A Q for Bitcoin gamblers. Are you affected by high transaction fees?

Betwrong

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Quote from: Wind_FURY on January 24, 2018, 01:38:45 AM

Quote from: Betwrong on January 23, 2018, 01:39:37 PM

Yes, all of us are affected and if gambling sites were implementing Segwit it would be great. But for now I can see only one solution to the high fees problem which is using other cryptos. Almost all known Bitcoin gambling sites support several other altcoins, like ETH, DASH, LTC, BCH etc. Even if you deposited BTC to play on a site you can withdraw your chips in any supported crypto currency, it's not necessarily should be Bitcoin.

That would possibly be the worst move you can do in my opinion. If you are very much willing to exchange your Bitcoins to have "faster transactions" then it would be best not to move the Bitcoins from your wallet at all.

The best move we have as a community is to support Segwit and campaign for others to also do it. The first 2mb Segwit block has been mined by the way.

https://blockchain.info/block-height/505225
https://www.smartbit.com.au/block/0000000000000000001bbb529c64ddf55edec8f4ebc0a0ccf1d3bb21c278bfa7

Of course I agree with you and you can see it from my first sentence. My proposition of "the worst move you can do" from your point of view was preceded by the words "for now". Implementing Segwit will take time, months if not years, but right now there are many gamblers who have money on their balances on various gambling sites, the money they transferred there earlier when transaction fees were not that high. Some time ago I came across people asking in a chat what to do if they want to withdraw $100 and they are asked for a $40 fee. For those gamblers I think it's better to withdraw in some alts. For now of course. )

jrrsparkles

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Hire Bitcointalk Camp. Manager @ r7promotions.com

I think most of the gamblers who is doing gambling purpose for earning purpose will be affected due to abnormal fee on bitcoin transaction.And many websites are accepting altcoins too so people are moving from bitcoin to altcoin gambling due to high fee and bitcoin is getting expensive so some don't want to use it for gambling purpose.
But I don't invest bitcoins for gambling still I am playing with my reward from signature campaign,they are depositing my weekly reward directly into the gambling website so I don't have to worry about the deposit or transaction fee for now. Grin

JesVarez

full member

Activity: 295

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Yes, of course. There is some sites that simply for depositing money they charge fees. Now, on bitcoin transactions, some of the fees have been really high at the moment. At the moment, Im only gambling with real money, I stopped gambling when BTC became a huge thing so now Im saving whatever I have left on my wallet.

Wind_FURY

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Activity: 2898

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Quote from: Betwrong on January 23, 2018, 01:39:37 PM

Yes, all of us are affected and if gambling sites were implementing Segwit it would be great. But for now I can see only one solution to the high fees problem which is using other cryptos. Almost all known Bitcoin gambling sites support several other altcoins, like ETH, DASH, LTC, BCH etc. Even if you deposited BTC to play on a site you can withdraw your chips in any supported crypto currency, it's not necessarily should be Bitcoin.

That would possibly be the worst move you can do in my opinion. If you are very much willing to exchange your Bitcoins to have "faster transactions" then it would be best not to move the Bitcoins from your wallet at all.

The best move we have as a community is to support Segwit and campaign for others to also do it. The first 2mb Segwit block has been mined by the way.

https://blockchain.info/block-height/505225
https://www.smartbit.com.au/block/0000000000000000001bbb529c64ddf55edec8f4ebc0a0ccf1d3bb21c278bfa7

btctalk123

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Activity: 274

Merit: 100

The only thing that can fix all this mess is just if the LN gets implemented soon, this will make all the fees go ripped off to zero again.
I am not gambling with bitcoin anymore because of that. The fees are unsustainable, and most times that i just gamble i do it with less than $100.

lite

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Merit: 1009

Quote from: RealPhotoshoper on January 23, 2018, 11:56:17 AM

Quote from: Wind_FURY on January 23, 2018, 02:02:40 AM

Quote from: Manchumichael on January 22, 2018, 01:20:16 PM

Right the fee is same but the number of transactions is less. To reduce the transaction fee, you can convert your BTC to ETH and send that coins to your buyer's site and sell your coins. Anyhow now all local exchanges are using both BTC and ETH. I have one more option I can sell BCH to fiat this saves a lot of money.

