Topic: Considering huge transaction fees, what coins to support on new gambling site? - page 5. (Read 1943 times)
March 27, 2021, 05:24:16 PM
I'm seeing more and more people looking at BTT not only because of its relatively cheap cost but because of it's profitability as well. Not too long ago it was sitting at a measly $0.00021 but has since increased in price and is now sitting at $0.0041 imagine how big the gains are, not to mention its low transaction fee as well, and since it's backed by a well-respected gambling site, there's no way you could go wrong with holding a few BTTs yourself!
March 27, 2021, 03:59:08 PM
But if a player wants to play with bitcoin or ETH, then he is forced to make a conversion. And if he wants to withdraw money using a cheap altcoin, then he is forced to do the opposite operation. Yes, these exchange operations are not the main activity of the casino and therefore the exchange rates there are very unfavorable for the player.
I don't know if there is such a player who really insists on playing with Bitcoin (BTC) or Ethereum (ETH) that he will make deposits with a particular altcoin, convert it into Bitcoin (BTC) or Ethereum (ETH), and then when he decides to withdraw, convert again to altcoin. I don't know if this is the best option he has to take or he is only wasting time and money in the process.
I agree that conversion within a gambling site is not a good choice in terms of prices.
This is a matter of habit/convenience. You always know the price of ETH or bitcoin (most people connected with crypto check it every day), but do you know the actual price of smaller coins such as Zil for example? I am not, and it would be difficult for me to place a bet without knowing how much I am risking.
I do see a few which do list some coins but typically those are just inhouse tokens which doesnt really have a market value but i dont really preferred those and nothing beats out
when you do make out bets using up Bitcoin and other top altcoins in the market.There's really some vibe or feeling that could really add up on the thrill
and excitement when you do directly play with using up these coins.
March 27, 2021, 01:58:57 PM
But if a player wants to play with bitcoin or ETH, then he is forced to make a conversion. And if he wants to withdraw money using a cheap altcoin, then he is forced to do the opposite operation. Yes, these exchange operations are not the main activity of the casino and therefore the exchange rates there are very unfavorable for the player.
I don't know if there is such a player who really insists on playing with Bitcoin (BTC) or Ethereum (ETH) that he will make deposits with a particular altcoin, convert it into Bitcoin (BTC) or Ethereum (ETH), and then when he decides to withdraw, convert again to altcoin. I don't know if this is the best option he has to take or he is only wasting time and money in the process.
I agree that conversion within a gambling site is not a good choice in terms of prices.
This is a matter of habit/convenience. You always know the price of ETH or bitcoin (most people connected with crypto check it every day), but do you know the actual price of smaller coins such as Zil for example? I am not, and it would be difficult for me to place a bet without knowing how much I am risking.
March 27, 2021, 01:14:28 PM
I don't mind a little gambling once a month or so.
Depending on what casino, BCH has often been the cheapest and easiest.
Some casinos accept 0 conf BCH tx's and it's never more than $0.01 in tx fees to send.
It's not the cheapest and quickest and wouldn't want to try that again. XRP and TRX are the choices of most this time and they really are cheap and quick.Depending on what casino, BCH has often been the cheapest and easiest.
Some casinos accept 0 conf BCH tx's and it's never more than $0.01 in tx fees to send.
ETH was good for a little while because of the fast confirmations, but the fees on ETH are also sky high now.
And that's why everyone is looking for a way to save fees as we transfer in casinos. March 27, 2021, 09:37:59 AM
I don't know if this is the best option he has to take or he is only wasting time and money in the process.
It may save time but it will definitely lead to extra fees and losses as we need to buy that altcoin at market price and need to sell at the available market price which will be definitely lead to 3 to 5% extra along transaction fees. In other words, it is not practical to do it. So if you want to gamble with Bitcoin (BTC) or Ethereum (ETH) then just stick with it. What is $10 if you are a gambler who is willing to spend hundreds or even thousands of dollars on your favorite gambling games? That is probably nothing to you.
But if you are a gambler who finds it a big deal to spend a few dollars to pay for the transaction fee and who makes it a big deal that the conversion of your Bitcoin to an altcoin is rather low as compared to the actual conversion rate, then you better be sticking to cheap altcoins.
March 27, 2021, 06:11:47 AM
I don't mind a little gambling once a month or so.
