Topic: Electrum Wallet Expert (Read 1074 times)

well said.

Also I will not encourage to use 2FA with Electrum when you are the own user (what is your case here). It will save you some transaction fees going to 3rd Party as well.

No, it didn't. That fee doesn't go to the wallet... it goes to the miners. This is how the bitcoin network works. Did you read about the transaction fees in the link I put in my previous message? You have to pay a fee to get your transaction mined into a block, that's the way bitcoin works.

Electrum is one of the better wallets for giving you complete control over the transaction fee you want to include in your transaction. By default it uses a dynamic fee system that adjusts to the current network conditions to calculate a fee for a fast confirmation time. If you want, you can adjust the slider to reduce the fee (but increase the time it takes for confirmation) or even go for a manual fee setting where you can calculate it yourself and enter specific fee amounts.

Electrum Wallet charged me.

Sorry... perhaps I was not clear... you have created a "2FA" (Two Factor Authentication) wallet in Electrum. This involves using the services of a Third Party Service (TrustedCoin) who provide the 2FA functionality. They charge per transaction to provide the 2FA service.

These 2FA charges are in addition to the normal Bitcoin network transaction fee (aka miners fee).

You were not charged by TrustedCoin in your second transaction. That 0.000613 is the network transaction fee ("miners fee"). All bitcoin transactions incur a network transaction fee. This is the fee that gets paid to miners as a "reward" for including your transaction in a block. https://en.bitcoin.it/wiki/Transaction_fees (note, this information may be a little out of date). This fee is payable regardless of any other service fees you might be paying (ie. 2FA, or withdrawl fee from exchange or online web service etc)

The general rules of thumb regarding miners fees are:

• Fees are calculated based on your transaction data size. Data size is influenced by the number of inputs and outputs in a transaction. NOTE: The amount of BTC being sent/received is usually irrelevant.
• Fees should be caculated on a satoshis/Byte (or BTC/kiloByte) basis
• The larger your fee rate, the more likely it is for a miner to include it in a block

Hopefully that clears some things up...

ok I understand.
 But when you say "they charge me 0.01BTC on first transaction and on second transaction again charged me 0.000613 as mining charges." -> WHO charged you?

hi james,
the guy sold me 4vcpu 8 gb 50gb vps for 8$ ,and said if i buy 10 will give me 5$ each ,after i paid ,he gave me 2vcpu 2gb ,20gb vps ,anyhow that guy is professional cheater i posted about him already.
If you read HCP post ,he told me i will be charged once 0.01BTC for 100 transactions ,and rest 99 transactions will be free ,they charge me 0.01BTC on first transaction and on second transaction again charged me 0.000613 as mining charges.So it is very confusing for me .
Can someone can tell why it is happening ,why they charge me again? is there any ticket system to ask them ?If this is how they charge then i doubt i would ever be able to make any profit from mining.

what do you mean with "changed all his statements" please?

Everytime you do a transaction, you pay mining fees (it does not matter how many transactions you did before). Basically. You pay for the amount of data using on the blockchain while doing your transaction.
You can set manually the fee or you can let Electrum or whatever tool you use, to set a price for you. Hope this clarifies your question?

And Yes, unfortunately, BTC transactions are just "One-Way-Fllight". In some cases, you have the possibility to pay more for the fees if your transaction is taking too long. But you will not be able to cancel a transaction.

Well, Paypal is not necessary secure, this is an other topic. Note that while BTC is decentralized, Paypal is centralized and they can anytime lock your funds, for whatever reason they have.

None place in the world is 100% secure. Nowadays, even with Escrow transaction, you can loose your money. Just be sure, wherever and whenever you are doing business, of what you are doing. That's all.

hi guys , i have no idea what is going on but today i sent a payment to a person (who took money and changed all his statements) from Electrum and again i was charged by 0.000613 as mining charges, why i got charged again if i paid for 100 transactions already?Can anyone guide how to deal with people securely ,BTC is entirely risky as i never seen any one so far dealing fair.I advise every new guy that do not deal with BTC ,if the seller is insisting to pay only BTC then make sure you will loose your money and there is no way you can return your money.Dealing through paypal (If you have a genuine account)you are secure atleast you have chance to get your money back but if you deal with BTC then forget about the money.
Here are the companies and indviduals who cheated me so far :
(skype live:calgary7500)
(skype live.panchito123497)
(skype spam.game) (This one was biggest one ,he cheated me on paypal by asking to pay for mobile phone recharge)

Hi,
allow me please to respond to your questions.
What you are asking is probably "Escrow Service". They are few one Clearnet as well as on DarkNet.
But you should be very careful using this services, as many of them will run away with your money, especially when the seller suggests you or mostly requests you to use the presumed Escrow Service, where the seller could be behind the service as well.

So when selecting an Escrow service, always make sure to search about the service.
For this reason, I will not name any service here but if you searched and found some, you can post them here and the community could discuss about them.

Good luck!

It's not a one off charge. He'll be charged again after 99 transactions like you said. One off means charged once and then never again.

ecsqatar you can create a standard wallet and move your coins to that. The only fees you pay when you use a standard wallet are the bitcoin network fees also known as simply transaction fees. You don't pay fees to third parties like trusted coin. However note that the company that develops electrum derives a lot of its revenue from its partnership with trusted coin. In return they make available a free wallet for all of us to use.

Regarding the proportional size of the fees you should know that bitcoin is not suitable for micro-transactions. Bitcoin fees are relative to the size of the transaction in bytes not the amount transferred. So the more money you send the lower the fees proportionally. Also in this case you've made a bulk purchase of trusted coin's services so that's why you paid so much.

