ELECTRUM WALLET btc 0.001525 transaction reduced balance from 0.011 to 0.009475

[Azrl]

As the title says, that was the transaction, including all fees. I am wondering why the balance went down by almost 4x the value of the transaction with fees. If anyone could help out, that would be appreciated. Thanks in advance!

[jackg]

You sent the transaction with too high a fee and had too many inputs. You just need to adjust the fees to enable manual fee settings and use whatever is the minimum to get it confirmed - currently it's 1 sat per byte..

[LoyceMobile]

0.009475+0.001525=0.011

What's the problem?

[Azrl]

Sorry should've been more specific. Transaction was for 0.00034 btc or $4. Idk why I got charged a 16$ fee is all

[Azrl]

I am a rookie and Electrum said the fees were only 55% of the transaction so that is why I did not mind. Why was I charged higher than 55% is my question tbh, sorry about the confusion.

[JeromeTash]

Sorry should've been more specific. Transaction was for 0.00034 btc or $4. Idk why I got charged a 16$ fee is all

Yes
You should keep an eye on the transaction fees ( sats/byte) and your transaction inputs. The more inputs you transaction has, the higher the fee. Maybe you could share your transaction ID for better explanation.

[Charles-Tim]

Sorry should've been more specific. Transaction was for 0.00034 btc or $4. Idk why I got charged a 16$ fee is all

You question is not so clear, but I think you meant the transaction fee is too much. It is because you have too many input. For example, if you receive a total of 0.1 btc from only just 4 people, the input is less compared to when you receive the total same amount of bitcoin from 200 people, which means the input is much more. The more the input the higher the transaction fee.

All you have to do is to consolidate, you will need a wallet that you can edit your fee,  create new address on your bitcoin wallet, send all the total amount of bitcoin to your new wallet with a very low fee, the transaction would take long. But, with that, you will be able to send with lower transaction fee compared to before.

If you use the desktop version of electrum wallet, you will be able to edit the fee for the consolidation.

[Azrl]

https://blockstream.info/tx/fb161b84451ccb5417a189e14bd663b48fe9f8847f69a5da8a0ac2a1b6bfddea

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

[Charles-Tim]

https://blockstream.info/tx/fb161b84451ccb5417a189e14bd663b48fe9f8847f69a5da8a0ac2a1b6bfddea

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

Check what I replied above, it is easy to read even for a person that has little knowledge about bitcoin and wallet. It is not because you have 2fa enabled, only very small fee is charged for using the 2fa on electrum wallet. All you need to do is to consolidate your input. And you will need to always consolidate when your input are getting higher.

What the transaction id for, have you made the transaction? I will look into that.

[Azrl]

Can you let me know how to consolidate when I sent over electrum? I only saw a bar, is that it?

[JeromeTash]

https://blockstream.info/tx/fb161b84451ccb5417a189e14bd663b48fe9f8847f69a5da8a0ac2a1b6bfddea

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

After checking the TX ID I now understand why it got you a little confused.

Your transaction fee was only 0.00018500 BTC (~$2) at 45 sats/byte but then since you had 2FA enabled. Electrum charged you an extra fee for using 2FA and sometimes that fee is ridiculously high.

If you want to learn about how to consolidate your inputs check out this thread - https://bitcointalk.org/index.php?topic=2848987.0
Thou your transaction had only one input, so it wasn't necessary for your case.

[Charles-Tim]

...

The OP did not asked the question very well but thanks to your solution. I am still confused, I saw three addresses in the transaction, and it amounts to 0.0011btc.

There were three addresses when I tracked the transaction, one is the recipient address OP sent btc to. Are the remaining two recipient addresses belong to the 2fa keys that signed the transaction on electrum?

[sheenshane]

https://blockstream.info/tx/fb161b84451ccb5417a189e14bd663b48fe9f8847f69a5da8a0ac2a1b6bfddea

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

It has explained very well above.

In addition, the mempool last 4 hours was heavily congested and might the reason too the fee was ridiculously high, the fee is vary on the status of mempool. I always check this site every time when I want to have a transaction. It was expected to have a high fee if Bitcoin mempool is congested.

Plus, the automatically additional high fee an 2FA enable, yes, it may have additional security feature but it is also have additional fee everytime you had transaction.

[nc50lc]

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

The extra output is indeed looks like TrustedCoin's fee.
To confirm that it was, double-click on the transaction in the history (on the date) and check the outputs.
Some should be highlighted with color, the green/yellow ones are yours, blue is the 2FA fee.

