Topic: Mycelium Bitcoin Wallet - page 23. (Read 586368 times)

Awesome.

Correct.  When you send it all to a new address, then you're basically converting your 10000 pennies into a $100 bill.

Ok, now that is an explanation I can understand #loveit!

Thank you for taking the time to explain it to me like that makes complete sense now. Even though I have one wallet and am mining to one address it is still making micro transaction (pennies into my wallet) so instead of just creating one lump some it has to pull all those transactions together to send out the amount I want to send. But once I send that one big amount it is now treated like a lump some rather than a bunch of smaller sums.

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.

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.



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


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.

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.

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.

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?

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?

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).

Oh oh, I still don't understand that part of Bitcoin well enough. I am learning.

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

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.

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.

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?

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... 

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?

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.

*crickets*

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

I have been using the Mycelium wallet or a few months and its really good and i haven't experienced any issues