No gambling today due to bitcoin high transaction fee. - page 6.

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Quote from: shield132 on April 25, 2024, 07:18:19 AM

Quote from: Poker Player on April 24, 2024, 09:32:08 AM

I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

High Bitcoin prices make gambling less attractive for many gamblers because in the past I could easily buy 0.002 Bitcoin for one dollar and could have lots of fun, starting with 0.00000001 and going up. Now with 1 dollar, I can only buy 0.00001600 BTC and my fun ends up very quickly. I don't gamble with 1 dollar but you got the point. High transaction fees already drain the budget before we even make a deposit. I prefer to stick with websites that let me to gamble with 0.00000001 bets in altcoins instead of Bitcoins.

Quote from: Stable090 on April 24, 2024, 03:33:47 PM

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

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?

Seriously the mempool is kind of congested, and the transaction fee is really high, if you are a gambler, and you gamble with just little amount of money, spending so much money on transaction fee just to deposit money doesn’t really make sense to me, so it’s just better to stop gambling for now, or if you are having any money in your gambling account, then you can keep on gambling with it pending when the transaction fee is going to drop, and you are going to deposit more money. I don’t think anyone will spend such a high amount of money on transaction fee just because they want to deposit like $20.

Mempool was full of ordinals transactions. Visit mempool.space and click on data and check any block you wish. Halving and the following blocks were absolutely full of ordinals, almost no one was using Bitcoin for other purposes.

That's why the bitcoin fee has increased in recent days because of the inscription or the rune, and most bitcoin holders know that, right? And many people just waited instead of making a transaction because of the high fee, which almost reached $300.

Who are the bitcoin holders who will agree to the $300-$100 fee at the peak of the halving in the past few days? but now it looks like it's going back to the normal fee. As far as I know, this morning it's only $4. I don't know now at mempool.space.

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Quote from: Poker Player on April 24, 2024, 09:32:08 AM

I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

High Bitcoin prices make gambling less attractive for many gamblers because in the past I could easily buy 0.002 Bitcoin for one dollar and could have lots of fun, starting with 0.00000001 and going up. Now with 1 dollar, I can only buy 0.00001600 BTC and my fun ends up very quickly. I don't gamble with 1 dollar but you got the point. High transaction fees already drain the budget before we even make a deposit. I prefer to stick with websites that let me to gamble with 0.00000001 bets in altcoins instead of Bitcoins.

Quote from: Stable090 on April 24, 2024, 03:33:47 PM

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

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?

Seriously the mempool is kind of congested, and the transaction fee is really high, if you are a gambler, and you gamble with just little amount of money, spending so much money on transaction fee just to deposit money doesn’t really make sense to me, so it’s just better to stop gambling for now, or if you are having any money in your gambling account, then you can keep on gambling with it pending when the transaction fee is going to drop, and you are going to deposit more money. I don’t think anyone will spend such a high amount of money on transaction fee just because they want to deposit like $20.

Mempool was full of ordinals transactions. Visit mempool.space and click on data and check any block you wish. Halving and the following blocks were absolutely full of ordinals, almost no one was using Bitcoin for other purposes.

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Quote from: mirakal on April 24, 2024, 06:43:41 PM

Quote from: Stable090 on April 24, 2024, 03:33:47 PM

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

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?

Seriously the mempool is kind of congested, and the transaction fee is really high, if you are a gambler, and you gamble with just little amount of money, spending so much money on transaction fee just to deposit money doesn’t really make sense to me, so it’s just better to stop gambling for now, or if you are having any money in your gambling account, then you can keep on gambling with it pending when the transaction fee is going to drop, and you are going to deposit more money. I don’t think anyone will spend such a high amount of money on transaction fee just because they want to deposit like $20.

Yes this happens due to a big traffic of transactions that makes a market congested in the process. However, this won’t be any longer and we will eventually see fees going down, and right now the price is quite reasonable again.

