How much is the Electrum 2FA fee? | Bitcointalksearch.org

TryNinja

legendary

Activity: 2758

Merit: 6830

The fee isn't hidden. You should have read the big disclaimer that is shown when you first create your 2FA wallet.

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

Quote from: ?? on ??

And why is a third party involved in a supposedly secure google authenticator service? Why is there even a middleman? Google provides the service for free.

You clearly don't know how a Bitcoin 2FA/multi-sig wallet works...

You are paying for TrustedCoin to act as a cosigner in your 2-of-3 multi-sig wallet. They validate the 2FA code you input and if it's correct, they sign the transaction.

Taken from the same disclaimer that you clearly didn't read: "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. "

NorrisK

legendary

Activity: 1946

Merit: 1007

This link explains everything you need to know about a 2FA wallet:

https://api.trustedcoin.com/#/electrum-help

In short, they use a third party service, TrustedCoin, which holds one of your 2FA keys. This service has a small fee associated with it, which is not really a problem if you do low volume transactions (e.g. cold or semi cold wallet), but if you do many transactions, this type of wallet is probably not prefered.

If for some reason, the third party service stops working, you can simply recover your wallet using the seed when setting up electrum and pick a different wallet option and you will regain access to your coins.

Regarding cost:

Quote

How much does it cost?

Every transaction sent using two-factor auth costs 0.0005 BTC. You have the option of including this payment in each transaction or prepaying in chunks of 100 transactions for 0.025 BTC (half-off the individual price). Prepaid transaction credits are non-refundable but can be transferred (all at once, not 1-by-1) to another account.

Gahs

sr. member

Activity: 294

Merit: 250

Minter

Bitdimes said he sent the money just once. It doesn't matter how the money accrued into his wallet, what matters is that he sent $9 once and was charged $8. Miners don't charge that high, if electrum didn't charge, then who did?

EcuaMobi

legendary

Activity: 1876

Merit: 1475

@Socman: I haven't used that service but from a quick search I found this here:

Quote

fee is currently fixed at 0.0005 BTC

It'd be worth testing it to confirm.

@bitdimes: Electrum doesn't charge any fees. That fee you mention is added to the transaction so that miners include it in a block. And it's not a fixed value nor a percentage. It depends on the size of the transaction. Normally TXs are only a few hundred bytes so fees are very low. If you really were charged $9+ worth then it must have been a huge transaction.
Did you get your satoshis from tens or hundreds of dust transactions from faucets or similar? Please post the ID of the TX you mention.

If you broadcast a big transaction (I mean big in bytes, not in value) without a fee or with a fee much lower than recommended then it will probably never confirm, regardless of whether you use Electrum, Armory or any other client.

Socman

newbie

Activity: 6

Merit: 0

Bitdimes, thanks...

I agree regarding the fee you were charged, but a couple things:

1. I hate to ask, but could you try setting a very low manual fee and see if it goes through? You might also try a manual no-fee. I know they are giving you a warning, but let's see what actually happens....

2. The fee I was more interested in was the separate fee charged by the third party when you do a 2FA authorized transaction (which means a 2FA wallet must have been created

Thanks for your help. It seems that Electrum is used by so many people for a good long time, and I suspect you can reduce at least the manual fees to zero (apart from the 2FA issue). Thanks for the test...

bitdimes

newbie

Activity: 1

Merit: 0

Quote from: Chris! on August 23, 2016, 08:50:46 PM

I really don't think it's anything substantial.

It says "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."

So go you'll have to find the billing preferences and go from there.

Wow they really don't make it easy finding out what the fee would be. If you send a transaction post here so people can also find the answer here.

well, i did a transaction of $9.6btc from my localbitcoin account, to the wallet electrum generated for me, i was shocked beyond words, when i sent the money to another wallet, and what arrived in that wallet was $00.2, less than a dollar. on close inspection, i noticed that in the tool tab, under the preference, then transactions menu, the fee is preset to dynamic fee 0.5 btc multiplier 150%. it got me not just annoyed, but frustrated. worst part is that there is no way of contacting them to express your disappointment, and ask for refund. cause taking all $8 usd as fee and sending less than $1 they gotta be out of their mind. you have to check the "set the transaction fees manually" so that when you are sending money you will see the fee directly under the actual money you want to send. even so, if you set the fee to a lower limit, than they suggest. you get an error message that says, "transaction requires a higher fee, or it will not be propagated by the network". so guys be warned. it's my first time and definitely gonna be my last to use their services. i used electrum 2.6.4 portable version downloaded right from their website. now i have moved on to armory. to hell with electrum Shocked

Socman

newbie

Activity: 6

Merit: 0

Chris, thanks will definitely do that (it may be awhile)...

Chris!

legendary

Activity: 1382

Merit: 1123

I really don't think it's anything substantial.

It says "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."

So go you'll have to find the billing preferences and go from there.

Wow they really don't make it easy finding out what the fee would be. If you send a transaction post here so people can also find the answer here.

Socman

newbie

Activity: 6

Merit: 0

I know that when you use 2FA authentication with Electrum, that they state that there is a "small fee" for the authentication. Anyone know how much, what %? thanks...

Topic: How much is the Electrum 2FA fee? (Read 4275 times)