mjammer, you got a good answer from RapTarX - it is up to you what type of wallet you will use, and it is very easy to make a new wallet in Electrum anytime if you need a Legacy address for some reason. Don't be confused and think that Electrum is one program where you can have only one wallet, you can have more of them, and each wallet, if created by default, will have its seed (12 words). Always make a secure backup of these words, but avoid saving them in email, or unencrypted files on your computer/online.
$700 is a nice amount of BTC, and with the price is going up the value of those coins is increasing. Maybe it's time to start thinking about a new investment in a hardware wallet. For more info about that check forum hardware wallet board.
Topic: How to remove additional Commission? (Read 314 times)
If I'm receiving BTC, will the sender have any trouble sending BTC to me or will they have to have a SegWit type wallet too? Thanks.
Almost all the wallets and most of the exchanges support native segwit "bc1" addresses. Some may not support though. It depends which wallet the sender are using(May not support in some web wallet or if the sender is sending from an exchange which It's not a large amount, about $700, but that's what I was concerned about, the additional fees associated with having a 2FA wallet. Is SegWit a different wallet than Electrum? How do I find some information about it?
Electrum is free, but the 2FA option is not because it is provided by TrustedCoin, which is just an option that offers extra security. If you want to use Electrum at no extra cost, then don't use the 2FA option - you have less security, but everything has its price today.
SegWit is just an option in Electrum, it allows you to create a wallet with an address that starts with bc1 (native SegWit), same as you have the option to use an address that starts with 1 (Legacy wallet). With SegWit you will pay lower fees, and many use that type of address today just because they want to save some money on fees.
I suggest you read the Electrum FAQ with understanding - most of the answers to your questions are right there.
Frequently Asked Questions -Electrum
SegWit
Thanks Lucius. So I should be ok with the SegWit option? I've read that it's becoming pretty common to use that type of wallet. If I'm receiving BTC, will the sender have any trouble sending BTC to me or will they have to have a SegWit type wallet too? Thanks.
It's not a large amount, about $700, but that's what I was concerned about, the additional fees associated with having a 2FA wallet. Is SegWit a different wallet than Electrum? How do I find some information about it?
Electrum is free, but the 2FA option is not because it is provided by TrustedCoin, which is just an option that offers extra security. If you want to use Electrum at no extra cost, then don't use the 2FA option - you have less security, but everything has its price today.
SegWit is just an option in Electrum, it allows you to create a wallet with an address that starts with bc1 (native SegWit), same as you have the option to use an address that starts with 1 (Legacy wallet). With SegWit you will pay lower fees, and many use that type of address today just because they want to save some money on fees.
I suggest you read the Electrum FAQ with understanding - most of the answers to your questions are right there.
Frequently Asked Questions -Electrum
SegWit
I haven't used the very old versions but you should consider creating a new standard or (better) SegWit wallet instead of disabling 2FA.
It'll save you a lot of fee because multisig are quite heavy when it comes with transaction size/weight.
Then, send the funds to that wallet.
If you want to disable 2FA, just do what the previous reply stated, specifically this one:
It will be a disabled 2FA wallet with 2 out of the 3 set of private keys for each addresses.
That way you can sign any transaction without needing Trusted coin to cosign.
It should generate the same set of addresses as your 2FA wallet and obviously, the same balance after being synced.
I believe what OmegaStarScream is talking about "if you have huge funds" is 2FA's security is better than standard wallet.
So you better keep that huge sum of money in a more secure type of wallet.
It'll save you a lot of fee because multisig are quite heavy when it comes with transaction size/weight.
Then, send the funds to that wallet.
If you want to disable 2FA, just do what the previous reply stated, specifically this one:
When you created the wallet, it gave you a backup seed. Create a new wallet in Electrum selecting "Restore from seed", write the backup seed and when asked, select "disable 2FA". You will then have to use this new wallet, because your current one will remain 2FA protected.
It will be a disabled 2FA wallet with 2 out of the 3 set of private keys for each addresses.
That way you can sign any transaction without needing Trusted coin to cosign.
It should generate the same set of addresses as your 2FA wallet and obviously, the same balance after being synced.
I believe what OmegaStarScream is talking about "if you have huge funds" is 2FA's security is better than standard wallet.
So you better keep that huge sum of money in a more secure type of wallet.
It's not a large amount, about $700, but that's what I was concerned about, the additional fees associated with having a 2FA wallet. Is SegWit a different wallet than Electrum? How do I find some information about it?
