Topic: Gambling sites and current transactions fee - page 5. (Read 869 times)

The gambling sites was always friendly to the gamblers,because by that the gambler join to their site in the large number.The gamblers had lot of options to deposit to the gambling site,but if they get return in terms of bitcoin.This will help the gamblers to make some unique moves and help to earn more by just holding.Because bitcoin is the gold,any time it will give us more profit.It may be the reason for the OP had discussed about the potential for bitcoin to be used in the gambling site.Instead of holding at this specific time,the OP may use of the USDT,Doge and Tron for the gambling.This will affect the bitcoin holding gambler in the Binance exchange.

The majority of casinos have anticipated this and they know that the majority of gamblers are also investors and supporters of altcoins so they made sure that players have the option to choose what coins they want to deposit, It's very rare to see casinos that only accept casinos, they will lose players and profit in times like this and I doubt if players will continue to play on Crypto casinos with only Bitcoin as the only coin they accept.
The most popular altcoins, players choose are Tron, Doge XRP, and USDT you can see this on the majority of casinos.

For now, it is better to postpone sending any coins to the casino, and it is better to take a break from gambling first rather than get emotional because the transaction may be delayed. But altcoins can indeed be a solution to still being able to gamble by using altcoins as deposit coins. But taking a break from gambling can give us the opportunity to calm our minds from gambling. After all, we can go back to gambling whenever we want and there is still plenty of time just to gamble unless we are already addicted to gambling. That won't stop us from always gambling.

As far as I know, gambling sites have different rates from exchanges. So, when we make a withdrawal, usually the rate on the gambling site will be more expensive than on the exchange. Maybe the difference isn't that much, but I think that's what makes gambling sites give gamblers cheaper fees for withdrawing money. Try checking on your favorite gambling site, when you are going to make a withdrawal, pay attention to the guaranteed rate for the withdrawal and compare it with the exchange, there is definitely a difference. Example, the rate on a gambling site per BTC is 44,000, the rate on an exchange might be 43,000 or whatever, which is definitely lower than the rate on gambling.

Maybe not all provider, but some of provider that i know, doing same method. CMIIW

Exchange charges more than the gambling casino and also still if you don't want to get hurry with your gains you can hold it for a while and wait for the hype of the market congested with the bitcoin transaction, recently the transaction fees soar high up to 300 sat/byte so its not good to commit your transaction if you just want to pull it out just around a 100 dollars. If the gambling platform you are using have their own exchange right there try to use the other coins for withdrawal so you don't need to pay a high fees.

Transaction fees are usually relatively high because the price of Bitcoin has increased and there has been massive transaction traffic. Due to which the amount of gas fee increases due to additional transactions. Especially if you are transacting from Binance exchange to other exchange then of course you have to pay huge transaction fee. In this place, small gamblers face the danger of not being able to transact even if they want to.



You said transaction in USD is really possible for big gamblers but not possible for small gamblers (if they do below 5 or 10 USD). Gamblers in particular benefit if the transaction fees are low and gamblers are most likely to bet. Because there are all gamblers, big and small, some gamblers have a small amount of wealth.

Keeping gambling funds in a gambling account might sound right because of the current high transaction fees but it is not the ideal thing to do. Some people have the problem of gambling more than they should if they have much funds in their casino account so they prefer to transfer little funds periodically. Others also deposit funds for gambling weekly or even monthly based on their gambling plans or budget and transaction price has been high for a few weeks now, so it still affects them. Keeping large funds in casinos could also be risky because they are centralised platforms that could be unpredictable. However, some reputable casinos have stood the test of time.

Gamblers prefer to use the gambling platforms they are used to and the ones they also trust. Many gambling platforms cannot be trusted so it is always better to be loyal to gambling sites that have a reputation. Seeking other transaction alternatives will be a suitable solution. Using some altcoin will be nice due to its low transaction fees. Casinos should also give gamblers cheaper payment options like using the Lightning Network to deposit funds. I also saw a discussion where people said that some casinos allow customers to gamble with zero transaction confirmation. This means gamblers could use a lower transaction to send funds and they could gamble as the casinos wait to confirm the deposit.

