Casinos Withdrawal Fees Rise (!?)|| October 2020 - page 2.

Natalim

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Quote from: mindrust on January 21, 2021, 03:22:30 AM

Quote from: Natalim on January 20, 2021, 06:40:15 PM

Some casinos starting to accept USDT already, I think that's their solution to avoid volatility which is the main problem for bettors whose intention is for sole gambling only. I also like the LN but as of this time I have never seen a popular site started adopting it already.

This is the first time I heard this. If that's true that will only increase the pressure on USDT.

This is big.

That means now USD can be used in illegal activities freely more than ever (even more than bitcoin) and that will surely speed up the process of tether's death. If the banks don't let the exchanges to have any bank accounts, don't accept any bitcoin's that's coming from a casino etc, why would they allow Tether? More importantly why would the FED allow this?

I don't know how the regulatory approach is, but it's true that some gambling sites are accepting USDT already.

These are just 2 sites I know.

https://sportsbet.io/support/payment-options
https://www.cloudbet.com/en/

dre1982

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Quote from: Natalim on January 20, 2021, 06:40:15 PM

Some casinos starting to accept USDT already, I think that's their solution to avoid volatility which is the main problem for bettors whose intention is for sole gambling only. I also like the LN but as of this time I have never seen a popular site started adopting it already.

And the withdraw fee for USDT for this casino's in very high. Some are around the 5 USDT for Standard fee (confirmation within 6 blocks).

For me that's way too high. Especially at casino's where the minimum withdraw is $20. Then you pay a quarter more to withdraw it.

mindrust

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Quote from: Natalim on January 20, 2021, 06:40:15 PM

Some casinos starting to accept USDT already, I think that's their solution to avoid volatility which is the main problem for bettors whose intention is for sole gambling only. I also like the LN but as of this time I have never seen a popular site started adopting it already.

This is the first time I heard this. If that's true that will only increase the pressure on USDT.

This is big.

That means now USD can be used in illegal activities freely more than ever (even more than bitcoin) and that will surely speed up the process of tether's death. If the banks don't let the exchanges to have any bank accounts, don't accept any bitcoin's that's coming from a casino etc, why would they allow Tether? More importantly why would the FED allow this?

dunfida

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Quote from: Natalim on January 20, 2021, 06:40:15 PM

Quote from: boyptc on January 16, 2021, 08:52:58 PM

Quote from: Maus0728 on January 15, 2021, 01:44:32 AM

This is just a random thought.

If most of the gambling sites does not benefit from all these large transaction fees then why they are not integrarating the Lightning Network on their site? Though I am aware that it needs a lot of work in terms of technicalities involved in changing the whole backend and frontend code but isn't it that if at least they manage to integrate LN, the gambling platform could somehow gain traction for new players/clients?

Another pros is that we can also experience and practice making transaction over the Lightning Network which I think is a good experience.

Am I missing something why only few of them is using it?,

Very on point thought.

I think LN is still not that common and the casinos may adopt it but many of their users won't consider it. That's just also my thought about it. It's possible that we'll see adoption of LN through casinos could be a few more years.

If they see a demand for it, they'll absolutely add it.

Some casinos starting to accept USDT already, I think that's their solution to avoid volatility which is the main problem for bettors whose intention is for sole gambling only. I also like the LN but as of this time I have never seen a popular site started adopting it already.

There are already some old and popular gambling sites that had integrated lightning network like Crypto.games https://blog.crypto.games/2020/11/bitcoin-lightning-network.html

We do have viable options to take on if we are really trying to get rid of paying up higher fees due to network congestion.

Natalim

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Quote from: boyptc on January 16, 2021, 08:52:58 PM

Quote from: Maus0728 on January 15, 2021, 01:44:32 AM

This is just a random thought.

If most of the gambling sites does not benefit from all these large transaction fees then why they are not integrarating the Lightning Network on their site? Though I am aware that it needs a lot of work in terms of technicalities involved in changing the whole backend and frontend code but isn't it that if at least they manage to integrate LN, the gambling platform could somehow gain traction for new players/clients?

Another pros is that we can also experience and practice making transaction over the Lightning Network which I think is a good experience.

Am I missing something why only few of them is using it?,

Very on point thought.

I think LN is still not that common and the casinos may adopt it but many of their users won't consider it. That's just also my thought about it. It's possible that we'll see adoption of LN through casinos could be a few more years.

If they see a demand for it, they'll absolutely add it.

