[Question/Help!] Bitcoin Transaction Fee Discrepancy

[Eureka_07]

Yo, folks!

The transaction fee displayed from my wallet, Mycelium to be specific, is not even close to what is shown from the Mempool. I wonder why? Can anyone enlighten me regarding this? The difference is up to 5x what is shown in the Mempool.
The lowest high priority in Mycelium fee starts around $27 while in the Mempool, it is currently at ~$12.

Is it just a UI bug? An updated data?
I just checked my current version, so I can confirm that it is up-to-date.
Am I just missing something?

I wanted to ask Mycelium support however AFAIK they do not have any support OR if there is any, I doubt that I will get any response.  That's why I asked here. TIA!

Pardon the dumb question.

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[pakhitheboss]

Did you check the version of your wallet? The current version is 3.16. For me the transaction fee for Normal is showing $23.94 and for Economic it is showing $17.43.

Mempool give you an approximate transaction fee value. If you want to replicate it then use Low priority wherein you will find a fee of $14.81

[SquirrelJulietGarden]

In Mycellium wallet, you can choose Bitcoin miner fee priority

Low-priority
Economic
Normal
Priority

What did you choose?




I don't like those options as I don't know how they are set. I would like to self-set fee rate by myself. Mycellium does not have different options for fee rate estimation like Electrum wallet with ETA, Mempool, Static.

Why don't use Electrum wallet which is available for mobile too?

One disadvantage, Mycelium wallet does not support Replace-by-Fee but they support Child-Pay-For-Parents. CPFP is more expensive than RBF but Mycelium wallet claims that they support a feature to Bump fee (but unfortunately it is CPFP, not RBF).

Bump-fee option (child-pays-for-parents algorithm)

[Cookdata]

Yo, folks!

The transaction fee displayed from my wallet, Mycelium to be specific, is not even close to what is shown from the Mempool. I wonder why? Can anyone enlighten me regarding this? The difference is around 5x what is shown in the Mempool.
The lowest priority in Mycelium costs around $27 while in the Mempool, it is currently at ~$12.

Is it just a UI bug? An updated data?
I just checked my current version, so I can confirm that it is up-to-date.
Am I just missing something?

I wanted to ask Mycelium support however AFAIK they do not have any support OR if there is any, I doubt that I will get any response.  That's why I asked here. TIA!

Pardon the dumb question.

There is a difference between mempool as been an explorer and the Bitcoin mempool where unconfirmed transactions are been received for miners to confirm, that been said.
Every wallet has a reference mining node where they take recommendation fees from, it is possible that the Mycelium wallet nodes is/are not connected to their mining node and that is why there is a disparity in your fees but I don't think it is something to worry about, you can set your fees in according to what you want it to be, you can increase it to medium or high priority, the main thing is for your transaction to be confirmed.

[Eureka_07]

I forgot to mention that the tx measurement in mempool is sat/vB. On the other hand, Mycelium's is in sat/byte.
And it's clear to me now that these two are different units of measurement; byte is larger than the vbyte.

Code:

byte= vbytes * weight / 4

That's most likely the part where I got confused.

Did you check the version of your wallet? The current version is 3.16. For me the transaction fee for Normal is showing $23.94 and for Economic it is showing $17.43.

Mempool give you an approximate transaction fee value. If you want to replicate it then use Low priority wherein you will find a fee of $14.81

Yep, same version. I see that we got the same transaction fee displayed. Which tells me that there's nothing wrong.

<snip>

Why don't use Electrum wallet which is available for mobile too?

One disadvantage, Mycelium wallet does not support Replace-by-Fee but they support Child-Pay-For-Parents. CPFP is more expensive than RBF but Mycelium wallet claims that they support a feature to Bump fee (but unfortunately it is CPFP, not RBF).

Bump-fee option (child-pays-for-parents algorithm)

I am aware of the priority levels, I still haven't chosen one though as I do not want to pay this much for now (and if ever I chose to lower the priority, it still got no guarantee that the tx will be confirmed in a short period of time). The reason why I'm still using the wallet is because I got used to it and I never had any issues. I'll consider hopping to Electrum, thanks!

<snip>
There is a difference between mempool as been an explorer and the Bitcoin mempool where unconfirmed transactions are been received for miners to confirm, that been said.
Every wallet has a reference mining node where they take recommendation fees from, it is possible that the Mycelium wallet nodes is/are not connected to their mining node and that is why there is a disparity in your fees but I don't think it is something to worry about, you can set your fees in according to what you want it to be, you can increase it to medium or high priority, the main thing is for your transaction to be confirmed.

