Bitcoin Forum

Hello everyone! This is the first time I use your wallet, I encountered an “additional” commission for sending in the amount of 0.0005 btc, tell me, is this commission for each transfer from the service?

You should only be paying for "transactions fees" and yes, those should be paid for every transaction you make. There should be no additional fees on top of that unless you're using Trustedcoin 2FA service which can find more about here: https://trustedcoin.com/#/faq#fees

Aside from @Omestarscream suggestion. You can use this website https://mempool.space/ as reference on what is the average fee you can use to transfer your Bitcoin because sometimes the fee on the wallet is not updated.

Only the the transaction fee suggested on the mempool is the amount you need to pay to have a successful transfer.

It's called transaction fee, you pay this to miners to add your transaction to a block. Transaction fee varys depending on network congestion and the wallet service you're using. Some wallets give you the option to input your desired fee. But the higher your fee, the faster your transaction gets confirmed. Right now, transaction fees on the mempool is around

I think both of you mates are referring to the normal bitcoin transaction fee which is not the case for the OP he is actually been charged for using the 2FA by Trustedcoin on electrum. The charge of 0.0005 btc is issued for every 20 transactions done on That wallet and not on every transaction.

No For you to be charged you have actually done 20 transactions on that wallet. For the next 19 transactions you will not be charged. You can actually deactivate the 2FA if you don’t want to continue paying the fees in later stages again by reimporting the seed phrase and deactivating it.

It's known as a transaction fee and I won't call it a service , rather I would classify it as a compensation for miners. Transaction fees are an added benefit to mining Bitcoins which miners get for adding a transaction to the next block alongside the reward they get for successfully getting valid hashes and broadcasting it to the network to create new Bitcoins.

A transaction fee is more of compensation to motivate a miner to add your transaction to the next block therefore the bigger the transaction fees you make use of the more likely your transaction would be selected by a miner and added to the next block and therefore would be confirmed faster. However the opposite is the case the smaller your transaction fee.

Note that the Bitcoin protocol doesn't have a rule that all transactions must have fees. However most nodes have a cut fee of which if your transaction falls below it they drop the transaction even if you attempt broadcasting it.

Please, re-read Zaguru12's post jyst above yours. OP isn't asking about the regular transaction fees paid to miners but about the extra 0.0005 btc paid to trustedcoin.

OP, when you create an Electrum 2fa wallet, you will need to pay a relatively small fee (0.0005btc for every 20 transactions) to trustedcoin.com (the 2fa service provider).
To disable this feature, you need to restore your wallet from seed and choose the "disable 2fa" option.

My bad was thinking op was talking about the regular transaction fees.
Like you guys mentioned, he could easily disabled 2FA to exclude the fees in future transactions.
Thanks for the heads up

It's noted that there'll an additional (third-party) fee during the creation of your 2FA wallet, you should've paid attention to that.

Since you have already prepaid for 20 transactions, it would be a waste to disable 2FA now since it's safer to keep on using that wallet
At least until you ran out of 2fa prepaid credits.
You can monitor it by clicking the Trusted Coin icon on the bottom-right hand side of Electrum: https://www.talkimg.com/images/2024/04/13/jGLwN.png
It'll show "Your wallet has xx prepaid transactions".

You can decide to disable 2FA (Restore from seed or send to Standard wallet) to before it charge you for the next 20 transactions.

Yeah, op can disable 2fa if they want, but disabling 2fa does not mean the wallet becomes a single signature wallet, it would still be a multisig wallet, but you would no longer need trustedcoin when you want to sign a tx. If you want to completely switch to a single signature wallet, then you have to create a new single signature wallet and create a tx that sends all your funds from your multisig wallet into it.

To shade more light on what is quoted here is, the wallet wouldn’t ask for a second signature that was been done by trustedcoin when you had it enabled but it did used a second signature. The second signature came from you seed phrase or let me say wallet file. When you re-imported the seed phrase and disabled the 2FA the wallet still had two master private key on that wallet file, that’s why the transaction went through without trustedcoin signature since it is 2-of-3 multi sig.

You need to know that without transferring your bitcoin to a single standard wallet your transaction fee will be higher and seed phrase security is still same as a single standard seed phrase

If the 2FA is enabled, the wallet file contains only one master private key and that's why you have to ask trustedcoin to cosign your transactions.
It's your seed phrase that can generate two of master private keys and if you import that and disable 2FA, your wallet file will contain two master private keys.

You wrote something confusing!

Seed phrase is seed phrase and security of seed phrase is different than security of a multisig (multi signature) wallet.

If you use a single signature wallet, your wallet security will depends on how its seed phrase is generated and the password you use to encrypt that wallet file.

If you use a multisig wallet, with like 2 /2 or 2/3 co-signers, to sign and proceed a transaction, its security will increase because to hack and steal bitcoins in that multisig wallet, hacker must hack your two wallets, not only one.

I think my choose of word might have gotten my message confusing or complicated. What I wanted the OP to understand is after the 2FA must have been deactivated the seed phrase would hold two master private keys that will be used to consign a transaction and as such that wallet security is same as a single seed wallet because just one seed phrase is needed to recover both wallet not like a standard multi sig wallet that requires two or seed phrase. Also the 2FA deactivated wallet will be expensive in terms of transaction fee which is bad considering it doesn’t have extra layer of security, so the best thing is to just transfer to a single seed wallet or a standard multi sig wallet

Indeed, it is like you guessed. You did not express your opinion to OP clearly enough, somewhat it is misleading.

2FA wallet is a multisig wallet and with a multisig wallet, you always have to pay more transaction fee than a single signature wallet.

The difference between multisig 2FA wallet with a multisig wallet is with 2FA, you will have to pay more expensive transaction fee because of extra charged fee from Trusted coin (for 2FA). With a Multisig wallet, you control what you do if you are controlling all cosigners or other cosigners who control private keys; no cosigners have to rely on Trusted coin.