Depending on what casino, BCH has often been the cheapest and easiest.
Some casinos accept 0 conf BCH tx's and it's never more than $0.01 in tx fees to send.
ETH was good for a little while because of the fast confirmations, but the fees on ETH are also sky high now.
Depending on what casino, BCH has often been the cheapest and easiest.
Some casinos accept 0 conf BCH tx's and it's never more than $0.01 in tx fees to send.
ETH was good for a little while because of the fast confirmations, but the fees on ETH are also sky high now.
March 27, 2021, 06:02:49 AM
That's fact! as long as this two coins still have higher value the fees will remain high and those small players don't have any option but to pick other alternative to continue gambling.
High fees really affects most of small gamblers but like what most said the game must go on..
They will find waysand they will continue playing.
Gamblers always a gamblers..
I and my friends are small-time gamblers, but we are lucky that we have a way to buy altcoins using our local currency and can send the altcoins to a gambling site with small fees, and we can also trade our altcoins to our local currency, it's a big help if your government supports not only Bitcoin but other altcoins as well, some of the altcoins I'm using on the gambling sites I'm playing are Tron, Doge, Litecoin and XRP
March 27, 2021, 03:04:24 AM
Currently I’m trying out BCH and XRP because they both have lesser transaction fees, but you just need to be careful especially with XRP who needs its destination tag to receive your funds or it will be lost forever. But maybe other gambling sites offer other altcoins too such as Litecoin or Dash, I think I see a couple of sites who have those altcoins with lesser fees.
I never try to use BCH because I think the fee high compare to Dogecoin or litecoin. I think DASH also have as high fees as BCH. I heard XRP also has low fees, but I still prefer to use Dogecoin. Tron can be another solution to playing gambling, but the gambling site which accepts Tron is not too many depend on the gambling site accept Dogecoin. I think that is why people like to use Dogecoin to gamble because the price to buy is not too expensive, and the fee for making a transaction is not too high.
March 27, 2021, 02:12:08 AM
With fees so high, I'm wondering if big gamblers are switching from BTC/ETH to other options. Is there any data on what's being used? With limited options, what coins should a new platform consider supporting?
There are lots of other options are available to solve the higher transaction fees but the real question would be how long that will remain as a good option for lower fees. Just look back to 2017 scenario when bitcoin community was struggling and debating about adopting seg-wit, ethereum was one of the best destination to enjoy lower fees but right now what is going on?I mean we must need to get into a long term solution rather than switching into new things because that will be high riskier one when a business adopt something new as most of the coins are turning dead or abandoned over the time.
I don't know if this is the best option he has to take or he is only wasting time and money in the process.
It may save time but it will definitely lead to extra fees and losses as we need to buy that altcoin at market price and need to sell at the available market price which will be definitely lead to 3 to 5% extra along transaction fees. March 26, 2021, 10:34:05 PM
Dealing with small cryptocurrencies with cheap fees is an obvious option, but it is not a complete solution to the problem. People are used to betting in currencies such as bitcoin and ETH, and converting into these currencies leads to additional commissions, and usually they are quite high at casinos.
Of course, it is not the complete solution. But the complete solution is beyond the control and decision of gambling sites so they need to think of other ways for the time being.
People don't need to do constant conversion of cryptocurrencies on gambling sites. In the first place, gambling sites are no conversion, swap,
or exchange sites. With the acceptance of cheaper altcoins, gamblers only make deposits and withdrawals with these altcoins. No need to deposit BTC and ETH and do the conversion in the site itself.
But if a player wants to play with bitcoin or ETH, then he is forced to make a conversion. And if he wants to withdraw money using a cheap altcoin, then he is forced to do the opposite operation. Yes, these exchange operations are not the main activity of the casino and therefore the exchange rates there are very unfavorable for the player.
I don't know if there is such a player who really insists on playing with Bitcoin (BTC) or Ethereum (ETH) that he will make deposits with a particular altcoin, convert it into Bitcoin (BTC) or Ethereum (ETH), and then when he decides to withdraw, convert again to altcoin. I don't know if this is the best option he has to take or he is only wasting time and money in the process.
I agree that conversion within a gambling site is not a good choice in terms of prices.
