No gambling today due to bitcoin high transaction fee. - page 4.

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Quote from: freedomgo on April 20, 2024, 08:36:50 AM

This high fee is probably due to the 4th halving that was completed. I haven't seen this type of transaction fee this hight.

If you look at https://mempool.emzy.de/, the current transaction fee is over $50 but in the past few hours it was over $100... So if you are a gambler who doesn't gamble that much like your range is only $10 to $100, it's impossible you will choose to gamble today with that very high fees.

This is only for gamblers who use bitcoin as the payment method, how is going today? Who among us here can still afford to gamble?

Basically those who regularly participate in the gambling game always keep their money in the gambling platform, they do not constantly transfer bitcoins from their wallet to the casino platform wallet for gambling. Maybe because of the high transaction fee of bitcoins those who would participate in gambling by sending from their wallet to casino wallet may not participate in gambling this time. From my point of view I will never participate in gambling during this high transaction fee increase because I have to transfer money from wallet to casino wallet to participate.

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Quote from: LUCKMCFLY on May 01, 2024, 04:10:59 PM

Quote from: jaberwock on April 28, 2024, 03:26:00 PM

I would say that just adding other coins would be enough, it allows the casino to use some smaller fee coin or token. For example USDT is a great example at this,

Well, the things when Trying to play with other Currencies are good , the real Problem that we have in the BTC casino is that there must be a way to do or take Everything to USDT, an internal exchange even if it is only from BTC to USDT, Of course this is mostly what we have to do, if we focus on seeing that things are good, well I think that's what it says, the TRC20 network, alone, are Options that are the only ones to make any type of change, in the TRX Network is only 1 dollar, so it is something very good, of course I see this from the Point of View that it is Favorable for the Player , I don't Know how Good it is for the casinos.

Once you have your bitcoin inside your casino account already, do you think there is really any need to want to convert it to usdt for the sole purpose of gambling? When its like you are playing on a decentralized casino?

I think when a gambler already have their bitcoin deposited to their casino account, there is absolutely no need to worry about the bitcoin network high fees since it doesnt affect their gambling experience in any way, they can gamble with same bitcoin and all the transactions will happen internally, and then the casino algorithm can do it's changing of numbers in the screen of the player.
The only time the player can have issues with high fees and may consider using an internal exchange service to convert from bitcoin to any other coin with cheaper network transaction fees is when he or she wants to withdraw some funds from the casino, and it's In bitcoin all his money is on that casino, this is when an exchange service become important.

But on the other hand, you still might end up spending huge on fees as well, since if using exchange service, bitcoin still have to be withdrawn from your account and deposited in the exchange service account, except it's an internal exchange owned by the casino, we are talking about.

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Quote from: Synchronice on May 02, 2024, 08:06:01 AM

I don't think it requires a lot of work because 3rd party, called poorbot.io, created an exchange service for Stake. They can build a local exchange and manage exchanges locally or they can use some 3rd party exchange providers that take care of the exchanges, they'll probably do it via some exchange APIs. In this case, they might require another license.

I know that service, afaik, as they use Stake bot APIs to create an 'exchange' service, but it is using their tipping service which is probably not available on other casinos. Sure, other casinos can ask third parties to build a service like that, but I doubt casinos view that as a priority. I mean, a government can easily claim they're trying to run an exchange business when they do that, while Stake in this case can say they're not affiliated with any third-party service. CMIIW.

Quote from: Synchronice on May 02, 2024, 08:06:01 AM

Many people prefer to gamble in Bitcoins and in situations when transaction fees are ridiculously high, people aren't able to withdraw their Bitcoins because transaction fees will eat up what they have. In order to attract customers and make service still nice for them in such extreme circumstances, it's a good idea to offer inner exchange.

If the problem is the withdrawal, most casino offers altcoins, don't they? Maybe this is the solution from their side. Based on the comments above, most people seem to view this as the preferred way to withdraw whenever a Bitcoin transaction is getting expensive. I still think LN is an alternative that is easy to manage compared to running an exchange for the deposit problem as of now. CMIIW.

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Quote from: joniboini on May 01, 2024, 09:55:25 AM

Quote from: Synchronice on May 01, 2024, 04:54:10 AM

I personally suggest every casino to implement built-in crypto exchange that will help customers to exchange altcoins to alt/BTC and opposite with reasonable rate. This will help customers to deposit in altcoins, gamble in Bitcoin and then withdraw in altcoins to finally get their money without paying ridiculous transaction fees.

