Title: Additional fees [solved] Post by: user21 on November 25, 2020, 10:26:58 AM Hello,
I have the last version 4.0.5. And when I have to send btc, even though I can select the fee rate, I cannot change an option that appears by default: additional fees. And it is very high: it is always fixed at 0.001 BTC. I try in "advanced" but it is not possible to remove or change it. See the picture: https://ibb.co/vxjPB4P Someone can help me? thanks! Title: Re: Additional fees Post by: mocacinno on November 25, 2020, 10:29:20 AM Hello, I have the last version 4.0.5. And when I have to send btc, even though I can select the fee rate, I cannot change an option that appears by default: additional fees. And it is very high: it is always fixed at 0.001 BTC. I try in "advanced" but it is not possible to remove or change it. See the picture: https://ibb.co/vxjPB4P Someone can help me? thanks! Did you enable 2FA? 2FA within electrum is using a thirth party, this thirth party charges a fee... When you initially created the wallet as a 2FA wallet, you should have been presented with following disclaimer: https://i.imgur.com/qPESa8k.png Title: Re: Additional fees Post by: jackg on November 25, 2020, 10:30:11 AM What happens when you click "mempool"?
If it's a desktop version of electrum, i think you have to go to file > preferences > fees and select to edit fees manually. I needed a fast conf yesterday and paid 67 sats per byte to get within 0.1mb of the mempool tip (it confirmed at the next block). Title: Re: Additional fees Post by: ranochigo on November 25, 2020, 10:31:42 AM You cannot change the additional fees because its charged by Electrum/TrustedCoin, it's different from a miners fee. If you pay that, you'll also pay for the subsequent transactions.
If you want to stop their 2FA, go ahead and create a new wallet and restore using the seeds and send normally. You have to pay the fees to use 2FA. Title: Re: Additional fees Post by: user21 on November 25, 2020, 10:44:34 AM I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol
Thanks mocacinno, jackg and ranochigo! It is certainly the 2FA. You saved me. Solved :) Title: Re: Additional fees Post by: bob123 on November 25, 2020, 10:48:21 AM I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction. That's simply how trustedcoin 2FA works. IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet. Title: Re: Additional fees Post by: mocacinno on November 25, 2020, 10:51:48 AM I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction. That's simply how trustedcoin 2FA works. IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet. Exactly... Eventough this case is closed, i wanted to point out this ^^ AND give 2 extra remarks: ~$20 for 20 transactions is not the end of the world... HOWEVER:
Title: Re: Additional fees [solved] Post by: o_e_l_e_o on November 25, 2020, 11:21:52 AM If you want to keep using the 2FA, then you can opt to pay 0.0025 BTC for 100 transactions rather than 0.001 BTC for 20, which works out as half the cost per transaction. The transaction fee will also be larger with 2FA wallets since they are multi-sig.
If you don't want to keep using 2FA, then open Electrum, create a new wallet, select that you already have a seed, enter your seed phrase, and choose to disable 2FA. You will now be able to spend your coins without the additional fee. If you do choose to disable 2FA, you should send all your coins to a brand new non-2FA wallet. Even after disabling 2FA, the wallet remains multi-sig and therefore the transaction remain larger and more expensive than necessary. Title: Re: Additional fees Post by: user21 on November 25, 2020, 12:17:59 PM I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction. That's simply how trustedcoin 2FA works. IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet. Oh ok, I did not know that. I was thinking it was the fee for each transaction. So maybe I'll keep the 2FA wallet, thanks! I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction. That's simply how trustedcoin 2FA works. IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet. Exactly... Eventough this case is closed, i wanted to point out this ^^ AND give 2 extra remarks: ~$20 for 20 transactions is not the end of the world... HOWEVER:
If you want to keep using the 2FA, then you can opt to pay 0.0025 BTC for 100 transactions rather than 0.001 BTC for 20, which works out as half the cost per transaction. The transaction fee will also be larger with 2FA wallets since they are multi-sig. If you don't want to keep using 2FA, then open Electrum, create a new wallet, select that you already have a seed, enter your seed phrase, and choose to disable 2FA. You will now be able to spend your coins without the additional fee. If you do choose to disable 2FA, you should send all your coins to a brand new non-2FA wallet. Even after disabling 2FA, the wallet remains multi-sig and therefore the transaction remain larger and more expensive than necessary. Both of you brought interesting and new information to me, thanks for your help! |