It's because of Runes that started on April 20 - the day of the halving. But fees/congestion are actually not very bad today at 45sats/vB. It was Ordinals inscriptions that truly congested the network for two months. That was worse,

Quote

But most likely for an addicted gambler, this may frustrate them but they’ll still find a way to gamble just to satisfy their urge in gambling. Only to find out they only lose in the end, and paying those high fees is already a loss itself. But what do you expect from a highly addicted one, of course they will never mind all those fees as long as they can continue to bet for more. Not actually a problem for big time gamblers, but for small gamblers, I guess this will really drive them crazy.

If they are willing to pay the high fees, they should do some gambling/shitcoining in Runes. I believe, currently, everyone might have a higher probability of taking some profit in Rune-shitcoining if they buy and hold for three months, than actual casino gambling.

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Quote from: Stable090 on April 24, 2024, 03:33:47 PM

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

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?

Seriously the mempool is kind of congested, and the transaction fee is really high, if you are a gambler, and you gamble with just little amount of money, spending so much money on transaction fee just to deposit money doesn’t really make sense to me, so it’s just better to stop gambling for now, or if you are having any money in your gambling account, then you can keep on gambling with it pending when the transaction fee is going to drop, and you are going to deposit more money. I don’t think anyone will spend such a high amount of money on transaction fee just because they want to deposit like $20.

Yes this happens due to a big traffic of transactions that makes a market congested in the process. However, this won’t be any longer and we will eventually see fees going down, and right now the price is quite reasonable again. But most likely for an addicted gambler, this may frustrate them but they’ll still find a way to gamble just to satisfy their urge in gambling. Only to find out they only lose in the end, and paying those high fees is already a loss itself. But what do you expect from a highly addicted one, of course they will never mind all those fees as long as they can continue to bet for more. Not actually a problem for big time gamblers, but for small gamblers, I guess this will really drive them crazy.

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Quote from: Kemarit on April 24, 2024, 05:00:47 PM

Quote from: DaNNy001 on April 24, 2024, 03:47:17 PM

Quote from: dezoel on April 24, 2024, 01:31:05 PM

That might only be our range but what if we are addicted?
I think we wouldn't mind paying 50 dollar for the fee and still have a 50 dollar left for play.

For those gambler whose money is only 50 dollar and below, maybe they will choose lightning network for a while because you know that was still part of BTC and I saw that many casinos now started supporting lightning network.

Bitcoin price is still the same dump, so maybe that was true that the rise in its fees are caused by the halving and it can take a while for the fees to get sorted out. I know this is not the first time the BTC fees increase insanely this high and I am expecting these high fee trend may continue until bitcoin prices rises up to the level to compensate the miners for same amount of fees in satoshi.

This is where the use of stable coins come in. The liquidity of stable coin is an added advantage to their network especially when Bitcoin mempool start getting congested. So if a gambler is addicted, he might want to use stable coin or any other coin that has higher liquidity than Bitcoin at this mempool congestion period. If a gambler is addicted he'll take the chances of risking even more fee to get very small Bitcoin deposit, because when they are not patient to make good decisions they will eventually end up getting broke if they have all their asset in Bitcoin. Most of those gambling games that accepts Bitcoin are usually slot games which is a bit difficult to make huge win, and addicted gamblers will experience more losses this period of mempool congestion.

Yeah, I think this is where USDT enters, just like when we hedge our Bitcoin when the price is fluctuating, we can do it the same now when the mempool is clogged for whatever reasons. Although if you look at the fees right now, it is down more than 10x already from the highs that we have seen since the block halving. Currently, it's 45 sat/vB and we don't know if it's going to go up later or not.

But at least for us gamblers, as much as we love Bitcoin to be our main currency to gamble, it is wise to try and used other altcoins as well. Just be flexible and we will be good and then we can go back to Bitcoin if everything has settled down.

Not just USDT. Using another altcoin is necessary here. Especially those whose transaction fees are very low this period, but it must be one that the gambling platform recognizes. Meanwhile the mempool congestion has reduce a little and some transactions has been executed, so there is no need for panic or switching if cryptocurrency in making payment, we can now use bitcoin for gambling in platforms now as the fees is now affordable. Currently it is now 4.5mb/byte

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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?

