Restoring a wallet from seed

[broman1510]

Hi,

i want to create a new wallet with 2 Factor Authentifictation in Electrum. Once I get to the point where I'm supposed to fill in the Seed, it won't let me continue, even though I directly pasted the seed from the other wallet. What to do here?

https://dl3.pushbulletusercontent.com/nf4fEQLUvQhfgZa8Du8oSqHfTh0mDTq0/Seed.png

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[BitcoinGirl.Club]

i want to create a new wallet with 2 Factor Authentifictation in Electrum.

May I ask why you need a 2FA wallet? You can just create a multi sig wallet and store the wallet in two different devices. Or have a cold wallet (Create the wallet in an offline device and never restore it in any online device). It's safer.

[o_e_l_e_o]

Once I get to the point where I'm supposed to fill in the Seed, it won't let me continue, even though I directly pasted the seed from the other wallet. What to do here?

You cannot use an existing non-2FA seed phrase to create a 2FA wallet. If you want to use a 2FA wallet, then you need to create a brand new 2FA wallet from scratch, write down and store securely the new seed phrase it generates for you, and then send all your coins from your existing wallet to your new 2FA wallet.

Note that since 2FA wallets are multi-sig, any transaction you make from this wallet will be much larger than from a standard wallet, and will therefore incur higher fees. While usually this may not be much of a consideration, given how full the mempool is at the moment and how expensive fees are, you will end up paying significantly more for all transactions from your 2FA wallet than for similar transactions from your non-2FA wallet. (And there is TrustedCoin's fee to pay on top of all that, as well.)

[Charles-Tim]

i want to create a new wallet with 2 Factor Authentifictation in Electrum. Once I get to the point where I'm supposed to fill in the Seed, it won't let me continue, even though I directly pasted the seed from the other wallet. What to do here?

You question is not clear. You want to create a new wallet, also you want to input the seed phrase from the other wallet. If you want to create a 2fa wallet on electrum, you will need to generate the new seed phrase from the electrum, not importing any other seed phrase.

• open electrum
• Press 'Next'
• Click on wallet with two-factor authentication
• Read the important information and click on 'Next'
• press on 'create a new seed' or if you already had an electrum 2fa wallet before and you want to restore it, then click on 'I already have a seed'
• backup the seed phrase generated
• input a password
• 2fa code will be generated, scan it into authenticator, or use the key by inputing it on the authenticator
• the authenticator will generate code
• input the code on the electrum
• then you have crated 2fa wallet

But, important information:

             Batch size                     Per transaction price             Batch price
Pay every 20 transactions:           0.000025 BTC/tx           0.0005 BTC total
Pay every 100 transactions:        0.0000125 BTC/tx.        0.00125 BTC total

Which means for every 20 transactions, you will be charged 0.0005 BTC total, or you can make it 100 transactions which you will be charged 0.00125 BTC in total for every 100 transactions. The reason you should consider this before opening 2fa wallet on electrum.

[DireWolfM14]

I can see why the OP was confused about whether he can use his existing seed or not.  When creating a 2FA wallet, the dialogue askes if you'd like to create a new seed, or if you already have one:



It does say "Create or Restore" at the top of the dialogue box, but it doesn't specify that if you already have a seed it needs to be one that was created as a 2FA wallet.  Maybe the second radio button should be labeled "Restore an existing 2FA wallet seed" instead of "I already have a seed."

[broman1510]

Ok, thank you. I didn't know that you already need to have a 2FA Wallet.

I wanted to have a wallet with an option for an Authenticator App, like for Gmail, for instance.
I have to agree though, the fees do suck.

[BitMaxz]

What do you mean that you directly pasted the seed from other wallets?


Is the 2FA wallet seed is generated from another wallet or in Electrum?

Or you mean it was generated on Electrum but you can't able to restore your old 2FA wallet?


If you mean that you are trying to restore your old 2FA wallet generated from Electrum try this tool below to generate a new wallet file.
- https://trustedcoin.com/static/recover/standalone.html


Or you mean you want to make a new 2FA electrum wallet and you just pasted the old seed to your new wallet?
If that's the case it won't work because you are trying to paste a seed that is generated from another wallet. When creating a 2FA wallet it will give you a new seed phrase(copy them and paste it to notepad) now it will ask to verify your seed you should paste the new seed that you generated recently not the seed phrase that was generated from another wallet.

Ok, thank you. I didn't know that you already need to have a 2FA Wallet.

I wanted to have a wallet with an option for an Authenticator App, like for Gmail, for instance.
I have to agree though, the fees do suck.

So you are planning to switch on a wallet with 2FA which is why the seed that you generated from another wallet doesn't work.
You need to generate a new one so don't use the restore instead use the create a new seed and copy or write them down on the piece of paper as your backup.

After you made a 2FA wallet you can now transfer your Bitcoins from your old wallet to your  Electrum 2FA wallet or you can dump private keys from your old wallet and sweep them to your Electrum wallet.

[broman1510]

Yeah, it was the later. Thanks, i will try that.

[o_e_l_e_o]

I wanted to have a wallet with an option for an Authenticator App, like for Gmail, for instance.
I have to agree though, the fees do suck.

If you want more security than a standard software wallet without having to go through the additional 2FA fees and the higher transaction fees associate with multi-sig, then I would suggest using a hardware wallet such as a Ledger or Trezor device. While not exactly the same, it is still far superior to a standard software wallet in terms of keeping your private keys secure. Although there is obviously an initial expense with buying one, given TrustedCoin's fee and multi-sig fees, by the time you've made >20 transactions it will have worked out cheaper overall than a multi-sig set up.