Topic: Does anyone know roughly how much the different fee options charge? (Read 197 times)

The Mycelium fee rates are indeed "dynamic"... So, the rates used by the various options will change depending on what is currently happening with the network. So, you're kinda stuck dealing with whatever Mycelium's current "guess" is for 'low-priority', 'economy', 'normal' and 'priority'.

The devs seem more interested in milking the app for whatever gains they can by force feeding user's ads, implementing dodgy ICOs and getting affiliate fees from credit card enabled coin exchanges that have outrageous currency spreads.

It took immense amounts of moaning and bitching by (Android) users to get the scrollable options for the fee rates...


Mycelium is indeed an HD wallet, so it will generate multiple addresses for each "account" that you have... However, like a lot of HD wallets, it doesn't allow you to create a new address until the previous address has been used... in addition, it will do this automatically.

So, you click "receive" it'll show you AddressA... when it detects that AddressA has received some funds, the next time you click "receive", it will automatically show you AddressB and so on...


The good news is that Mycelium is BIP39/BIP44 compliant... so yes, your addresses will start at m/44'/0'/0'/0/0 and increment from there... You should also have the 12 word recovery phrase that you can use to migrate to another BIP39 compliant wallet if required.

And that's to their detriment, because their wallet is otherwise a pretty decent mobile wallet (though I've heard that they've added a lot of questionable extra features lately).  It's also the reason why I stopped using them completely a few years ago when I was unable to send about $45 worth of bitcoin with a fee less than about $100 or something like that.  It baffles me why they don't change their fee tiers and just allow users to set the fee to exactly what they want.

That's another reason why Electrum is a superior wallet IMO.  I've saved so much on fees by using the "pay to many" feature, and if I'd had to use Mycelium to do separate transactions, it wouldn't even be worth it (especially when the network is congested).

Yeah, it's just a stupid setup all around and this isn't the first thread that's had people complaining about it.  You'd think the devs would take notice of its users' concerns, but nope.  I've no idea what's going on in their heads.

It appears that this setting is not available on iOS either. But I do know that my addresses are legacy, and at a first glance I think I can only have one per wallet, unless mycelium creates another address for each transaction I'm about to make. There's no feature for generating more addresses either from what I can see, but at least they give me the xpub of the address. I'm not sure how useful that will be though.

I'm guessing my address is at m/44'/0'/0'.

Go to Settings > enable Show address path.
The derivation path depends on the address type you're using.

I can never remember those

Mycelium is following BIP32, BIP44, BIP49 and BIP84.



Yes, you can definitely do that. At least as long as we are talking about legacy addresses (starting with 1..).
For any other address type, no fixed standard to sign messages exist.. You could sign messages using a segwit address with electrum, but that message then can only be verified using electrum.

However, the correct derivation paths are:

• m/44'/0'/0' for addresses starting with 1..
• m/49'/0'/0' for addresses starting with 3..
• m/84'/0'/0' for addresses starting with bc1..

Thank you for clearing up the info about fee rates.

It seems that I have another problem now; I would like to make a signed bitcoin message using my Mycelium address, but it seems that the iOS version cannot do this. There is not even an option to see the the private key so that this can be done myself, only an option for writing the seed phrase (which I did).

Do mycelium addresses use BIP32 derivation so I can just use some utility to derive the private key that's located at 0/32/0' (correct me if I'm wrong because I don't think that sounds right) and make a signature using some other tool with that information?

What makes you think the current fee is 102 sat/byte? Johoe indeed shows that many people are willing to pay 80+ sat/byte, but the moment a few blocks are found fees drop to 7 sat/byte again. I just overpaid by making a 22 sat/byte transaction (because I didn't want to wait long) and it quickly confirmed.

I use the same Android wallet Charles-Tim showed. "Normal" now charges 66 sat/byte. Most of the time, I use "Low-priority" and then go a bit lower (further to the left).

So looks like with the current fees of around 102 sats/byte, the best option for me to use is Normal. Thank you!

I just wonder if the fees for each option dynamically updates as the network fee changes. I find it strange that Priority is setting the fee to 99 sats/byte which is very close to the network fee. Maybe they're constant values.

Maybe the feature is not included in mycelium iOS which is what you are using, on my Android phone, the fee estimates are included. You can check the example below which I just take screen shots not quite long from mycelium wallet on my Android phone.

Low priority

                    



Economy




Normal



Priority

          

There is no Mycelium fee estimator before the Send button. This is literally all they show you:



As you can see it says "Low Priority or Economy may result in longer confirmation time" but the problem is by how much? How much bigger is Economy relative to Low Priority? I'm not willing to send live transactions to test this out.

It will be good to make use of a reputed bitcoin transaction fee estimator site for this and compare it with mycelium fee estimator. And as you know, the transaction fee is not constant, but in accordance to mempool.

I am sorry for making yet another thread about this. If you search this board for "fee" you'll see a bunch of other threads also wondering why their fees are so high/low/not the exact fee they want (and Mycelium devs won't implement custom fees). But none of them answer the question I have.

I have installed the Mycelium iOS wallet for holding small amounts of money and making small payments while I am on the go and can't access my Electrum wallet. There are four options for the fee: "Low Priority", "Economy", "Normal" and "Priority" and I want to know if anyone knows what sat/byte rates Mycelium uses for each of them. Priority probably uses some insane amount like 300 or 400 sats/bytes but it's not like I'll ever use it given my use case.

There is no Pay to many feature in Mycelium unfortunately, so I'll be ending up making a second transaction to one of my Electrum addresses after I send a first transaction to someone else. With the fees taking a meaningful amount of dollars these days (around $5-$10), I want to avoid paying a large percentage of my holdings in fees.

Electrum's been suggesting default fees around the magnitude of ~150 sats/byte, and within 5 blocks (about an hour) ~80 sats/byte, so I don't want to activate a trap and pay a stupidly high fee for a small transaction.

(On the other hand, why name one of the options "Economy" and another "Normal", that's just plain ambiguous. It's like having both an economy flight and a normal flight, which sound identical.)