It is true that large transaction costs will affect the results of gambling. but when viewed in terms of USD currency. if you look at the price of bitcoin itself, it certainly becomes very cheap because the income from gambling is also very large even far from the transaction costs themselves.

try to choose an exchange with a small transaction fee, and use a segwit address instead of using a legacy one. and if possible, use altcoins to deposit or withdraw from the gambling site you are using. that way the transaction costs I think become more affordable and not burdensome to each other especially for low income gamblers.

Overall, I think gambling sites charge lower fees than centralized exchanges like Binance. There are even some that charge zero withdrawal fees. But if your gambling platform of choice charges high transaction fees, there are always other options. If you want to stick around, however, surely there are other crypto options available. Litecoin, for example, is cheap and is also normally offered in majority of gambling sites. There's a reason why it surpasses even Bitcoin in daily transaction volume.

Due to the high fees, gamblers will have to change their usual behavior or simply accept to pay a lot of money just to withdraw their coins.

However there are many ways to avoid this, you could use the LN, you could keep your coins at the casino or the exchange for a longer period of time or you could exchange your bitcoin for an altcoin and then ask for a withdrawal, neither of those options is perfect but if your main motivation is to save money then those three methods are good enough if you ask me.

I think we are all clear about the need for our funds to be kept in our private wallets, since it is something that by pure intuition should be in our hands and not in the hands of a casino, or in the hands of an exchange that is oq I see it as even more dangerous, for these reasons we must always focus on seeing if it is worth paying a transfer fee so that better options can be generated to have it in our hands, we are people who are very Customary , sometimes I trust a lot in the exchanges to leave money, but lately according to everything we have been through, it is better to have it in our possession, since if they are in our favorite casinos, or in our very coifrbal exchange, the new money is ours, it is the where it is, and that is something that people still do not see clearly, but I see that the other things that have to do with making more management about the possibility of the money being in our hands is better.

Many cases that have been presented here in the forum and outside the forum, from exchanges, from sites that store our money, because we had an account in a casino or in an exchange, well they have done things that are not pleasant at all, yes, they go away , so it's a government, or so many things that can happen because the regulations of the places are there, but we have to see when things are better, and one of those is when we obviously act in a good way so that our money is Sure, you should no longer leave money in a casino or in an exchange, in fact I think I have more confidence in a casino like stake.com or bitcasino.io that are casino trust for me, they prefer to have my money there than leave it in an exchange, for For example, Binance is one of the exchanges that everyone trusts the most in general, but I actually don't , I don't like their policies of kneeling before Governments and police officers in the world.

In the issue of transaction fee I don't throw blame on any exchanger at all as the issue is equally out of their absolute control and just as @ever-young said they have very less or (nothing) to benefit from those fees it's actually the miners that are the benefactor of every transaction fee charged, and I have this feeling within that the fees binance have set for their users depending on the amount you are to transfer is for users to get their transaction quickly completed going by the congestion in the bitcoin network.  I use electrum and I also experiencing the high transfer fees unlike what I use to spend for transaction of a $500 now I have to spend double of that transfer fee if i am in a hurry to get my transaction completed in time.

I don't know if the Binance fee has increased to as high as $26. The last time I tried withdrawing BTC from Binance, the fee rate was still in the range of $8-10, which was, what I considered, very high at that time.
 
As the fee is very high, saving and leaving our crypto on exchanges is not advisable, if not for the purpose of buying and selling for those who don't know how to use CEX. What's the need for holding Bitcoin on exchanges? If the purpose of the coin was to be withdrawn to a casino wallet,
 
I will advise gamblers to use other networks with a cheaper fee rate, like LTC and other available ones, as supported by the casino, as that is far better than leaving crypto in an exchange-account.

There are always alternative options that can be relied upon in such periods of crisis. There are many networks that are faster and have lower fees that can be used for both deposits and withdrawals as well.
Personally, I have always avoided making deposits and withdrawals using Bitcoin or Ethereum, even during periods when the network condition is normal. On this same basis, I always advise choosing platforms that offer multiple options of cryptocurrencies on different networks so that the choice is easy. Since everyone uses their wallets on trading platforms (Binance is the most prominent example), withdrawals from Binance to be transferred directly to the gambling platform will not be expensive in fees or time. Recently, I have been making deposits using the Tron network and withdrawing using one of the stablecoins USDT.

