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Author Topic: Mycelium Bitcoin Wallet  (Read 584637 times)
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May 05, 2017, 08:34:56 PM
 #2021



Problem fixed!

Thanks for the help

 Grin
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May 06, 2017, 01:58:31 AM
 #2022



Problem fixed!

Thanks for the help

 Grin

Awesome.
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May 06, 2017, 03:15:46 AM
 #2023

I have been using the Mycelium wallet or a few months and its really good and i haven't experienced any issues
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May 07, 2017, 09:45:30 PM
 #2024

what can i do with my 1 mycelium token? where can i trade it?
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May 08, 2017, 05:14:56 AM
 #2025

*crickets*
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May 08, 2017, 05:43:09 AM
 #2026

what can i do with my 1 mycelium token? where can i trade it?

You could find buyers on the Telegram group they have. Mycelium tokens are only being sold on BitSquare exchange right now (which is a decentralized exchange): https://www.cryptocompare.com/coins/mt/markets/BTC
The tokens lost a lot of value, It's probably better to hold right now and see how things goes with the new update and how valuable they would become.

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May 12, 2017, 02:17:01 AM
 #2027

I am sure this has been asked. But what's up with the fees being so high. Is it just bitcoin price related. I mean I was just about to buy something for 80 USD and the lowest fees for low Priority is 17 bucks I mean normal was 24 bucks. I mean 20 bucks to send seems crazy to me. What's drives the mining fees and besides just changing the priority is there a way to set the fees?

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May 12, 2017, 02:35:42 AM
 #2028

It is a function of: "average" bitcoin fees currently being used/required to get included within a certain number of blocks... and your transaction data size.... hence people talk of "satoshi's per byte" or "btc per KB" when talking about fee "size".

If your wallet is full of tiny "dust sized" inputs (say, less than 0.001 btc each) from faucet collection or setting minimum payouts from mining pools etc... when you try and send an amount of BTC that is (0.01 or higher), you're going to end up with transactions that require 10+ inputs which results in a data size of over 1500 bytes (in some cases, I've seen users generating 2000-4000 byte transaction sizes).

Now, the current recommended fees are well in excess of 200 sats/byte. So, if you have a 1500 byte transaction (instead of an average 226 byte transaction), you end up having to have a fee of 1500 * 200 = 300,000 sats = 0.003 to send say 0.01 btc!!

now, imagine if you're sending 0.04375 (~$80 today)... and all your inputs are 0.001... you're going to need 44 inputs to make that amount... which would be a transaction that was like 6500 bytes... that would require 6500 * 200 = 1,300,000 sats = 0.013 btc which is around $20...

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes



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May 12, 2017, 09:09:35 AM
 #2029

It is a function of: "average" bitcoin fees currently being used/required to get included within a certain number of blocks... and your transaction data size.... hence people talk of "satoshi's per byte" or "btc per KB" when talking about fee "size".

If your wallet is full of tiny "dust sized" inputs (say, less than 0.001 btc each) from faucet collection or setting minimum payouts from mining pools etc... when you try and send an amount of BTC that is (0.01 or higher), you're going to end up with transactions that require 10+ inputs which results in a data size of over 1500 bytes (in some cases, I've seen users generating 2000-4000 byte transaction sizes).

Now, the current recommended fees are well in excess of 200 sats/byte. So, if you have a 1500 byte transaction (instead of an average 226 byte transaction), you end up having to have a fee of 1500 * 200 = 300,000 sats = 0.003 to send say 0.01 btc!!

now, imagine if you're sending 0.04375 (~$80 today)... and all your inputs are 0.001... you're going to need 44 inputs to make that amount... which would be a transaction that was like 6500 bytes... that would require 6500 * 200 = 1,300,000 sats = 0.013 btc which is around $20...

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes


Thank you so Much for the explanation. This is exactly what I was looking for. You are correct I do receive payout's from mining on a daily basis. I should just increase my max payout from the pool to limit that from happening. In the meantime is there a way to clean it up without having the huge transaction fees?


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May 12, 2017, 12:07:13 PM
 #2030

Moral of the story: DON'T collect dust.

Or collect dust into an old-fashioned single-address wallet or perhaps into a paper wallet. Would that work better? If so, then the moral could be amended to, "Don't collect dust into a HD wallet."

I can only amplify what you already wrote---if you have a dust-filled HD wallet, i.e. many addresses with a tiny amount each, then check this web page: https://jochen-hoenicke.de/queue/#1w for your chance to get a dust-consolidating transaction confirmed with a very low fee, like 20 satoshi/byte. Then send the transaction and wait, perhaps for up to 3 days, when, in most cases, the transaction will be auto-cancelled. Then you can try again, until you succeed. Weekends often provide a better chance.
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May 12, 2017, 12:26:30 PM
 #2031

Moral of the story: DON'T collect dust.

Or collect dust into an old-fashioned single-address wallet or perhaps into a paper wallet. Would that work better? If so, then the moral could be amended to, "Don't collect dust into a HD wallet."