After the Bitcoin halving, Bitcoin transaction fees increased a lot, especially when it reached 2,000 satoshis per byte, where fees were over $200 per transaction. In this situation it is not at all possible to trade dollars in the gambling account. Gambling had to be stopped temporarily due to additional transaction fees.
But now the transaction fees have come down a lot and although the situation was temporarily worse after the halving, now there is no critical situation related to these fees so gambling bets are going on regularly.

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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?

Unless the amount of bitcoin to be released is a large amount and the fee that will be deducted from their released Bitcoin is just their coin. And of course, there is nothing we can do about it.
But of course, the majority of bitcoin holders do not perform a transaction first.

But this time, the fee has dropped a lot compared to yesterday; it seems like the priority fee is around 4-5 dollars, so probably a lot of people have bitten there for sure.

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Quote from: DaNNy001 on April 24, 2024, 03:47:17 PM

This is where the use of stable coins come in. The liquidity of stable coin is an added advantage to their network especially when Bitcoin mempool start getting congested.

It's not of how stable the price of the coin it's when alts or tokens have lower fees compare to bitcoin when bitcoin fees surge. USDT in ERC20 fees is highly incomparable to TRC20 network, that's why most people uses this network instead. Or use alts like LTC, DOGE as most casino accept these cryptocurrency due to popularity and maybe because of cheaper txs fees.

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Quote from: DaNNy001 on April 24, 2024, 03:47:17 PM

Quote from: dezoel on April 24, 2024, 01:31:05 PM

That might only be our range but what if we are addicted?
I think we wouldn't mind paying 50 dollar for the fee and still have a 50 dollar left for play.

For those gambler whose money is only 50 dollar and below, maybe they will choose lightning network for a while because you know that was still part of BTC and I saw that many casinos now started supporting lightning network.

Bitcoin price is still the same dump, so maybe that was true that the rise in its fees are caused by the halving and it can take a while for the fees to get sorted out. I know this is not the first time the BTC fees increase insanely this high and I am expecting these high fee trend may continue until bitcoin prices rises up to the level to compensate the miners for same amount of fees in satoshi.

This is where the use of stable coins come in. The liquidity of stable coin is an added advantage to their network especially when Bitcoin mempool start getting congested. So if a gambler is addicted, he might want to use stable coin or any other coin that has higher liquidity than Bitcoin at this mempool congestion period. If a gambler is addicted he'll take the chances of risking even more fee to get very small Bitcoin deposit, because when they are not patient to make good decisions they will eventually end up getting broke if they have all their asset in Bitcoin. Most of those gambling games that accepts Bitcoin are usually slot games which is a bit difficult to make huge win, and addicted gamblers will experience more losses this period of mempool congestion.

Yeah, I think this is where USDT enters, just like when we hedge our Bitcoin when the price is fluctuating, we can do it the same now when the mempool is clogged for whatever reasons. Although if you look at the fees right now, it is down more than 10x already from the highs that we have seen since the block halving. Currently, it's 45 sat/vB and we don't know if it's going to go up later or not.

But at least for us gamblers, as much as we love Bitcoin to be our main currency to gamble, it is wise to try and used other altcoins as well. Just be flexible and we will be good and then we can go back to Bitcoin if everything has settled down.

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Quote from: dezoel on April 24, 2024, 01:31:05 PM

That might only be our range but what if we are addicted?
I think we wouldn't mind paying 50 dollar for the fee and still have a 50 dollar left for play.

For those gambler whose money is only 50 dollar and below, maybe they will choose lightning network for a while because you know that was still part of BTC and I saw that many casinos now started supporting lightning network.

Bitcoin price is still the same dump, so maybe that was true that the rise in its fees are caused by the halving and it can take a while for the fees to get sorted out. I know this is not the first time the BTC fees increase insanely this high and I am expecting these high fee trend may continue until bitcoin prices rises up to the level to compensate the miners for same amount of fees in satoshi.

