my first time using electrum to send bitcoin

[redwine49]

first for all, thank you for those who want to reply my question.

starting when i want to have bitcoin in my own wallet and i am trying to know more about this one.
since there is no official bitcoin wallet from real developers. it is open source so i decided to use electrum wallet to store my bitcoin.
i found it is so hard to understand when i try to send my bitcoin from my electrum wallet

this is my own experience.
i have send 0,003 BTC to my electrum wallet then i try to send 0,00001 BTC
i only put 1 wallet address when i send them from my electrum wallet.
this is surprised me when i loss 0,002 BTC to another wallet.
there are 3 wallet address, i only own 1 of them.

the question is why this is happening?
i loss 0,002 BTC for this
where did my 0,002 BTC go?

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[xdrpx]

The 0.002 BTC is a fee for using 2 factor authentication from Trusted Coin. You could check and verify if your wallet is a 2FA wallet by looking at the title. It says Bitcoin wallet [2fa].

Also, to let you know more in detail about the 2FA fees visit the Trusted Coin FAQ page for Electrum - https://api.trustedcoin.com/#/electrum-help

Code:

Pay every 20 transactions: 	0.0001 BTC/tx      	0.002 BTC total
Pay every 100 transactions: 	0.00005 BTC/tx      	0.005 BTC total 

Although I'd recommend you use 2FA with Electrum, if you choose not to and don't want to incurr this fee you can do the following:

1) Grab your seed (that you've written down) and create a new Electrum wallet.
2) While creating a new wallet, select the option -  "I already have a seed"
3) Paste your seed and electrum will give you a choice to disable 2FA and it should restore / create your wallet with your funds with Trustedcoin's 2FA disabled.

Also, of the 3 addresses, one addresses is the receivers address and another is probably your change address to which your remaining change goes into. To view your change addresses and their balance go to your 'Address' tab. Also you'll notice this option is checked under Tools > Preferences > Transactions > "View Change Addresses"

For more details on using Electrum refer to this guide - https://bitzuma.com/posts/a-beginners-guide-to-the-electrum-bitcoin-wallet/

[BitMaxz]

You will pay a large fee if you use a multisig wallet in electrum, I experienced the same as yours before it's asking for a large fee when sending bitcoin it deducts a large amount of bitcoin fee compare to a standard wallet. That is why I switch to the standard wallet of electrum just to save my bitcoin for paying a large amount of fee for every transaction.

The above method will not work if you use your seed to restore your multisig wallet. And it will result in different bitcoin addresses without your bitcoin funds.

I suggest you if you still have remaining balance better to transfer it with the standard wallet in electrum then add a password to secure wallet and the file wallet.dat.

[HCP]

This post is full of misleading information...

You will pay a large fee if you use a multisig wallet in electrum, I experienced the same as yours before it's asking for a large fee when sending bitcoin it deducts a large amount of bitcoin fee compare to a standard wallet. That is why I switch to the standard wallet of electrum just to save my bitcoin for paying a large amount of fee for every transaction.

"MultiSig" wallets in Electrum don't necessarily have large fees... "2FA" wallets do charge an extra fee per transaction (which has to be prepaid in bulk). This is because the 2FA wallet utilises TrustedCoin's systems (an external service) for which they charge a relatively small fee of around 0.0001 BTC per transaction, if you use the most expensive prepay option of 0.002 BTC for 20 transactions... it is only 0.00005 BTC per transaction if you prepay 100 transactions. Once the prepayment has been made, you have "credit" and further 2FA transactions will not incur fees until you run out of "credit" and need to prepay again.

However, a normal MultiSig wallet in Electrum uses the same fees as a standard wallet... which can be customised and set by the user as desired.

The above method will not work if you use your seed to restore your multisig wallet. And it will result in different bitcoin addresses without your bitcoin funds.

What are you talking about? The method outlined by xdrpx WILL restore your 2FA wallet... you select restore, enter your 2FA seed and when prompted you select DISABLE... it restores EXACTLY the same addresses as the original 2FA wallet... but will restore a 2nd master private key (xprv) into the wallet file, allowing you to create and sign transactions without needing to use TrustedCoins 2FA service...

I suggest you if you still have remaining balance better to transfer it with the standard wallet in electrum then add a password to secure wallet and the file wallet.dat.

Electrum doesn't use a "wallet.dat" file... When you create a wallet in Electrum (you can have multiple wallet files), you give it a name... and the wallet file will then be called whatever you chose as a wallet name. For instance, if you call your wallet "My Electrum Wallet"... a file will be created called "My Electrum Wallet"... in the OPs case, they've called their wallet "bitcoin wallet"... so the wallet file is called "bitcoin wallet".

Wallet files are stored as per the info here: http://docs.electrum.org/en/latest/faq.html#where-is-my-wallet-file-located

[redwine49]

i never expected they charge too much for a small transaction.

with only 0,003 BTC in my trial wallet, sending 0,00001 BTC + upfornt fees 0,002 BTC.
are they joking . anyway thanks for sharing i will learn this lesson.

[buwaytress]

i never expected they charge too much for a small transaction.

with only 0,003 BTC in my trial wallet, sending 0,00001 BTC +fees 0,002 BTC.
are they joking . anyway thanks for sharing i will learn this lesson.

Read the posts above from xdrpx and HCP carefully. The "fee" is a one-time bulk charge for 20 transactions using Trusted Coin's 2FA service. Electrum itself does not charge anything for using their client, the fees you include in your Bitcoin transaction always goes to the miner.

On the bright side... you have credits to send 19 more transactions before you create a new wallet following instructions in xdrpx's post. Might as well use them up.

[redwine49]

i never expected they charge too much for a small transaction.

with only 0,003 BTC in my trial wallet, sending 0,00001 BTC +fees 0,002 BTC.
are they joking . anyway thanks for sharing i will learn this lesson.

Read the posts above from xdrpx and HCP carefully. The "fee" is a one-time bulk charge for 20 transactions using Trusted Coin's 2FA service. Electrum itself does not charge anything for using their client, the fees you include in your Bitcoin transaction always goes to the miner.

On the bright side... you have credits to send 19 more transactions before you create a new wallet following instructions in xdrpx's post. Might as well use them up.

i know i have read his post. i just want to write my complaint for trustedcoin
actually i almost never use bitcoin for transaction.
i just want know and trying with my own experiment. how to send bitcoin from software/hardware wallet.

thanks, i will close my thread