Topic: Gambling sites and current transactions fee - page 4. (Read 858 times)

The bad thing is we're not yet in bullish season, Bitcoin price haven't even reach the previous ATH, so you can imagine how expensive is the transaction fees if Bitcoin can break to $100K mark.

There's always an exchange that charge higher or lower than Binance, I believe there's a small exchange can offer cheap withdrawal fee, but it's worth to risk most of your coins only to save for ten or twenty bucks? I don't think so.

We are facing a peak of congestion in Bitcoin network which pushes transactions' costs upside. It's nothing unsual or to worry about, since such scenarios have always happened during bullish key moments of crypto market. If you aren't confortable paying expensive fees you can wait few days until prices get more affordable once again or you can swap your BTC to an altcoin with cheaper fees on withdrawal.


Bitcoin Average Transaction Fee (I:BATF)

However, busy blockchain network may not be the sole reason why you are facing huge fees. I just looked fees at a Bitcoin website I use right now and their fees are around 0.00022991BTC for withdrawal (about 10$). If you are paying 26$, the exchange must be biting a large percentage for themselves, and not to pay the miners... My personal experience with crypto exchanges has always been that they charge a higher fee for the transaction compared to what would be really necessary to execute the transaction. Since they are centralized services, they can charge the amount of money they wish.

Have you checked another exchanges platforms if their transactions' costs are similar to Binance?

The best thing to do is don't make withdrawals every day or deposit in order to save transaction fees.
Choosing altcoins as an alternative is way better, I did it most of the time when Mempool was busy. There is always a solution to all problems which is why we should not limit our crypto knowledge.

XRP and TRX also have cheap transaction fees. As long as it is available, we can use it as a gateway.

The current situation is quite disappointing but we still have to move. It will be over soon but now, we should look for a way to cut our transaction fees.

I had also adopted this method of keeping or hodling my fund in my gambling site I believe this is the cheapest means to save high transaction fee cost due to congestion of the network alternative some gambling sites has an inbuilt conversation method where bitcoin can be converted to USDT or alternative altcoin thereafter the owner can transact it to any exchange, though it's not advisable to keep huge amount of any asset in a gambling site or exchange, however the amount used for betting isn't that much and profit earned is usually withdrawn when it has been accumulated enough because the withdrawal fee is fixed in most gambling sites irrespective of the amount withdrawn.

the problem of high bitcoin fees is not too much of a problem for online casinos considering that they have quite a lot of money in their vaults and which they can use to compensate a little to reduce the fees that will be charged to gamblers when making withdrawals. but the problem is that for gamblers who want to make deposits, it is best for them to use altcoins which have smaller fees.

and this is my reason why i prefer using litecoin compared to bitcoin when gambling, because the fees for using litecoin are much less than with bitcoin and the waiting time is much shorter.

I agree, I had accepted the reality that doing small transaction using btc is not efficient or practical if you have other options like altcoins. I'm using altcoins for my gambling activities since it's a lot faster and cheaper, though it is still good if there's still a deposit option for bitcoin because I'm sure there are high rollers that are using bitcoin for there gambling activities.

At the end of the day, it will be our decision if how we will use our precious bitcoins. The different views and opinion about the current status of bitcoin will give us ideas if how we will use it.

Just a question, what are some of the factors that determine the price of transaction fees? Do transaction fees increase when the market is bull/bear? I am quite curious on how this would affect cryptocurrency gambling due to the fact that your fees are as high as your winnings (well at least in my case).

Since transaction fees are quite high, it is really recommended for a gambler to switch to another cryptocurrency to take advantage of a lower fee compared to BTC. Since they still exercise the "spirit" of gambling in crypto, this will still satisfy their cravings in the event that they opt to choose to gamble in an online platform.