(Of course, this is the worst thing that can be done, or perhaps the most dangerous, is to transfer directly from a trading platform to a casino, but it cannot be hidden that the majority do this and only a minority of users are aware of the danger of this.)

I don't know what the situation is like with bitcoin transaction fees in other casinos, but as I use stake.com I will only talk about the stake, at the moment in stake for withdrawals they subtract $3 for the transaction fee, this means that the person pays a Very low transaction fee value, so playing at stake using bitcoin even at a time like this when the price of bitcoin has risen a lot has a lot of advantage because the person will not pay a high fee. but I think using altcoins with low transaction fees are the best choice. imagine paying a 9$ fee when using bitcoin while you can use an altcoin that has less than a 1$ fee, it's simply an easy choice for the person to make, in my case I use litecoin

I see Litecoin being very advantageous for gambling, although in this bull market for Bitcoin, the price of Litecoin has fallen and it has become very complicated to use Litecoin to gamble, which is why using another alternative like USDT is the best solution at the moment. , if a person deposits 10 USDT and continues playing, the value remains the same, unless the person playing loses a lot, perhaps stablecoins are the most appropriate to be used in casino. Now talking a little about withdrawal fees from Binance, honestly I haven't been withdrawing Bitcoin from Binance these days, but I know they didn't know when the price of Bitcoin rose a lot that it became very expensive to make withdrawals from Binance, this is because they had a high withdrawal fee. withdrawal in bitcoin and regardless of the price dropping, they didn't lower their fee

Today's fees on the Bitcoin network are huge and inconvenient. It’s good that I made a deposit on the gambling platform before November, and the commissions were tolerable. But yesterday I transferred Bitcoins from Trust Wallet and you can see the commissions on the chart, I gritted my teeth and thought that my $60 commission was a lot. But today the Commission has increased by 270%! So it was not do bad.
And the trouble is that you cannot choose another cryptocurrency.
Yes, I can reduce the amount of satoshi per transfer, but there is a risk of sadly looking at the frozen transaction for another 5 days. This is a true story.

As far as I know, the damn Ordinals are to blame again.

No, don't hold it on an exchange especially if it's huge, you can use non-custodial wallet or best a hardware wallet. Binance itself or the casino wasn't at fault in the first place if there's a price hike on transaction fees, they're just literally follow the market structure of fees. My advice is that if you will just put it on an exchange and can't gamble the money yet then I suggest trade that instead.

If I understand you correctly, you had issues withdrawing your funds from binance because of the outrageous cost of withdrawal fee.

If the above is correct, then it has nothing to do with the gambling site, its a personal issue between you and binance and binance also is considering the high cost of fee on the blockchain so as not to keep your transaction pending.

Lately, the cost of fees on the bitcoin blockchain has skyrocketed and it has remained a cause for concern.

You do not understand the network dynamics, it appears. Binance is not the ones who impose these fees, the bitcoin network does with its current network conditions. Binance, or any other exchange for that matter, do not have any control with the fees that the network currently dictates. They simply follow these in order to make sure that your transaction gets confirmed and not get dropped, or worse, stuck in a limbo for weeks on end.

My advice: if you really want to gamble so bad, better exchange your coins to another that is accepted on your platform of choice (XRP, Litecoin, etc). This way, you'll get the most value out of your coins and not yap about the current network fee.

Except the money is is needed urgently to take care of an urgent need on ground, it's advised you allow the money stay in your wallet, because the charges are currently room high and in some cases you may spend almost half of your funds trying to place a withdrawal on the same fund buy then I'd you leave the money for this period you can het it latwr when the charges are down.

Most gambling sites have the challenge of this transaction fee as it's beyond their powers, especially with funding , which lies within the exchange to regulate the charges on every transactions. Buy if you already have some crypto in your gambling wallet, you could choose to further Gamble with it so it increases by your wins and that way you get enough to pay for your transaction fee. Buy then you can still leave your coins there although thats a very risky idea because gambling wallet could be hacked.