I think that requires a lot of work since you're basically functioning as an exchange at that point. They will require another license depending on where they're registered, and I'm sure the cost to get one is probably not worth it. It adds another layer of security issues that have been proven to be difficult to solve by bigger companies. Asking for more convenience is a bit much IMO, considering how many alternatives the user can do to find lower cost. On the other hand, I do agree that adding something like Lightning Network is an acceptable request.

I don't think it requires a lot of work because 3rd party, called poorbot.io, created an exchange service for Stake. They can build a local exchange and manage exchanges locally or they can use some 3rd party exchange providers that take care of the exchanges, they'll probably do it via some exchange APIs. In this case, they might require another license.
Many people prefer to gamble in Bitcoins and in situations when transaction fees are ridiculously high, people aren't able to withdraw their Bitcoins because transaction fees will eat up what they have. In order to attract customers and make service still nice for them in such extreme circumstances, it's a good idea to offer inner exchange. I can't say certainly whether it worth or not but I think it worth because high Bitcoin transaction fees are becoming very common today and it's still a coin that people prefer to gamble with.

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Quote from: jaberwock on April 28, 2024, 03:26:00 PM

I would say that just adding other coins would be enough, it allows the casino to use some smaller fee coin or token. For example USDT is a great example at this,

Well, the things when Trying to play with other Currencies are good , the real Problem that we have in the BTC casino is that there must be a way to do or take Everything to USDT, an internal exchange even if it is only from BTC to USDT, Of course this is mostly what we have to do, if we focus on seeing that things are good, well I think that's what it says, the TRC20 network, alone, are Options that are the only ones to make any type of change, in the TRX Network is only 1 dollar, so it is something very good, of course I see this from the Point of View that it is Favorable for the Player , I don't Know how Good it is for the casinos.

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Quote from: Wakate on May 01, 2024, 11:26:26 AM

Quote from: freedomgo on April 20, 2024, 08:36:50 AM

This high fee is probably due to the 4th halving that was completed. I haven't seen this type of transaction fee this hight.

If you look at https://mempool.emzy.de/, the current transaction fee is over $50 but in the past few hours it was over $100... So if you are a gambler who doesn't gamble that much like your range is only $10 to $100, it's impossible you will choose to gamble today with that very high fees.

This is only for gamblers who use bitcoin as the payment method, how is going today? Who among us here can still afford to gamble?

Even though the transaction fee looks very high, there are still gamblers that are ready to pay such a high fee just to make sure they keep gambling. We can as well convert the fund into other coins for us to gamble or better still convert to stable coin. Does it mean that the price of Bitcoin could stop us from gambling? There are still gamblers that would be ready to pay any fee for them to keep gambling especially when they know that the transaction fee is not going to affect them making more profits from gambling. Gambling is fun when we always get results from our gambling activities.

If you are a whale player or gambler then pretty sure there's nothing that could stop you on playing gambling on which it wont matter whether you would really be spending 10 or 20 bucks for fee
or more because that would really be that only a dust amount on the money that you are owning but of course we do know that not all would really be that a whale or something a rich person who dont really care about the fees on which most of us are really that average gamblers or players that even with the slightest change of fees would really be giving out that kind of hesitance for you to play up.

Now that the fees had been normalized then this is where people would really be that rejoicing with the current condition on which we do really that much prefer on this way rather than on seeing those high fees which it would really be hindering us for us to play with our favorite gambling games due to this condition but well there are really times or moments that something like this.
It would really be needing up that kind of patience.

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Quote from: freedomgo on April 20, 2024, 08:36:50 AM

This high fee is probably due to the 4th halving that was completed. I haven't seen this type of transaction fee this hight.

If you look at https://mempool.emzy.de/, the current transaction fee is over $50 but in the past few hours it was over $100... So if you are a gambler who doesn't gamble that much like your range is only $10 to $100, it's impossible you will choose to gamble today with that very high fees.

This is only for gamblers who use bitcoin as the payment method, how is going today? Who among us here can still afford to gamble?

Lol, bitcoin fees few hours after the halving was completed successfully was a crazy one, and i think it lasted for several days before it started droping, according to data from mempool.space which I was monitoring myself, the fee went as high as over 1500 sats per vbyte, which is considers as one of the highest(if not actually the highest) in the entire history of bitcoin, those who use bitcoin as an only means of deposit and withdrawals to and from online casinos possibly must have paused gambling for a day or more, or have no choice but look for alternatives with better fees.