I haven't used the very old versions but you should consider creating a new standard or (better) SegWit wallet instead of disabling 2FA.
It'll save you a lot of fee because multisig are quite heavy when it comes with transaction size/weight.
Then, send the funds to that wallet.
If you want to disable 2FA, just do what the previous reply stated, specifically this one:
It will be a disabled 2FA wallet with 2 out of the 3 set of private keys for each addresses.
That way you can sign any transaction without needing Trusted coin to cosign.
It should generate the same set of addresses as your 2FA wallet and obviously, the same balance after being synced.
I believe what OmegaStarScream is talking about "if you have huge funds" is 2FA's security is better than standard wallet.
So you better keep that huge sum of money in a more secure type of wallet.
It'll save you a lot of fee because multisig are quite heavy when it comes with transaction size/weight.
Then, send the funds to that wallet.
If you want to disable 2FA, just do what the previous reply stated, specifically this one:
When you created the wallet, it gave you a backup seed. Create a new wallet in Electrum selecting "Restore from seed", write the backup seed and when asked, select "disable 2FA". You will then have to use this new wallet, because your current one will remain 2FA protected.
It will be a disabled 2FA wallet with 2 out of the 3 set of private keys for each addresses.
That way you can sign any transaction without needing Trusted coin to cosign.
It should generate the same set of addresses as your 2FA wallet and obviously, the same balance after being synced.
I believe what OmegaStarScream is talking about "if you have huge funds" is 2FA's security is better than standard wallet.
So you better keep that huge sum of money in a more secure type of wallet.
When I first set up my initial wallet, I didn't use 2FA. I upgraded to a new computer, restored my wallet from seed and this time I did use 2FA. Now my wallet is show receiving transactions that are not "confirmed" and have been like that for quite some time.
It's not possible to do that, you shouldn't be able to restore a non-2FA seed into a 2FA wallet.If you successfully done exactly that, your current Electrum might be fake. What it the version displayed in the executable?
And please verify the signature.
If I create a new wallet from seed without 2FA, will I be able transfer my BTC over to it without any problems since the old wallet will remain a 2FA one? Won't the old wallet request the 2FA before I can transfer my BTC to the new one?
Now, this scenario is vice versa...Your bitcoin won't be transferred like being sent from the old wallet to the newly restored one.
It wasn't kept in the wallet, your wallet contains the keys to spend your bitcoins which are stored in the blockchain,
your balance will be the same after syncing the new wallet since it will generate the same set of multisig addresses whether you enable or disable 2fa.
There are a couple of inconsistencies in your question though
Hello and thanks for your reply. You're right, I guess I'm a bit confused on what type of wallet I initially had downloaded. My first Electrum wallet was downloaded on an old windows XP machine. I received 3 deposits on it, checked to make sure they were there and then didn't do anything else with it. I never sent any BTC on it and was scared to even open up the wallet for fear of it being compromised from phishing attacks, possible viruses, fake link downloads, etc... The wallet was an old version too, and I didn't wanna chance updating it on an old computer.
I got a newer desktop Windows 7, (I know, now outdated too) and restored my wallet from seed. I did verify the download via Kleopatra and got a valid ThomasV signature with a correct fingerprint numbers match.
So I'm using a 2FA wallet, what steps do I need to take to remove 2FA Authentication and transfer my BTC to a new wallet? You're saying the new wallet will sync with the old one? Thanks again.
When I first set up my initial wallet, I didn't use 2FA. I upgraded to a new computer, restored my wallet from seed and this time I did use 2FA. Now my wallet is show receiving transactions that are not "confirmed" and have been like that for quite some time.
It's not possible to do that, you shouldn't be able to restore a non-2FA seed into a 2FA wallet.If you successfully done exactly that, your current Electrum might be fake. What it the version displayed in the executable?
And please verify the signature.
If I create a new wallet from seed without 2FA, will I be able transfer my BTC over to it without any problems since the old wallet will remain a 2FA one? Won't the old wallet request the 2FA before I can transfer my BTC to the new one?
Now, this scenario is vice versa...Your bitcoin won't be transferred like being sent from the old wallet to the newly restored one.
It wasn't kept in the wallet, your wallet contains the keys to spend your bitcoins which are stored in the blockchain,
your balance will be the same after syncing the new wallet since it will generate the same set of multisig addresses whether you enable or disable 2fa.
There are a couple of inconsistencies in your question though
I haven't done the transaction yet. And if I disable it, will the Commission be taken in the future?