March 26, 2021, 06:07:16 PM
Dealing with small cryptocurrencies with cheap fees is an obvious option, but it is not a complete solution to the problem. People are used to betting in currencies such as bitcoin and ETH, and converting into these currencies leads to additional commissions, and usually they are quite high at casinos.
Of course, it is not the complete solution. But the complete solution is beyond the control and decision of gambling sites so they need to think of other ways for the time being.
People don't need to do constant conversion of cryptocurrencies on gambling sites. In the first place, gambling sites are no conversion, swap,
or exchange sites. With the acceptance of cheaper altcoins, gamblers only make deposits and withdrawals with these altcoins. No need to deposit BTC and ETH and do the conversion in the site itself.
But if a player wants to play with bitcoin or ETH, then he is forced to make a conversion. And if he wants to withdraw money using a cheap altcoin, then he is forced to do the opposite operation. Yes, these exchange operations are not the main activity of the casino and therefore the exchange rates there are very unfavorable for the player.
March 26, 2021, 05:26:21 PM
BCH and XRP do have low transaction fees and if you are rushing your bets out this two alternatives is really fits to your need, the transaction
process is much faster than BTC and ETH.
process is much faster than BTC and ETH.
And not so fast as with TRX. At least XRP also very fast, but not so safe as TRX or even Dogecoin. Personally, I'm also used Doge two or three times. Much wow this is what i can say about using it
And yeah, BCH is pretty slow, with higher (than TRX, Doge and other coin) fees. So there is no sense to use it anyway.
March 26, 2021, 02:37:18 PM
With fees so high, I'm wondering if big gamblers are switching from BTC/ETH to other options. Is there any data on what's being used? With limited options, what coins should a new platform consider supporting?
I'm playing on other gambling sites that's offering other coins as options to their players, and the tokens/coins they are offering are Tron, Litecoin, Dogecoin, USDT and other coins with low transaction fees and fast confirmation, you should add it so you can attract more players, gamblers are looking for more options.
With those alternative options, gamblers are free to choose game house who provide this offers.
It way much better than locking yourself with known cryptos that have high fees, it just limiting gamblers to
use it and have no other options to enjoy the site.
Currently I’m trying out BCH and XRP because they both have lesser transaction fees, but you just need to be careful especially with XRP who needs its destination tag to receive your funds or it will be lost forever. But maybe other gambling sites offer other altcoins too such as Litecoin or Dash, I think I see a couple of sites who have those altcoins with lesser fees.
BCH and XRP do have low transaction fees and if you are rushing your bets out this two alternatives is really fits to your need, the transaction
process is much faster than BTC and ETH.
March 26, 2021, 02:28:17 PM
Small gamblers gambles with small amount, hence, the fees are really needed to be small.
Small gamblers have no choice but to stop if they gamble but can't take the fees. There's no option but to exchange into altcoins that have a lesser fee.But to do that, they have to transfer and they have to pay for the fee as well if that's bitcoin or ethereum.
Either way they are still paying a certain amount of fee that’s why they choose to exchange them to a lesser valued altcoin such as XRP or LTC so fees wouldn’t be that much compared to Bitcoin or Ethereum. For as long as these 2 coins gave higher value, the transaction fees would also be high.
Currently I’m trying out BCH and XRP because they both have lesser transaction fees, but you just need to be careful especially with XRP who needs its destination tag to receive your funds or it will be lost forever. But maybe other gambling sites offer other altcoins too such as Litecoin or Dash, I think I see a couple of sites who have those altcoins with lesser fees.
I did some XRP transaction and it's good but I won't have it as an investment. I'll change into it for transfers but for BCH, I won't have it a try. Is it really that quick? March 26, 2021, 02:18:28 PM
Currently I’m trying out BCH and XRP because they both have lesser transaction fees, but you just need to be careful especially with XRP who needs its destination tag to receive your funds or it will be lost forever. But maybe other gambling sites offer other altcoins too such as Litecoin or Dash, I think I see a couple of sites who have those altcoins with lesser fees.
March 26, 2021, 10:21:07 AM
With fees so high, I'm wondering if big gamblers are switching from BTC/ETH to other options. Is there any data on what's being used? With limited options, what coins should a new platform consider supporting?
I'm playing on other gambling sites that's offering other coins as options to their players, and the tokens/coins they are offering are Tron, Litecoin, Dogecoin, USDT and other coins with low transaction fees and fast confirmation, you should add it so you can attract more players, gamblers are looking for more options.