Looking at mempool.space today, I am happy seeing that the fees have significantly reduced, the Sats per vbyte have been relatively stable around 25 and 30 for a few days now, and if everything be well, and ordinals and inscriptions don't kick in again, the fee should be down even further in the coming days and weeks..

By the way, it's important for us all to know that we are in a dynamic market, one should always have alternative means of doing anything and everything in this industry, just incase one way stops working, you are not cut out of your favorite activities.

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Quote from: freedomgo on April 20, 2024, 08:36:50 AM

This high fee is probably due to the 4th halving that was completed. I haven't seen this type of transaction fee this hight.

If you look at https://mempool.emzy.de/, the current transaction fee is over $50 but in the past few hours it was over $100... So if you are a gambler who doesn't gamble that much like your range is only $10 to $100, it's impossible you will choose to gamble today with that very high fees.

This is only for gamblers who use bitcoin as the payment method, how is going today? Who among us here can still afford to gamble?

Even though the transaction fee looks very high, there are still gamblers that are ready to pay such a high fee just to make sure they keep gambling. We can as well convert the fund into other coins for us to gamble or better still convert to stable coin. Does it mean that the price of Bitcoin could stop us from gambling? There are still gamblers that would be ready to pay any fee for them to keep gambling especially when they know that the transaction fee is not going to affect them making more profits from gambling. Gambling is fun when we always get results from our gambling activities.

DubemIfedigbo001

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The solution is simple, when there is a change in events, people should get smarter and companies should rise to the challenge by creating other means of depositing like USDT, ETH for now if its non existent until the transaction fees goes down so they don't lose loyal clients in the high transaction fees saga.

Gamblers would patronize casinos that accept deposits from other crypto currencies more that this that accept only bitcoin. Its not economically sound that someone deposits $100 into the casino and pays $50 as transaction fees. Its more like intentionally losing money and myself wouldn't subscribe to such. There are alternatives and I think they should be considered for now until the pressure calms down.

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Quote from: swogerino on May 01, 2024, 10:07:18 AM

I think that is no longer the case as the crypto has experienced a big dip during today and the fastest fee from the website "bitcoinfees.net" shows like 1.53 dollars to confirm in 20 minute so compared to that 120 dollars when it was when this thread started here I think we have come down quite a lot.

Yes, as people here have been saying since those news about expensive Bitcoin fees started going on, that scenario wouldn't last for a long time. Now we can see it indeed didn't last for too long, and now the fees are already pretty cheap back to the normal we have been used to. That is why people shouldn't despair for sudden FUD news which catch us by surprise. Another example is the current situation of crypto market, where prices aren't rising anymore.

It's another temporary issue, so people should just wait until things calm down once again. It's necessary to be patient and remain confident that issues may appear on the middle of the way, although their impact has only negative effects on short term, while the reward must be abundant for those who wait on the long term.

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I think that is no longer the case as the crypto has experienced a big dip during today and the fastest fee from the website "bitcoinfees.net" shows like 1.53 dollars to confirm in 20 minute so compared to that 120 dollars when it was when this thread started here I think we have come down quite a lot.As for alts they have really fast confirmations even during time when there is big congestion in the Bitcoin network,so for our needs we can use them in such time and still have access to all our websites that we use in crypto.

I think the stablecoins like USDT are a great choice in such events as long as you happen to have little ETH in your wallet to make transactions happen.

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Quote from: Synchronice on May 01, 2024, 04:54:10 AM

I personally suggest every casino to implement built-in crypto exchange that will help customers to exchange altcoins to alt/BTC and opposite with reasonable rate. This will help customers to deposit in altcoins, gamble in Bitcoin and then withdraw in altcoins to finally get their money without paying ridiculous transaction fees.

I think that requires a lot of work since you're basically functioning as an exchange at that point. They will require another license depending on where they're registered, and I'm sure the cost to get one is probably not worth it. It adds another layer of security issues that have been proven to be difficult to solve by bigger companies. Asking for more convenience is a bit much IMO, considering how many alternatives the user can do to find lower cost. On the other hand, I do agree that adding something like Lightning Network is an acceptable request.

Synchronice

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Quote from: dezoel on April 30, 2024, 01:08:53 PM

In my opinion, people should use altcoins even in times when Bitcoin transaction fees are normal only for convenience because they would always charge less fee when compared to Bitcoin and it sometimes is easier to keep a count of the funds if you are using a stable coin for your gambling activities. When you deposit and gamble with Bitcoin, you will only know the amount of Bitcoin that you have deposited or have left in your account, you wouldn't even know how much money in dollars you are betting if you are using Bitcoin for it.

