Considering huge transaction fees, what coins to support on new gambling site? - page 8.

STT

legendary

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Its not a good idea to discourage in any way the smallest bettors, they are often going to be the newest most timid customers but importantly represent growth in the industry and across crypto. The smallest elements in an economy represent the fastest and ultimately greatest growth, its part of why capitalist systems work in the first place and I reject the whole whale arguments to success in any system really.
Sure step 1 use large enough amounts of cash where it doesnt matter and I agree regular bettors dont withdraw too often anyhow but still I hope Bitcoin never forgets the bit part, its about efficiency really. I was just posting elsewhere a slow option with lower fees should always be there for the paupers of the world (ie. less then $100 etc) to still take part and build up an interest, thats just healthy imo.

Quote from: carlfebz2 on March 22, 2021, 05:46:49 PM

1. Nano: $0 fees, 0.14 seconds for confirmation
2. Digibyte: $0.0005 fee, 5 minutes to confirm
3. Bitcoin SV: $0.00055 fee, 7 days to confirm.
4. XRP: $0.00078 fee, 4 seconds to confirm.
5. Bitcoin Cash: $0.0024 fee, 2.5 hours to confirm.
6. Stellar: $0.004 fee, 4 seconds to confirm.
7. Dash: $0.0043 fee, 15 minutes to confirm.
8. Litecoin: $0.041 fee, 30 minutes to confirm.
9. Monero: $0.0696 fee, 30 minutes to confirm.
10. Doge: $0.239 fee, 20 minutes to confirm.

Some numbers arent accurate but you can tell the difference.
Source: https://medium.com/nanocurrency/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f
Just mentioned above ^ most of platforms now offering lots to choose from.

Worth quoting, useful snapshot info. I have often used the classic Etherum chain because it was so widespread and fast, I've no idea of any wider criticism currently of it but it was fast cheap and often accepted; bid/offer spreads also is an element to cost of any effective usage back to dollars etc.

harizen

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Quote from: Fundamentals Of on March 22, 2021, 09:08:01 AM

In terms of really big gamblers, I think many of them do not mind much the transaction fees. A few dollars for them is insignificant especially if they want their transactions to get prioritized.

Think of big gamblers in fiat. They are not different. And they don't mind paying very expensive stuff in the world's most popular resort casinos to experience the best in gambling.

Agree and as I mentioned before, regardless of the fees, hard sports bettors (honestly, even with casual bettors), won't mind the fees as long as they can able to place their preferred bet at the right time. They will just do everything to win to somehow cover the fees they spent.

After all, we are not talking about over $50 in fees "regularly". Just refrain doing cheap transactions like for example less than $100 per deposit.

AmoreJaz

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Quote from: carlfebz2 on March 22, 2021, 05:46:49 PM

1. Nano: $0 fees, 0.14 seconds for confirmation
-
Some numbers arent accurate but you can tell the difference.
Source: https://medium.com/nanocurrency/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f
Just mentioned above ^ most of platforms now offering lots to choose from.

never had an experience with nano, even in the trading aspect. but this is nice to know. i believe casinos should integrate this coin. dont know also any gambling site with nano coin in their payment method. they can charge a lil bit if they want to but it may reduce their earnings if they will use this coin esp if they have internal exchange. Tongue

the usual reco is doge, ltc, xrp, eos and trx.

gagux123

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I confess that lately high fees have been one of the problems for some cryptocurrencies (for example Bitcoin and Ethereum)

In my opinion, I think other cryptocurrencies can be implemented because they have low transaction fees, such as XRP (Ripple), ADA (Cardano), XLM (Stellar) even Doge and others. Well, I think this is one of several possibilities!!

carlfebz2

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1. Nano: $0 fees, 0.14 seconds for confirmation
2. Digibyte: $0.0005 fee, 5 minutes to confirm
3. Bitcoin SV: $0.00055 fee, 7 days to confirm.
4. XRP: $0.00078 fee, 4 seconds to confirm.
5. Bitcoin Cash: $0.0024 fee, 2.5 hours to confirm.
6. Stellar: $0.004 fee, 4 seconds to confirm.
7. Dash: $0.0043 fee, 15 minutes to confirm.
8. Litecoin: $0.041 fee, 30 minutes to confirm.
9. Monero: $0.0696 fee, 30 minutes to confirm.
10. Doge: $0.239 fee, 20 minutes to confirm.