March 26, 2021, 07:42:35 AM
I don't get your point, if you have any. It doesn't mean that a casino adding more cryptocurrencies would remove Bitcoin (BTC) and Ethereum (ETH). BTC and ETH will always be there as major options because they are the two leading cryptocurrencies. Which casino is stupid enough to only accept minor cryptocurrencies?
But it is always better for a casino to accept more than BTC and ETH. It doesn't hurt a casino if they add Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), etc.
But it is always better for a casino to accept more than BTC and ETH. It doesn't hurt a casino if they add Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), etc.
Dealing with small cryptocurrencies with cheap fees is an obvious option, but it is not a complete solution to the problem. People are used to betting in currencies such as bitcoin and ETH, and converting into these currencies leads to additional commissions, and usually they are quite high at casinos.
Cheap coins must be our choices and even without High at casinos yet we as small gamblers will only bet using the fees we can handle .
How can we play when we only have 50$ to bet and the fee costs us 30$.
That's not advisable anymore, by depositing your bitcoin, you already loss big money, so you might still loss easily anyway. There are a lot of altcoins as our option, why force on bitcoin only, and also we have a lot of gambling sites already, for sure they have altcoins as an alternative for deposit, just be wise.
March 26, 2021, 02:38:26 AM
Either way they are still paying a certain amount of fee that’s why they choose to exchange them to a lesser valued altcoin such as XRP or LTC so fees wouldn’t be that much compared to Bitcoin or Ethereum. For as long as these 2 coins gave higher value, the transaction fees would also be high.
Correct. Many small gamblers like to use the altcoin that does not need to pay a high transaction fee because when they win using that altcoin, they can withdraw that coin with a low fee. That will help them have the most amount of their winning, and they can wait for the price to increase higher and sell it at once.Maybe you should not use Tron to gamble because the price increases from the price you bought Tron before. If you can sell at the exchange instead of using it for a gamble, you will make a profit and you can use that profit to buy doge and use it for gamble. I prefer to use dogecoin because that coin is available on many gambling sites, giving me more options to use any gambling site that I want. That is my suggestion for you but that will be up to you.
But if you are not caring about the possible profit(because there is also a possible decrease) then Using to gamble maybe a right manner to deal with.
and besides this is advantageous already because he buys in lower price and now it maybe doubled? if the site is convertible to Dollar then It's a perfect material to gamble i guess.
March 26, 2021, 01:13:01 AM
I don't get your point, if you have any. It doesn't mean that a casino adding more cryptocurrencies would remove Bitcoin (BTC) and Ethereum (ETH). BTC and ETH will always be there as major options because they are the two leading cryptocurrencies. Which casino is stupid enough to only accept minor cryptocurrencies?
But it is always better for a casino to accept more than BTC and ETH. It doesn't hurt a casino if they add Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), etc.
But it is always better for a casino to accept more than BTC and ETH. It doesn't hurt a casino if they add Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), etc.
Dealing with small cryptocurrencies with cheap fees is an obvious option, but it is not a complete solution to the problem. People are used to betting in currencies such as bitcoin and ETH, and converting into these currencies leads to additional commissions, and usually they are quite high at casinos.
Cheap coins must be our choices and even without High at casinos yet we as small gamblers will only bet using the fees we can handle .
How can we play when we only have 50$ to bet and the fee costs us 30$.
March 26, 2021, 12:30:35 AM
Small gamblers gambles with small amount, hence, the fees are really needed to be small.
Small gamblers have no choice but to stop if they gamble but can't take the fees. There's no option but to exchange into altcoins that have a lesser fee.But to do that, they have to transfer and they have to pay for the fee as well if that's bitcoin or ethereum.
Either way they are still paying a certain amount of fee that’s why they choose to exchange them to a lesser valued altcoin such as XRP or LTC so fees wouldn’t be that much compared to Bitcoin or Ethereum. For as long as these 2 coins gave higher value, the transaction fees would also be high.
That's fact! as long as this two coins still have higher value the fees will remain high and those small players don't have any option but to pick other alternative to continue gambling.
High fees really affects most of small gamblers but like what most said the game must go on..
They will find waysand they will continue playing.
Gamblers always a gamblers..
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