I think you are getting the whole all wrong buddy,  transaction fees on the bitcoin network aren't high because we are in a bull season, or that the market seems to appear bullish in this few past weeks, we are actually experiencing a clog in the bitcoin network mempool, which is as a result of all the ordinal projects being built and ran on the bitcoin blockchain, and as hard as this may be to some of us to believe, if the ordinals continue to exist and gain attention from more and more investors, bitcoin transactions fees may likely continue to rise and rise, and we shouldnt blame binance or claim they are overcharging, they are charging based on how much they think they need to pay as fees for their users to get their bitcoin transactions confirmed in a matter of minutes, I believe they would say that, any user who is not comfortable paying the high fees should either leave the bitcoin in the exchange, or sell it for another coin with lesser fees and withdraw.

I will continue to say that, it's time for us to switch to the L2 solution of the bitcoin network which is the lightning network, it is not actually my prayer, not if ordinals do not die off, we may never see bitcoin transactions fees as cheap as they used to be before again.

Many gambling sites accepts deposits in many cryptocurrencies not only Bitcoin. To avoid paying high withdraw fees, deposit into gambling platforms using low fees cryptocurrency such as TRX or LTC.

It is not wise to pay transaction fee that is even as high as what you plan to win. This is not sustainable and should be avoided.
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In my opinion, the cost issue will still be a problem for bitcoin forever, because bitcoin should no longer be suitable for use as a means of payment because the very high transaction costs make it not good enough for micro payments or other payments, I prefer bitcoin as my investment asset which is not moving so I just keep it until it's expensive in the future, so I don't use it for gambling or paying for things with bitcoin.

I think anyone can still use other friendly crypto alternatives with cheaper transaction costs to gamble or pay for something on the internet, so in my opinion, bitcoin gamblers who are currently still active in using bitcoin, I consider them to be rich people because of the high value of bitcoin. the more expensive it is, they still use it to gamble and have fun instead of using it as an investment asset for the future.

Well that usually the main case if they use bitcoin since we will be force to pay such huge fee if we continue to use it despite on its current condition. But maybe there are less gamblers using BTC now since for sure more are into altcoins since this is cheap alternative for them to continue their gambling activities. Maybe their bitcoin balances is for now intended for DCA or HODL purposes since bitcoin market is so far doing great.

Hopefully all is well with bitcoin and fees go more lower so that there will be no huge problem to occur if we want to transact bitcoin on any transactions they want to spend their bitcoins. But for sure gamblers can get used to it if this problem will continue to happen since we still have cheap alternatives available in the market.

Transaction fees that have soared due to the bull run have caused gamblers who use bitcoin to complain because they are having difficulty paying the transaction fees. Many gamblers don't use much money to gamble but must pay high transaction fees. It is a choice for gamblers to realize that maybe it is time to take a break from the world of gambling and look for other ways that are not related to gambling. We must survive this situation until transaction costs return to normal.

We don't know when transaction fees will return to normal. We can only be patient and maybe many of the gamblers will switch to using altcoins to gamble. That's the solution we have today if we want to keep gambling, and there are many altcoins that have low transaction fees, so we don't need to worry about them. Continuing to gamble is the gambler's choice, and no one forces us to continue gambling. As wise gamblers, we must understand the situation and conditions.

This high transaction does not speak well of Bitcoin and if it continues like this, it is only people with a high value of the asset to move that will be patronising it. Imagine someone who wanted to transfer just $30 into his casino's account, the person will part ways with a fee of over $12 at times, how much will then remain? This is so annoying. But as the situation is now, I believe that people are getting smarter, they are taking their businesses away from Bitcoin, and they do not have any choice for an obvious reason. Thankfully, casinos have options of depositing, and some even have more than 20 options yet, so it is not a must that we continue to deposit through Bitcoin.

But for those who have their money already deposited in Bitcoin, it now depends on the policy of the casino on withdrawals. In my experience, there exist some casinos that will charge you $0 for Bitcoin transaction fees when you withdraw. I don't know if they can still cope with that now, but if they do. In this case, you do not have any problem, and it can be worse for the house if the transactions are many. But for those casinos that have fixed amounts charged for withdrawals, in my experience, they cover for the excess charges as well. But recently, I noticed they've started increasing the fixed amount charged for withdrawals, and still, they cover for the excesses since the Bitcoin transaction fee is way more than the fixed amount they charge.

