Topic: A Q for Bitcoin gamblers. Are you affected by high transaction fees? - page 2. (Read 558 times)

Of course..I am and I believe every bitcoin gamblers are too. Any gambler that says they don't, is just deceiving themselves or shying away from the truth. Or else if they are gambling With coins that has low or zero transaction fee. But I doubt if there will be a casino that have implemented it. But the present of Segwit has been making it a fair now compares to before.

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.

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 think anyone who uses Bitcoin regularly is feeling the strain of the last few months. I haven't really been affected, since by now I no longer directly fund my Bitcoin gambling activity. All my Bitcoin (or crypto for that matter) earned is already pre-calculated to channel in certain directions. The bulk to my trading accounts, which I need to sell for expenses. A second portion goes to my holdings, this is usually the end of it.

If I happen to make a bit more, this goes to my casino accounts. I only maintain 3 accounts now, whittled down from more than 10 a year ago! So because I receive them as earnings/payments, I don't actually spend any of my own any longer, so I rely on the good faith of the senders to use good fees.

The bite happens at withdrawal I guess, since only 1 of the 3 casinos I use allow you to set a fee. Thankfully, the 2 that have a fixed withdrawal fee have always been generous with miner fees, and I usually don't mind asking for a low-priority fee as I'm seldom in a hurry. But I can foresee that:

1. These fees will get higher.
2. I am going to continuously optimise my transactions. Fewer withdrawals, at larger amounts. In fact, I no longer withdraw less than 0.05 BTC anymore except for particular spends.

I think for sure, we all need to advocate for our favourite sites to upgrade to full SegWit, and then later open a LN for their users.

Hopefully that solution has come, knowing that a lot of people have already applied bitcoin transactions in their lives, in a way. Whether it was to pay someone or just HODL bitcoins, it would transact somehow or something. It's fun to see the value of Bitcoin rise so much that it benefits everyone that owns it.

I only use small amount of capital when gambling so I am really affected by high transaction fees imagine I only want to deposit like .001 bitcoin then the transaction fees are like .0045 which really sucks...this one reason why I only play whenever I earn small amount of satoshi but doing so is really a waste of time because in gambling you can only win high if you have high capital unless you are really lucky to start nothing and end up millionaires

Well everyone who gambles with btc is affected one way or another. Especially those that do withdrawals and deposits on a frequent basis. Its troublesome really but the price is actually adopting to btc's value so we can only hope there will be a better solution some time.

Better to wait then enjoyed more after instead of a quick transaction yet you have less inside your wallet, the fee really hurts out butt since the value of btc really huge even we are in this correction but still the fee can be felt when converting it into dollars, we can't do nothing as it is a part of the business and the only thing we can do is just go with the flow and wish for our luck to cover it and to win a little.

When I was still in gambling it has a little impact on me as my bankroll was reduced due to high fee especially if my depo is just more or less than 500k sats. That's why I used low-prio fee in mycelium when i'm making depo. I don't mind waiting a little longer if i'm short in bankroll.

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.

I did not know that it was available with electrum wallet,thank you for the information,the transaction fees is affecting bitcoin based gamblers,the transaction fees is hurting in the long run without a doubt,it is impossible to send small amounts with the fees we have now and hopefully when everyone enables segwit ,will that solve the issue,i am not sure about that.

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

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

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.


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

They would really make some changes or making another option because they wont able to sustain if they do make things longer talking about on the amount being charged up when players do withdrawing.Knowing that most gambling sites do offer free withdrawal which means it would really add up on expenses which would really minus on their profits.On gamblers side we would really think of on other alternative which would make less cost for us to transfer instead on spending it on fees we will think off to spend on gambling rather.

I think the answer to this question is the same as why some casinos are not using other coins apart from Bitcoin, despite the fact that sticking only to Bitcoin obviously means losing a lot of profits since not every gambler is eager to pay insane transaction fees. As I understand it, SegWit is not something which can be employed or activated by setting some variable or hitting a button. It evidently requires some amount of work done and a lot of testing thereafter. All these services may simply not have qualified personnel to do the job or they may be not willing to pay for it at all, thinking it is not worth it.

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;

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.

The High transactions fees has affected most gamblers and this your recommendation is very good for some of us the newbies in gambling. Bitcoin's transactions fees is one of the greatest problem bitcoin is facing today and I think gambling sites enable sigwith on there site is going to resolve this.

Another way to look at it: If you put in a large-ish amount up front and pay the fee, you can essentially re-invest your winnings (if you win) so that you can avoid paying the fees over and over again.

Of course, that is a big IF. And there is still the matter of "cashing out," even if that means moving your BTC around. Lots to think about when making these decisions.

I think I agree with this response. For the professional gamblers out there, the fee might be a "small price to pay" for some potentially big BTC gains from gambling.

I think the effect of the transaction fees depends on how much do you spend for gambling. Big time gamblers surely pays more than small time players. And of you are highly affected by these fees what more are those who play really huge amount of money. I guess it's nice if you will just play on those without fees to be paid off.