You won't need to pay any extra fees if you disable the 2FA. You can easily do that by simply restoring your wallet using your seed.
I wouldn't recommend doing that though, especially if you have a large amount stored in that wallet.
Hi, I'm in the same situation. I would like to disable 2FA so I won't have to pay extra fees, and I also don't have Google Authenticator on my new phone, but you're saying don't do that if I have a large amount stored in my wallet? Why is that? What other options do I have? I have my password and seed for my wallet.
When I first set up my initial wallet, I didn't use 2FA. I upgraded to a new computer, restored my wallet from seed and this time I did use 2FA. Now my wallet is show receiving transactions that are not "confirmed" and have been like that for quite some time.
If I create a new wallet from seed without 2FA, will I be able transfer my BTC over to it without any problems since the old wallet will remain a 2FA one? Won't the old wallet request the 2FA before I can transfer my BTC to the new one?
Appreciate the help, I'm still kinda new at this and just trying to figure out the best way to go. Thanks.
The fee that you paid with your first transaction is a pre-payment for 20 transactions. You can send 19 more transactions from that wallet before being charged the fee again.
He never broadcast the transaction and judging by his last post he successfully restored his wallet and disabled the 2FA option.You are right about the 2nd part of your post. He should set up a new standard wallet without the 2FA option and send whatever coins he has left (after making the transaction he is interested in making) to this newly created wallet.
I haven't done the transaction yet. And if I disable it, will the Commission be taken in the future?
You won't need to pay any extra fees if you disable the 2FA. You can easily do that by simply restoring your wallet using your seed.
I wouldn't recommend doing that though, especially if you have a large amount stored in that wallet.
I still have a small amount, so I would not like to spend so much Where can I disable 2FA?
If it's only a small about I wouldn't worry about it. The fee that you paid with your first transaction is a pre-payment for 20 transactions. You can send 19 more transactions from that wallet before being charged the fee again.
You can restore your wallet from seed and disable the function, but this is not recommended. The 2FA wallet you created is essentially a multi-sig wallet, with the other key being held by TrustedCoin. There isn't any fear of you coins being stolen, but there could be a risk to your privacy. If you don't want to use the 2FA feature in the future, create a new wallet by selecting "Standard Wallet" during set up.
I still have a small amount, so I would not like to spend so much Where can I disable 2FA?
When you created the wallet, it gave you a backup seed. Create a new wallet in Electrum selecting "Restore from seed", write the backup seed and when asked, select "disable 2FA". You will then have to use this new wallet, because your current one will remain 2FA protected.Thank you, everything worked out
I still have a small amount, so I would not like to spend so much Where can I disable 2FA?
When you created the wallet, it gave you a backup seed. Create a new wallet in Electrum selecting "Restore from seed", write the backup seed and when asked, select "disable 2FA". You will then have to use this new wallet, because your current one will remain 2FA protected. I haven't done the transaction yet. And if I disable it, will the Commission be taken in the future?
You won't need to pay any extra fees if you disable the 2FA. You can easily do that by simply restoring your wallet using your seed.
I wouldn't recommend doing that though, especially if you have a large amount stored in that wallet.
I still have a small amount, so I would not like to spend so much Where can I disable 2FA?
I haven't done the transaction yet. And if I disable it, will the Commission be taken in the future?
You won't need to pay any extra fees if you disable the 2FA. You can easily do that by simply restoring your wallet using your seed.
I wouldn't recommend doing that though, especially if you have a large amount stored in that wallet.
Can you tell me where to see the ID?
Right click the transaction, View on block explorer, paste the link here. Or just post the address you sent the coins to.I haven't done the transaction yet. And if I disable it, will the Commission be taken in the future?
Can you tell me where to see the ID?
Right click the transaction, View on block explorer, paste the link here. Or just post the address you sent the coins to.Is it possible to remove this Commission?
No. If this is a case of using a 2FA wallet, they have a big warning saying they will charge you a fee for it.Is this a 2FA wallet or not? Post a screenshot of it if you can.
Is it possible to remove this Commission?
Can you tell me where to see the ID?
Did you choose to create a 2FA wallet? If so, you have to pay a fee for the 3rd party that co-signs your transaction (TrustedCoin)[1].
Can you share the ID of the transaction?
[1] they have a warning about this when you create the wallet:
Can you share the ID of the transaction?
[1] they have a warning about this when you create the wallet:
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