Casinos and gamblers are struggling with high tx fees.? - page 4.

killerfrost

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

There are many different options for users to deposit money to online casinos. As a game that I use occasionally, I honestly rarely transfer BTC, probably because of the trading volume. The small size as well as the speed made me switch to other cryptocurrencies like USDT.

And this problem is really normal as the convenience is resolved between players and Casinos, and one thing I have to admit is that crypto payments are just another form of payment for players gambling, as most platforms also support direct payments through visa/mc .

FinneysTrueVision

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Depositing to a casino doesn't necessarily need to have such a high cost. If you are using a non-custodial wallet you can always set a low fee if you are willing to wait a while. For some people it may still not be worth it if they only have a small amount of BTC to gamble with or if they don't want to incur high costs when withdrawing. In that case using turning to low fee altcoins can be a solution depending on what coins are accepted by the casino. Lightning would be ideal for Bitcoin-only casinos but unfortunately most of them don't want to invest resources into implementing this.

Litzki1990

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Gambling is already very risky, it is very confusing for us to gamble where there is a high chance of losing money, whether we win or lose we have to pay tax. The government may have set a higher tax rate on gambling. Even if you win a gamble with extra tax, the winnings don't seem like much because of the extra tax fee. There are many gamblers who take various steps to evade tax. Additional taxes are the most harmful thing for a gambler. In case of gambling first one has to pay taxes to the government and secondly one has to pay additional transaction fees for transferring different coins these two things are the most confusing thing for a gambler.

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

They convert their coins, don't they? That, or they just move it all at once to save up on fees. I mean they're not like your usual trader who transacts only a small amount, they probably do it on a day per-day basis or maybe even weekly to avoid that hassle of constant withdraw/deposits. Not to mention that holding the coins themselves probably wouldn't net them that much of a loss.

As for gamblers issues with fees, casinos have fixed that problem long ago by introducing altcoins with relatively lower fees. You'd be hardpressed to find casinos that only offer their services using only a single coin really.

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate..

Well, they offer several kinds of altcoins as a currency used to bet other than stable coins and bitcoin, especially those that doesn't have high transaction fees but transaction speed is still fast.
Some casinos may have offer to use LN so the users could still prefer to use bitcoin maintaining the low transaction fees and still fast.
Apparently, there are a lot of ways to eliminate high transaction fees by using altcoins, so I guess it's not gonna be a huge problem for the casinos and gamblers.

seoincorporation

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

...
do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

That's why most casinos give us the option to gamble with altcoins, if users want to save money on fees and have fast confirmation they can always use coins like DogeCoin or LiteCoin. Personally is what i do when the mem pool gets full. To pay high fees and wait a lot of time for a confirmation is not a good option.

And we have to be careful with the stable coins transaction, the ones in the ETH network used to have high fees too, is always better to use BSC or Tron.

alani123

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I do like seeing BTC in my account when gambling but to be honest when fees are so high I will entirely give up transferring small amounts in Bitcoin. It's just not worth it to have to pay 15$ in transaction fees when I would want to make a bet of 5$. But there are alternatives really. Instead of just sending BTC from my wallet I could either gamble at a casino with more crypto options. Some casinos also support depositing with credit card, which is also convenient.

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees..

Casinos never lose money!

At least one of two.... they recover the value lost on the Bitcoin network, for example, with the "inflated" fees of other networks where the transfer is almost free. The other way to compensate for these losses is by blocking the player's value until he meets some wagering requirements, which in most cases will certainly cover the costs of any withdrawal fees that the player may make later if he has still won a prize. .

Remembering that these congested network moments are still quite seasonal, with casinos operating at a profit at these transfer rates for most of the year.

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Quote from: dothebeats on December 06, 2023, 06:19:22 PM

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times. This is the only solution that I see is viable for people and gambling platforms to continue transacting without shouldering the cost that each transaction entails. Also, you could be right that they are offsetting the overall expenses they are incurring with the fees with something else, such as other profit funnels that they have established.

This is good for those who have their Bitcoin in exchanges but if they have their coins in their wallet, the gambler would be spending more if they try to deposit their Bitcoin to an exchanges and convert them to other coins since this will incure BTC transaction fee plus trading processing fee plus withdrawal fee. Isn't it much cheaper to deposit their Bitcoin directly to the casino platform?

I think gamblers who have small funds of BTC and is stored in their own wallet should have patience and wait for some time for the Bitcoin network and send transaction when the network is not congested.

Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

I think this kind of thinking won't work in gambling. Casino games especially those that rely on luck have a random result and is not affected by an outside factor. So whether a person will win or not is not dependent on the number of gambler playing but rather on their luck of triggering huge multipliers and bonus rounds.

coin-investor

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Quote from: dothebeats on December 06, 2023, 06:19:22 PM

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times. This is the only solution that I see is viable for people and gambling platforms to continue transacting without shouldering the cost that each transaction entails. Also, you could be right that they are offsetting the overall expenses they are incurring with the fees with something else, such as other profit funnels that they have established.

That's what many of us are doing unless you are ok with the fees and want to use Bitcoin, but the best option is using Tron for example and if you won you can withdraw then trade it to Bitcoin, the high transaction fees may have an impact on casinos' operation as many will likely stop from playing until such time that the congestion eases up when it comes to withdrawals some casinos are shouldering additional fees for their members' withdrawals and prefer not to increase what they usually deducted to players when withdrawing, casinos who are doing this are big casinos like Stake.
There are advantages for players when transaction fees are high to play at big casinos that agree to shoulder part of transaction fees.