Now re: your paypal deal edit: nvm. I didn't read again HCP is right this looks bad.

That is a "one off" charge. By default, TrustedCoin add a small 0.0005 BTC fee to each transaction you make to use their 2FA service. This is NOT a standard bitcoin transaction fee. It is a service fee charge by TrustedCoin. They give you the option to "pre pay" this service fee and get a discount... which makes it only 0.0001 BTC per transaction, if you pre buy 100 transaction credits... for a total of 0.01 BTC.

This means your next 99 transactions using the TrustedCoin 2FA service have already been paid for, so you won't get these service charges for the next 99 transactions you make.

Unfortunately, it is too late to assist with reducing your fees. You seem to have signed up and paid for a service that you don't really understand how it works or how much it costs.

Thanks for your explanation ,things making sense now, yes i am using 2FA, can you please tell how to minimize charges with Electrum , i have stared with 100 paypal to BTC ,i have left with 0.013BTC and still not sure how to use Electrum Wallet.I am using mac version of wallet i have missing center icon which i suppose is trustedicon coin.But don't you think that 0.01 charges for a 0.019 transaction is beyond consideration?How people work with such high services charges?

You're using a 2FA Electrum wallet aren't you? You have an icon like this:


If you are, I think I know what has happened. You have created a 2FA wallet, and have just purchased 100 transaction credits from TrustedCoin... that is the 0.01 BTC payment from this transaction: https://blockchain.info/tx/868025e5f2149c8f7e86779e0269d2570f0b1fc3b7560475ee3acb8fec9a503a

that goes to the address: 1NqmwTW3CVyxWTTLaPfejSJisTnxZf5tUp

Another user did this recently... it is an easy mistake to make with the 2FA wallets, once you click the "BUY" button, if you don't clear the transaction and start again, you're going to end up sending 0.01 to TrustedCoin. If you click the TrustedCoin icon, it will probably tell you that you now have 99 Transaction Credits remaining.

This probably explains why Genesis mining only got the 0.000019 BTC, as that was all that was left after TrustedCoin got their 0.01

Also, it is normal for the address to change... the wallet does this after an address is "used" to help prevent address re-use. Address re-use reduces privacy... so it is generally recommended practice to try and minimise address re-use.

DO NOT send any money to this person... until the transaction is confirmed. It has multiple unconfirmed parent transactions which originate from a ridiculous "bitcoin doubler" scam that a user here (amaclin) setup... Those transactions will NEVER confirm and you will NEVER get those bitcoins... DO NOT send any money... and I would suggest that you do not do any further business with that person.

 i can swear i did not put any other address just Genesis address which was showing on their website , how can i open a ticket to Electrum support?
I thought it will be safe as it is claimed .What to do for this type of problem?

my wallet address is changed after closing the desktop app and opening again ,is this normal?



[/quote]
Genesis mining is not lying, you spent an additional 0.01BTC to 1NqmwTW3CVyxWTTLaPfejSJisTnxZf5tUp. Do you remember inputting it?
The transaction probably won't confirm. Who exchanged the BTC for you? If the transaction isn't confirmed after a day or two, seek a refund. The inputs seems to be from a well-known scam site[1]. Not exactly saying the person who sold the BTC to you is a scammer but its likely not confirming.

[1] https://bitcointalksearch.org/topic/bitcoin-magic-wallet-double-your-bitcoins-or-get-00001-for-free-beta-test-1357858
[/quote]

Genesis mining is not lying, you spent an additional 0.01BTC to 1NqmwTW3CVyxWTTLaPfejSJisTnxZf5tUp. Do you remember inputting it?
The transaction probably won't confirm. Who exchanged the BTC for you? If the transaction isn't confirmed after a day or two, seek a refund. The inputs seems to be from a well-known scam site[1]. Not exactly saying the person who sold the BTC to you is a scammer but its likely not confirming.

[1] https://bitcointalksearch.org/topic/bitcoin-magic-wallet-double-your-bitcoins-or-get-00001-for-free-beta-test-1357858

The URL is the transaction id for the payment.

According to the txid 0.040495 BTC ($100 at current rates) was sent to bitcoin address: 3KXwniUNA1vtgW9SLBpJo3vvA5MKEA37MW
If that is indeed your bitcoin address you should see the payment in Electrum's History tab.

Electrum always shows an unused address in the receive tab but any funds sent to the previous address will still appear in your wallet.
You can go to the Addresses tab and expand used under receiving to confirm that the address is still in the wallet.

https://blockchain.info/tx/868025e5f2149c8f7e86779e0269d2570f0b1fc3b7560475ee3acb8fec9a503a
this is the url seems all payment taken by Electrum ?


i gave him my Electrum address 3KXwniUNA1vtgW9SLBpJo3vvA5MKEA37MW
but very strange that after i close and open again Electrum this address is changed to 3LYAXagNhyj98mY5VTLf72MjrpftFjJp3T

what does that mean?

Weird, have you sent the rest of the amount to another address or use it as fees? Right click it and select "View on blockexplorer" and paste the whole URL here.

---

---

What address did you give him?

another expert is selling me 0.04BTC for paypal 100$ ,and he send me a url
https://blockchain.info/es/tx/7b7455751161061840f3af2b25feb74cbd36ae7d47384c60e8a4906e8ee86930
i cannot see the payment in my wallet and he claims i cheating with him by not paying him ,i told him to show me screenshot of his wallet ,no reply so far.
Honestly speaking are there no honest people in BTC world?

is there any service like paypal for BTC ,which can secure the transaction?