Topic: Casinos and gamblers are struggling with high tx fees.? - page 5. (Read 665 times)
Fortunately, many casinos provide the option of altcoins as deposit coins so that people can switch to using altcoins that can be used as deposits while waiting for transaction costs to decrease. But it depends on the wishes of the gamblers because if they feel that using altcoins is a temporary solution to rising transaction costs, they will definitely return to the casino using altcoins. But if not, they will not force themselves to gamble, and that is a wise choice because they don't need to lose their coins at the gambling table, let alone lose self-control. After all, they choose not to gamble at this time.
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 11/3 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 🧑🦰
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 🧑🦰
To most casinos which have a high volume of gambling and bets it is not a problem to them to pay a some extra so their withdrawals still get processed in a relatively fast manner, that has been the approach of Stake, since the congestion started earlier this year.
On the other hand, I think people will still keep their normal where in spite of the increase of fees within the Bitcoin Network, they can either be more patient and wait more for their deposits to take place, or they may also use some altcoins to compensate their deposits which would be made in BTC otherwise.
Even though all this can be indeed a frustrating situation with the fees, it is only a relatively small obstacle for casinos and gamblers, specially the dedicated ones.
but most of them are really that dynamic on which it would really be that according or would really be that depending on the network condition. If it turns out that it would be asking something big then i dont
see that it would really be that ideal for them to make some free amount withdrawal on which it would really be causing up some expenses but we do know that it isnt really that something that too often
on which network condition isnt always like this but rather it do really happens when transactions had been spammed on the network.
On what been said that if you are that someone whose really that only have not a huge money to be spend on gambling then these current fees are really that too pain in the Ass.
For me, i have refrain on making up some transactions on trying to save up on the fees, not only on gambling means but also into those traditional transactions.
So i do just simply make use of other coins on which fees are cheap and fast confirming.
For gamblers, most of them will use different cryptocurrencies that have lower transaction fees instead of Bitcoin which has very high fees at the moment because most of them will probably have assets on centralized exchanges that they can easily convert to another cryptocurrency and then use for their gambling activities, or they can swap their Bitcoins if they have them in a decentralized wallet using a decentralized exchange and then use the exchanged assets for gambling.
For platforms, as far as I know, they increase the withdrawal charges at such times, there might be some platforms that will cover half of the fees or maybe a part of it, like Stake, but most of them will charge the users for the fees they will need to pay for the transactions and if a user doesn't want to pay that much, they will have to use other cryptocurrencies as there is no other choice for them.
For platforms, as far as I know, they increase the withdrawal charges at such times, there might be some platforms that will cover half of the fees or maybe a part of it, like Stake, but most of them will charge the users for the fees they will need to pay for the transactions and if a user doesn't want to pay that much, they will have to use other cryptocurrencies as there is no other choice for them.
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 11/3 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 🧑🦰
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 🧑🦰
To most casinos which have a high volume of gambling and bets it is not a problem to them to pay a some extra so their withdrawals still get processed in a relatively fast manner, that has been the approach of Stake, since the congestion started earlier this year.
On the other hand, I think people will still keep their normal where in spite of the increase of fees within the Bitcoin Network, they can either be more patient and wait more for their deposits to take place, or they may also use some altcoins to compensate their deposits which would be made in BTC otherwise.
Even though all this can be indeed a frustrating situation with the fees, it is only a relatively small obstacle for casinos and gamblers, specially the dedicated ones.
As if Bitcoin is the only option for gamblers on every casinos, is there any online casinos that only accepts Bitcoin as their digital currency permitted to use for gambling in 2023? Today we have too many alternatives, like LTC and other, it's been a while since I use BTC for gambling, I use small amount of money like $10 $20 and imagine me using Bitcoin for gambling, I can't afford the four dollars to ten dollars on transactions only.
Tron is a very good option too, for small time gamblers like myself it's better to avoid Bitcoin, leave it for the big boys as they won't see anything wrong with the amount they are wasting on Bitcoin transaction only.
With the hope of winning is why majority of gamblers do gamble, just imagine having to stress yourself with the transaction fee too, some people use less that $0.5 to bet, how are they going to get over it if Bitcoin is the only option? They will have to quit isn't it? Choose what's best for you, it's easy.