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

One of their solutions is to increase the minimum withdrawal limit for Bitcoin. The only casinos i've noticed that did this are the ones offering free fees, while the others didn't care as much because most of the time, we pay for our fees.

Many will still gamble regardless of the fees because others have experienced this situation several times before, and a couple of casinos even have a feature that instantly credits your deposit.

ryzaadit

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Casino already have multiple-network.

Also a lot token getting listing, what we are complain anymore. Most user who are playing with the old coin like (BTC/ETH) it's because have more liquidity comparing to other token + you will not getting to much volatility crypto with these coin.

Still can't believe we still have some thread created on 2023 about (Fee) case ~XD

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

IMO, they've seen this coming and prepared for the decreased deposits but gamblers will always be gamblers though. It won't be a hindrance to gamble.

Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

Yes, even with high fees, the good thing with most casinos these days are about the alternative options to deposit. There are altcoins that have cheap transfer fees and that's what other gamblers do, or should I say that most gamblers do when unforeseen events like this come.

There's always the contingency plan to keep on gambling.

Taskford

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Quote from: Sandra_hakeem on December 07, 2023, 04:53:46 PM

Quote from: dothebeats on December 06, 2023, 06:19:22 PM

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times.

okay... Let me assume this is actually the solution; are they (casinos) not bearing the risk of deterioration overtime on altcoin?? What if they decided to accept deposits and withdrawals from an altcoin like say - Litecoin,and the value decreases few days after? Are they not definitely losing assuming they had alot of input for those days?? Or what if someone won a game on Thier platform a day or two ago and this present Bitcoin rise came, how do they make payments based on current BTC price?

Sandra 🧑‍🦰

Actually its not fair for people that deposited BTC to receive a alts in return since they surely like to receive what they deposit since Bitcoin still ideal coin to receive especially right now we see a drastically increase so this is what people like to receive at the moment.

If someone think its a solution well maybe not since not all like to receive alts so I guess casino should just deal with the fee since if they do this maybe there's a lot of people will get disappointed on the action they done so they need to stick on current methods and deal with fees and act normal if someone ask for a withdrawal.

There's a lot of possibilities of everything even if they deal with alt so I guess if they like BTC then there's nothing they can do but to accept the current fees what bitcoin have at the moment.

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That comes with working on the crypto industry. Most often than not you'd experience stuff like these especially when the market's on a surge. Now, it's up to these casinos how they'd reel people in despite the high transaction fees and longer wait times. I've played with some in the past that incentivizes saving enough crypto this early, so users put in money in the wallet earlier than they would've normally if it weren't peak season, and to shield them from suffering high transaction fees as well.

Some promote their own utility token, which can be used in lieu of what's popping in the market right now, so they don't have to pay that much money for transaction fees and are still able to enjoy gambling as they would've.

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It's a big issue for many casinos indeed because most of them don't offer Lightning Network deposits and withdrawals unfortunately. They can delay and group withdrawals together in one transaction in order to save fees for casinos offering free withdrawals and to reduce withdrawal fees for the other but it doesn't address the issue of BTC users wanting to send their funds in order to gamble them. Maybe it will encourage more casinos to offer LN options like bc.game and few others.

Sandra_hakeem

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Quote from: dothebeats on December 06, 2023, 06:19:22 PM

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times.

okay... Let me assume this is actually the solution; are they (casinos) not bearing the risk of deterioration overtime on altcoin?? What if they decided to accept deposits and withdrawals from an altcoin like say - Litecoin,and the value decreases few days after? Are they not definitely losing assuming they had alot of input for those days?? Or what if someone won a game on Thier platform a day or two ago and this present Bitcoin rise came, how do they make payments based on current BTC price?

Sandra 🧑‍🦰

goaldigger

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Quote from: o48o on December 07, 2023, 04:38:32 PM

Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

But why that would be casino's problem? Isn't it more of an user problem if they don't have money for tx fees. Big gamblers most likely don't care and for gamblers with less capital there are several layer 2 protocols that keep on being nearly free to use. So, in short, people who transfer huge amounts use main chains of btc and erc20 and can afford it.

Gamblers that are less fortunate have been using layer 2 and cheap alternative chains since they started. Short answer to your queston. They are coping just fine.

Casinos have their rulings with regards to withdrawal and maybe most of the casinos now are collecting all the withdrawals before they process it so that they can save some money instead of paying big tx fees. As a gambler, there's also an alternative option to gamble and just pay at a lower fees, like USDT, LTC, and DOGE though it will still depend on you if you are going to use the coins that are currently congested and the fees are high.

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate..

Casinos are still in business, some of them can allow bettors to wager their bets with zero confirmation. Aside that, most gambling platforms support multi coins such as USDT, USDC, BNB, ETH, XMR, DAI etc.

Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

People still gamble, though the mempool congestion is not a motivation. Actually, it might slow things down a bit for those who don't have other asset other than Bitcoin. However, some users on the forum might not be feeling it because they've their weekly earnings credited to their gambling accounts and not their wallets.

o48o

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Quote from: Sandra_hakeem on December 06, 2023, 06:00:23 PM

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

But why that would be casino's problem? Isn't it more of an user problem if they don't have money for tx fees. Big gamblers most likely don't care and for gamblers with less capital there are several layer 2 protocols that keep on being nearly free to use. So, in short, people who transfer huge amounts use main chains of btc and erc20 and can afford it.

Gamblers that are less fortunate have been using layer 2 and cheap alternative chains since they started. Short answer to your queston. They are coping just fine.

Topic: Casinos and gamblers are struggling with high tx fees.? - page 4. (Read 665 times)