A Q for Bitcoin casino reps. Are your profits affected by high transaction fees? - page 2.

kryptqnick

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Quote from: Wind_FURY on December 15, 2017, 11:46:43 PM

Clearly the answer is yes. High fees do affect a Bitcoin casino's profitability badly, but I am interested in what kind of solutions are you planning to fix it?

Is it enabling Segwit or shifting your business to accept altcoins like Bitcoin Cash?

Bch is not fully recognized to be an altcoin, some say it's just another btc. Transaction fees are a big problem indeed and not only in the sphere of gambling but in any area where bitcoin is used. A couple of months ago I could enjoy transferring about 15 dollars on an exchange to make some experimental investments and I could even get profit out of it, whereas now this sum won't even cover the fee. Yet bch is not really helping a lot, for the fees have grown there as well and are now about $10 which is still too high. I think we should all turn to litecoin as a main currency now.

Erza

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Quote from: Bitinity on December 24, 2017, 10:38:34 PM

Absolutely yes especially for small gamblers like me, I need to spend too much money for the transaction fees on both deposit and withdrawal. Lets say I want to play with 0.002btc only, it will force me to spend double or even triple amount because of the fees. So in order to make profit, then I should win more than 3x of my initial deposit to recover the fees. Otherwise I will get no profit at all, while it was fine to win 2x because the fee was not so high like recent days.

If you know this may be you yourselves already know the answer. You need yo gamble more than what you need to pay the fee so everything will be back to normal. And btw why you need to send such a low amount? You can send more than 0.002 btc right? 0.1 and 0.002 fee is the same why not to put 0.1 btc to play? With 0.1 btc you have much more chance to winning some amount so you might have the chance to pay the fee

Bitinity

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Absolutely yes especially for small gamblers like me, I need to spend too much money for the transaction fees on both deposit and withdrawal. Lets say I want to play with 0.002btc only, it will force me to spend double or even triple amount because of the fees. So in order to make profit, then I should win more than 3x of my initial deposit to recover the fees. Otherwise I will get no profit at all, while it was fine to win 2x because the fee was not so high like recent days.

omonuyak

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Quote from: Wind_FURY on December 15, 2017, 11:46:43 PM

Clearly the answer is yes. High fees do affect a Bitcoin casino's profitability badly, but I am interested in what kind of solutions are you planning to fix it?

Is it enabling Segwit or shifting your business to accept altcoins like Bitcoin Cash?

The mining fees is seriously affect every ways we make money through bitcoin and casino is not exempted. If you are investing $100 and you are paying $75 as fees is not encouraging. Many people are avoiding gaming for bitcoin this days because of the fees and I believe that expert has been warning us over this and the fees is currently affecting price bitcoin advancements.

man22555

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It affects me very much since i usally play with balances around 50-200$. I recently switched from primedice to bitsler to play with DOGE or LTC. Can only recommend this for everyone

DARKANGEL6415

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Personally i think that any gambling site should offer the option to use at the minimal three crypto currencies for betting and deposit/ withdrawal purposes. Also if people want to use bitcoin strictly then they should offer users a chance to select the withdrawal fee they want to pay. I agree that we need to find a solution but that solution should not be to drop bitcoin transactions all together.

Wind_FURY

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I am happy with the positive feed back this thread is having. Do some of you want to campaign for Segwit usage in the forum? It is easy.

Encourage others to start using GreenAddress, Samourai wallet and Electrum.
Ask your favorite Bitcoin casino to have Segwit enabled.
Start underbidding fees yourself from your Segwit enabled wallet.

Quote from: Aengus on December 20, 2017, 02:42:32 AM

Primedice is heavily affected. We have always been massive supporters of Bitcoin, not wanting to accept any alts. But these fees are getting ridiculous. We're pretty close to abandoning our original morals and seeing what coins our community would like to see us accept.

Primedice has made donations to numerous individuals working behind projects such as the lightning network.

Lets hope this is sorted sooner rather than later.

If they support the Lightning Network then they should be leading Segwit implementation. Ask them to have it enabled. The high fees are proof that there is a demand for it.

piloder

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Quote from: RGBKey on December 15, 2017, 11:50:01 PM

Segwit is a change operators can make that allows them to continue to use Bitcoin with full backwards compatibility but pay less in fees. Altcoins aren't really a solution to a user base that wants to use Bitcoin.

I'm personally not a fan of services that don't use Segwit yet but still charge their users high withdraw fees.

I also agree with you adopting segwit is better solution than accepting some random altcoin just because they are in news or being promoted by few millionaires.

However segwit is not yet adopted by many bitcoin related services specially by casino and wallets,if there will be lightening network in future than also it might take years to get adopted by majority of services just like how segwit is still in its adoption phase.

devans

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Quote from: Wind_FURY on December 20, 2017, 01:21:11 AM

So what are the services or gambling sites you use that have Segwit enabled?

Plus maybe we should compile a list and open thread to make the users more aware that there is already a workable solution for the fixing the high transaction fees issue.

Segwit is just there waiting to be used, let's use it! Ask your favorite gambling site to enable it!

bustadice makes full use of SegWit and a custom coin selection algorithm in order to minimize transaction costs. To further save on fees, users can choose to have their withdrawal batched with others, currently bringing the fee for a withdrawal down to approximately Ƀ 0.0002. We aim to offer withdrawals at cost and do not profit from them.

Short of subsidizing them I believe no other service is able to offer lower withdrawal fees, yet the fees are still quite substantial. So while SegWit definitely alleviates the problem, it is unfortunately not sufficient to make fees manageable for an individual service.

Aengus

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Primedice is heavily affected. We have always been massive supporters of Bitcoin, not wanting to accept any alts. But these fees are getting ridiculous. We're pretty close to abandoning our original morals and seeing what coins our community would like to see us accept.

Primedice has made donations to numerous individuals working behind projects such as the lightning network.

Lets hope this is sorted sooner rather than later.

Wind_FURY

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Quote from: RGBKey on December 15, 2017, 11:50:01 PM

Segwit is a change operators can make that allows them to continue to use Bitcoin with full backwards compatibility but pay less in fees. Altcoins aren't really a solution to a user base that wants to use Bitcoin.

I'm personally not a fan of services that don't use Segwit yet but still charge their users high withdraw fees.

So what are the services or gambling sites you use that have Segwit enabled?

Plus maybe we should compile a list and open thread to make the users more aware that there is already a workable solution for the fixing the high transaction fees issue.

Segwit is just there waiting to be used, let's use it! Ask your favorite gambling site to enable it!

RGBKey

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Segwit is a change operators can make that allows them to continue to use Bitcoin with full backwards compatibility but pay less in fees. Altcoins aren't really a solution to a user base that wants to use Bitcoin.

I'm personally not a fan of services that don't use Segwit yet but still charge their users high withdraw fees.

Wind_FURY

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Activity: 2898

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Clearly the answer is yes. High fees do affect a Bitcoin casino's profitability badly, but I am interested in what kind of solutions are you planning to fix it?

Is it enabling Segwit or shifting your business to accept altcoins like Bitcoin Cash?

Topic: A Q for Bitcoin casino reps. Are your profits affected by high transaction fees? - page 2. (Read 451 times)