Transactions Fees x Gambling - page 2.

bryant.coleman

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Quote from: BTCLiz on April 20, 2021, 11:55:08 PM

Are you sure? I just checked the fees during the last weeks and 20 Sat/Byte was never possible IMO. Where exactly did you find this information? Maybe I'm just misinformed or I am using the wrong sources. Cheesy

Nope.. 8-9 days back, it was possible to get a confirmation even with 5 Sat/Byte. Look the fee on 12th April here:

https://jochen-hoenicke.de/queue/#BTC,2w,weight

The transaction fee is very volatile, and it depends on the mining hash rate and number of transactions. Now the hash rate has dropped due to mining farms closing down (due to power outage) in China. That has resulted in fewer blocks being mined and as a result the Mempool size has increased to 246 MB. On 12th April, as you can see from the chart, the Mempool size was just 101 MB (out of that 98 MB contributed by transactions paying a fee of 4 Sat/Byte or lower).

BTCLiz

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Quote from: Sithara007 on April 20, 2021, 10:47:09 PM

Quote from: Oasisman on April 20, 2021, 04:08:51 PM

In this current time where Btc mempool has been congested and tx fees are ridiculously high, I guess one of the best option to make a deposit is using XRP.
You can always opt to withdraw your funds If you think XRP's volatility is adding to the risks while you're gambling.
The price have bounced back after the lawsuit issue anyway.
Btc's tx fee is really crazy currently. Medium priority is at 270sat/vB d*mn!

Personally I am not a big supporter of shitcoins such as Doge and XRP, but if you have some in your wallet, then it makes sense to make the deposits using them. That said, the high transaction fee of Bitcoin is not some issue that propped up all of a sudden. We have been dealing with this issue for so long. The best available solution is to make the deposits when the Mempool is largely empty. And a few weeks ago, it was possible to get almost instant confirmations, even with a fee of 20 Sat/Byte.

Are you sure? I just checked the fees during the last weeks and 20 Sat/Byte was never possible IMO. Where exactly did you find this information? Maybe I'm just misinformed or I am using the wrong sources. Cheesy

Sithara007

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Quote from: Oasisman on April 20, 2021, 04:08:51 PM

In this current time where Btc mempool has been congested and tx fees are ridiculously high, I guess one of the best option to make a deposit is using XRP.
You can always opt to withdraw your funds If you think XRP's volatility is adding to the risks while you're gambling.
The price have bounced back after the lawsuit issue anyway.
Btc's tx fee is really crazy currently. Medium priority is at 270sat/vB d*mn!

Personally I am not a big supporter of shitcoins such as Doge and XRP, but if you have some in your wallet, then it makes sense to make the deposits using them. That said, the high transaction fee of Bitcoin is not some issue that propped up all of a sudden. We have been dealing with this issue for so long. The best available solution is to make the deposits when the Mempool is largely empty. And a few weeks ago, it was possible to get almost instant confirmations, even with a fee of 20 Sat/Byte.

ChuckBuck

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Quote from: RealMalatesta on April 19, 2021, 09:22:35 AM

elecctrum showed me around 0.0008BTC for same set of transaction.

Quote from: freedomgo on April 19, 2021, 04:29:30 PM

Seriously? 0.0008 usd is equivalent to 45 usd, that's just crazy, I have never encounter that kind of huge fee using electrum.

Yes, it is true. I had an experiment right in Electrum and here are the results that I get

It really is 0.0008, frightening! It happened because he adjusted transaction fees to the highest level. Not sure what he meant by doing so, but it does exist Cheesy

Conversely, this is the fee you pay for the lowest adjustment ~ 0.0003 - Still so f*king high to make any transactions

Quote from: freedomgo on April 19, 2021, 04:29:30 PM

Equivalent now is 10 usd if I'll send all my balance worth 55 usd. imagine, 20% fee. Grin

By the way, is this the new version of Electrum? I am using version 3.3.8 and all I have is the fee adjustment bar, no interface like you. And the fee is about 20 dollars, why?

Sanitough

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Quote from: chaser15 on April 20, 2021, 04:33:14 PM

The problem with others is, they have no other coins but only BTC or ETH. In that case, they will still pay a high fee if they will deposit it on exchanges to trade it on those coins that have lower fees.