Compared to that, if you are using a stable coin such as USDT or USDC, it would be easier for you to calculate everything because you will already be seeing the dollar value of your balance and the bets you are making, it makes it easier for you to understand everything or keep a count if you want to.

Bitcoin for gambling has one cool feature and it's volatility. You might deposit $1000 worth of Bitcoins, maybe lose $200 but you wake up and next day you still have $1000 worth coins thanks to price increase. The opposite can happen too but let's hope for the best Cheesy

Many people count in Bitcoins instead of dollar value, so it's still a good way to gamble for them.
By the way, when you gamble with USDT or USDC, can you bet as low as 0.00000001 BTC? I mean, 0.00057 USDC for example?

I personally suggest every casino to implement built-in crypto exchange that will help customers to exchange altcoins to alt/BTC and opposite with reasonable rate. This will help customers to deposit in altcoins, gamble in Bitcoin and then withdraw in altcoins to finally get their money without paying ridiculous transaction fees.

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Quote from: dezoel on April 30, 2024, 01:08:53 PM

~snip~
In my opinion, people should use altcoins even in times when Bitcoin transaction fees are normal only for convenience because they would always charge less fee when compared to Bitcoin and it sometimes is easier to keep a count of the funds if you are using a stable coin for your gambling activities. When you deposit and gamble with Bitcoin, you will only know the amount of Bitcoin that you have deposited or have left in your account, you wouldn't even know how much money in dollars you are betting if you are using Bitcoin for it.

Compared to that, if you are using a stable coin such as USDT or USDC, it would be easier for you to calculate everything because you will already be seeing the dollar value of your balance and the bets you are making, it makes it easier for you to understand everything or keep a count if you want to.

Alts are just a casino gamble really.

In the end most people will probably end up wealthier if they just simply keep Bitcoin instead of playing around with alts.

But the thing is that it's "boring" to simply stack more Bitcoin.

The typical illusion of gamblers is to buy an alt when it's low, and sell it when it's 1000X.

Only problem is that it's almost always not going to be like that, and they will end up losing 99% of their funds with those alts.

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Quote from: jaberwock on April 28, 2024, 03:26:00 PM

Quote from: LUCKMCFLY on April 28, 2024, 01:00:52 AM

when it comes to bitcoin and transaction fees, in many cases the casino should implement other types of strategies, an internal exchange that can take it to USD, for me that is the best way out, of course and my idea, there are casinos that when they do that they get more customers , because of course when the transaction fee is very high, for players who make little money because they can't repeat, sometimes the fee is too high, and that's where they start to lose customers, because Everyone wants to have bitcoin and bitcoin is the most viable way to have our money, and what better than having it in exchange houses, in casinos and betting and earning money through bitcoin.

I would say that just adding other coins would be enough, it allows the casino to use some smaller fee coin or token. For example USDT is a great example at this, it has so many chains that you can use it on which means that we are going to end up with a lot of people who will prefer that instead. I am not saying that bitcoin will always be gone, there will be times when the fee will become cheaper, we just need to realize that we are going to end up with some trouble sooner or later.

I believe that the best way to go with this would be just temporarily find another cheap fee coin that people can use. There are so many blockchains like SOL and Tron and many others which are cheap but some casinos do not add those in and they should probably try to add that in.

For us gamblers or players who do really that mind about on having that much cheaper way on trying to save up fees then we would really be definitely be looking for whats the best which is available but we know
that there would really be those players or people who doesnt really care about on the fee since they could really be able to pay them up without any issues even if it means that $10-50 or more but for us
people who arent that whales or simpyl just that average gamblers then we would really be definitely be finding any possible method. Now that the fee is starting to pike up again then it do really sucks up with this kind of condition but we do know that not all would really be that worried about into such condition because they could be able to afford it out. Its true that most gambling sites nowadays does have that kind of
feature or options on which you could really be making use of specially on times or conditions like these.

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Quote from: SmartGold01 on April 28, 2024, 03:18:14 AM

Most times there are people who do fund their account for advance purpose maybe when they win in their bets they keeps some fund back to the account, especially now that bitcoin gas price has really surge. Although you can also use another alternatives to gamble such as using altcoin to make deposit after which the gas fee reduces then you can start using your bitcoin to deposit then gamble.
There is no way someone would pay $20-50$ fee to deposit $10 worth of bitcoin, then how much are they gonna make from there knowing too well that gambling is a game of luck and not a game of certainty whereby you could decides to bear the risk and make deposit after which you can cover up your expenses along the line.

