problem wit electrum wallet | Bitcointalksearch.org

Charles-Tim

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Quote from: hosseinimr93 on Today at 12:01:56 PM

Since ledger is close-source, I would recommend everyone to avoid it, but take note that now you have a hot wallet.

So sorry if this is off-topic.

Ledger Live is open source, but Ledger hardware wallet secure element is close source. I noticed Ledger Live is supporting opt-in RBF but the wallet is close source. I was asking if it should be included on the list or not.

Although, I understand if no one replied on the thread. Ledger Live can be open source but it is an app or software that can not be used with other wallets. So I did not include it.

What do you think?

The discussion can be on the other thread. But if you do not respond, I understand your answer already. Ledger is a wallet that is close source and which is true.

hosseinimr93

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Quote from: ? on Today at 11:40:45 AM

Yea it seems what you mentioned is the best option. I am new to crypto and i find challenging to find the right balance between security and simplicity + flexibility for my funds. I decided to move my funds to electrum because i was disapointed from the ledger service, too complicated, lack of support, everything is happening very slow. I cant imagine to work with crypto instead of money...

Since ledger is close-source, I would recommend everyone to avoid it, but take note that now you have a hot wallet.

If you want to use electrum as a cold storage, you have two options.

1. Go for a good hardware wallet like Trezor and connect it to electrum.
2. Create your electrum wallet on an air-gapped device.

Take note that if you go for the second option, you will need to have two devices when making a transaction. An air-gapped device which is used for signing the transaction and an online device which is used for creating a watch-only wallet, creating unsigned transactions and boradcasting transactions.

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Quote from: hosseinimr93 on Today at 11:28:54 AM

Quote from: ? on Today at 11:17:36 AM

Even my facebook has 2fa...when i do online gaming or use exachangers, everywhere i use 2fa.

Facebook earns through advertising.
Exchanges earn from fees.
Gambling websites have a house edge which guarantees their profit.

Quote from: ? on Today at 11:17:36 AM

Also there is no a proper way to cancel this service, it seems i have to create new wallet. Anyway thanks.

Simply create a new wallet, select "Wallet with two-factor authentication" and then "I already have a seed".
After you import your seed phrase, electrum will ask you whether you want to keep the 2FA or you want to disable it.

Take note that as already stated by Charles-Tim, your wallet will be still a 2 of 3 multi-signature wallet, even if you disable 2FA and your transaction will be more expensive than a single-signature wallet.
You may want to consider creating a new standard wallet and move all the fund to that.

Yea it seems what you mentioned is the best option. I am new to crypto and i find challenging to find the right balance between security and simplicity + flexibility for my funds. I decided to move my funds to electrum because i was disapointed from the ledger service, too complicated, lack of support, everything is happening very slow. I cant imagine to work with crypto instead of money... What are my expressioons from crypto now 1: Complicated, 2: Slow, 3: expensive 4: we have to choose between unsafeness and huge overprotectivness. For people like you who spend a lot of time to be well informed and to understand the things, the system may looks smooth but for most of people its not like that.

hosseinimr93

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Quote from: ? on Today at 11:17:36 AM

Even my facebook has 2fa...when i do online gaming or use exachangers, everywhere i use 2fa.

Facebook earns through advertising.
Exchanges earn from fees.
Gambling websites have a house edge which guarantees their profit.

Quote from: ? on Today at 11:17:36 AM

Also there is no a proper way to cancel this service, it seems i have to create new wallet. Anyway thanks.

Simply create a new wallet, select "Wallet with two-factor authentication" and then "I already have a seed".
After you import your seed phrase, electrum will ask you whether you want to keep the 2FA or you want to disable it.

Take note that as already stated by Charles-Tim, your wallet will be still a 2 of 3 multi-signature wallet, even if you disable 2FA and your transaction will be more expensive than a single-signature wallet.
You may want to consider creating a new standard wallet and move all the fund to that.

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Quote from: hosseinimr93 on Today at 11:01:35 AM

Quote from: ? on Today at 10:55:44 AM

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse. I use many apps with 2fa and there is never an additional fee, to me this is just a blackmailing from electrum. Very disapointing.