Using another altcoin is what we are trying to avoid here. We need to start using the solutions available to us in Bitcoin. So please educate yourself and know more about Segwit.

We cannot allow ourselves to use inferior coins just because there are obstacles on the road. As Bitcoiners we should do our part too.

The scalability problem in bitcoin never get solved properly and quickly , we cannot do much but waiting.
For sure to use bitcoin as micropayments recently isn't worth , no wonder people switch their purpose in bitcoin as an investment .
I am not sure with the lightning network could reduce the transaction fee but for now that's the only thing we can expect to have a low fee.

Besides LN there's also another solution to scalability - schnorr signatures. this upgrade is very much beneficial and needed, as i've read this will not only lower tx fees but also reduce bandwidth and storage by 25%.

Quote from: Betwrong on January 23, 2018, 01:39:37 PM

Yes, all of us are affected and if gambling sites were implementing Segwit it would be great. But for now I can see only one solution to the high fees problem which is using other cryptos. Almost all known Bitcoin gambling sites support several other altcoins, like ETH, DASH, LTC, BCH etc. Even if you deposited BTC to play on a site you can withdraw your chips in any supported crypto currency, it's not necessarily should be Bitcoin.

That's not a solution, it's merely an alternative.

i know/have seen only 2 gambling sites that are segwit ready, fortunejack and betking. and only around 10% transactions are segwit ones, we have to improve there!

emberbekas

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Quote from: Betwrong on January 23, 2018, 01:39:37 PM

Yes, all of us are affected and if gambling sites were implementing Segwit it would be great. But for now I can see only one solution to the high fees problem which is using other cryptos. Almost all known Bitcoin gambling sites support several other altcoins, like ETH, DASH, LTC, BCH etc. Even if you deposited BTC to play on a site you can withdraw your chips in any supported crypto currency, it's not necessarily should be Bitcoin.

We as users must certainly find the best way to minimize the amount of transaction fees. I myself prefer to use alts that still apply a relatively small fee. To some extent, the recent transaction fees of course affect all of us.

Betwrong

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Activity: 3374

Merit: 2198

I stand with Ukraine.

Yes, all of us are affected and if gambling sites were implementing Segwit it would be great. But for now I can see only one solution to the high fees problem which is using other cryptos. Almost all known Bitcoin gambling sites support several other altcoins, like ETH, DASH, LTC, BCH etc. Even if you deposited BTC to play on a site you can withdraw your chips in any supported crypto currency, it's not necessarily should be Bitcoin.

Biscutard

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Quote from: Sanu Simon on January 23, 2018, 04:45:22 AM

Yes, every gambler could have got affected of the increased transaction fee. Because for faster confirmation high transaction fee needs to be placed. Other than this one cannot bet with small amounts, because the transaction fee equals to the amount used for the betting purpose.

Yes, everyone seems struggling at this high transactions fees thus making a micro payments is not the best option here. Every gambler should bet a one time betting if they want to gain a good profit but it is impossible if you have a low capital.

RealPhotoshoper

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Quote from: Wind_FURY on January 23, 2018, 02:02:40 AM

Quote from: Manchumichael on January 22, 2018, 01:20:16 PM

Right the fee is same but the number of transactions is less. To reduce the transaction fee, you can convert your BTC to ETH and send that coins to your buyer's site and sell your coins. Anyhow now all local exchanges are using both BTC and ETH. I have one more option I can sell BCH to fiat this saves a lot of money.

Using another altcoin is what we are trying to avoid here. We need to start using the solutions available to us in Bitcoin. So please educate yourself and know more about Segwit.

We cannot allow ourselves to use inferior coins just because there are obstacles on the road. As Bitcoiners we should do our part too.

The scalability problem in bitcoin never get solved properly and quickly , we cannot do much but waiting.
For sure to use bitcoin as micropayments recently isn't worth , no wonder people switch their purpose in bitcoin as an investment .
I am not sure with the lightning network could reduce the transaction fee but for now that's the only thing we can expect to have a low fee.

