Topic: Gambling sites and current transactions fee - page 2. (Read 858 times)

The bitcoin had the potential to give more dollars this year,So better to hold your bitcoin rather using in the gambling site.Because why it was essentially to use the same bitcoin to gamble when it had potential to double itself by it’s dominance in the cryptocurrency market.If you consider the fee of the bitcoin also huge difference,because the transaction fee of the Usdt is 3$ worth of tron.But the transaction fee for the bitcoin was reduced to 10$ now.And the playing of the gambling is the risky one,the gambler had no use for the bitcoin to use in gambling.My opinion is hold the bitcoin for the market reaction and it’s better to use the Usdt for gambling.So you save 7$ from the fee and the winning also withdraw with less transaction fee.

In my case what is regrettable is that the same amount of BTC that I transferred for gambling now seems to be almost double. That is, if I have deposited 70 dollars for gambling, now that 70 dollars has increased and shows 140 dollars from my wallet, that is, if I did not use 70 dollars for gambling at that time, then now that 70 dollars in my wallet would have increased and show 140 dollars. Gambling with Bitcoin and profiting from gambling, I think it's a loss because the value of Bitcoin has increased so much since then and continues to increase. So I have now decided to gamble with dollars rather than gambling with Bitcoin so that I have the potential to profit from Bitcoin as the price of Bitcoin rises.

Perhaps a misunderstanding on my part? When you withdraw from Stake - who selects the transfer fee, the user or Stake? I don't use it so perhaps the error was on the user's part and not Stakes?

The other day I wanted to move 40$ worth of BTC from my trust wallet to Binance, the charge they gave me was 10$ this made me to change my mind, how will I do such, this I keep those funds there to be wasting them just like that, high transaction fees is becoming a problem for bitcoiners, I think is time soon people will start looking for alternatives as you said, IMO there should be modification on this transaction fee of a thing, is there no way they can expand this mempool congestion to accommodate more transaction and enable them to be processed at the same time.

The participants of the stake can get the money from the stake as the payment in the form of bitcoin,So the OP can play the game on bitcoin.If he get the chance to play the game in bitcoin by joining the signature campaign of the stake.We are getting bitcoin from the stake,we play the game using the same income from the signature campaign.But also we do the withdrawal of the funds from the gambling site to our exchange.So the transaction fee of the stake was 7x times lesser then the other exchange transaction of same bitcoin.So if the stake participants want to play can hold in stake website itself.The signature participants have the different option from the earning.

And what evidence do you have to prove that this transaction came from stake? I mean, I am in stake signature campaign, I've been in it for over a year now, stake pays bitcoin to their signature campaign participants into their stake account, and from there, those of us who wants to withdraw will, and those who wants to gamble with their bitcoin do as well.

For the most of the times, I always withdraw my bitcoin to either my private wallet or exchange, bitcoin I withdraw from stake have never stayed on the blockchain for more than 30 minutes without a confirmation, if you doubt, I wil show you my wallet address and you can scan through it for confirmation of what I said.

How can you claim that stake sent a user's withdrawal with such a ridiculous low fee? This I can't believe without a proof bud.

What's insane is the fees they deem reasonable to use when sending withdrawal funds to customers. I've had so many people ask me for help because of this.

Here's an example where someone's withdraw transaction was sent by Stake with less than 2 sat/byte fees. Bull market or not...that's going to take a long time to confirm.

https://www.blockchain.com/explorer/transactions/btc/fc63ac843670417091555bf515d1953fb9f56a1ebfb98709b624f736e91c7fab

Switching to altcoins is a solution for small gamblers like you and me because it can save on transaction costs. We also don't have to pay huge transaction fees until everything returns normal. But there are times when I prefer to completely abandon gambling for a while until transaction costs return to normal again. That will give me time to take a break from gambling for quite a long time so that when I return to gambling, I can relax more and enjoy gambling.

If we talk about altcoins, we have many altcoins that have low transaction fees. The altcoins you mentioned are coins that are included in coins that have low transaction fees. I often use stable coins that use the BNB or TRX network because they also have low transaction fees. So it seems that many gamblers have now switched to using altcoins to continue their gambling games.

So, we as gamblers really have to be able to find solution to be able to still have fun in gambling but at the lowest cost, with the current increase in costs, especially for BTC, it is very burdensome for some gamblers, especially small gamblers.
There are various tokens with networks that suit what we want, which can be an alternative for every transaction carried out, even though the speed may be little slower, at least we can carry out every transaction with costs that are not burdensome.

BTC experienced significant increase in market price and traffic also increased quite quickly as well as an increase in the number of BTC miners, this seems to be one of the factors causing the increase in costs when we use BTC as value to be used on gambling sites.
If we really don't mind this amount then we are free to use BTC because BTC has quite fast transactions depending on what network we use.

I personally use this kind of momentum to be able to save more money or manage finances, with increasing costs we will definitely think about limiting all gambling activities that were previously done more frequently.
With the increase in costs, I only gamble once week, even once every two weeks, this is much more efficient in limiting myself from excessive gambling activities.

The transaction fees of Bitcoin and the Ethereum network (ERC20) are quite high and unfriendly for traders and gamblers with little money.
I myself currently prefer gambling sites/casinos that accept some Altcoins that have cheap transaction fees like Stellar, XRP and Doge, so transaction costs are no longer a problem.