I just want to ask, sir, how the lightning network is used. I have read about the lightning network, but I am confused as to how it works. I do not know where to start. For example, if I use electrum, what do I do?

Can you guide me on this matter if it's not too much trouble for you, sir, because the fee is very expensive now? To be honest, even though it's not gambling, it hurts my brain a bit if I just think about it.

Due to the increase in Bitcoin transaction fees, the exchange platforms are charging extra fees and they treated it as a opportunity, I can say that their business is now making maximum profit. This is not the case only with Bitcoin. Yesterday when I was doing a stable coin USDT transaction I saw that instead of 1 USDT they were charging 1.5 USDT for withdrawal for my sportsbook. I wonder where ordinary investors will go if this is how their trading profit begins. In the current situation, I suspect that there is no chance for these transaction fees to decrease, but they will continue to increase as Bitcoin's popularity increases. At the same time, the dominance of BRC tokens will prevent Bitcoin from normalizing.

Currently, excessive transaction fees have become a huge problem for a gambler or a user. If you have to pay $20 to $30 fee per transfer to withdraw money or deposit money or transfer money, it is not good for investors or gamblers like us. However, this will not be a major concern for gamblers as gamblers not only have to transfer BTC to gambling sites, but gamblers can transfer various stable coins to all gambling sites if they wish. It is foolish to gamble with Bitcoin already because Bitcoin is a coin full of potential and the value of Bitcoin is increasing day by day to catch up. High transaction fees have become a problem for those who regularly transfer bitcoins from one wallet to another.

The same translation fee issue again raised in both binance and the trust wallet.Since this both was hold by the same owner this issue was survive in the current market.Even many signature campaign delaying the payment to their campaign members.It was very happy to see the timely payment of Stake.com in spite of not delay a single day for the payment.Because of the professionalism the stake.com was always in the top of the bucket list of many gamblers.

The better way to handle this situation is the gambler should keep their money in the gambling site itself.Some of gamblers not ready to hold in the gambling sites,because they will play and use that money.But the fact is the self control must be the biggest factor hold by the gamblers in the gambling site.So he should control himself to play in the gambling site on their own opinion.

This transaction fee will affect the gamblers who use the bitcoin to bet in the gambling site,other people can easily deposit the other coins to play the same in the gambling site.

Look for some reputable gambling sites which are charging dynamic fees.
And if they are charging static fees, check the amount and see where you can save some.
Or better yet, use cheaper alts to play and not use your btc for the mean time, if you are being too worried about it.
There are other alts that you won't feel getting ripped off. So it is actually your choice if you will stick to btc or other alts.

The market won’t change just cause you don’t want to pay for fees. Work around it or perhaps even urge gambling sites to work on features that would allow you to save as much money as possible. I say in times like these, you draw the line between using bitcoin/crypto for investing and for gambling. Use other reputable fiat casinos for the meantime if you really don’t care for the high fees in the crypto industry right now. And keep your assets in crypto in one safe space. That way you won’t have to be charged for high fees, and you still got a foot in the gas to keep sure that you’re not leaving the bitcoin bull run train anytime soon.

Holding the funds at the needed time will be the problem here,the gambler will gamble on daily basic.So the gamblers who want the money to deposit after the loss in the gambling site will leads to the huge pay of the fee.I had seen,their was small good news of reducing of 6$ from the 26$ transactions fee.And I had seen the transaction fee in the gambling site was still low,this mean holding the funds in gambling site after the win is better option.


As you said the gambling site was potential to handling this tough situation,even in the stake.com I had seen the transaction fee for the bitcoin withdrawal was just 0.00007 bitcoin,So it’s nearly 3 dollars for each transaction.More or less the gambling site had unique strengths to handle the tough transaction fee problem.But if we hold crypto in the gambling site,it will tempt us to do more gambling till we see bitcoin in crypto wallet.