Author

Topic: Minimum deposit in Bitcoin Casinos (Read 149 times)

legendary
Activity: 3066
Merit: 1312
April 29, 2020, 11:03:42 AM
#17
Wrong. Miners fee sometimes goes up to a few bucks but if you always send a min fee, it will eventually get there confirmed. Trust me,,, it may take hours or days or weeks but it eventually gets confirmed.

This is the only way to minimize the fee if players are still willing to use bitcoin to deposit, but would players do it and wait for days or even weeks after they send the deposit?  Grin

Another solution? Use altcoins. Or lightning network casinos;)

Altcoins is the best choice when bitcoin transaction fee goes up too high, on other side not all casinos accept lightning network at the moment.
hero member
Activity: 2240
Merit: 953
Temporary forum vacation
April 29, 2020, 10:57:42 AM
#16
Wrong. Miners fee sometimes goes up to a few bucks but if you always send a min fee, it will eventually get there confirmed. Trust me,,, it may take hours or days or weeks but it eventually gets confirmed.

Another solution? Use altcoins. Or lightning network casinos;)
legendary
Activity: 3738
Merit: 1708
April 29, 2020, 01:50:09 AM
#15
So the interesting thing about bitcoin is that it costs money to receive bitcoin. This is because eventually you are going to need to spend the money, and it's a lot cheaper to send a single 10 BTC output, than ten 1 BTC ones. For an un-optimized wallet (like 99% out there...) this is actually fairly expensive.

So what some casinos do is impose a min deposit, while others will ban accounts that make too many tiny deposits (e.g. from faucets). This is pretty suboptimal, because a user shouldn't really need to have to worry about what the min deposit amount is, or what is "abuse" or not.

But what is by far the best way to handle it, is what bustabit/bustadice do. There's no min deposit amount and you can never get banned from making too many small deposits. Instead what they do is each time you deposit create a tiny debt ("unpaid deposit fee") which is currently almost nothin (93 satoshis) which represents the cost for them to economically consolidate the inputs. When ever you want to withdraw, this fee is tacked onto the cost of a withdrawal.  It's pretty much the perfect system for both the site and users.

This is actually how a few years back a bitcoin exchange called Bitfinex got a spam attack. There were spammer making basically hundreds or thousands of tiny deposits into account and it created an issue when the exchange wanted to spend those outputs to process withdraws for customers. It basically lead to them charging for deposit which got really annoying. If you depositted less than $1000 in crypto equivalent they charged you something like $5. No idea if they still charge for deposits, however this was the only exchange I know that did that.

Most bitcoin casinos don't really have minimums, unless you are trying to deposit something small like a penny and hence it doesn't make sense. If you really only have like $5 to gamble with, you are betting off buying some alt-coin like Doge and using that. Usually the min deposit will be much less than BTC and you won't run into any issues.

Hence if you are gambling with $5, you might as well just gamble with faucet. Won't ever get rich that way anyway.
copper member
Activity: 475
Merit: 251
in BTC we trust
April 29, 2020, 12:58:07 AM
#14
While most of the FIAT wallets are around these numbers
Minimum deposit €20 / Maximum deposit €4,000
I have found the following on several casino, with different Crypto Currencies payment processors ! which is important to this discussion
So the numbers below looks like around the minimum bitcoin casinos allows

  • Bitcoin         BTC     0.0001
  • Bitcoin Cash BCH     0.001
  • Litecoin        LTC     0.01
  • Ethereum     ETH     0.01
  • Dogecoin      DOGE    0.01
  • Tether          USDT    20

Some benefits to remember once you make the minimum deposit in a single bitcoin casino

Enjoying low minimum deposits allows you to spread your funds and minimize the risk at a single casino
Usually small deposits will limit the player to small bets
You have better control over your money, than having 0.5 BTC for example lying in some balance

legendary
Activity: 2464
Merit: 1145
FOCUS
April 28, 2020, 01:54:31 PM
#13

so that's the reason why a gambler should check first the FAQ or TOS of every casino site. as they varies with min deposit and so is the min withdrawal or payout. if you encounter a site using LN, then most likely you can deposit or withdraw at any amount. but there are sites that will accept as low as 1k sats  or any amount of satoshis but when it comes to withdrawal they will require 200k sats and above. so you really have to consider also the min withdrawal because even if you can play using small amount of satoshis and even if you win and its below their min withdrawal, then will be hard for you to get the funds out. unless they have internal exchange and you can convert it to other currencies with very low min withdrawal like in doge or ltc.

