Additional fees [solved]

[user21]

Hello,

I have the last version 4.0.5. And when I have to send btc, even though I can select the fee rate, I cannot change an option that appears by default: additional fees. And it is very high: it is always fixed at 0.001 BTC.

I try in "advanced" but it is not possible to remove or change it.

See the picture:

https://ibb.co/vxjPB4P


Someone can help me?


thanks!

[1714825337]

1714825337

[1714825337]

1714825337

[mocacinno]

Hello,

I have the last version 4.0.5. And when I have to send btc, even though I can select the fee rate, I cannot change an option that appears by default: additional fees. And it is very high: it is always fixed at 0.001 BTC.

I try in "advanced" but it is not possible to remove or change it.

See the picture:




Someone can help me?


thanks!

Did you enable 2FA? 2FA within electrum is using a thirth party, this thirth party charges a fee...

When you initially created the wallet as a 2FA wallet, you should have been presented with following disclaimer:

[jackg]

What happens when you click "mempool"?

If it's a desktop version of electrum, i think you have to go to file > preferences > fees and select to edit fees manually.

I needed a fast conf yesterday and paid 67 sats per byte to get within 0.1mb of the mempool tip (it confirmed at the next block).

[ranochigo]

You cannot change the additional fees because its charged by Electrum/TrustedCoin, it's different from a miners fee. If you pay that, you'll also pay for the subsequent transactions.

If you want to stop their 2FA, go ahead and create a new wallet and restore using the seeds and send normally. You have to pay the fees to use 2FA.

[user21]

I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol


Thanks mocacinno, jackg and ranochigo! It is certainly the 2FA. You saved me.


Solved

[bob123]

I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol

Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction.
That's simply how trustedcoin 2FA works.

IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet.

[mocacinno]

I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol

Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction.
That's simply how trustedcoin 2FA works.

IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet.

Exactly... Eventough this case is closed, i wanted to point out this ^^ AND give 2 extra remarks:

~$20 for 20 transactions is not the end of the world... HOWEVER:

• it's black friday... Ledger and trezor are posting 20% and 40% off discount codes... If you plan on making more than 40 transactions this year, it would pay off to go ahead and buy a HW wallet . A nano S costs 60€ - 40% = 36€ . A trezor one costs 60€ - 20% = 48€ :
• @ranochigo already mentioned this, but it was a bit lost within the rest of his response: but it's quite easy to remove the 2FA if you're unwilling to pay trustedcoin's fee... I have never created a 2FA wallet... I just don't use electrum to keep the bulk of my funds, i keep my pc clean, i update electrum from the official source (and check the signature) AAAAND i use a strong, random password.

[o_e_l_e_o]

If you want to keep using the 2FA, then you can opt to pay 0.0025 BTC for 100 transactions rather than 0.001 BTC for 20, which works out as half the cost per transaction. The transaction fee will also be larger with 2FA wallets since they are multi-sig.

If you don't want to keep using 2FA, then open Electrum, create a new wallet, select that you already have a seed, enter your seed phrase, and choose to disable 2FA. You will now be able to spend your coins without the additional fee.

If you do choose to disable 2FA, you should send all your coins to a brand new non-2FA wallet. Even after disabling 2FA, the wallet remains multi-sig and therefore the transaction remain larger and more expensive than necessary.

[user21]

I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol

Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction.
That's simply how trustedcoin 2FA works.

IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet.

Oh ok, I did not know that. I was thinking it was the fee for each transaction. So maybe I'll keep the 2FA wallet, thanks!

I see mocacinno, it is about Trusted Coin. But well, this is nothing a "small fee" lol

Well, note that this fee is paying for your next 20 transactions. So its actually 0.00005 BTC per transaction.
That's simply how trustedcoin 2FA works.

IMO a fair price for relatively secure storage on a desktop wallet. But obviously not as good as using offline storage or a more convenient hardware wallet.

Exactly... Eventough this case is closed, i wanted to point out this ^^ AND give 2 extra remarks:

~$20 for 20 transactions is not the end of the world... HOWEVER:

• it's black friday... Ledger and trezor are posting 20% and 40% off discount codes... If you plan on making more than 40 transactions this year, it would pay off to go ahead and buy a HW wallet . A nano S costs 60€ - 40% = 36€ . A trezor one costs 60€ - 20% = 48€ :
• @ranochigo already mentioned this, but it was a bit lost within the rest of his response: but it's quite easy to remove the 2FA if you're unwilling to pay trustedcoin's fee... I have never created a 2FA wallet... I just don't use electrum to keep the bulk of my funds, i keep my pc clean, i update electrum from the official source (and check the signature) AAAAND i use a strong, random password.

If you want to keep using the 2FA, then you can opt to pay 0.0025 BTC for 100 transactions rather than 0.001 BTC for 20, which works out as half the cost per transaction. The transaction fee will also be larger with 2FA wallets since they are multi-sig.

If you don't want to keep using 2FA, then open Electrum, create a new wallet, select that you already have a seed, enter your seed phrase, and choose to disable 2FA. You will now be able to spend your coins without the additional fee.

If you do choose to disable 2FA, you should send all your coins to a brand new non-2FA wallet. Even after disabling 2FA, the wallet remains multi-sig and therefore the transaction remain larger and more expensive than necessary.

Both of you brought interesting and new information to me, thanks for your help!