They should face the high fees once first if they really want to play with those lower coins so to not spend other fees in their future trades, they should trade some good amount. Some of the coins which have low fees are XRP, TRX, LTC, DOGE, and what do users need is to find those gambling sites that accept these coins. It won't that hard as there are lots of gambling sites accepting payments from different cryptos already.

It turns out that with the increase of DOGE now, it's not anymore good for gambling since you would need to pay a high fee also, I think the cheapest now is the XRP, I'm using it and it only cost me less than a dollar to make a transfer, now 1 DOGE is equivalent to 0.28 usd, if it did not dump, it's higher.

chaser15

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The problem with others is, they have no other coins but only BTC or ETH. In that case, they will still pay a high fee if they will deposit it on exchanges to trade it on those coins that have lower fees.

They should face the high fees once first if they really want to play with those lower coins so to not spend other fees in their future trades, they should trade some good amount. Some of the coins which have low fees are XRP, TRX, LTC, DOGE, and what do users need is to find those gambling sites that accept these coins. It won't that hard as there are lots of gambling sites accepting payments from different cryptos already.

ShowOff

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Deciding not to bet with bitcoin and Ethereum is currently the recommended choice during high transaction fee. There are other altcoin I think are quite helpful, but I thought it would be better to take a break from gambling for a while if all balance in bitcoin were the right choice.

Leave all balance temporarily stored in the wallet, we will fill the wallet on the site once the transaction fee go down. Despite all that, people are free to do whatever they want if they are willing to pay high transaction fee. This is just a personal assumption.

Oasisman

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Quote from: abel1337 on April 20, 2021, 12:58:20 PM

Using eth or eth-based token for gambling is a pain in the as* because of the expensive fees of that network. Using Bitcoin at a right time can be justifiable it's just you need to avoid the time when mempool is not congested. For the past few months, I am using XRP to play on casinos, I have no problem with fees and the transaction time but I am only using it for a maximum of a 1-day gambling session. The volatility of XRP is the one that worries me especially if I'm not confident with its market price. There are other good altcoin candidates that have low transaction fees that are suited for gambling deposits but It will all depend on the gambler.

In this current time where Btc mempool has been congested and tx fees are ridiculously high, I guess one of the best option to make a deposit is using XRP.
You can always opt to withdraw your funds If you think XRP's volatility is adding to the risks while you're gambling.
The price have bounced back after the lawsuit issue anyway.
Btc's tx fee is really crazy currently. Medium priority is at 270sat/vB d*mn!

harizen

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Quote from: traderethereum on April 20, 2021, 06:33:32 AM

What @Vishnu.Reang said is right. We do not have to spend some amount of the money too often. Maybe we can send some satoshi when the fee is less than 20 sat/byte to the exchange or the casino directly,

Not looking for bitcoin fees for a while now but when was the last time where median fees are less than 20sat/byte?

It can work on those who are not in rush depositing funds on gambling sites and it's a wise move. And adding to that, try to make a decent deposit so that you don't need to make regular deposits.

And lastly, once the funds are now ready for action on that gambling site, always try to win so that you won't do several deposits again and again.

abel1337

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Using eth or eth-based token for gambling is a pain in the as* because of the expensive fees of that network. Using Bitcoin at a right time can be justifiable it's just you need to avoid the time when mempool is not congested. For the past few months, I am using XRP to play on casinos, I have no problem with fees and the transaction time but I am only using it for a maximum of a 1-day gambling session. The volatility of XRP is the one that worries me especially if I'm not confident with its market price. There are other good altcoin candidates that have low transaction fees that are suited for gambling deposits but It will all depend on the gambler.

South Park

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Quote from: johhnyUA on April 16, 2021, 03:16:02 PM

Quote from: Lanatsa on April 15, 2021, 05:14:33 PM

Doge does have 1minute blocktime https://bitinfocharts.com/comparison/dogecoin-confirmationtime.html
Tron does have 3 seconds https://tronscan.org/#/blockchain/blocks

Thanks man. I knew that Doge is Litecoin fork but I don't know exact block time. And yeah, TRX is really fast.

