Bitcoin Forum
November 09, 2024, 04:08:49 AM *
News: Latest Bitcoin Core release: 28.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Wallet charges fee?  (Read 64 times)
.act_ (OP)
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
February 04, 2021, 08:08:53 AM
 #1

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?
ranochigo
Legendary
*
Offline Offline

Activity: 3038
Merit: 4420


Crypto Swap Exchange


View Profile
February 04, 2021, 08:12:07 AM
 #2

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

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
Rath_
aka BitCryptex
Legendary
*
Offline Offline

Activity: 1876
Merit: 3139



View Profile
February 04, 2021, 08:13:01 AM
 #3

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.
.act_ (OP)
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
February 04, 2021, 08:19:43 AM
 #4

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.
TryNinja
Legendary
*
Offline Offline

Activity: 3010
Merit: 7437


Top Crypto Casino


View Profile WWW
February 04, 2021, 08:22:05 AM
 #5

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). 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.

███████████████████████
████▐██▄█████████████████
████▐██████▄▄▄███████████
████▐████▄█████▄▄████████
████▐█████▀▀▀▀▀███▄██████
████▐███▀████████████████
████▐█████████▄█████▌████
████▐██▌█████▀██████▌████
████▐██████████▀████▌████
█████▀███▄█████▄███▀█████
███████▀█████████▀███████
██████████▀███▀██████████

███████████████████████
.
BC.GAME
▄▄▀▀▀▀▀▀▀▄▄
▄▀▀░▄██▀░▀██▄░▀▀▄
▄▀░▐▀▄░▀░░▀░░▀░▄▀▌░▀▄
▄▀▄█▐░▀▄▀▀▀▀▀▄▀░▌█▄▀▄
▄▀░▀░░█░▄███████▄░█░░▀░▀▄
█░█░▀░█████████████░▀░█░█
█░██░▀█▀▀█▄▄█▀▀█▀░██░█
█░█▀██░█▀▀██▀▀█░██▀█░█
▀▄▀██░░░▀▀▄▌▐▄▀▀░░░██▀▄▀
▀▄▀██░░▄░▀▄█▄▀░▄░░██▀▄▀
▀▄░▀█░▄▄▄░▀░▄▄▄░█▀░▄▀
▀▄▄▀▀███▄███▀▀▄▄▀
██████▄▄▄▄▄▄▄██████
.
..CASINO....SPORTS....RACING..


▄▄████▄▄
▄███▀▀███▄
██████████
▀███▄░▄██▀
▄▄████▄▄░▀█▀▄██▀▄▄████▄▄
▄███▀▀▀████▄▄██▀▄███▀▀███▄
███████▄▄▀▀████▄▄▀▀███████
▀███▄▄███▀░░░▀▀████▄▄▄███▀
▀▀████▀▀████████▀▀████▀▀
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!