Sanu Simon

member

Activity: 215

Merit: 11

Yes, every gambler could have got affected of the increased transaction fee. Because for faster confirmation high transaction fee needs to be placed. Other than this one cannot bet with small amounts, because the transaction fee equals to the amount used for the betting purpose.

Pleione527

full member

Activity: 266

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yes because as much as I would like to use a small capital when gambling I need to deposit a big amount because the transaction fee are bigger than my deposits and in return I get to waste so much when my luck are not around during gambling, it really sucks and sometime I'd rather play on casino near in my place rather than online. I hope fees will be eliminated or lessen if possible.

Wind_FURY

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Activity: 2898

Merit: 1823

Quote from: Manchumichael on January 22, 2018, 01:20:16 PM

Right the fee is same but the number of transactions is less. To reduce the transaction fee, you can convert your BTC to ETH and send that coins to your buyer's site and sell your coins. Anyhow now all local exchanges are using both BTC and ETH. I have one more option I can sell BCH to fiat this saves a lot of money.

Using another altcoin is what we are trying to avoid here. We need to start using the solutions available to us in Bitcoin. So please educate yourself and know more about Segwit.

We cannot allow ourselves to use inferior coins just because there are obstacles on the road. As Bitcoiners we should do our part too.

Manchumichael

sr. member

Activity: 630

Merit: 250

Quote from: chris200x9 on January 21, 2018, 04:59:53 AM

Quote from: Stedsm on January 20, 2018, 02:42:54 PM

Quote from: LFC_Bitcoin on January 20, 2018, 01:51:56 PM

I still gamble just as much as before but my bitcoin gambling has been minimised. The fees are too high atm, I prefer to go to the mainstream fiat bookies.

I much preferred to gamble with bitcoin when fees were lower but not as much now.

I do it differently. I collect a big number, then send the whole month's decided amount to a gambling website and then gamble it until I lose or reach my goals, after which I just withdraw everything - but not in my own wallet, I send the coins to the Bitcoin buyer and take fiat in return to my bank. Simple as that, so that no fee is accrued here.

In your method also you are still paying a high fee to send to a gambling site and to send to the buyer later on but you just reduced some money by reducing the number of transactions. But if you send those one-month total amount to any exchange and convert them to some altcoins and use them to gamble may save more money than what your saving currently.

Right the fee is same but the number of transactions is less. To reduce the transaction fee, you can convert your BTC to ETH and send that coins to your buyer's site and sell your coins. Anyhow now all local exchanges are using both BTC and ETH. I have one more option I can sell BCH to fiat this saves a lot of money.

Wind_FURY

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Merit: 1823

Quote from: LuanX3 on January 19, 2018, 07:08:32 AM

Quote from: Wind_FURY on January 17, 2018, 12:58:24 AM

Quote from: eternalgloom on January 15, 2018, 11:01:11 AM

The only site I play on (Crypto-Games) already has segwit enabled, at least you can deposit using your segwit address.
I'm just waiting until they implement segwit addresses themselves, but they're working on it;

If you do not have a Segwit address in your deposit screen then they do not have Segwit enabled yet. Plus you should know that Segwit is backwards compatible. You can make deposits to legacy wallets from your Segwit wallet and vice versa.

Quote

I only gamble using my signature campaign earnings as well, haven't changed my receiving address to segwit yet, but I will once CG supports it fully.

Again Segwit is backwards compatible. You can receive Bitcoins from legacy wallets to your Segwit wallet.

I don't think a lot of gambling sites have implemented segwit yet. Since this is pretty new, it will take sometime to adopt.

Please do not be ignorant about the issues in Bitcoin. I could do a better job in posting around the forum with the kind of payment you receive from your signature campaign. Hahaha.

Of course they can implement it. Some services already did.

Quote

Even if this was implemented last year, not all users have even used it yet. There are still a lot of users still using the same addresses that are non-segwit. I guess it will really take time before the whole community uses segwit.

