With the increasing transaction volume the competition between transactions have been increasing as well. While a miner fee was not always necessary, they are currently.
As miner prioritize transactions based on their fee in comparison to the space they will take up, the transaction fee should be chosen according to the transactions size.
The Mycelium bitcoin wallet uses an Fee Estimator which provides a Fee for a transaction to be included within the next X blocks,
the following dynamic Miner Fees can be selected within the wallet:
- LowPriority, to be included within the next 20 Blocks, ideally within the next 3hrs20mins. Will default to 0.08 mBTC/kb if no estimation is available.
- Economy, to be included within the next 10 Blocks, ideally within the next 1hr40mins. Will default to 0.15 mBTC/kb without an estimation.
- Normal, to be included within the next 3 Blocks, ideally within the next 30mins. Will default to 0.2 mBTC/kb without an estimation.
- Priority, to be included within next Block (1), ideally within the next 10mins. Will default to 1 mBTC/kb without an estimation.
Please note that 1mBTC equals 0.00100000 BTC or 100,000 Satoshi.
If your transaction is not confirming, we recommend to check what the transactions fee is, this can be done by looking up your transaction using either your address or transaction hash (txid). If you are unsure where to find your transaction hash or the address please see our explanation on how to check bitcoin transactions and addresses
Check out bitcoinfees.21.co to know what the recommended fee is at currently. See screenshot below:
You can see that the bracket of 51-60 Satoshis per byte is the first one to give an estimation of 0 blocks until confirmation.
Let's look at a transaction as a example from blockcypher.com:
Check your transactions fee and use this table to easily switch to satoshis and calculate your satoshi fee per byte.
When calculating what the fee is in satoshi per byte for the transaction, we see that it is within the 21-30 bracket of satoshi per byte. This means we can expect this transaction to confirm within the next 2-18 blocks in theory if no new transaction would be relayed with a higher satoshi-per-byte-fee than ours. But miners are also likely to include all the other transactions before.
If you experience problems with confirmations, consider setting your default miner fee to priority and change it manually when confirmation time is not an issue.