Mycelium wallet miners fees

[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

[bL4nkcode]

However, I'm a little uncertain how these miner fees are calculated

It depends on your transaction size per bytes, though mycelium won't let its users see that. The dynamic fees on mycelium are calculated/estimated base on your transaction size and the current state of the network.

how am I to be charged by the miner?

If you choose the "normal" miner fee, you will be charged for 0.22323mBTC or 0.00022323 BTC (as per what you mentioned) on the transaction you will make.

The number of minutes shown on mycelium is only estimated time.

You can check the fastest transaction fee sats per byte here https://bitcoinfees.earn.com and compare to mycelium so you will have an idea.

[HCP]

I find bitcoinfees.earn.com is generally pretty poor with their estimates... their "recommended" fees are usually grossly overestimated and much higher than really required.

For instance... Bitcoinfees.earn.com is currently suggesting: "The fastest and cheapest transaction fee is currently 116 satoshis/byte, shown in green at the top."


I'd recommend using the 3rd graph here: https://jochen-hoenicke.de/queue/#0,24h

Check to see what the fee rates are around the 0.5mb-1mb level... and use that if you want "next block" type confirmation times... which would be around 50 sats/byte at the moment.

[Lucius]

I find bitcoinfees.earn.com is generally pretty poor with their estimates... their "recommended" fees are usually grossly overestimated and much higher than really required.

That's right, anyone who understands this issue a little better often points out that page as unreliable in the sense that they exaggerate with fees. But that page shows up at the top of the search results for the bitcoin + fee keywords, and let’s say it’s a lot easier for beginners because of the way that is designed. Jochen-hoenicke graphs are very nice, but for most people unclear how to interpret them.

I have a habit of using this calculator, but to use it you still need to have an insight into all the details of the transaction. If it is true that Mycelium does not allow the user to see that data, then I advise the OP to change the wallet if he wants to have better control over fees.

[bob123]

However, I'm a little uncertain how these miner fees are calculated.

You set the fee rate in sat/B and Mycelium multiplies the chosen sat/B fee rate with the size of your transaction. The result is the total fee in mBTC,

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

0.22323 mBTC is the overall Fee.
~1.62 GBP is the overfall Fee converted to your currency.
99 sat/byte is the fee rate in sat/B, which is used to calculate the overall fee.

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.

Yes.
The transaction is already constructed at this point. You just need to confirm what you see to actually sign it.

[hugeblack]

If you want to send small transactions "small sums" then I think that using a wallet that supports the lightning network will be appropriate. Check this for some options^[1].
As for the huge sums, you can do it with Mycelium wallet, as the amount of money sent is not important with calculating fees, but rather input/output addresses and some other variables. You can read the detailed explanation here^[2]thanks @DannyHamilton (Just ignore https://bitcoinfees.21.co/ section.)
If you want an easy and free method, you can use https://jochen-hoenicke.de/queue/#0,24h or https://btc.bitaps.com/

Source [3]

[1] https://bitcointalk.org/index.php?topic=5123436.0
[2] https://bitcointalk.org/index.php?topic=1882413.msg18710514#msg18710514
[3] https://btc.bitaps.com/

[Moscow101]

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