Tron is a very good option too, for small time gamblers like myself it's better to avoid Bitcoin, leave it for the big boys as they won't see anything wrong with the amount they are wasting on Bitcoin transaction only.
With the hope of winning is why majority of gamblers do gamble, just imagine having to stress yourself with the transaction fee too, some people use less that $0.5 to bet, how are they going to get over it if Bitcoin is the only option? They will have to quit isn't it? Choose what's best for you, it's easy.
There are so many options for both gamblers and casinos to avoid high transaction fees. The majority of them offer a wide variety of deposits in altcoins, such as Litecoin, Stellar, Doge, Ethereum, BNB, and so many more that it's merely an issue at this point. The only concern is that it requires you to convert your coins, which is susceptible to trading fees, but usually, that's minimal compared to the higher transaction fees of Bitcoin and sometimes Ethereum. With that being said, I don't see a reason to use Bitcoin if you're frequently depositing at a casino. Even providers convert to other coins, just like we do to avoid any fees.
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.
Yes of course is to convert, there is no other way to deal with this, other than to be patient waiting for the fees to subside or convert it to a coin that has a cheaper tx. And for gamblers who use bitcoin to gamble.
Yes, the easiest way for us to gamble is to use coins that don't have high tx fees, which except for those who are loyal to using bitcoin to gamble, they have to be fast enough to resist gambling because the fees are quite high. except maybe those who are really rich, and don't care about spending $10-30$ for each transaction.
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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 🧑🦰
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 🧑🦰
This isn't the first time that transactions have peaked in the mempool and casino and sportsbook will already have a way of dealing with it by now — probably exchanges are batching transactions to improve fee efficiency. This isn't on-chain gambling so users just need to deposit once and play. In-platform transactions are usually free of charge.
When ETH transactions reached $100 - $200, people still made transactions.
Gamblers are not deterred by anything and fees are the least important to them. After not playing for a while, the dopamine surge is needed to get that high again and hence they will use methods to circumvent the high fees. This includes taking on site loans, using an altcoin to deposit or using a fiat casino for the time being.
Logically speaking it is better to wait it out and delay gambling for the time being. But logic does not work when it comes to gamblers. Hence the number of gambler might slightly reduce but would not be significant enough for the casino.
Logically speaking it is better to wait it out and delay gambling for the time being. But logic does not work when it comes to gamblers. Hence the number of gambler might slightly reduce but would not be significant enough for the casino.
Folks accustomed to placing wagers will likely continue doing so. But when transaction fees get too steep, they'll opt for other currencies without such high associated costs. Bitcoin's fees have ballooned recently, so gamblers convert their stash into coins like Dogecoin or Litecoin before transferring to casinos. That's the only practical workaround nowadays for players. Either that or use a 2nd layer solution, like Lightning Network, if casino supports it.
I agree with previous opinions that high transaction fees result in losses for players. At the same time, they lose funds in any case - even if they don't bet. The casino needs to compensate the losses with various motivating bonuses - otherwise there is almost no point in using cryptocurrencies when betting
I don't think so that every casinos and gamblers situation are same at this time. That is true that only Bitcoin-supported casinos may face some difficulty when transaction fees go high. But if we see most casino or gambling websites currently have many options to withdraw and deposit. In that case, every gambler has the opportunity to withdraw or deposit coins that have the cheapest transaction fee. So I don't think they have to go through any struggle due to high bitcoin transactions.
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 11/3 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 🧑🦰
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 alternative coins that we can used though besides Bitcoin, but there could still be a lot of gamblers who continue with BTC no matter what. Some casinos doesn't charge fees for withdrawal, so this casinos should have enjoyed right now as gamblers might have to flock them to take advantage of their program.
But you can't blame gamblers today who uses cheap alterative or even USDT to deposit and withdraw just to continue with their gambling habits I doubt that they will simply stop just because fees are high not just for bitcoin but for any other crypto as well.
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 11/3 of the usual influx.