Electrum displayed a message about the additional fee when you were creating your 2FA wallet, but you probably ignored it and clicked on "Next" without reading the message.
Electrum 2FA wallet is a 2 of 3 mutli-signature wallet and when you make transaction, the 2FA provider (trustedcoin) must sign your transaction as the co-signer. You can't really expect them to provide the service freely.

https://www.talkimg.com/images/2025/02/08/eoooT.jpeg

You are right that i didnt paid attention clearly on that message, but even if i did, its so unclear what is that additional fee, so i think i would still go foward. In my personal opinion, they just play bad, they hope at least some people will use the service without to pay attention and they gonna do a huge profit. I do not see how the adoption will go with these cheap tricks...on the other hand ledger are ridiculusly overprotective and so unflexible because of that. So much scam and cheap tricks in this crypto world./

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Quote from: OmegaStarScream on Today at 11:00:56 AM

Quote from: ? on Today at 10:55:44 AM

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse. I use many apps with 2fa and there is never an additional fee, to me this is just a blackmailing from electrum. Very disapointing.

The apps you're using are probably exchanges, not non-custodial wallets and exchange have other means to profit, that's why they don't charge their users for 2FA.

So yes, you might be able to use Binance and have 2FA there, but then you won't have full control over your funds, and if you choose to withdraw as a mean to send to someone, you'll also be paying a decent amount of money.

I also don't believe Electrum is behind Trustedcoin. It's just a thirdparty they use. I do agree though, it's a bit expensive especially with the current bitcoin's price.

Even my facebook has 2fa...when i do online gaming or use exachangers, everywhere i use 2fa. No, the 2 fa service cant be this expensive. Theoretically ellectrum or trustcoin can decide tomorrow that the 2fa service is so priceless that should coast all my balance if i do transaction

i dont feel safe anymore. Also there is no a proper way to cancel this service, it seems i have to create new wallet. Anyway thanks.

hosseinimr93

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Activity: 2380

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Quote from: ? on Today at 10:55:44 AM

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse. I use many apps with 2fa and there is never an additional fee, to me this is just a blackmailing from electrum. Very disapointing.

Electrum displayed a message about the additional fee when you were creating your 2FA wallet, but you probably ignored it and clicked on "Next" without reading the message.
Electrum 2FA wallet is a 2 of 3 mutli-signature wallet and when you make transaction, the 2FA provider (trustedcoin) must sign your transaction as the co-signer. You can't really expect them to provide the service freely.

OmegaStarScream

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Quote from: ? on Today at 10:55:44 AM

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse. I use many apps with 2fa and there is never an additional fee, to me this is just a blackmailing from electrum. Very disapointing.

The apps you're using are probably exchanges, not non-custodial wallets and exchange have other means to profit, that's why they don't charge their users for 2FA.

So yes, you might be able to use Binance and have 2FA there, but then you won't have full control over your funds, and if you choose to withdraw as a mean to send to someone, you'll also be paying a decent amount of money.

I also don't believe Electrum is behind Trustedcoin. It's just a thirdparty they use. I do agree though, it's a bit expensive especially with the current bitcoin's price.

Charles-Tim

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Leading Crypto Sports Betting & Casino Platform

Quote from: ? on Today at 10:55:44 AM

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse

Just disable the 2FA to remove the fee. But know that the wallet is 2-of-3 multisig. Which means the onchain fee can still be a bit higher than transaction made on a singlesig wallet not which I think is not even worth mentioning if compared to the fee that you are referring to.

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Quote from: OmegaStarScream on Today at 10:51:07 AM

Is this a 2FA wallet? If so, then this is why. That's the cost for the next 20 transactions: https://trustedcoin.com/#/faq#fees

You can always use the seedphrase to restore your wallet if you don't want to pay these fees, but your wallet will no longer use a 2FA: https://electrum.readthedocs.io/en/latest/2fa.html#restoring-from-seed

yes it is 2FA transaction, i tought 2FA is just a security measure thats why i created that kind of wallet. It seems that you are right...but 50 bucs fee is just insanse. I use many apps with 2fa and there is never an additional fee, to me this is just a blackmailing from electrum. Very disapointing.

OmegaStarScream

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Activity: 3500

Merit: 6152

Is this a 2FA wallet? If so, then this is why. That's the cost for the next 20 transactions: https://trustedcoin.com/#/faq#fees

You can always use the seedphrase to restore your wallet if you don't want to pay these fees, but your wallet will no longer use a 2FA: https://electrum.readthedocs.io/en/latest/2fa.html#restoring-from-seed

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] https://postimg.cc/Hr7dYnQH [/img] Hello guys i just installed my exlectrum wallet.. When i try to do transaction it ask me for 0.5 mbtc addinional fees(almost 50 usd) regardless of the pool and the size of the transaction, these additional fees seems static on top of the reglar transation fee. I uploaded image.. Wtf is this? I want to send 1 mbtc and i have to pay 0.5 in additional fees? ??https://postimg.cc/Hr7dYnQH

Topic: problem wit electrum wallet (Read 65 times)