Some numbers arent accurate but you can tell the difference.
Source: https://medium.com/nanocurrency/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f
Just mentioned above ^ most of platforms now offering lots to choose from.

dunfida

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Quote from: Fundamentals Of on March 22, 2021, 09:08:01 AM

It depends. There are probably sites which are transparent as to which specific coin is being commonly used.

In terms of really big gamblers, I think many of them do not mind much the transaction fees. A few dollars for them is insignificant especially if they want their transactions to get prioritized.

Think of big gamblers in fiat. They are not different. And they don't mind paying very expensive stuff in the world's most popular resort casinos to experience the best in gambling.

There are really difference but to know that not all would really be that rich which means there are small time which would really be keen on making transactions just
because of those high fees which they do really find off for best possible alternatives or solutions but since most of gambling sites do offer now on lots of coins
for them to choose from then it really turns out to be convenient not like before that Bitcoin is only accepted but now top altcoins like
XRP,TRX ETH and Doge is already included on the list.

Fundamentals Of

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It depends. There are probably sites which are transparent as to which specific coin is being commonly used.

In terms of really big gamblers, I think many of them do not mind much the transaction fees. A few dollars for them is insignificant especially if they want their transactions to get prioritized.

Think of big gamblers in fiat. They are not different. And they don't mind paying very expensive stuff in the world's most popular resort casinos to experience the best in gambling.

Astvile

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XRP, BNB, and TRX might be the answer to high fees. By far those 3 coins offer the lowest fees and fastest ( base on my personal experience on withdrawing from various exchanges/making transactions using the said 3 coins). Or just adding straight-up stable coins like USDT and BUSD might help too.

2double0

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Quote from: Mahanton on March 21, 2021, 06:41:51 PM

<<>>

Instead of trying to save up on fees, I sometimes go for making those fees in gambling profits and lose more than I already have which gets my account below the minimum withdrawal amount on that website. So I either wait for a new week and then I get the earnings on the website and withdraw, or try to gamble to get to the minimum withdrawal as well as the fee over it. That is very much frustrating for me because when I lose more, I have to decide two ways so it gets very hard for me.

pawanjain

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Quote from: walrusbite on March 19, 2021, 11:32:46 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?

One of the most important factor of a successful gambling website is the wide variety of acceptance of cryptocurrencies.
Many popular gambling sites accept most of the top cryptocurrencies. With the fees so high, it has become an essential part to include a wide domain of cryptocurrencies. It depends on individual players whether or not they want to switch coins due to high fees.
Some people still prefer to use BTC and ETH. Others prefer to use cryptocurrencies with less fees such as Doge, TRX, EOS etc...

Lorence.xD

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Quote from: xSkylarx on March 21, 2021, 08:33:56 PM

XRP has the lowest fee of them all as far as I know so adding this on those new gambling sites would help to attract new users. Its value is also more profitable to use to gamble than using other low fee coins. I've been using this on some popular gambling websites and you can win a decent amount from it rather than using coin like Doge where it costs many of it that is equivalent to 1$.

But be careful about putting a lot of money in XRP as they are still in the hot seat with SEC, just spend small amounts each game so you don't have to worry about spending more just to play longer. Hopefully, more gambling sites will support more inexpensive altcoins in their games because that way they can find some diversity in players.

ethereumhunter

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Quote from: robelneo on March 21, 2021, 07:25:32 PM

Quote from: walrusbite on March 19, 2021, 11:32:46 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?

The more coins the better, yes there is an ongoing issue on both Ethereum and Bitcoin, but there are still players who want to play with these two coins, it's better to retain these two coins and just more coins like Doge, Tron, Litecoin, XRP for players who want to make a shift and wants to save on transaction fees, there are players who make a shift from Bitcoin, Ethereum and other coins with lower fees, that way you can cater on many gamblers.

