently split... if you have 10x 0.1 BTC chunks, you can just send yourself 1.0 BTC and all the 10 inputs will be combined back into 1x 1.0 BTC chunk.

Is it possible without a fee?
I never tried this but i was asking before but its still not clear because there is no answer or reply in my thread in electrum section before..
Hope clear up now if sending the bitcoin in the same address or own address i still need to pay for the fee? or i don't need to set the fee?
Is it also possible in mycelium or electrum sorry just asking this just to clarify and i have lots of small input in one of my bitcoin address and i still don't touch it until i found i way to decrease the fee or a way to combine the small inputs..

[TryNinja]

You can easily "combine" bitcoins again... it's not like they are permanently split... if you have 10x 0.1 BTC chunks, you can just send yourself 1.0 BTC and all the 10 inputs will be combined back into 1x 1.0 BTC chunk.

Is it possible without a fee?
I never tried this but i was asking before but its still not clear because there is no answer or reply in my thread in electrum section before..
Hope clear up now if sending the bitcoin in the same address or own address i still need to pay for the fee? or i don't need to set the fee?
Is it also possible in mycelium or electrum sorry just asking this just to clarify and i have lots of small input in one of my bitcoin address and i still don't touch it until i found i way to decrease the fee or a way to combine the small inputs..

No. You can't just merge two inputs. You need to send them all at once in the same transaction to arrive at your address as one new input.

Input 1 |
Input 2 | > Output 1
Input 3 |

The main advantage is that you can send this transaction with a super low fee - since the coins are still in your control - to avoid paying higher fees when you want to send a transaction that needs to get confirmed ASAP.

[HCP]

To get "merged"... UTXOs need to be included in an "on chain" transaction... this will obviously require a transaction fee. It is technically possible to use a fee of zero, but the chances of that transaction being mined will be relatively low.

The best option, in my experience, is to use a manually set fee of 10+ sats/byte and then use the ViaBTC TX accelerator to push the transaction through. For a transaction with 20 inputs, the size will be around 3K bytes, so at that fee rate, the fee will only be ~30K sats

[BitMaxz]

You can easily "combine" bitcoins again... it's not like they are permanently split... if you have 10x 0.1 BTC chunks, you can just send yourself 1.0 BTC and all the 10 inputs will be combined back into 1x 1.0 BTC chunk.

Is it possible without a fee?
I never tried this but i was asking before but its still not clear because there is no answer or reply in my thread in electrum section before..
Hope clear up now if sending the bitcoin in the same address or own address i still need to pay for the fee? or i don't need to set the fee?
Is it also possible in mycelium or electrum sorry just asking this just to clarify and i have lots of small input in one of my bitcoin address and i still don't touch it until i found i way to decrease the fee or a way to combine the small inputs..

No. You can't just merge two inputs. You need to send them all at once in the same transaction to arrive at your address as one new input.

Input 1 |
Input 2 | > Output 1
Input 3 |

The main advantage is that you can send this transaction with a super low fee - since the coins are still in your control - to avoid paying higher fees when you want to send a transaction that needs to get confirmed ASAP.

How much honestly the super low fee.. i would like to try it right now i have 0.03 right now with 2 inputs and i set manually the fee of 0.0001 or 10k sat and also i check the replaceable if ever the transaction takes longer time,

To get "merged"... UTXOs need to be included in an "on chain" transaction... this will obviously require a transaction fee. It is technically possible to use a fee of zero, but the chances of that transaction being mined will be relatively low.

The best option, in my experience, is to use a manually set fee of 10+ sats/byte and then use the ViaBTC TX accelerator to push the transaction through. For a transaction with 20 inputs, the size will be around 3K bytes, so at that fee rate, the fee will only be ~30K sats

What should the fee for 0.03 with 2 inputs ?
I just send my 0.03 with 2 inputs for 10k sat just now and hope to see the transaction will confirm fast.

Updated: Just tested just now and looks like great and not taking for a long time to be confirm
Here is the txid.. https://blockchain.info/tx/8c2ca3249a174adf4c55f95edb1b746076cc2a8b15e6c4d45c1513251d0c96b6

[HCP]

What should the fee for 0.03 with 2 inputs ?
I just send my 0.03 with 2 inputs for 10k sat just now and hope to see the transaction will confirm fast.

Honestly... the 0.03 is irrelevant... it is the number of inputs (or more correctly, the total data size of your transaction) that is important when attempting to calculate a "good" fee

Use this formula: (#inputs * 148) + (#outputs * 34) + 10

This should give you a pretty decent estimate of the total transaction size in bytes... so in your case, with 2 inputs and 1 output:

(2 * 148) + (1 * 34) + 10 = 296 + 34 + 10 = 340 bytes.

Your actual transaction was 338 bytes... so you can see, it's pretty close... now, simply take your size in bytes... multiply by (at least) 10... and that is minimum fee you'll need for ViaBTC TX accelerator. in this case, 3400 sats... Then just wait until a new hour ticks over... and submit your transaction to: https://pool.viabtc.com/tools/txaccelerator/

Then just wait until they mine a block (sometimes two depending on how busy the network is and how long it has been since they mined a block)...

Updated: Just tested just now and looks like great and not taking for a long time to be confirm
Here is the txid.. https://blockchain.info/tx/8c2ca3249a174adf4c55f95edb1b746076cc2a8b15e6c4d45c1513251d0c96b6

You got "lucky"... the network isn't too busy at the moment... less than 5000 unconfirmed, the bulk of which are < 20 sats/byte fee... if there were 10-20K+ unconfirmed, you'd probably still be waiting

[sandpiper]

I am also interested in transferring BTC on my new Ledger Nano S wallet. I was wondering whether could be possible to import the private keys from Mycelium to Ledger Nano S and to avoid in this way the transction fee.

[HCP]

No. You cannot import private keys to a hardware wallet... And that would completely negate the point of using a hardware wallet. You're putting "exposed" private keys onto a secure device!

If you have enough BTC to warrant owning a hardware wallet... you can afford a few satoshis in transaction fees!

[sandpiper]

No. You cannot import private keys to a hardware wallet... And that would completely negate the point of using a hardware wallet. You're putting "exposed" private keys onto a secure device!

If you have enough BTC to warrant owning a hardware wallet... you can afford a few satoshis in transaction fees!

Thank you. It makes sense. Ladger Nano S had a good price at Black Friday