Yeah, it could be something related to the recommended fee, specifically, because sats/byte does not include the transaction weight which results in an overestimation of the fee. (Just realized it recently after a few Google searches). Thanks, man!

[Doan9269]

The transaction fee displayed from my wallet, Mycelium to be specific, is not even close to what is shown from the Mempool. I wonder why? Can anyone enlighten me regarding this?

Are you sure that you've refreshed the page on mempool.space to see for the latest update on the charges, then are you sure that you're not only considering the highest fee priority alone from what you read on the mempool.

The difference is up to 5x what is shown in the Mempool.
The lowest high priority in Mycelium fee starts around $27 while in the Mempool, it is currently at ~$12.

You could use a wallet that supports RBF features and am not sure if the mycelium wallet you used have this same functions or you can rather important your wallet on electrum and set for lowest priority and you ca also make an adjustment on the fee charge per transaction you made from minimum to maximum amount same on electrum wallet.

[elevates]

The problem with Myceliuem is that you cannot set the transaction fee based on mempool. That is why Electrum Wallet is highly recommended as you can input the transaction fee based on the current fee shown on mempool.

Mycelium as per my understanding follows Johoe's Bitcoin Mempool Size Statistics and uses it to give those fee options. I would not recommend anyone using it as it is no longer a Bitcoin wallet. It is now a wallet that supports multiple blockchains.   

[tranthidung]

The problem with Myceliuem is that you cannot set the transaction fee based on mempool. That is why Electrum Wallet is highly recommended as you can input the transaction fee based on the current fee shown on mempool.

If it allows you to type your favorite fee rate, it is acceptable to use. I don't see that allowance with Mycelium wallet. If it does not have Mempool option but allows you to type fee rate manually, you can manually check mempool by yourself and type it for your transaction.

With Electrum wallet, I double check mempool manually every time before I broadcast my transaction.

Mycelium as per my understanding follows Johoe's Bitcoin Mempool Size Statistics and uses it to give those fee options.

I am not sure about that.

OP can move this topic to Wallet software (Mycelium) board.

[o_e_l_e_o]

The lowest high priority in Mycelium fee starts around $27 while in the Mempool, it is currently at ~$12.

Firstly, talking about fees in terms of a flat rate of fiat is absolutely meaningless. You should talk about fees in sats/vbyte - that's the only number that actually matters and the only number that miners pay attention to. While mempool.space gives a fiat fee for an "average" transaction, it has no idea if the transaction you are making in Mycelium is an "average" transaction. While 200 sats/vbyte might work out to $12 for an average transaction, 200 sats/vbyte might also work out to $27 for the transaction you are trying to make. Hence why comparing fees in flat rates is pointless.

I forgot to mention that the tx measurement in mempool is sat/vB. On the other hand, Mycelium's is in sat/byte.

Sats/byte has been inaccurate for almost 6 years now. I don't use Mycelium so I didn't realize it still uses this long outdated format. Pretty ridiculous if you ask me. The value it should be using is sats/vbyte.

I would also suggest using a wallet like Electrum which allows more customizable fee selection as well as enabling RBF which will allow you to bump the fee at a later time should it be necessary.

[jrrsparkles]

The transaction fee displayed from my wallet, Mycelium to be specific, is not even close to what is shown from the Mempool. I wonder why? Can anyone enlighten me regarding this?

Are you sure that you've refreshed the page on mempool.space to see for the latest update on the charges, then are you sure that you're not only considering the highest fee priority alone from what you read on the mempool.

Just FYI, mempool.space doesn't need to be refreshed because it will keep updating in the real time so as long as you're connected to the internet you can see what is the current status of mempool.

Usually wallets wallets such as Mycelium, coinbase gives you the approximate value which may not be the current required fee and I felt the same issue even with Electrum so it's better to check the required fee on mempool first before broadcasting the transaction from wallet.

[moijiashiasei]

possible set fee manually, be in control of duration it will take to confirm, stick to daily average

[Coyster]

possible set fee manually, be in control of duration it will take to confirm, stick to daily average

Setting/customizing fees doesn't mean you'll control the exact duration your transaction confirmation will take, you can of course customize your fee and target blocks you think your transaction will be confirmed in, but the network might be clogged and people's transactions paying more fees come in and you have to wait a little while more.