Yeah, basically saying OP should be doing his own research before doing anything that will make him regret. If he don't make his research for not reading the TOS of minimum andmaximum deposit/withdrawals of the gambling casino's he would choose to play with.
Research is needed especially if you have low budget gambling money, The minimum withdrawal is one of the major problems when you have a low budget capital knowing that you can;t earn that much on a small capital. I have this experience being stocked up on a casino because I can't reach the minimum withdrawal because it is too high for my capital and my gains, It's frustrating because I can't get my earned money from a starting casino giveaway which is the major drawback from playing gambling with a giveaway capital.
asu
legendary
Activity: 1302
Merit: 1135
April 28, 2020, 01:37:12 PM
#12

so that's the reason why a gambler should check first the FAQ or TOS of every casino site. as they varies with min deposit and so is the min withdrawal or payout. if you encounter a site using LN, then most likely you can deposit or withdraw at any amount. but there are sites that will accept as low as 1k sats  or any amount of satoshis but when it comes to withdrawal they will require 200k sats and above. so you really have to consider also the min withdrawal because even if you can play using small amount of satoshis and even if you win and its below their min withdrawal, then will be hard for you to get the funds out. unless they have internal exchange and you can convert it to other currencies with very low min withdrawal like in doge or ltc.

Yeah, basically saying OP should be doing his own research before doing anything that will make him regret. If he don't make his research for not reading the TOS of minimum andmaximum deposit/withdrawals of the gambling casino's he would choose to play with.
legendary
Activity: 2557
Merit: 1886
April 28, 2020, 01:34:32 PM
#11
So the interesting thing about bitcoin is that it costs money to receive bitcoin. This is because eventually you are going to need to spend the money, and it's a lot cheaper to send a single 10 BTC output, than ten 1 BTC ones. For an un-optimized wallet (like 99% out there...) this is actually fairly expensive.

So what some casinos do is impose a min deposit, while others will ban accounts that make too many tiny deposits (e.g. from faucets). This is pretty suboptimal, because a user shouldn't really need to have to worry about what the min deposit amount is, or what is "abuse" or not.

But what is by far the best way to handle it, is what bustabit/bustadice do. There's no min deposit amount and you can never get banned from making too many small deposits. Instead what they do is each time you deposit create a tiny debt ("unpaid deposit fee") which is currently almost nothin (93 satoshis) which represents the cost for them to economically consolidate the inputs. When ever you want to withdraw, this fee is tacked onto the cost of a withdrawal.  It's pretty much the perfect system for both the site and users.
legendary
Activity: 3066
Merit: 1101
Leading Crypto Sports Betting & Casino Platform
April 28, 2020, 01:14:20 PM
#10
Like asu mentioned it varies from one casino to another. The highest minimum deposit I can recall was BTC0.002 but the minimum to expect on most casinos should be around BTC0.001 since that's been the standard back then. Currently I think a lot of casinos are slowly removing limits on deposits since a lot of gamblers probably want to play lower than BTC0.001 like they used to when the price wasn't high and fees rarely go up nowadays. 

so that's the reason why a gambler should check first the FAQ or TOS of every casino site. as they varies with min deposit and so is the min withdrawal or payout. if you encounter a site using LN, then most likely you can deposit or withdraw at any amount. but there are sites that will accept as low as 1k sats  or any amount of satoshis but when it comes to withdrawal they will require 200k sats and above. so you really have to consider also the min withdrawal because even if you can play using small amount of satoshis and even if you win and its below their min withdrawal, then will be hard for you to get the funds out. unless they have internal exchange and you can convert it to other currencies with very low min withdrawal like in doge or ltc.
hero member
Activity: 2884
Merit: 620
April 28, 2020, 12:51:28 PM
#9
It doesn't matter minimum amount in case of Bitcoin casino and I doubt most of Bitcoin casinos even have minimum deposit limit. You can send any amount to the Deposit Address because fees is exclusively calculated by most of the Bitcoin wallets.
This is true. Just like bustadice, as for their minimum deposit, they say "any amount".

Send any amount of Bitcoin to this address to fund your account

PS: It requires you an account to view that link source.
legendary
Activity: 2730
Merit: 7065
Farewell, Leo. You will be missed!
April 28, 2020, 12:28:25 PM
#8
Every casino is different. The safest thing to do is to read the TOS of each casino you are interested in gambling at because the limits can change.
Alternatively, there are sources and reviews such as this one where the author mentions the minimum deposit limits among plenty of other things.
https://bitcoinfy.net/#gref
hero member
Activity: 2800
Merit: 595
https://www.betcoin.ag
April 28, 2020, 12:03:10 PM
#7
The minimum you can just assume because casinos don't allow you to bet 0.00000001BTC and I guess the minimum you can bet shall be your minimum allowed to be deposited.