Questions like this will not apply to large casinos that already have lot of customers and also large community, they have loyal customers with relatively different amounts of money but are willing to use it to gamble at the casino.Moreover, in large casinos there are quite lot of gamblers who don't care about taxes or fees on every transaction because they really like gambling so costs are not burdensome problem.
It just that the flow of gambling activity in casinos has decreased slightly, but that doesn't mean they are losing profits or income because as I have said, there are still many gamblers who don't care about high costs.
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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 for small gamblers like us, I might consider it little because of the increased transaction costs and prefer to reduce gambling activities that used to be twice week to once week.Sandra 🧑🦰
I don't know how long this kind of increase in costs will last but this really creates difficulties for most small gamblers in particular.
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People who are used to gambling will still gamble but if they don't like high tx fees, they use other coins that don't have high tx fees. We are lucky because we can use coins like TRX, XRP, LTC, and others that do not have high transaction fees. But if you don't want to gamble using bitcoin because the transaction fees are high, you don't need to gamble.
There is no special motivation for gamblers because those who are used to gambling will continue to gamble. Meanwhile, people who don't want to gamble when transaction costs are high will not gamble. It depends on each person. I still gamble too but sometimes I use altcoins to anticipate high transaction fees.
There is no special motivation for gamblers because those who are used to gambling will continue to gamble. Meanwhile, people who don't want to gamble when transaction costs are high will not gamble. It depends on each person. I still gamble too but sometimes I use altcoins to anticipate high transaction fees.
regardless of high or low transaction fees, it will not affect gambling activities on online gambling platforms because usually gambling platforms will accommodate half or more of the fees for a transaction made by a gambler.
however, if we look at the current situation, it is better for gamblers to use alternative networks such as ln or they can use stablecoins such as usdt which are generally supported by major gambling platforms to get lower fees and higher processing speeds.
however, if we look at the current situation, it is better for gamblers to use alternative networks such as ln or they can use stablecoins such as usdt which are generally supported by major gambling platforms to get lower fees and higher processing speeds.
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??
This is the third thread that is about high transaction fee on this board in just one week. If anyone can not use bitcoin this time because of high transaction fee, gambling sites are supporting other coins like litecoin, tron, USDT and few others which gamblers can use instead.Some gambling sites like rollbit and bc.game are also supporting lightning network which are of low transaction fee. No gambler will get motivated with high transaction fee.
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 11/3 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??
I'm not sure if my explanation would be clear, but I think some casinos wait for other players to cash out too in order to lessen the transaction fee. It's like there's a timeframe to wait for other players to cashout as well. If it takes a long time to wait for other players the casino will have to deal with that high transaction fee. However, for high rollers or VIPs they will likely disregard it withdrawals for them should be instant. 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??
It seems like your question has been answered by many people here that the best way is to use other coins which have lower costs and usually use altcoins which have much cheaper transaction costs and for me personally I gamble using money from the signature campaign and I save that budget in my account for You can still bet without having to make a deposit and can still use BTC.
It is actually the other way around. I for instance don't like to withdraw because it's a waste of money from the transaction fees. So, there comes the problem where you are forced/urged to gamble the supposed to be withdrawn money. It will take a lot of discipline to not gamble the money that's in front of your face.
I think many gamblers are in the same position as me when it comes to withdrawal.
In terms of deposits, I don't think it's much of an issue but gamblers would probably just save enough cryptocurrencies so that they can utilize it in one high transaction fee.
About gambling sites, I know they are using a dynamic feature when it comes to withdrawal fees, I am actually waiting on when they will change it because $3 does hurt in just one go. I mean, that could be used for several bets especially those who are betting small.
I think they are still waiting for the movement to calm down before they start changing it. Stake.com has 7k satoshis in withdrawal fees, just for information.
I think many gamblers are in the same position as me when it comes to withdrawal.
In terms of deposits, I don't think it's much of an issue but gamblers would probably just save enough cryptocurrencies so that they can utilize it in one high transaction fee.
About gambling sites, I know they are using a dynamic feature when it comes to withdrawal fees, I am actually waiting on when they will change it because $3 does hurt in just one go. I mean, that could be used for several bets especially those who are betting small.
I think they are still waiting for the movement to calm down before they start changing it. Stake.com has 7k satoshis in withdrawal fees, just for information.
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