No, this paper wallet was generated offline with a downloaded web site from https://segwitaddress.org/.
This would be done on a brand new Android tablet that will only be used to download Mycelium onto it. Then the transaction would occur.
From the looks of things using electrum and all that entails (from my other post in the Bitcoin Technical Forum) is equally risky for a technically-inept n00b like me.
I'm considering a fresh machine with a fresh Mycelium installation less risky than setting-up 3 wallets on electrum (3 different derivation paths), importing the key to each (?) and doing the transaction because an offline transaction with Electrum is beyond me. From what I gather I cannot use QR codes in Electrum for this transaction because of the size?
Just trying to find the most dependable and viable option because the electrum option could be just as dangerous if not more so for an idiot like me.
Topic: Mycelium Max Transaction Size? (Read 113 times)
It's not "in" Mycelium but on a paper wallet, so no worries there.
Is it a paper wallet created by Mycelium, the "Single Address wallet" where you write down 15 letters after printing it?In a nutshell, you're saying that Mycelium is perfectly capable of handling this transaction and that it is a perfectly viable option.
I've never tried large transactions on mobile myself, so it's only an assumption.Quote
Again, I don't care if it costs me $3K in transaction fees as long as it is a solid option.
I wouldn't call it solid: how secure is your phone? Are you willing to risk a life-changing transaction? Chances are it will just be fine and arrive at the right destination address, but are you willing to risk even a (say) 1% chance your phone is compromised and your funds disappear?The great benefit of signing offline is removing this risk completely. But you'll need to make sure you know what you're doing.
If it's life-changing, you definitely shouldn't keep it on Mycelium. I don't know if there's a maximum transaction size (other than the usual 100 kB), but if you're not in a terrible rush, you can just try at low fee. You may want to read [Apr 2021] Fees are low, use this opportunity to Consolidate your small inputs!. As an educated guess, setting 7 sat/byte will mean your transaction will most probably confirm on Sunday. You may be able to go as low as 5 sat/byte, but that might be too low. Even if "cost is no concern", there's no need to waste it on fees
But if you insist on a fast confirmation, you'll have to set 70 sat/byte or more.Quote
Would Mycelium have no problem sweeping this wallet and with this transaction in general or is it best to consider other options?
You can just try it. If it's too large, just send a lower amount.You may want to look at Forkcoins if you're holding old Bitcoins. It might be enough to cover your transaction fees.
It's not "in" Mycelium but on a paper wallet, so no worries there. It would only be on Mycelium when I scan the private key and execute the transaction to send to my Ledger address.
In a nutshell, you're saying that Mycelium is perfectly capable of handling this transaction and that it is a perfectly viable option. Again, I don't care if it costs me $3K in transaction fees as long as it is a solid option.
Electrum is becoming a non-starter for me as from what others say in the Bitcoin board, I need to create 3 different wallets in Electrum to handle all the derication paths of the inputs in this single wallet and then do an offline transaction with a usb stick and...
It's just beyond my technical capability.
Edit: Will Mycelium have any issue with 3 different formats/inputs contained in a single private key (like Electrum does apparently) or is it a sweep-and-go operation with Mycelium handling the technicalities?
Thanks so much! Can't tell you how much I appreciate the help with this!
I have a p2sh SegWit paper wallet with well over 30 inputs (mixed with Legacy, SegWit and Native SegWith inputs) and raw data size of well over 30,000 bytes. I need to move this to a Ledger-generated address on a new hardware wallet. Also, this is a life-changing amount of BTC.
If it's life-changing, you definitely shouldn't keep it on Mycelium. I don't know if there's a maximum transaction size (other than the usual 100 kB), but if you're not in a terrible rush, you can just try at low fee. You may want to read [Apr 2021] Fees are low, use this opportunity to Consolidate your small inputs!. As an educated guess, setting 7 sat/byte will mean your transaction will most probably confirm on Sunday. You may be able to go as low as 5 sat/byte, but that might be too low. Even if "cost is no concern", there's no need to waste it on fees But if you insist on a fast confirmation, you'll have to set 70 sat/byte or more.Quote
Would Mycelium have no problem sweeping this wallet and with this transaction in general or is it best to consider other options?
You can just try it. If it's too large, just send a lower amount.You may want to look at Forkcoins if you're holding old Bitcoins. It might be enough to cover your transaction fees.
I have a p2sh SegWit paper wallet with well over 30 inputs (mixed with Legacy, SegWit and Native SegWith inputs) and raw data size of well over 30,000 bytes. I need to move this to a Ledger-generated address on a new hardware wallet. Also, this is a life-changing amount of BTC.