With having more coins, a gambler will like to stay on that gambling site, and maybe they will not have to move to the other sites as they need to withdraw and deposit their funds again.

But do not just focus on the coin list to be added, but try to give attention to the gambling games because it is the other way to attract the gamblers to come and play on your site. If you have so many attractive gambling games and support so many coins list to be used for a gamble, that will be the benefits for you because the gambler will choose to deposit on their favorite coin and play on their gambling games.

OgNasty

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I think with ETH moving away from PoW, there might be an opportunity for another coin to rise up in popularity and value to satisfy GPU miner needs. Right now the next most profitable coin for miners is Ravencoin (RVN) and I think it could have a unique growth opportunity that would make it an interesting candidate to be added to any only crypto platform at this time.

shoreno

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not only new casinos must add coins aside from btc and eth but also to old casinos because there are old casino that only uses btc and sometimes btc and eth but no altcoins .

for the data , you can ask the owner or the representatives of a gambling site if they are willing to give a copy with you but if not , you can check the betting tab of casino because usually you can see the bet info such as the amount and the coin that a bettor used on that tab .

xSkylarx

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Quote from: walrusbite on March 19, 2021, 11:32:46 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?

XRP has the lowest fee of them all as far as I know so adding this on those new gambling sites would help to attract new users. Its value is also more profitable to use to gamble than using other low fee coins. I've been using this on some popular gambling websites and you can win a decent amount from it rather than using coin like Doge where it costs many of it that is equivalent to 1$.

robelneo

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Quote from: walrusbite on March 19, 2021, 11:32:46 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?

The more coins the better, yes there is an ongoing issue on both Ethereum and Bitcoin, but there are still players who want to play with these two coins, it's better to retain these two coins and just more coins like Doge, Tron, Litecoin, XRP for players who want to make a shift and wants to save on transaction fees, there are players who make a shift from Bitcoin, Ethereum and other coins with lower fees, that way you can cater on many gamblers.

blue Snow

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Quote from: walrusbite on March 19, 2021, 11:32:46 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?

They never had a problem with the fee, I never heard complaints about it. If a big gambler withdrawing $200K he doesn't care if using $50 for a fee, so it doesn't matter.

I've seen a gambling site that didn't make a withdrawal fee, this for promotion new gambling site, but I'm not sure whales will take a risk.

Mahanton

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Quote from: 2double0 on March 21, 2021, 05:47:46 PM

Not just the switching of deposit, I await some websites to allow their users an ability to exchange the btc/eth to low fee tokens and let them withdraw those tokens. I am aware of some gambling websites but they are charging more than average commission to let the exchange happen, so I keep waiting until a good amount in btc is gained and then i withdraw.

Those on-site exchange using up thirdparty instant exchangers does really require much when it comes to fee conversion but if you can bare up with that then this would be a good feature
but if you are really saving up fees as low as possible then this wouldnt be a good option and i do have the same behavior when i do make withdrawals where i do make it on one go
where those wins accumulated would be withdrawn in a single transaction even if the fees is a bit high but at least you save up compared if you do make multiple withdrawal.
When it comes to options then majority of gambling sites now are offering multi-coins for you to choose on.Just choose what suits you.

hulla

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Quote from: walrusbite on March 19, 2021, 11:32:46 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?

Footing the long existence and the rank hold on capital market. I beleive the best coin with fair transaction that any gambling site should consider integrate to their platform are Litecoin and Dogecoin though I dont like the coin neither did I once invest in but it still habe a reasonable tx fee. I can see alot of people mentioning XRP which I dont see as a good decision if they still have issue with the US SEC.

Shasha80

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With the current very high Bitcoin price, making transaction fees increase dramatically and it is very difficult for gamblers to withdraw if they have
to use Bitcoin. Therefore, now there are many gambling platforms that provide alternative altcoins for playing gambling or making withdrawals,
I myself mostly use Litecoin or Dogecoin, because both have very cheap transaction fees. For Ethereum now the transaction fees are very high,
so I don't recommend using Ethereum.

Topic: Considering huge transaction fees, what coins to support on new gambling site? - page 8. (Read 1963 times)