![]() These incidents have sparked discussions within the cryptocurrency community about the responsibilities of mining platforms and users in handling transaction fees. The majority voted for distributing the funds among the Bitcoin miner community, and ultimately, the miner returned the funds to Paxos. The Bitcoin miner who received the fee turned to social media, asking followers what they would do in their place. In September, a similar situation occurred when Paxos, a stablecoin issuer, confirmed it had paid a Bitcoin transaction fee valued at $500,000 to move just $2,000. The AntPool incident is not isolated in the world of cryptocurrency. The context of high transaction fees in crypto The user is required to submit their details to AntPool on December 10, using a signing tool such as Electrum or Bitcoin Core, and then sign a message with the code “AntPool” using a private key of a wallet address provided by AntPool. AntPool has now invited the affected user to verify their identity to facilitate the refund. The platform explained that its risk control system had temporarily frozen the fee when packaging the transaction. In response to the incident, AntPool released a statement on November 30, announcing its plan to refund the transaction fee. The incident, which has raised eyebrows across the cryptocurrency world, highlights the potential pitfalls in digital currency transactions where errors can lead to significant financial consequences. On November 23, a Bitcoin user on AntPool experienced what many in the crypto community are calling an unprecedented event: they were charged a transaction fee of 83 BTC, equivalent to roughly $3.1 million at the time, for a transfer of only 139 BTC. AntPool’s unprecedented transaction fee sparks action The decision comes after a user on the platform was charged an unusually high fee for a transaction, drawing attention to the mechanisms of fee calculation and the responsibilities of mining platforms in handling such anomalies. Each litecoin traded for a good or service is marked on the ledger with a transaction id and the origination and target wallet addresses.In a move that underscores the evolving nature of cryptocurrency transactions and platform accountability, AntPool, a prominent crypto mining platform, has announced its intention to refund an extraordinary transaction fee of 83 Bitcoins (BTC) to an affected user. On all other operating systems, it is located in ~/.electrum-ltc.Ī blockchain is a long record of every single transaction ever made. On Windows, this folder is located in \Users\YourUserName\AppData\Roaming\Local\Electrum-LTC. Older versions of Electrum could import private keys from another client, but then you had to backup those keys separately, as they could not be restored by the Electrum seed.Ī default wallet file called default_wallet is created under the /wallets folder when you first run the application. This way you'll have all your litecoins secured with your seed. The best way to switch to Electrum is to send all the litecoins you have on your old wallet to one of the addresses on your Electrum wallet. What should I do with my old Litecoin addresses and wallet when switching to Electrum-LTC? You cannot send litecoins if you don't have enough funds in non-frozen addresses. When you freeze an address, the funds in that address will not be used for sending litecoins. What does it mean to "freeze" an address? This is set to 5 by default, so the client generates new addresses until 5 unused addresses are found. Electrum-LTC uses a gap limit to stop looking for addresses. The gap limit is the maximum number of consecutive unused addresses in your deterministic sequence of addresses. You do not need to perform regular backups, because your wallet can be recovered from the seed that you can memorize or write on paper. The seed can be represented as a 12-word mnemonic code. However, this is not needed for normal operation, even now that the Segwit soft fork has activated.Įlectrum-LTC uses a 128-bit random seed to generate your private keys. Support for native Segwit transactions is in the works. ![]() If you are looking for a mobile wallet, check out LoafWallet, Jaxx or Coinomi. Is there a version of Electrum-LTC for Android?Īndroid is not currently supported.
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