Because most of the users now do not bother to learn more about Bitcoin, especially people in this forum. Most of them are shitposting.

Quote

Although, how fast are the transactions on segwit anyway? Will it really improve transaction speed and fees? I have yet to read on this.

See what I mean?

sofi@

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Of course gamblers are really affected by high transaction fees because as much as they want to have more capital for gambling they need to cut this for transaction fees also those who don't have much capital to use cannot play gambling because they might pay fees more than to what they want to deposit. Transaction fees are some what a big issue ever since but still no solution has been made to fix this thing.

arisatox

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Activity: 309

Merit: 12

Quote from: shesheboy on January 21, 2018, 04:48:59 AM

Quote from: arisatox on January 21, 2018, 02:43:55 AM

Quote from: jahmes123 on January 19, 2018, 08:36:39 PM

Yes I am affected by it the truth is I can't really gamble with a fee transaction fee.
The reason why I gamble is to relax and have fun but how could I do it if the amount of the transaction fee is almost half of the amount that I want to deposit.

This is why I like dogecoin, because it is fast and very cheap for sending so even if you do not have a lot you can still use it easily...

but dogecoin is still not yet available on most popular gambling sites however there were still few gambling sites that accepts all kinds of altcoins expecially those who are on top 10. but to answer the ops question in my case im not affected at high transaction fees at all when playing a gambling because i already using the gambling sites deposit address whever i try to participate on some online jobs like sig campaigns and social media campaigns therfore i dont shoulder the high fees at all and i can still play gambling everytime i have the urge to to double up my coins.

Yeah it sucks because so many don't have it but it is better than the high cost, but maybe the lightning network will help to fix those problems, as we can already see the fees going down...

chris200x9

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Quote from: Stedsm on January 20, 2018, 02:42:54 PM

Quote from: LFC_Bitcoin on January 20, 2018, 01:51:56 PM

I still gamble just as much as before but my bitcoin gambling has been minimised. The fees are too high atm, I prefer to go to the mainstream fiat bookies.

I much preferred to gamble with bitcoin when fees were lower but not as much now.

I do it differently. I collect a big number, then send the whole month's decided amount to a gambling website and then gamble it until I lose or reach my goals, after which I just withdraw everything - but not in my own wallet, I send the coins to the Bitcoin buyer and take fiat in return to my bank. Simple as that, so that no fee is accrued here.

In your method also you are still paying a high fee to send to a gambling site and to send to the buyer later on but you just reduced some money by reducing the number of transactions. But if you send those one-month total amount to any exchange and convert them to some altcoins and use them to gamble may save more money than what your saving currently.

shesheboy

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Quote from: arisatox on January 21, 2018, 02:43:55 AM

Quote from: jahmes123 on January 19, 2018, 08:36:39 PM

Yes I am affected by it the truth is I can't really gamble with a fee transaction fee.
The reason why I gamble is to relax and have fun but how could I do it if the amount of the transaction fee is almost half of the amount that I want to deposit.

This is why I like dogecoin, because it is fast and very cheap for sending so even if you do not have a lot you can still use it easily...

but dogecoin is still not yet available on most popular gambling sites however there were still few gambling sites that accepts all kinds of altcoins expecially those who are on top 10. but to answer the ops question in my case im not affected at high transaction fees at all when playing a gambling because i already using the gambling sites deposit address whever i try to participate on some online jobs like sig campaigns and social media campaigns therfore i dont shoulder the high fees at all and i can still play gambling everytime i have the urge to to double up my coins.

arisatox

member

Activity: 309

Merit: 12

Quote from: jahmes123 on January 19, 2018, 08:36:39 PM

Yes I am affected by it the truth is I can't really gamble with a fee transaction fee.
The reason why I gamble is to relax and have fun but how could I do it if the amount of the transaction fee is almost half of the amount that I want to deposit.

This is why I like dogecoin, because it is fast and very cheap for sending so even if you do not have a lot you can still use it easily...

Topic: A Q for Bitcoin gamblers. Are you affected by high transaction fees? (Read 558 times)