The new fee rules in 0.9 affect the default relay fee rule, but not the default miner fee. This means that your transaction will propagate with a lower fee, but not necessarily confirm.
Until now the default relay fee rules and default mining fee have been the same. It remains to be seen how the miners react.
If we lower the fee right now we will probably get a lot of unhappy users (blaming our software) because nothing confirms. 0.9 is just out and it will take some time until it has proliferated, and we will have to see whether miners actively set the mining fee below the standard.

I have no problem with a base fee of 0.0001 BTC

Even at $1000/btc, that's only 10 cents (U.S.) per transaction. At current prices, closer to 6 cents. Still cheaper than a bank wire, and worth it for anyone not trying to make micropayments (which Bitcoin really wasn't designed for anyway.)

While saving coins is always a plus, don't feel rushed to lower the fee anytime soon.

To me it seems that people want to do micropayments with bitcoin. Now they bump against the fees, but if the fees are lowered, they may well bump into the next obstacle—the block size limit.

If that gets raised too, miners will bump against excessive blockchain bulk, and everybody will bump against performance limits. Satoshi Nakamoto's original design was extremely well tuned. It cannot easily be stretched, at least not very far.

One could try to redesign bitcoin, like demanding a transaction for each wallet every 2 years, then deleting all blockchain content older than 2 years. But such a redesign would raise so severe problems that I am almost certain that it will not happen.

Perhaps one way out is to build a micropayment system on top of bitcoin. One possibility would be a system that moves small IOUs that are regularly consolidated and settled with real bitcoins, like once every 24 hours. Such a system might have to contain a trust network and would not be very simple. But to build it might well be a good way to earn a living and some fame.

Another way out that I can imagine would be to invent and change over to bitcoin 2, which would have to be so cleverly designed that it surmounts these problems. One system I could vaguely imagine would be to have hundreds or thousands of bitcoin-like blockchains that are basically separate from each other, but are kept in line by some kind of arbitrage between them that guarantees that prices will be very nearly equal.

Who knows? I gladly admit that my ideas are very vague and unripe.

When will you add the “Transaction Confidence” graph to the standard wallet for everyday use and not just for trading?

After we release Local Trader. For now we don't know enough to be more specific than that.


Just hitting back and getting to the main wallet screen is enough to wipe the Cold Storage key from memory.

Hi! I am currently testing the Mycelium on my phone. Sorry if I am dumb, but I can't figure out how to send BTCs from multiple addresses to multiple addresses?

Is there a way to zero the fee when the transaction size and maturity does not require any? Its more a problem of destroying rounded values when fee is subtracted than the fee itself.

Install Mycelium again and scan in your wallets from the backup printout.

By the way, unless your phone was a Google Play Edition, the new version was pushed by Samsung, not by Google. And Samsung is known as a low-quality company that fills your phone with bloatware, replete with severe defects and security holes that are not repaired by Samsung for very long periods of time. What just happened to you may be a typical example for this. My recommendation to all readers is to think hard before buying Samsung.

OK thx for the reply.

I did the back up with the pdf, wrote down the password and did the back up verification.

Hats off to Mycelium!

i only bought Samsung because i can replace the batteries.

I have 4 batteries and a separate charger. It is a life saver when your travel a lot. I never run into the issue of a discharged smartphone.

all the new phones have their batteries sealed inside. sucks and it is a ploy to make you buy a new phone every year since the battery is going to be designed to die soon.

Hi,

I apologize in advance if this has already been asked and answered before (and also for the noobness of the question).  I tried searching, but wasn't able to find a definitive answer to what I would like to ask.

I installed the Mycelium wallet on my phone.  I created a PDF backup, then verified it (successfully).  This is all before I transferred any funds into my Mycelium wallet address.  I then transferred a small amount into it, and it's showing as successfully received.

My question is, if I ever lose my phone, it's stolen, or anything else happens where I need to use the backup PDF document I created in a fresh installation of Mycelium, will the restore procedure always restore the most current amount of bitcoin associated with that address, or is the backup a snapshot of whatever the balance is when the backup is made?  I doubt it's the latter, but need to verify and make sure.  If it was a snapshot, then that would mean I'd have to create a backup every time my balance changes, and that seems very cumbersome.  I hope what I'm asking is clear.

Many thanks.

Vlad.