Some casinos starting to accept USDT already, I think that's their solution to avoid volatility which is the main problem for bettors whose intention is for sole gambling only. I also like the LN but as of this time I have never seen a popular site started adopting it already.

boyptc

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Quote from: Maus0728 on January 15, 2021, 01:44:32 AM

This is just a random thought.

If most of the gambling sites does not benefit from all these large transaction fees then why they are not integrarating the Lightning Network on their site? Though I am aware that it needs a lot of work in terms of technicalities involved in changing the whole backend and frontend code but isn't it that if at least they manage to integrate LN, the gambling platform could somehow gain traction for new players/clients?

Another pros is that we can also experience and practice making transaction over the Lightning Network which I think is a good experience.

Am I missing something why only few of them is using it?,

Very on point thought.

I think LN is still not that common and the casinos may adopt it but many of their users won't consider it. That's just also my thought about it. It's possible that we'll see adoption of LN through casinos could be a few more years.

If they see a demand for it, they'll absolutely add it.

MCobian

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Quote from: swogerino on January 15, 2021, 10:08:07 AM

I am happy to use Altcoin fees whenever I can but for the moment the only casino and sportbook where I play which happens to be the same as the one in my signature still continues to pay withdrawal fees for us.Whenever it stops if it ever does so it also offers Litecoin so I am not worried about this type of fees.

It's true that Sportsbet does pay withdrawal fees for its users, this allows using Sportsbet to prevent the withdrawal of fees that increase at some
casinos. But as you said, using altcoins allows us to avoid high withdrawal fees. Because based on my experience playing in various casinos,
if making withdrawals using altcoins it is proven to have fees that are much lower than Bitcoin. I often use Dogecoin to choose as a withdrawal
method, because Dogecoin is known to have cheap and fast fees.

maydna

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Quote from: dre1982 on January 15, 2021, 03:48:53 AM

Quote from: ?? on ??

Converting bitcoin to altcoin is very hellful for the players to save fees because we know the fees of the altcoin is more cheaper than the bitcoin like the XRP it will good as alternative way for us to save money also the only seconds the coin is already in your wallet unless you use bitcoin wirh high fees and also needs hours to confirmed the transaction and the others wait more days.

But you have to be careful which altcoin you pick. If you used XRP before you can have lost a lot of money. In that case it was still profitable to just pay the higher bitcoin fee.

Normally I use Doge when it's low (around the 15-7sat). Once in a while it being pumped and then you can get some extra profit.

Dogecoin is one of the altcoins that many gambling sites have, besides ethereum and litecoin. And as one of the old coins at the market, Dogecoin has a low fee of the transaction, which will help us convert it from bitcoin into Dogecoin. Perhaps you don't have to sell your Dogecoin if the price does not increase, so you can convert it many times and only wait for the price increases. Sometimes, Dogecoin price can jump to the higher price, and even if the price is rising only 3-5 satoshi, if you have a big amount of Dogecoin, your profit will be bigger.

famososMuertos

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Quote from: leea-1334 on January 07, 2021, 08:48:29 AM

...//...:

We are in the same frequency of casino wallets. (!?) Because your comment would enter the use of traditionals wallets, so you cannot wait for the commission is what they put you. As you can see at least from the casinos listed here, only one offers the possibility of using fees to your liking.

Quote from: Maus0728 on January 15, 2021, 01:44:32 AM

...//...:

Only one casino of those named here offers LN and in the reality of the improvements that it can grant depends on the users not the casinos, currently there is not much diffusion among the users in its execution because if they can know it but using it is another thing.

Electrum, for example, in its latest version, basically its improvements are given mainly by those related to the use of LN.

It is something more related to diffusion and that its use by users begins to spread more, this would make casinos enthusiastic and create options with LN.

mu_enrico

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About converting to altcoins, it depends on the method. Some casinos still need the tx fee to send BTC to instant exchanges (like ChangeNow et al.), and that's not good!

Quote from: dre1982 on January 15, 2021, 03:48:53 AM

But you have to be careful which altcoin you pick. If you used XRP before you can have lost a lot of money.

That's wrong. It would be best to convert the altcoin to BTC asap on the exchange so you won't bear the risk. In other words, you withdraw directly to the exchange.
Even with XRP or TRX, the potential losses were minimal and less than BTC tx fees most of the time.

swogerino

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I am happy to use Altcoin fees whenever I can but for the moment the only casino and sportbook where I play which happens to be the same as the one in my signature still continues to pay withdrawal fees for us.Whenever it stops if it ever does so it also offers Litecoin so I am not worried about this type of fees.

dre1982

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Quote from: ?? on ??