The high transactions fee is really a big barrier because if someone wins a bet and withdraw his money then before you will convert it in exchanges will require some transactions fee which before your funds can be withdrawable, you must have lost some part of the money to exchanges but i think that in regards to withdrawing money won from betting companies/sites, they are to be responsible for the fees to be paid for withdrawing from their site to ones account or address. Definitely, no gambler can leave their funds in their gambling wallet except they still have intention of using all the money to place more bets.

I prefer to store on altcoins or stable coins on cex such as binance, it is better to deduct $0.3-0.5 for each internal transaction between fellow cex users and my friends, because it is very effective to only bear the shipping costs, it can still be pressed again, for example by using trx, ltc, shibba inu and also doge, it is quite cheap for me.

Bitcoin for me is better saved for the future because of its good potential and performance, even though both need money and I choose other media, of course I only separate daily needs with long-term investment goals. Lightning is among the solutions for alternative bitcoin transactions, however, if it is agreed and accustomed to bitcoin it is still an option with patience. I'm just used to depositing a web in the cheapest, easiest way even though the end result is that my cryptocurency runs out

that is the immediate resolution on this matter. use alts with cheaper fees, there are so many options now as casinos and bookies are adding other payment methods to cover all level of their players. as btc tx fee is indeed expensive these days, it is not practical to use this top coin if you are just a small time roller.

on this regard, you can check the casino about their min deposit/withdrawal as well as their corresponding fees. some are offering dynamic fees (which you can opt for slow to fast transaction) or static fees.

this is only a matter of preference, if you do want to continue to play btc, then you need to accept the fact that it is currently having high tx fees. otherwise, look for other alts to suffice your requirements.

The only fee that you will pay on a gambling site is the withdrawal fee, and this vary on every site.
If you are having a hard time dealing with the fees, then why not us the other option to gamble like USDT, LTC and DOGE as their fees remains cheap despite of the increase on their traffic. Bitcoin fees and ETH fees remains the problem to many, I’m wondering if we can still solve this kind of issue.

Yes, but most exchange has fixed withdrawal fee which is the one OP is talking. Good thing in gambling sites, most of them have dynamic fees that system and auto adjust depends on network status, the instant withdrawal that ask for higher fee and by batch but could be sent later. Never had a problem of withdrawals in gambling since then.

Actually, if there is something I have noticed from Stake, is the fact they have decided to give priority to their gamblers and users overall, and do not increase much the withdrawal fees for all of us, though, they still want people to be able to withdraw as fast a possible though. It is quite admirable how Stake as a business is going through some sacrifices so their gamblers wont suffer from the high fees. 

On the other hand, I am aware exchanges are a very different story and case, I have seen exchanges where it has become impossible to withdraw small amounts because the fees themselves are higher than what would wish to withdraw, which is obviously ridiculous.
If anyone here wanted my opinion or advise on what to do in this situations, I would say it is constructive to use alternative coins to withdraw from exchanges to our personal wallets, instead using Bitcoin or Ethereum. Monero and Litecoin are very effective to save money in those situations. Hopefully all this situation with fess will be temporary and we won't continue to talk about this very into the incoming year 2024.

Gambling sites are not in trouble because they are ready to accept bitcoin deposits, but the burden is on users because they have to spend more transaction fees, let alone withdraw them from the exchange, it is clear that it will be higher than the fees in the mempool, so if there is bitcoin there it is better to hold back and choose other options such as altcoins that provide cheaper transactions, now even many gamblers on alternative coins than bitcoin.

I think the transaction congestion caused by the booming ordinal could be due to the ongoing hype until now, not only that the ordinal is now in several altcoins following the existing trend, so it will be very difficult to wait for transaction fees to return to normal.
We don't know the exact time that bitcoin transactions will normalize and be around $1.

This is not true. Bitcoin fee is not high as recent surcharge even before during the ATH unlike now and it’s because to the Ordinals inscription. People paying huge fee just to create an BRC20 NFT like tokens by inscription on a satoshi. This spam the network with high fee and not the demand for buying Bitcoin since Bitcoin trading usually done internally on exchange not on-chain.

I believed most of the gambler is already altcoin even before the transaction fee spike since casino offers multiple currencies. Mixer business is the industry that affected most by this high fee and not casino that has multiple currencies option.

The transaction fee for the bitcoin was become the huge amount because of the current demand of the bitcoin is high.This allow the trader to buy the bitcoin at any price or with any transaction fee.Because bitcoin will give you more profit,even if you buy at the high transaction fee.The gamblers should use the other coin like litecoin,Binance Smart Chain for the gambling to get the coin to the gambling site with less transaction fee.The OP should change his mind of using the bitcoin alone in the gambling site,he should learn to use of the other coins in the gambling site and easy to withdraw with less transaction fee at the end.

Depends on a certain site, in stake they do have that fixed fee but it do changed up overtime basing up on the current price of Bitcoin but in most cases neither  the network does have that
clear or having that traffic the fee would really be just the same. Basing into my own experience on which there are sites which does have that kind of dynamic kind of fees when it comes to withdrawal on which they would really be basing up with the current market condition and wont really be paying up came from their own pockets because we know that once that the network
would be congested then expect for those high fees and if ever that they would be having that free fee withdrawal then that would really still cost some expense on their side
so it would be just normal to have that dynamic.