That is very huge amount of fee to be paid. But so far you are sending it to your own hardware wallet, there is no issue, but the transaction can take long. It will be good to take advantage of the weekend, precisely Sundays when mempool are less congested. You can send it to your hardware wallet in a way you are consolidating your input. Use the link below for that:https://bitcointalksearch.org/topic/aug-2022-mempool-empty-use-this-opportunity-to-consolidate-your-small-inputs-2848987
Would Mycelium have no problem sweeping this wallet and with this transaction in general or is it best to consider other options?
That is what noncustodial wallet are built for.But, I will advice you to do it safely. Why not use electrum wallet in a way you will be able to create offline wallet, and have a watch-only in a way even the private key of the paper wallet will not be exposed. You can follow this 20kevin20 post:
https://bitcointalksearch.org/topic/m.56705405
Or, follow LoyceV post:
https://bitcointalksearch.org/topic/m.56389821
Thank-you @jackg!
I don't understand what you mean that I can't use a QR code? To scan the wallet with Mycelium or to scan the receiving address?
Or do you mean I need to use a raw private key if I use Electrum? I'd rather not deal with Electrum in this context but glad you bring-up the fact I can't use QR scanning in Electrum?
When I try a dummy run and click on "Clipboard" Mycelium gives me a small error pop-up that it's an Unrecognized Format" so I assume you're referencing Electrum?
I'd rather move it all in one transaction not knowing what any of these given wallets will do with change under the circumstances.
Everything is in one private key and it's a whole lot more than 0.1 BTC...
Please clarify if you can?
Really curious if Mycelium would handle this without issue.
All the best
I don't understand what you mean that I can't use a QR code? To scan the wallet with Mycelium or to scan the receiving address?
Or do you mean I need to use a raw private key if I use Electrum? I'd rather not deal with Electrum in this context but glad you bring-up the fact I can't use QR scanning in Electrum?
When I try a dummy run and click on "Clipboard" Mycelium gives me a small error pop-up that it's an Unrecognized Format" so I assume you're referencing Electrum?
I'd rather move it all in one transaction not knowing what any of these given wallets will do with change under the circumstances.
Everything is in one private key and it's a whole lot more than 0.1 BTC...
Please clarify if you can?
Really curious if Mycelium would handle this without issue.
All the best
Electrum is pretty good with large transactions. I haven't tried with mycelium but I got btc every day from a miner last year and consolidated 360 transactions in one ~90MB transaction and it did pretty well handling that.
I'd suggest trying, if you can, to sweep your transaction offline and broadcast it online when you're happy with the transaction you've made - but a qr code can't be used in this case because of the transaction size.
Are you able to do multiple transactions or is everything in one private key? If you have any more bitcoin - eg 0.1 (something big enough for an attacker to care about) - I'd recommend putting it on your normal computer to test its security and leave it there for about a month to check it's stayed.
I'd suggest trying, if you can, to sweep your transaction offline and broadcast it online when you're happy with the transaction you've made - but a qr code can't be used in this case because of the transaction size.
Are you able to do multiple transactions or is everything in one private key? If you have any more bitcoin - eg 0.1 (something big enough for an attacker to care about) - I'd recommend putting it on your normal computer to test its security and leave it there for about a month to check it's stayed.
Hi everyone,
Can anyone please comment on any maximum transaction size that Mycelium would not be able to handle?
I have a p2sh SegWit paper wallet with well over 30 inputs (mixed with Legacy, SegWit and Native SegWith inputs) and raw data size of well over 30,000 bytes. I need to move this to a Ledger-generated address on a new hardware wallet. Also, this is a life-changing amount of BTC.
These days I suspect a significant transaction fee to move it in one output, which I need to do, in the hundreds or thousands of $ to have it confirmed quickly? Cost of the transaction is of no concern, only that the wallet can handle it easily without issue.
I've always had very good luck using Mycelium which is the only reason I'm considering using it for this.
Would Mycelium have no problem sweeping this wallet and with this transaction in general or is it best to consider other options?
I'm an idiot learning the hard way in this regard and in a bit of a spot so thanks for any comments on this.
All the best
Can anyone please comment on any maximum transaction size that Mycelium would not be able to handle?
I have a p2sh SegWit paper wallet with well over 30 inputs (mixed with Legacy, SegWit and Native SegWith inputs) and raw data size of well over 30,000 bytes. I need to move this to a Ledger-generated address on a new hardware wallet. Also, this is a life-changing amount of BTC.
These days I suspect a significant transaction fee to move it in one output, which I need to do, in the hundreds or thousands of $ to have it confirmed quickly? Cost of the transaction is of no concern, only that the wallet can handle it easily without issue.
I've always had very good luck using Mycelium which is the only reason I'm considering using it for this.
Would Mycelium have no problem sweeping this wallet and with this transaction in general or is it best to consider other options?
I'm an idiot learning the hard way in this regard and in a bit of a spot so thanks for any comments on this.
All the best
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