Bitcoin Forum

Bitcoin => Wallet software => Topic started by: .act_ on February 04, 2021, 08:08:53 AM



Title: Wallet charges fee?
Post by: .act_ on February 04, 2021, 08:08:53 AM
The three bitcoin transactions I did using electrum was charged with three different fees with normal average fee for the three, I later had to understand from what I read online that the fee is charged by miners that pick up the transaction that make it confirmed. But I am still confused to know how wallet like electrum do charge fee other than miners fee. The reason I asked the question is that when I downloaded the wallet, the wallet is free not paid one. How are such wallets making money, or they have a way of deducting part of bitcoin fee?


Title: Re: Wallet charges fee?
Post by: ranochigo on February 04, 2021, 08:12:07 AM
Electrum has an option for 2 Factor Authentication with TrustedCoin and that is a paid service, the client itself is free. It's open sourced and the community contributes to the codes[1], Electrum doesn't make money. The 2FA fees are paid to TrustedCoin only for their 2FA codes.

[1] https://github.com/spesmilo/electrum


Title: Re: Wallet charges fee?
Post by: Rath_ on February 04, 2021, 08:13:01 AM
But I am still confused to know how wallet like electrum do charge fee other than miners fee. The reason I asked the question is that when I downloaded the wallet, the wallet is free not paid one. How are such wallets making money, or they have a way of deducting part of bitcoin fee?

Electrum, Bitcoin Core and many more free non-custodial software wallets do not charge any extra fees for their use. Most of them are open-source and developed by the community.


Title: Re: Wallet charges fee?
Post by: .act_ on February 04, 2021, 08:19:43 AM
Thank you ranochigo and Rath_, that means the fee is charged by only miners. I wanted to use the 2 Factor Authentication before I understand more fee will be charged, I did not use it for that reason because I have never heard of the 2 Factor Authentication before, that little amount will be charged along. I believe securing my seed phrase and passphrase are enough for low amount stored.


Title: Re: Wallet charges fee?
Post by: TryNinja on February 04, 2021, 08:22:05 AM
I wanted to use the 2 Factor Authentication before I understand more fee will be charged, I did not use it for that reason because I have never heard of the 2 Factor Authentication before, that little amount will be charged along. I believe securing my seed phrase and passphrase are enough for low amount stored.
You can restore your wallet with the seed it generated when you first created it and choose to disable the 2FA (step-by-step (https://bitcointalk.org/index.php?topic=1388811.msg22740326#msg22740326)). This will make it become a "normal" wallet and you won't be charged anymore. Then, you can use it normally or create a new Standard wallet (non 2fa) and send your coins to it.

You can't get back the fee you already paid, though.