That payment is for that tx your next 19 txs.
Trusted coin - Electrum help page: https://api.trustedcoin.com/#/electrum-help

[Peanutswar]

You sent the transaction with too high a fee and had too many inputs. You just need to adjust the fees to enable manual fee settings and use whatever is the minimum to get it confirmed - currently it's 1 sat per byte..

As suggested by jackg you can follow this setting so you can adjust your transaction fee manually, to be more aware about the transaction fee.

On the upper part click the tools > Preferences



Click Edit fees manually



And this is the result



By that you can now see the estimated amount of your transaction fee.

[Azrl]

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

The extra output is indeed looks like TrustedCoin's fee.
To confirm that it was, double-click on the transaction in the history (on the date) and check the outputs.
Some should be highlighted with color, the green/yellow ones are yours, blue is the 2FA fee.

That payment is for that tx your next 19 txs.
Trusted coin - Electrum help page: https://api.trustedcoin.com/#/electrum-help

Thank you for this response. I would like to reiterate here that neither electrum nor trustedcoin disclosed the fee, prior to me making the transaction. I can indeed see that I have 19 transactions with prepaid 2fa but, that still does not negate the fact that the electrum UI failed to disclose this fee to me on the get go. I would not have paid for it had I been given the chance, FUCK ELECTRUM!

[ranochigo]

This is the transaction info I got. I read it maybe due to me having 2fa enabled, is that true?

The extra output is indeed looks like TrustedCoin's fee.
To confirm that it was, double-click on the transaction in the history (on the date) and check the outputs.
Some should be highlighted with color, the green/yellow ones are yours, blue is the 2FA fee.

That payment is for that tx your next 19 txs.
Trusted coin - Electrum help page: https://api.trustedcoin.com/#/electrum-help

Thank you for this response. I would like to reiterate here that neither electrum nor trustedcoin disclosed the fee, prior to me making the transaction. I can indeed see that I have 19 transactions with prepaid 2fa but, that still does not negate the fact that the electrum UI failed to disclose this fee to me on the get go. I would not have paid for it had I been given the chance, FUCK ELECTRUM!

Are you sure? I've tried TrustedCoin with Electrum once and if I remember correctly,  there's a setup page which says that a small fee will be charged for each transaction,  or something along those lines. I'm not on my computer right now or I'll verify this.

Might have changed with Electrum 4.0.2.

[LoyceV]

I would like to reiterate here that neither electrum nor trustedcoin disclosed the fee, prior to me making the transaction.

The only way to get there, is by manually selecting "Wallet with two-factor authentication" when creating a new wallet. Electrum then shows the following Disclaimer:

Two-factor authentication is a service provided by TrustedCoin.  It uses a multi-signature wallet, where you own 2 of 3 keys.  The third key is stored on a remote server that signs transactions on your behalf.  To use this service, you will need a smartphone with Google Authenticator installed.

A small fee will be charged on each transaction that uses the remote server.  You may check and modify your billing preferences once the installation is complete.

Note that your coins are not locked in this service.  You may withdraw your funds at any time and at no cost, without the remote server, by using the 'restore wallet' option with your wallet seed.

The next step will generate the seed of your wallet.  This seed will NOT be saved in your computer, and it must be stored on paper.  To be safe from malware, you may want to do this on an offline computer, and move your wallet later to an online computer.

Considering how many topics I've seen about this, many people don't read anything before clicking. But the part in blue is sneaky: I'd say they don't charge a small fee on each transaction, they charge more than $11 on your first transaction. On top of that, there's an increased transaction fee because the multisig increases the transaction size.

[o_e_l_e_o]

-snip-

Even so, Electrum will still display the entire transaction before you broadcast it, which will include the output for TrustedCoin's fee. If people are unhappy with the fee, then they can simply choose not to broadcast it and instead recover their wallet using their back ups and bypass paying the fee altogether. OP saying the fee was not disclosed is categorically not true - genuine versions of Electrum will not sign a transaction without you approving it first.

If people do not read the text they are signing up to, and they also don't pay attention to the transaction they are signing, then there is really little else which can be done.

[LoyceV]

If people do not read the text they are signing up to, and they also don't pay attention to the transaction they are signing, then there is really little else which can be done.

In a way this could be considered a $11 lesson to prevent much larger losses later on. Always check thoroughly before sending crypto, there is no undo button.