A Q for Bitcoin gamblers. Are you affected by high transaction fees? - page 5.

maxj57634

full member

Activity: 168

Merit: 100

Quote from: Wind_FURY on December 23, 2017, 02:19:11 AM

It is very sad to see that some, or maybe many of you have made the switch in using altcoins. But I do not blame you.

But what I am angry about is the lack of education about Segwit, and the lack of implementation from the Bitcoin merchants. Segwit can take the network to 8000 transactions per block, enough to keep the mempool backlog down.

Help me campaign for Segwit.

They are well educated with the segwit but the thing is some companies are delaying it for some unknown reason, ever since the group has been split up delaying a good technology to be implemented only take its toll among user of bitcoin and devs have stupid pride among themselves.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

It is very sad to see that some, or maybe many of you have made the switch in using altcoins. But I do not blame you.

But what I am angry about is the lack of education about Segwit, and the lack of implementation from the Bitcoin merchants. Segwit can take the network to 8000 transactions per block, enough to keep the mempool backlog down.

Help me campaign for Segwit.

mx667

full member

Activity: 294

Merit: 114

Quote from: yugyug on December 22, 2017, 07:38:42 PM

A lot of gamblers are affected by bitcoin as the main currency for betting for it has a very high transaction fees nowadays, even we bet or claim for little as 10k satoshi, the tx fee is almost half of that. So for the best option , altcoin is the better alternative currency to use for it has a very low tx fee.

Of course everyone who uses Bitcoin as a means of transaction will be affected by Bitcoin fees, including gamblers. For me, people who want to do deals, in this case the gambler, then they will think twice to transact. Usually people will think to transact in bulk at once rather than bit by bit. People will prefer to transact in bulk than send in stages. For example, like people who deposit money to gambling sites, people who pull profit from gambling sites, and people who pay gambling sites. Or it may be the cost of servers, developers, websites, and everything will be paid at once rather than staged.

yugyug

sr. member

Activity: 616

Merit: 256

A lot of gamblers are affected by bitcoin as the main currency for betting for it has a very high transaction fees nowadays, even we bet or claim for little as 10k satoshi, the tx fee is almost half of that. So for the best option , altcoin is the better alternative currency to use for it has a very low tx fee.

vv181

legendary

Activity: 1932

Merit: 1273

Agree, Lack of Segwit adaptation is what makes Bitcoin transaction fees expensive and the confirmation times longer. Personally, I immediately deposit to others altcoins like Ethereum or Litecoin when I want to gamble.

crzy

full member

Activity: 2128

Merit: 180

Personally, I am not affected because I don’t use bitcoin in gambling but I think those people who use bitcoin is gambling is really affected by this problem. For sure they’re switching now to altcoins and be back after this problem fixed or they realized that using bitcoin in gambling is really not good.

marlboroza

legendary

Activity: 1932

Merit: 2272

Yes, I never thought I will say this but I switched to alts.
I recently sent some money to exchange and I payed 100$ fees, i can't imagine paying so high fees for gambling.
Other option would be to send transaction with small fees and wait for couple a days..or using accelerators... Undecided

HiGrabs

newbie

Activity: 4

Merit: 0

That's is really annoying, I can't transfer BTC from my Exodus wallet because the fees have risen to over 20-30% Sad

paolo099

full member

Activity: 224

Merit: 101

this is another thing i wasn't considering at start but right now transaction fees are very high, i guess the best way to gamble now is with altcoins or by depositing a good amount of coins once to not keep paying fees every small deposit.

warwar

hero member

Activity: 798

Merit: 505

Quote from: ethereumhunter on December 22, 2017, 07:00:31 AM

I think for gambler that use bitcoin as the bet is really affected because of the fees too high but for me, I don't use bitcoin as for bet so I don't think that the fees affected to me. I like to use altcoin to place a bet because the fee is not too high and I can buy a big amount to place a bet on the games.

Altcoin is really the best alternative to fulfill your gambling desires because it has a low transaction fees and also faster than the bitcoin right now but still now it is only few that is accepting altcoin as a bet in gambling mostly now is really bitcoin but it is getting increasing. As a gambler but not really into gambling and not addicted to it but used to play sometimes i do really affected with the big fees because everytime you play is mostly of your bet is going to the fee, your betting money will get less because of fees and also your profit is getting lesser because of the fees.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

I think for gambler that use bitcoin as the bet is really affected because of the fees too high but for me, I don't use bitcoin as for bet so I don't think that the fees affected to me. I like to use altcoin to place a bet because the fee is not too high and I can buy a big amount to place a bet on the games.

biskitop

full member

Activity: 686

Merit: 104

I will not be affected by large transactions, or small transactions. Because I do not gamble online, and never use bitcoin when betting.

armansolis593

full member

Activity: 182

Merit: 100

Yes its hurting me to gamble because my funds at stock out of nowhere if i send a low fee but i pay with high fee it will double the amount of money i want to play, im not a big time gambler that spend a lot of bitcoin per transaction and not affected with the high fees.

ralle14

legendary

Activity: 3290

Merit: 1901

Shuffle.com

The fees are slightly affecting me it reduces my total profit/bankroll by a small percentage(2%-5% depending on how much bitcoin I want to gamble). Some casinos that I use don't charge for fees which is nice but I only withdraw my funds once or twice if i'm lucky to double my money. If the fees won't stop increasing I have no choice but to use altcoin.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

I asked the same question for the Bitcoin casino representatives here, https://bitcointalksearch.org/topic/a-q-for-bitcoin-casino-reps-are-your-profits-affected-by-high-transaction-fees-2595617

But I did not get many, or any, answers from them. Hahaha. Maybe they do not want to admit it, but of course it affects them and most importantly also you!

First I want to get some feed back from you, the users. How negatively affected are you by the high fees in the Bitcoin network? Does it make you stop gambling?

The good news is there is a solution for that problem. It is using Segwit! Let us campaign and start asking our favorite gambling sites to have Segwit enabled and implemented.

For the users, my advice would be to stop using Blockchain.info and replace it with GreenAddress.it. If you are using a mobile wallet, use Samourai. If you want to make a Segwit enabled wallet in Electrum with the standard "3 addresses" then follow these steps

Quote

Generate a BIP39, 12 words seed on https://iancoleman.io/bip39/, you can also use it offline for more security.

On electrum choose, create new wallet, I already have a seed, then on "options" choose BIP39, paste the seed then click next.

On derivation path path use: m/49'/0'/0'/0

Easy! Tell your friends to do the same.

Topic: A Q for Bitcoin gamblers. Are you affected by high transaction fees? - page 5. (Read 558 times)