And because of Doge rally i wouldn't advice anyone to use Doge just for gambling Grin

More like for HODL and nothing else Grin

Dogecoin has the tendency to pump at least once a year but the pump that is taking place right now is massive, more than 400% on profits in less than 7 days, however we know that kind of growth is not something that can be sustained long term so if I was invested in dogecoin which I am not I will be probably thinking about selling as that is more than enough money to change your life dramatically if you invested a significant amount of money in that coin.

passwordnow

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Quote from: Questat on April 20, 2021, 06:03:51 AM

Actually it's easy to gamble with altcoins, but since you need to trade your bitcoin first into altcoins, then you have to pay for the fee to send that bitcoin out from your electrum, which based on the picture, the fee is high since its 23% of the total balance.

Fee for bitcoin these times is really quite high and that's why some prefer to do it in altcoins. And as for paying the fee, you only have to measure how much the regular fee requires and if you're not on haste, you can set that in the most accepted amount.
Also check if the mempool's not clogged for you to have an assurance that it will be able to be confirmed within the next blocks or as soon as possible.

traderethereum

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Quote from: ?? on ??

Quote from: Questat on April 20, 2021, 06:03:51 AM

Actually it's easy to gamble with altcoins, but since you need to trade your bitcoin first into altcoins, then you have to pay for the fee to send that bitcoin out from your electrum, which based on the picture, the fee is high since its 23% of the total balance.

How frequently do you make deposits to your sportsbook? In my case, I move my funds only once every two-three months. That means that I have the freedom of waiting for a few weeks so that the fee gets lower. Normally I move my coins only when the average fee is less than 20 Sat/Byte. Obviously there is the option to make deposits with altcoins as well, but I don't have large holdings of LTC, ETC or BCH.

What @Vishnu.Reang said is right. We do not have to spend some amount of the money too often. Maybe we can send some satoshi when the fee is less than 20 sat/byte to the exchange or the casino directly, so we can buy the altcoin at the exchange and send it in to the casino. Or you can directly send the bitcoin into the casino and convert it into the altcoin from your account. But a gambler who uses crypto will know what he needs to do to gamble and know when he needs to send his money.

Questat

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Quote from: bitterguy28 on April 19, 2021, 11:51:41 PM

Quote from: 2double0 on April 19, 2021, 04:35:14 PM

Quote from: freedomgo on April 19, 2021, 04:29:30 PM

Seriously? 0.0008 usd is equivalent to 45 usd, that's just crazy, I have never encounter that kind of huge fee using electrum.

I always select the Mempol when making a transaction, way better that you can adjust, not the "ETA" as I guess it's automatic.

Equivalent now is 10 usd if I'll send all my balance worth 55 usd. imagine, 20% fee. Grin

We can also choose our own fee rate to pay in electrum and also use some accelerators to lower the fees problem, I saw some good guys accelerating transactions for free in the 'Services' area. I would suggest cabalism to choose a better gambling website, for eg.; Stake where they can deposit in various cryptocurrencies and some of them are very cheap in regards to paying fees for withdrawals.

There are tons of Site that can be played with those options , aside from Stakes and Sportsbet.

and also accelerating service seems to be questionable as almost all of them are being tagged from the DT because of fake acceleration .

Actually it's easy to gamble with altcoins, but since you need to trade your bitcoin first into altcoins, then you have to pay for the fee to send that bitcoin out from your electrum, which based on the picture, the fee is high since its 23% of the total balance.

XZERO1

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You can use Litecoin if the gambling website that you're using supports it which is like 95% of casinos nowadays because of huge network fees for both Bitcoin and Ethereum, also if the transaction speed is one of your priorities you can go for TRX as it is very cheap and fast at the same time.

Almost all casino websites have other cheaper options for deposits these days so that shouldn't be a problem, unless you have your funds in Bitcoin and in your personal wallet which in that case the only option is to choose a slower transaction speed to pay less fees, but that way you probably can lower your transaction fees down to $5-$10 for both Ethereum and Bitcoin.

michellee

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Quote from: btc78 on April 19, 2021, 11:09:01 PM

Quote from: Sithara007 on April 19, 2021, 10:39:25 PM

Transaction fee is really getting to crazy levels. Median fee has remained around 200 Sat/Byte for several days now. The number of unconfirmed transactions in Mempool is fast approaching 200,000. The miners are benefitting enormoisly as a result of this. The fee reward per block used to be in the BTC0.50-BTC1.00 range previously. Now this has shot up to BTC2.00-BTC3.00 level. According to Statista, 65% of the mining hash rate comes from China, so this recent issues are not surprising. Some of the altcoins are also gaining. For example, BCH has gone up by almost 100% since this crisis began.

if we don't want to deal with Higher fee then Play with altcoins , If your Favorite site don't support cheap fee altcoins ? then there are many options that legit gambling sites here can offer .