In my opinion, people should use altcoins even in times when Bitcoin transaction fees are normal only for convenience because they would always charge less fee when compared to Bitcoin and it sometimes is easier to keep a count of the funds if you are using a stable coin for your gambling activities. When you deposit and gamble with Bitcoin, you will only know the amount of Bitcoin that you have deposited or have left in your account, you wouldn't even know how much money in dollars you are betting if you are using Bitcoin for it.

Compared to that, if you are using a stable coin such as USDT or USDC, it would be easier for you to calculate everything because you will already be seeing the dollar value of your balance and the bets you are making, it makes it easier for you to understand everything or keep a count if you want to.

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Quote from: LUCKMCFLY on April 28, 2024, 01:00:52 AM

when it comes to bitcoin and transaction fees, in many cases the casino should implement other types of strategies, an internal exchange that can take it to USD, for me that is the best way out, of course and my idea, there are casinos that when they do that they get more customers , because of course when the transaction fee is very high, for players who make little money because they can't repeat, sometimes the fee is too high, and that's where they start to lose customers, because Everyone wants to have bitcoin and bitcoin is the most viable way to have our money, and what better than having it in exchange houses, in casinos and betting and earning money through bitcoin.

I would say that just adding other coins would be enough, it allows the casino to use some smaller fee coin or token. For example USDT is a great example at this, it has so many chains that you can use it on which means that we are going to end up with a lot of people who will prefer that instead. I am not saying that bitcoin will always be gone, there will be times when the fee will become cheaper, we just need to realize that we are going to end up with some trouble sooner or later.

I believe that the best way to go with this would be just temporarily find another cheap fee coin that people can use. There are so many blockchains like SOL and Tron and many others which are cheap but some casinos do not add those in and they should probably try to add that in.

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Quote from: Rampagoe004 on April 26, 2024, 12:32:29 PM

I have some bitcoins in some casinos. And after the halving I saw very high transaction fees and of course that would be very detrimental. I'm not a gambler who wants to win jackpots or big bets. I just want to have fun from gambling. So I didn't send my bitcoins after the halving because of the high transaction fees. Withdrawal fees are also very high but as I said at the start, I only gamble for fun so I rarely make withdrawals. But I see the withdrawal fees are very high. This is a difficult situation for gamblers with bitcoin. But I'm sure some users have altcoins in their accounts.

If it's some casino, they can allow you to swap your bitcoin, which you have on their platform, for any other altcoin, like LTC, TRX, or anyone else that is accepted, and withdraw it to your wallet in order for you to be on the safer side when it comes to fees, but due to security and to reduce the use of the casino for illega activities and money laundering, most times the casino only allows the withdrawal to be from any deposit method they use in funding their account.

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Quote from: Natsuu on April 28, 2024, 07:32:30 AM

Quote from: uneng on April 20, 2024, 08:51:38 AM

On the other hand, since most people here earn their satoshis directly to their casinos' accounts through the signature campaigns they work for, transactions' expensive costs aren't an issue, so they are free to gamble today despite the current scenario faced by Bitcoin market. They just won't be able to cashout their funds today from the platform. Personally, I just hope it's not going to take so long until we have average fees once again.

This is reasonable because as the Bitcoin price is gets higher, of course transaction cost gets higher too. And its just right that its an advantage that you can too directly play the earned satoshis to selected gambling sites. However true, there's really a big change truly after the bitcoin halving. Just like how temperature higher, transaction fees gets higher too.

I think there are only few people who gets paid through their crypto casino account, I only know few campaigns as most of them paid directly to the users bitcoin address. However, I think it's not too relevant now because bitcoin transaction fees are back to its normal, at least we can transact now with $2 or below, unlike in the past few days where it's really high that it's almost impossible for us to take our money out from our wallet.

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Quote from: uneng on April 20, 2024, 08:51:38 AM

On the other hand, since most people here earn their satoshis directly to their casinos' accounts through the signature campaigns they work for, transactions' expensive costs aren't an issue, so they are free to gamble today despite the current scenario faced by Bitcoin market. They just won't be able to cashout their funds today from the platform. Personally, I just hope it's not going to take so long until we have average fees once again.

This is reasonable because as the Bitcoin price is gets higher, of course transaction cost gets higher too. And its just right that its an advantage that you can too directly play the earned satoshis to selected gambling sites. However true, there's really a big change truly after the bitcoin halving. Just like how temperature higher, transaction fees gets higher too.

Topic: No gambling today due to bitcoin high transaction fee. - page 4. (Read 1995 times)