This is where the use of stable coins come in. The liquidity of stable coin is an added advantage to their network especially when Bitcoin mempool start getting congested. So if a gambler is addicted, he might want to use stable coin or any other coin that has higher liquidity than Bitcoin at this mempool congestion period. If a gambler is addicted he'll take the chances of risking even more fee to get very small Bitcoin deposit, because when they are not patient to make good decisions they will eventually end up getting broke if they have all their asset in Bitcoin. Most of those gambling games that accepts Bitcoin are usually slot games which is a bit difficult to make huge win, and addicted gamblers will experience more losses this period of mempool congestion.

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

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?

Seriously the mempool is kind of congested, and the transaction fee is really high, if you are a gambler, and you gamble with just little amount of money, spending so much money on transaction fee just to deposit money doesn’t really make sense to me, so it’s just better to stop gambling for now, or if you are having any money in your gambling account, then you can keep on gambling with it pending when the transaction fee is going to drop, and you are going to deposit more money. I don’t think anyone will spend such a high amount of money on transaction fee just because they want to deposit like $20.

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Quote from: dezoel on April 24, 2024, 01:31:05 PM

That might only be our range but what if we are addicted?
I think we wouldn't mind paying 50 dollar for the fee and still have a 50 dollar left for play.

For those gambler whose money is only 50 dollar and below, maybe they will choose lightning network for a while because you know that was still part of BTC and I saw that many casinos now started supporting lightning network.

Bitcoin price is still the same dump, so maybe that was true that the rise in its fees are caused by the halving and it can take a while for the fees to get sorted out. I know this is not the first time the BTC fees increase insanely this high and I am expecting these high fee trend may continue until bitcoin prices rises up to the level to compensate the miners for same amount of fees in satoshi.

For sure you would specially if you do have thousands of dollars then this fee wont really be stopping you to play on which $50 wont really be an amount that will be able to hinder you out but for those
who are really just that average gamblers which most people then 50 bucks is really something that they could really make use on your gambling activity. This is why not all people would really be that
accepting the current fees that we do have now which is really that too much. Now it is really sitting 7-20 bucks on which this is something that still high and we do know that this isnt something
that we are really getting used to and we do prefer on seeing those cheaper fees before that halving situation.

Is this something that could stop you on playing gambling? It would really be just that depending into someones capability or money they do have on which we know that there are
ones who could afford on paying up but mostly would really be skeptical on doing such because they do know that it is really just that too much for making up such transaction.

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That might only be our range but what if we are addicted?
I think we wouldn't mind paying 50 dollar for the fee and still have a 50 dollar left for play.

For those gambler whose money is only 50 dollar and below, maybe they will choose lightning network for a while because you know that was still part of BTC and I saw that many casinos now started supporting lightning network.

Bitcoin price is still the same dump, so maybe that was true that the rise in its fees are caused by the halving and it can take a while for the fees to get sorted out. I know this is not the first time the BTC fees increase insanely this high and I am expecting these high fee trend may continue until bitcoin prices rises up to the level to compensate the miners for same amount of fees in satoshi.

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Quote from: Poker Player on April 24, 2024, 09:32:08 AM

I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

It will be definitely more spikes in the future, as the market continues to fluctuates and traders take advantage of this post halving period. I believe most of the volume we saw (in which is now decreasing) had much to do with the community of ordinals trying to mint their tokens and NFTs within the halving block, now the block is mined and the halving as passed, it will be matter of time before the Mempool passes the congestion.
I estimate we will be able to push transactions for fees as low as 3 Satoshi/vbytes after two weeks. Unless something unexpected happens and for some reasons people start to mint a lot of shitcoins and NTFs within the main network again.

Anyways, a good gambler who does not wishes to halt their wagering because of fees, should have some of Litecoin, Dogecoin or any other alternative currency, just in case. It is not the best solution for those who are Bitcoin maximalists, but it is better than nothing, I guess.