Why make it big deal when there are tons of ways to not engaging in those coins that has high fees like Ethereum and Bitcoins.

Make your life easy and enjoyable and not stressful .

We can find a gambling site that supports the cheap fee altcoins to make you stay at that casino. But remember, if you use the low coin price, you can think that it is no problem if you lose some amount because the price is low compare to use ethereum and bitcoin. Yes, we need to select what we want and do not use something that you think you will not be comfortable using. But the transaction fees are something that we must aware of, no matter if that coin is a low fee or high fee.

bryant.coleman

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Quote from: btc78 on April 19, 2021, 11:09:01 PM

if we don't want to deal with Higher fee then Play with altcoins , If your Favorite site don't support cheap fee altcoins ? then there are many options that legit gambling sites here can offer .

Why make it big deal when there are tons of ways to not engaging in those coins that has high fees like Ethereum and Bitcoins.

Make your life easy and enjoyable and not stressful .

Altcoins are like a double edged sword. I had accumulated a lot of BCH in 2019, when the exchange rate was around BTC0.030. Then by mid-2019, the exchange rates went up to BTC0.045. And from there, it was a free fall to BTC0.008 by early this year. So I am not in favor of holding these alts for extended periods of time. They are simply not reliable. There is a lot of volatility and the chances are that you will incur heavy losses if they go down all of a sudden without any warning.

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Quote from: 2double0 on April 19, 2021, 04:35:14 PM

Quote from: freedomgo on April 19, 2021, 04:29:30 PM

Seriously? 0.0008 usd is equivalent to 45 usd, that's just crazy, I have never encounter that kind of huge fee using electrum.

I always select the Mempol when making a transaction, way better that you can adjust, not the "ETA" as I guess it's automatic.

Equivalent now is 10 usd if I'll send all my balance worth 55 usd. imagine, 20% fee. Grin

We can also choose our own fee rate to pay in electrum and also use some accelerators to lower the fees problem, I saw some good guys accelerating transactions for free in the 'Services' area. I would suggest cabalism to choose a better gambling website, for eg.; Stake where they can deposit in various cryptocurrencies and some of them are very cheap in regards to paying fees for withdrawals.

There are tons of Site that can be played with those options , aside from Stakes and Sportsbet.

and also accelerating service seems to be questionable as almost all of them are being tagged from the DT because of fake acceleration .

btc78

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Quote from: Sithara007 on April 19, 2021, 10:39:25 PM

Transaction fee is really getting to crazy levels. Median fee has remained around 200 Sat/Byte for several days now. The number of unconfirmed transactions in Mempool is fast approaching 200,000. The miners are benefitting enormoisly as a result of this. The fee reward per block used to be in the BTC0.50-BTC1.00 range previously. Now this has shot up to BTC2.00-BTC3.00 level. According to Statista, 65% of the mining hash rate comes from China, so this recent issues are not surprising. Some of the altcoins are also gaining. For example, BCH has gone up by almost 100% since this crisis began.

if we don't want to deal with Higher fee then Play with altcoins , If your Favorite site don't support cheap fee altcoins ? then there are many options that legit gambling sites here can offer .

Why make it big deal when there are tons of ways to not engaging in those coins that has high fees like Ethereum and Bitcoins.

Make your life easy and enjoyable and not stressful .

Sithara007

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Transaction fee is really getting to crazy levels. Median fee has remained around 200 Sat/Byte for several days now. The number of unconfirmed transactions in Mempool is fast approaching 200,000. The miners are benefitting enormoisly as a result of this. The fee reward per block used to be in the BTC0.50-BTC1.00 range previously. Now this has shot up to BTC2.00-BTC3.00 level. According to Statista, 65% of the mining hash rate comes from China, so this recent issues are not surprising. Some of the altcoins are also gaining. For example, BCH has gone up by almost 100% since this crisis began.

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