Quote from: maydna on January 14, 2021, 09:31:31 PM

Quote from: shoreno on January 14, 2021, 07:49:47 PM

same here i dont leave my funds any longer inside the casino but there are times that im badly need to withdraw but fees suddenly adjusted to a much higher rate , what else can i do ?

nothing but to wait because my money arent going to be enough anymore for withdrawals if i attempt and i dont want to gamble any further just to cover those fees . last time i gamble further because of the fees , i only lost all my money . i felt so dumb that time

Yes, I feel that too. That is why if the gambling site has an option to convert from Bitcoin to altcoin, that will help the gamblers to convert it, and they can send their money to the other wallet while they don't have to pay too many fees, especially if they want to withdraw for little money. We can't withdraw at that time because the money that we receive will be reduced too much.

But we can't blame the gambling site because they just adjust the fees based on the network. Perhaps, the high fees are not too different for people who own big money on the site, so when they want to have the money in a short time, they can withdraw it anytime.

Converting bitcoin to altcoin is very hellful for the players to save fees because we know the fees of the altcoin is more cheaper than the bitcoin like the XRP it will good as alternative way for us to save money also the only seconds the coin is already in your wallet unless you use bitcoin wirh high fees and also needs hours to confirmed the transaction and the others wait more days.

But you have to be careful which altcoin you pick. If you used XRP before you can have lost a lot of money. In that case it was still profitable to just pay the higher bitcoin fee.

Normally I use Doge when it's low (around the 15-7sat). Once in a while it being pumped and then you can get some extra profit.

Maus0728

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This is just a random thought.

If most of the gambling sites does not benefit from all these large transaction fees then why they are not integrarating the Lightning Network on their site? Though I am aware that it needs a lot of work in terms of technicalities involved in changing the whole backend and frontend code but isn't it that if at least they manage to integrate LN, the gambling platform could somehow gain traction for new players/clients?

Another pros is that we can also experience and practice making transaction over the Lightning Network which I think is a good experience.

Am I missing something why only few of them is using it?,

TravelMug

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Quote from: Kelvinid on January 14, 2021, 07:27:09 PM

Quote from: chaser15 on January 14, 2021, 07:03:26 PM

Quote from: Botnake on January 14, 2021, 06:37:12 PM

Great attitude though, most gamblers just want to withdraw whenever they win, and sometimes they don't care about the fees anymore, they just want to enjoy their winnings and then just come back to play again. It requires a lot of experience to gain that discipline like you do.

Actually, I'm like that. As long as I want to withdraw, I don't bother with the fees because what else I can do if I really feel to withdraw it?

And most of the time, withdrawal fees are fixed so either the network is congested or the BTC price is rocketing, there's no difference at all.

It gives us no choice at all. Paying high fees is a part of our budget and that we need to face that or else, let our money stuck there and wait for the fees to change. But the question is, How long? I can't imagine if gamblers will wait for a month, a year.

I still have money to pay and I'm not losing yet which makes me disappointed. I need the money and I want to withdraw it, those fees don't matter for me as well.

I agree, if we really needed our winnings then obviously we don't have a choice but to withdraw and pay the high cost of fees today. That's why personally I have change my mindset gambling today, I seldom gamble now, unlike when the price of bitcoin and fees are not this high.

But for those gamblers who are willing, then I have nothing against you. I'm just trying to adjust myself and will probably bet occasionally if I see my favourite team or athletes.

Maybe gambling sites can offer other altcoins as an option to deposit and withdrawal, less fees and might faster. Unlike BTC and ETH today.

maydna

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Quote from: shoreno on January 14, 2021, 07:49:47 PM

same here i dont leave my funds any longer inside the casino but there are times that im badly need to withdraw but fees suddenly adjusted to a much higher rate , what else can i do ?

nothing but to wait because my money arent going to be enough anymore for withdrawals if i attempt and i dont want to gamble any further just to cover those fees . last time i gamble further because of the fees , i only lost all my money . i felt so dumb that time

Yes, I feel that too. That is why if the gambling site has an option to convert from Bitcoin to altcoin, that will help the gamblers to convert it, and they can send their money to the other wallet while they don't have to pay too many fees, especially if they want to withdraw for little money. We can't withdraw at that time because the money that we receive will be reduced too much.