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Quote from: Pumared on April 24, 2024, 10:56:34 AM

Quote from: Poker Player on April 24, 2024, 09:32:08 AM

I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

It's only a matter of time before the rates return to normal, but really because of the whole issue of runes and ordinals are causing this spam. But I think it should be back to normal soon, nothing to worry about, and it's always good to use other networks.

Currently it’s already around 6$ in able to transfer Bitcoin. But I’m skeptical whether this fee spike will be in short term only since many of the crazy rune collectors is aiming for blocks near the halving while the current fee is just a penny compared on what they are paying normally on Ethereum blockchain just to mint an NFT. Most of the whales that spamming rune are those whales from Ethereum.

They might keep doing this as long as there still s hype on this new protocol on Bitcoin. NFT becomes popular for a long time in Ethereum blockchain. I think this high fee will be a temporary norm now but not that high compared the fee during the halving.

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Quote from: Poker Player on April 24, 2024, 09:32:08 AM

I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

It's only a matter of time before the rates return to normal, but really because of the whole issue of runes and ordinals are causing this spam. But I think it should be back to normal soon, nothing to worry about, and it's always good to use other networks.

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I see that the fees have dropped below 100 sats/vByte, which is a relief but affects those depositing low amounts, such as between $10 and $50. But I think if we wait a little longer they will become even more reasonable, although I would not rule out more spikes in the future.

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Quote from: Natsuu on April 23, 2024, 11:40:59 AM

This is great insight. I think that's where true value of bitcoin lies with.

Just use LN if you don't want to convert to other alts. Spend some sats to open a channel and use that whenever the network is congested. Using wrapped Bitcoin is basically the same thing as using TRX to withdraw or send your money to the casino. Not to mention there's no guarantee you can recover your Bitcoin easily. It is not the true value of Bitcoin IMO, that's just how people try to earn as much money as possible by tricking users that their alts are the same as Bitcoin.

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Quote from: klidex on April 23, 2024, 09:31:57 PM

If you gamble using Bitcoin currency, the transaction costs are very expensive, even if we make a small profit, sometimes we can't cover the transaction costs, so it's the same as being rich in vain. Moreover, many casino sites offer not only gambling with Bitcoin but also Altcoin currencies. the transaction fees are not that high, this is the effect of the increase in Bitcoin after the halving so it is natural that the fees are getting more expensive but sooner or later transaction fees like this will return to normal if the market has returned to normal, the increase in Bitcoin transaction fees will not affect someone's desire to continue gambling. benefit.

Some of the payments in the campaign usually mostly use Bitcoin. Those who keep gambling definitely set aside some of their money to keep gambling. Maybe if they get a little profit they don't withdraw their money because with current expensive transaction fees, sometimes people think twice about withdrawing and will keep it in their wallet. I hope that bitcoin transaction costs will soon decrease because it is very difficult if we want to gamble but have to think about the transaction costs which are quite expensive.

You are missing out on the places that take lightning as deposit.

And there are quite a few of them these days.

The thing is that you don't really have to move bitcoin around on-chain when you can simply move sats off-chain using many of the available services.

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If you gamble using Bitcoin currency, the transaction costs are very expensive, even if we make a small profit, sometimes we can't cover the transaction costs, so it's the same as being rich in vain. Moreover, many casino sites offer not only gambling with Bitcoin but also Altcoin currencies. the transaction fees are not that high, this is the effect of the increase in Bitcoin after the halving so it is natural that the fees are getting more expensive but sooner or later transaction fees like this will return to normal if the market has returned to normal, the increase in Bitcoin transaction fees will not affect someone's desire to continue gambling. benefit.

Some of the payments in the campaign usually mostly use Bitcoin. Those who keep gambling definitely set aside some of their money to keep gambling. Maybe if they get a little profit they don't withdraw their money because with current expensive transaction fees, sometimes people think twice about withdrawing and will keep it in their wallet. I hope that bitcoin transaction costs will soon decrease because it is very difficult if we want to gamble but have to think about the transaction costs which are quite expensive.

Topic: No gambling today due to bitcoin high transaction fee. - page 6. (Read 1995 times)