electrum fees

[ashwc]

I'll be talking a lot about this image: https://i.imgur.com/oO7y9Zw.png
I just started using bitcoin and electrum, and I'm very confused about the fees. i tried to pay for something, and it says the max I can send is 0.11819mBTC even though I have a balance of 1.17159mBTC. the fee should be .0534mBTC, so I should be able to send a lot more. I clicked on preview and there was some other address that was getting the other 1mBTC. how do I get rid of this? is this 1mBTC another fee, and if so why isn't it shown by the adjustable fee? I definitely am not gonna be able to pay ~9$ every time I pay for something. thanks for any help, I'm very new to this and don't know if fees this high are normal.
I'm using electrum 3.3.8

[1715391262]

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[1715391262]

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[ranochigo]

If you're using 2FA, you have to pay TrustedCoin for the service for them to sign your transactions with their key.

The screenshot is correct; the 1mBTC goes to TrustedCoin and it will pay for the next 20 transactions (approx 0.0005BTC 0.00005BTC per transaction). If you don't want to pay for the 2FA, you can restore the wallet using the seeds without enabling the 2FA and send the funds normally.

A small correction, it is actually the amount of 0.00005 BTC per transaction which is 5000 satoshis, not 50 000 per transaction. I think 0.01 BTC for 20 transactions would be too much of a fee for the 2FA service

Oops maybe I'm not really good with decimals 

[ashwc]

thank you!

[nc50lc]

If you prefer not to use 2FA, I'd suggest you to create another wallet (Standard->Legacy or SegWit) to save a considerable amount of satoshis.
Because 2FA wallets are 2-3 multisig, transactions created using it will have a lot higher size than normal wallets (specially vs SegWit).

Use legacy if your frequently used services don't support native SegWit addresses.

[Lucius]

ashwc, if you want to avoid confusion with units I suggest that you change the way Electrum displays your balance, from mBTC to BTC. If something is not changed in new version it should be on path -> Tools -> Preferences -> Appearance -> Change Base unit.

The screenshot is correct; the 1mBTC goes to TrustedCoin and it will pay for the next 20 transactions (approx 0.0005BTC per transaction).

A small correction, it is actually the amount of 0.00005 BTC per transaction which is 5000 satoshis, not 50 000 per transaction. I think 0.01 BTC for 20 transactions would be too much of a fee for the 2FA service