But we can't blame the gambling site because they just adjust the fees based on the network. Perhaps, the high fees are not too different for people who own big money on the site, so when they want to have the money in a short time, they can withdraw it anytime.

shoreno

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Quote from: chaser15 on January 14, 2021, 07:03:26 PM

Quote from: Botnake on January 14, 2021, 06:37:12 PM

Great attitude though, most gamblers just want to withdraw whenever they win, and sometimes they don't care about the fees anymore, they just want to enjoy their winnings and then just come back to play again. It requires a lot of experience to gain that discipline like you do.

Actually, I'm like that. As long as I want to withdraw, I don't bother with the fees because what else I can do if I really feel to withdraw it?

And most of the time, withdrawal fees are fixed so either the network is congested or the BTC price is rocketing, there's no difference at all.

same here i dont leave my funds any longer inside the casino but there are times that im badly need to withdraw but fees suddenly adjusted to a much higher rate , what else can i do ?

nothing but to wait because my money arent going to be enough anymore for withdrawals if i attempt and i dont want to gamble any further just to cover those fees . last time i gamble further because of the fees , i only lost all my money . i felt so dumb that time

Kelvinid

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Quote from: chaser15 on January 14, 2021, 07:03:26 PM

Quote from: Botnake on January 14, 2021, 06:37:12 PM

Great attitude though, most gamblers just want to withdraw whenever they win, and sometimes they don't care about the fees anymore, they just want to enjoy their winnings and then just come back to play again. It requires a lot of experience to gain that discipline like you do.

Actually, I'm like that. As long as I want to withdraw, I don't bother with the fees because what else I can do if I really feel to withdraw it?

And most of the time, withdrawal fees are fixed so either the network is congested or the BTC price is rocketing, there's no difference at all.

It gives us no choice at all. Paying high fees is a part of our budget and that we need to face that or else, let our money stuck there and wait for the fees to change. But the question is, How long? I can't imagine if gamblers will wait for a month, a year.

I still have money to pay and I'm not losing yet which makes me disappointed. I need the money and I want to withdraw it, those fees don't matter for me as well.

Lanatsa

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Quote from: ?? on ??

Quote from: Questat on December 16, 2020, 06:32:19 PM

Quote from: Lanatsa on December 16, 2020, 05:33:55 PM

-

Bitcoin is pumping, it's not a good idea to use bitcoin if you are trying to save on fees, right, altcoins is the best solution for now as the party is only on bitcoin and altcoins remain calm as it was before, we don't know when bitcoin will settle, either it will continue to pump or will result to a bigger splash or dump, regardless, it will still make the network congested.

For me this is the time where i couldn't afford to lose even a single bitcoin for the sake of gambling. I would prefer to save it and hodl my bitcoin as much as the bitcoin market didn't yet settle and as i am expecting it will continue to go up its value to a higher than how much its value today. And it is a right decision i guess that we would use altcoins for transactions for the mean time till the market was in bullish state.
[/quote]

A dumb thing to be done if you do know that fees were high and you do still push yourself on making transactions in times like these but if you are a whale
that who doesn't care about those few bucks of fees then that would be good but not all are really that extravagant when it comes on paying fees.

Save it up for future investment and that would really be worth but there are really some bitcoins which are really allocated for gambling but not really
worth to make transactions due to fees.

As of this writing the low priority transaction fee is $4+ which is way too high for most people.

chaser15

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Quote from: Botnake on January 14, 2021, 06:37:12 PM

Great attitude though, most gamblers just want to withdraw whenever they win, and sometimes they don't care about the fees anymore, they just want to enjoy their winnings and then just come back to play again. It requires a lot of experience to gain that discipline like you do.

Actually, I'm like that. As long as I want to withdraw, I don't bother with the fees because what else I can do if I really feel to withdraw it?

And most of the time, withdrawal fees are fixed so either the network is congested or the BTC price is rocketing, there's no difference at all.

Botnake

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Quote from: Reatim on January 14, 2021, 08:51:30 AM

Actually i am not into Withdrawal but Depositing , Because Like you if ever i Won big withdrawal will not come ASAP , and will wait for how long it takes until the congestion gone.

Great attitude though, most gamblers just want to withdraw whenever they win, and sometimes they don't care about the fees anymore, they just want to enjoy their winnings and then just come back to play again. It requires a lot of experience to gain that discipline like you do.

Topic: Casinos Withdrawal Fees Rise (!?)|| October 2020 - page 2. (Read 6122 times)