tx fees way too high, even in low prio or economy mode

[Kazimir]

I know Mycelium uses dynamic fees, and understand why, and it's great that you do this.

However the current settings are WAY too high. Especially the low priority and economic fee settings should be considerably lower. Currently they are much higher than would be required to get a confirmation within 30-60 or 60-120 minutes or so. Actually, even with the lowest (cheapest) setting, my txs still typically confirm within 1 or 2 blocks.

As I'm looking this very moment, my Mycelium (latest version, Android) suggests 235 sat/byte in Low-prio mode, and 255 sat/byte in Economic mode. These amounts could be 5-10 times smaller.

Can this be adjusted? It's good to put a warning in there, informing people this may cause considerable delay to their tx, but for users who know what they're doing it would be great to at least have the possibility.

Thanks ♥

[HI-TEC99]

Can this be adjusted? It's good to put a warning in there, informing people this may cause considerable delay to their tx, but for users who know what they're doing it would be great to at least have the possibility.

No I don't think mycelium lets you decide custom fee settings for yourself. Some of us discussed it, but nobody found a way to adjust the fee low priority pays, or the fee any other priority pays. Mycelium decides for you.

I agree there should at least be a warning about it, and consider allowing users to set their own custom fee is an essential feature for a wallet in today's overloaded network.

There's a few thread's discussing it. This is the latest one.

https://bitcointalk.org/index.php?topic=1741328.0

[Kazimir]

I agree there should at least be a warning about it, and consider allowing users to set their own custom fee is an essential feature for a wallet in today's overloaded network.

Well the thing is, the last week or two the network is totally fine. I'm sending transactions with 20 satoshis per byte (i.e. more than TEN times less than Mycelium's "Low Priority" mode) and they are getting confirmed just fine.

Thanks for the link, will check out the other thread.

[dillpicklechips]

I agree there should at least be a warning about it, and consider allowing users to set their own custom fee is an essential feature for a wallet in today's overloaded network.

Well the thing is, the last week or two the network is totally fine. I'm sending transactions with 20 satoshis per byte (i.e. more than TEN times less than Mycelium's "Low Priority" mode) and they are getting confirmed just fine.

Thanks for the link, will check out the other thread.

Even if customizing fee will not be made possible, Mycelium should continually update their recommended fees appropriately.

P.S. The fees has come lower like  in low-prio becoming 174sat/byte compared to the time of your post which is 235sat/byte and 234sat/byte in economic which is 21sat/byte less to the time of your post.

[ethereumhunter]

I know Mycelium uses dynamic fees, and understand why, and it's great that you do this.

However the current settings are WAY too high. Especially the low priority and economic fee settings should be considerably lower. Currently they are much higher than would be required to get a confirmation within 30-60 or 60-120 minutes or so. Actually, even with the lowest (cheapest) setting, my txs still typically confirm within 1 or 2 blocks.

As I'm looking this very moment, my Mycelium (latest version, Android) suggests 235 sat/byte in Low-prio mode, and 255 sat/byte in Economic mode. These amounts could be 5-10 times smaller.

Can this be adjusted? It's good to put a warning in there, informing people this may cause considerable delay to their tx, but for users who know what they're doing it would be great to at least have the possibility.

Thanks ♥

i think its normal and its because blockchain having overload in network too many times, so we need to pay more to gets fast confirmed. as far as i used mycelium, i don't mind to pay fees more than minimal amount because i don't want to waiting too long and even if i want to waiting too long, i don't thinking too much about the fee and i am sure that every transaction that have been made is always gets confirmed in the end.

[dillpicklechips]

-snip-

i think its normal and its because blockchain having overload in network too many times, so we need to pay more to gets fast confirmed.

The volume of transactions is one of the factor of the transaction fees that you'll pay but if you look at it now there is about 30k unconfirmed transactions. Should it be lowered? And people to stop paying so high since it is not necessary? Though I ak not saying that's the only factor influencing the transaction fees.

...as far as i used mycelium, i don't mind to pay fees more than minimal amount because i don't want to waiting too long...

Well that's for you. You don't mind how much money is loss in paying fees but to other people they see it as a waste since they pay expensive fees that are not needed and confirms just the same in terms of time. Just reread the above posts especially the original post.

...and even if i want to waiting too long, i don't thinking too much about the fee and i am sure that every transaction that have been made is always gets confirmed in the end.

No, it's not. If you pay a fee that is too low then you risk your transaction to never be confirmed and await for it to be forgotten and goes back to your wallet.

[Theizestooke]

Generally Fee is high Because bitcoin price high .

yes your wallet have high fee but it is good for you

[TryNinja]

Generally Fee is high Because bitcoin price high .

yes your wallet have high fee but it is good for you

And you just bumped a thread from 5 months ago for no reason

Since this thread is already in the top I'm just going to FTFY: Mycelium already updated their wallet and now you have a more flexible fee selection that allows you to choose a fee starting from 1 sat/byte up to 250 sat/byte without any problems.