I can only amplify what you already wrote---if you have a dust-filled HD wallet, i.e. many addresses with a tiny amount each, then check this web page: https://jochen-hoenicke.de/queue/#1w for your chance to get a dust-consolidating transaction confirmed with a very low fee, like 20 satoshi/byte. Then send the transaction and wait, perhaps for up to 3 days, when, in most cases, the transaction will be auto-cancelled. Then you can try again, until you succeed. Weekends often provide a better chance.

i don't think that makes any difference does it? anything going out will still be made up of tons of inputs. i had masses of inputs on one address. the fee was still huge to move it.
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May 12, 2017, 12:31:39 PM
 #2032

Moral of the story: DON'T collect dust.

Or collect dust into an old-fashioned single-address wallet or perhaps into a paper wallet. Would that work better? If so, then the moral could be amended to, "Don't collect dust into a HD wallet."


Makes no difference fee-wise. When you collect on a single address, you just have worse privacy until you spend.
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May 12, 2017, 12:48:56 PM
 #2033

Or collect dust into an old-fashioned single-address wallet or perhaps into a paper wallet. Would that work better?

Makes no difference fee-wise. When you collect on a single address, you just have worse privacy until you spend.

Oh oh, I still don't understand that part of Bitcoin well enough. I am learning.
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May 12, 2017, 01:07:01 PM
 #2034

Moral of the story: DON'T collect dust.

Or collect dust into an old-fashioned single-address wallet or perhaps into a paper wallet. Would that work better? If so, then the moral could be amended to, "Don't collect dust into a HD wallet."

No.

50 inputs is still 50 inputs.  It doesn't matter if it's a single bitcoin address or 50 different addresses.

Example.... a 50cent coin (1 input) takes a lot less space, easier to count, move and spend than 50 pennies (50 inputs).
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May 13, 2017, 11:19:15 AM
 #2035

Yes, I keep falling back into the bookkeeper's way of thinking, where accounts are totalled.

I think I understand it better now, but I still have some learning to do.

Anyway, the remaining method to consolidate dust wallets is still to try a collecting transaction with a low fee and hope for the best.

What I absolutely don't know is how effective the 72 hour setting to auto-cancel transactions is. Apparently a transaction should be cancelled automatically, but when it is re-broadcasted, it could linger on forever. I don't know how often the auto-cancel works and how often it fails. Any good information on that one?
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May 13, 2017, 01:59:44 PM
 #2036

It is a function of: "average" bitcoin fees currently being used/required to get included within a certain number of blocks... and your transaction data size.... hence people talk of "satoshi's per byte" or "btc per KB" when talking about fee "size".

If your wallet is full of tiny "dust sized" inputs (say, less than 0.001 btc each) from faucet collection or setting minimum payouts from mining pools etc... when you try and send an amount of BTC that is (0.01 or higher), you're going to end up with transactions that require 10+ inputs which results in a data size of over 1500 bytes (in some cases, I've seen users generating 2000-4000 byte transaction sizes).

Now, the current recommended fees are well in excess of 200 sats/byte. So, if you have a 1500 byte transaction (instead of an average 226 byte transaction), you end up having to have a fee of 1500 * 200 = 300,000 sats = 0.003 to send say 0.01 btc!!

now, imagine if you're sending 0.04375 (~$80 today)... and all your inputs are 0.001... you're going to need 44 inputs to make that amount... which would be a transaction that was like 6500 bytes... that would require 6500 * 200 = 1,300,000 sats = 0.013 btc which is around $20...

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes


Thank you so Much for the explanation. This is exactly what I was looking for. You are correct I do receive payout's from mining on a daily basis. I should just increase my max payout from the pool to limit that from happening. In the meantime is there a way to clean it up without having the huge transaction fees?



Still trying to see if someone can answer my question. Is there any way in the meantime to clean it up without having huge transaction fees?

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May 13, 2017, 02:26:38 PM
 #2037

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes


Thank you so Much for the explanation. This is exactly what I was looking for. You are correct I do receive payout's from mining on a daily basis. I should just increase my max payout from the pool to limit that from happening. In the meantime is there a way to clean it up without having the huge transaction fees?



He did answer your question.  Read the last paragraph again.

-- Send with a very low fee, and then you can join the people complaining about it taking a long time. --

So, send all your dust to a new address with a low fee.  Takes a lot longer (and hopefully confirms), but then you'll have all your dust as a single new input on a diff address.

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May 13, 2017, 05:19:25 PM
 #2038

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes


Thank you so Much for the explanation. This is exactly what I was looking for. You are correct I do receive payout's from mining on a daily basis. I should just increase my max payout from the pool to limit that from happening. In the meantime is there a way to clean it up without having the huge transaction fees?



He did answer your question.  Read the last paragraph again.

-- Send with a very low fee, and then you can join the people complaining about it taking a long time. --

So, send all your dust to a new address with a low fee.  Takes a lot longer (and hopefully confirms), but then you'll have all your dust as a single new input on a diff address.