Sportsbet allows us to only bet 0.05ETH per match, I guess that's the minimum in the betting platform. Ye I can hear you its, not a casino  Cheesy  Just an example.
legendary
Activity: 3136
Merit: 1870
Metawin.com
April 28, 2020, 11:41:54 AM
#6
Like asu mentioned it varies from one casino to another. The highest minimum deposit I can recall was BTC0.002 but the minimum to expect on most casinos should be around BTC0.001 since that's been the standard back then. Currently I think a lot of casinos are slowly removing limits on deposits since a lot of gamblers probably want to play lower than BTC0.001 like they used to when the price wasn't high and fees rarely go up nowadays.  
legendary
Activity: 1918
Merit: 1728
April 28, 2020, 11:27:47 AM
#5

We know that sometime the fee for the transaction can go up to few bucks, so it doesn't make sense to allow deposit of 5 USD for example.
Also in real money casinos, the minimum is usually 20 ( USD, EUR, GBP )

Was looking for some information about the minimum deposit allowed in Bitcoin casinos

Thanks


It doesn't matter minimum amount in case of Bitcoin casino and I doubt most of Bitcoin casinos even have minimum deposit limit. You can send any amount to the Deposit Address because fees is exclusively calculated by most of the Bitcoin wallets.

Suppose you enter 3G8uPe3XKGhyQ2HGZfrmT7yJSxeQ6kJHK4 in address column and 0.0001 BTC in amount column while sending bitcoin from your wallet. Then your wallet will check if you got additional funds over and above 0.0001 BTC to cover bitcoin network fees. If yes, then it will create transaction with exact 0.0001 BTC output to 3G8uPe3XKGhyQ2HGZfrmT7yJSxeQ6kJHK4.

Casinos sometimes aren't able to track lower amount of deposits but they manually approve deposit in such cases if they haven't mentioned minimum deposit limit on site.

However, every casino site has minimum withdrawal limit and it is usually set at 0.001/0.002 BTC by most of the casinos since bitcoin network fees has to be bore by casino in case of withdrawal.
legendary
Activity: 3094
Merit: 1127
April 28, 2020, 11:26:44 AM
#4

We know that sometime the fee for the transaction can go up to few bucks, so it doesn't make sense to allow deposit of 5 USD for example.
Also in real money casinos, the minimum is usually 20 ( USD, EUR, GBP )

Was looking for some information about the minimum deposit allowed in Bitcoin casinos

Thanks
When it comes to minimum deposits then it would vary but majority would really be on the same spot and also most of them do need at least 1 confirmation for it to appear into your balance.
When it comes to fees then its a different matter thats why when theres a sudden network fee increase then thats the time where gamblers do adjust and make use of alts
that have lesser network fees.In talks of real casinos i did able to have that $10 minimum.

Lastly, this should be moved on Gambling discussions board.
hero member
Activity: 3038
Merit: 969
www.Crypto.Games: Multiple coins, multiple games
April 28, 2020, 11:09:51 AM
#3
I know real world casinos where the minimum deposit is around $10 which is why I have to disagree about $20 being the minimum.

Coming to your query, you pay higher fees only when you need the transaction to confirm quickly. Majority of the gamblers including me don't mind longer waiting times which helps the fee to stay on the lower end which is why the $5 minimum deposit is fine.
asu
legendary
Activity: 1302
Merit: 1135
April 28, 2020, 10:58:40 AM
#2
The best way for you to know that is to do your own research.

I'll just give some information that I know. Some other casino don't have minimum and maximum (just deposit any amount you want), but others have like 0.001 BTC (I guess). Don't forget the other one which has a minimum and maximum in every casino's, the withdrawal. Smiley
copper member
Activity: 475
Merit: 251
in BTC we trust
April 28, 2020, 09:54:34 AM
#1

We know that sometime the fee for the transaction can go up to few bucks, so it doesn't make sense to allow deposit of 5 USD for example.
Also in real money casinos, the minimum is usually 20 ( USD, EUR, GBP )

Was looking for some information about the minimum deposit allowed in Bitcoin casinos

Thanks

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