I don't get the dust part I guess, what is considered dust? I mean I got over .28 in the wallet so send all.28 to a new wallet. But I would still get a huge fee. I mean I tried sending 80 dollars worth and that was 17 bucks to send.

Or are you saying just send a dollar's worth to myself or something? Sorry just trying to understand.

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May 13, 2017, 08:05:06 PM
Last edit: April 27, 2018, 09:26:05 PM by HI-TEC99
 #2039

Moral of the story: DON'T collect dust.

If you do, you're going to get slammed on transaction fees... or you're going to have to find a wallet that allows you to set a manual fee (Note: Electrum will import Mycelium seed if you select BIP39 from options during seed restore), and send with a stupid low fee and your transaction will get stuck for days waiting for confirmation. You can then join the legions of people posting "ZOMG Transaction not confirmed for DAYZ!!!!!1!1!" threads...  Roll Eyes


Thank you so Much for the explanation. This is exactly what I was looking for. You are correct I do receive payout's from mining on a daily basis. I should just increase my max payout from the pool to limit that from happening. In the meantime is there a way to clean it up without having the huge transaction fees?



He did answer your question.  Read the last paragraph again.

-- Send with a very low fee, and then you can join the people complaining about it taking a long time. --

So, send all your dust to a new address with a low fee.  Takes a lot longer (and hopefully confirms), but then you'll have all your dust as a single new input on a diff address.



I don't get the dust part I guess, what is considered dust? I mean I got over .28 in the wallet so send all.28 to a new wallet. But I would still get a huge fee. I mean I tried sending 80 dollars worth and that was 17 bucks to send.

Or are you saying just send a dollar's worth to myself or something? Sorry just trying to understand.

If you have all your addresses in one account in your mycelium wallet you can import the wallet into electrum. Afterwards you could wait until the network isn't overloaded and try sending your dust with very low fees. Electrum gives you full control over exactly what fee you pay, unlike mycelium.

I think it only works for addresses in mycelium's first account. You just put your mycelium seed words into the text box electrum shows when you create a new wallet.

You have to click the options button, then check "BIP39 seed" as in shown the screenshots.











A few of us tested the technique and it worked for all of us.

That'd be where I went wrong, it's working now. Thanks!

Wait... so you can confirm that you managed to import a Mycelium HD wallet into Electrum by clicking the Options button, ticking the "BIP39 Seed" option and then using the Mycelium seed words in Electrum?  Huh
Yup. I guess "BIP39" is the magic work  Wink


Nobody tested it with multiple mycelium accounts, but this quote suggests it won't work with a second mycelium account.


Electrum only supports the first/default wallet/account of the in BIP32 described HD wallets.
See here: https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki


edit

It does work with multiple accounts, but you have to restore them individually using a popup asking which account you want to restore. A user called Michail1 tested it.

*snip*

I have tested with a multiple mycelium account wallet.
It will work for other accounts; however, you have to restore them individually.  Meaning, follow the process outlined prior for each account within the wallet seed.  You get a popup asking which account you want to restore.



My seed has 6 accounts.  0-5   I restored the first 4 as tests to know that it works.


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May 14, 2017, 01:56:28 AM
 #2040


He did answer your question.  Read the last paragraph again.

-- Send with a very low fee, and then you can join the people complaining about it taking a long time. --

So, send all your dust to a new address with a low fee.  Takes a lot longer (and hopefully confirms), but then you'll have all your dust as a single new input on a diff address.



I don't get the dust part I guess, what is considered dust? I mean I got over .28 in the wallet so send all.28 to a new wallet. But I would still get a huge fee. I mean I tried sending 80 dollars worth and that was 17 bucks to send.

Or are you saying just send a dollar's worth to myself or something? Sorry just trying to understand.

Dust....

Let's pretend this is dollar.

I have two wallets.  Both have $100.    They are not the same.
1st wallet has a single $100 bill
2nd wallet has 10000 pennies.

If I go to the store, which is easier to spend?


Dust wallets = 10,000 pennies.  Sure, the total you have is .28 BTC, but is it made up of 2800 transactions or a single transaction of .28?

If you send .28 from a wallet with a single input of .28 BTC, then the fee is low.  About .00006 BTC.
Now, if you have a shit ton of transactions which add up to .28 BTC then it takes a lot of space ans costs more to account for all the inputs.

If you're not in a hurry, then use a relatively low fee (which you select), and simply wait the possible days it would take to confirm.
Normally, I would say to wait for the weekend; however, the backlog is pretty damn big.  So, the standard weekend waiting isn't a thing right now.

My suggestion is to send all .28 to yourself (a different address you own) so that you can quickly move your transactions when you want without higher fees.

If you had to pay $17 to send $80, then I think your calculations are wrong or you simply have a wallet with a ton of microtransactions - like very small mining or faucet.  Yes, if mining, then definately set a higher payout amount so you're not stuck with dust.



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