Transactions Fees x Gambling - page 6.

seleme

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Duelbits.com

Quote from: Finestream on April 11, 2021, 04:18:56 PM

Quote from: seleme on April 11, 2021, 04:13:09 PM

I prefer to use altcoins for funding the gambling accounts, the top cryptocurrencies have insane withdrawal and transaction fees. XRP or LTC has an average fee and it is faster to top-up an account or request a withdrawal of less than $0.2. For gambling platforms ask either BTC or ETH, I use Kraken exchange that has the lowest Gas fee for withdrawing from the exchange.

I've never use kraken yet, can you give us an idea how much is the fee for bitcoin and Ethereum withdrwal respectively?

less than 1 usd is okay, paying 10 usd and higher is really like stealing our money if we are not really gambling with some big amount, we want to save as much as we can so we can still have our desired bankroll after sending money to a certain gambling site.

Kraken is the best and cost-friendly exchange unless you trade more than $1000 during the week. The ETH withdrawal fee is around $3 last time when I needed ETH to fill up Duelbits account while the other alternatives have huge transaction costs. Just send altcoins to Kraken and trade for ETH, pay $3 which is higher than $10 on other exchanges and you are good to go

This is my own method to avoid paying high fees, if someone feels this method suits his trading style better check this exchange or go for another alternative one. Just my 2 cents.

Finestream

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Quote from: seleme on April 11, 2021, 04:13:09 PM

I prefer to use altcoins for funding the gambling accounts, the top cryptocurrencies have insane withdrawal and transaction fees. XRP or LTC has an average fee and it is faster to top-up an account or request a withdrawal of less than $0.2. For gambling platforms ask either BTC or ETH, I use Kraken exchange that has the lowest Gas fee for withdrawing from the exchange.

I've never use kraken yet, can you give us an idea how much is the fee for bitcoin and Ethereum withdrwal respectively?

less than 1 usd is okay, paying 10 usd and higher is really like stealing our money if we are not really gambling with some big amount, we want to save as much as we can so we can still have our desired bankroll after sending money to a certain gambling site.

seleme

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Duelbits.com

I prefer to use altcoins for funding the gambling accounts, the top cryptocurrencies have insane withdrawal and transaction fees. XRP or LTC has an average fee and it is faster to top-up an account or request a withdrawal of less than $0.2. For gambling platforms ask either BTC or ETH, I use Kraken exchange that has the lowest Gas fee for withdrawing from the exchange.

P.S Just check the funding section on the exchange after login and check the min amount for each cryptocurrency to avoid the problem. ETH deposits are not a good idea, the Kraken exchange deducts a fee for ETH deposits.

freedomgo

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Playbet.io - Crypto Casino and Sportsbook

Quote from: Questat on April 11, 2021, 07:19:04 AM

Quote from: freedomgo on April 11, 2021, 06:49:27 AM

I'm transacting in my binance account now, and their withdrawal fee is only 0.25 xrp or .346 usd at the current price of XRP... it's a little bit higher as XRP is pumping but anything below 1 usd per transaction is good.

Coins.ph has 4 coins available, BTC, BCH, XRP, and ETH.. all the 3 exept XRP has a high transaction fee, so XRP is always the best option.

That's so cheap, but not all gambling sites are accepting XRP, so Op needs to find a site that accept this specific coin in order to gamble.
Majority of the betting sites only accept popular coins like BTC and ETH, so OP needs to choose a site that accepts a lot of altcoins so he can successfully gamble.

Actually its simple, send xrp to Binance then trade it with btc, then btc to altcoins, probably, trx or doge because transaction fee are cheap. That's what I do when I'm gambling now if the site does not accept xrp, we just need to be smart, it might take a bit of time but we could really save some money on fees.

Saint-loup

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Quote from: KTChampions on April 11, 2021, 03:26:30 PM

Quote from: bryant.coleman on April 11, 2021, 08:21:16 AM

XRP is too volatile. It can go up or down by 30% or 40% in a single day. I would prefer more stable coins such as LTC or BCH. ETC can be a good choice as well, but this particular coin is not being accepted by lot many gambling sites right now. Ethereum is a big no these days. The withdrawal fee can be as much as $25 or $30 if you use Ethereum. The developers are claiming that the fee will come down once they implement ETH 2.0 completely, but I don't think that it is going to happen anytime before 2024. So unless you want to wait for 3 years to process your withdrawals, you can use some of the other coins such as XRP or LTC for your withdrawals.

If you want minimal volatility then you can use stable coins. For example, USDT on Ripple's blockchain, I don't know how widespread they are among casinos (is it possible to replenish a deposit using them), but taking into account the minimum commissions, this would be an ideal solution.

Be careful, currently there is no official USDT (Tether) on the Ripple's blockchain according to the Tether official balances : https://wallet.tether.to/transparency
So it could be scam tokens if they really call themselves "USDT" on ripple. It's better to use Tethers on the Tron blockchain in my opinion, it's the third blockchain with the highest liquidity of USDT but fees are currently way lower than the BTC blockchain (Omni) and the Ethereum one.

KTChampions

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Leading Crypto Sports Betting & Casino Platform

Quote from: bryant.coleman on April 11, 2021, 08:21:16 AM

XRP is too volatile. It can go up or down by 30% or 40% in a single day. I would prefer more stable coins such as LTC or BCH. ETC can be a good choice as well, but this particular coin is not being accepted by lot many gambling sites right now. Ethereum is a big no these days. The withdrawal fee can be as much as $25 or $30 if you use Ethereum. The developers are claiming that the fee will come down once they implement ETH 2.0 completely, but I don't think that it is going to happen anytime before 2024. So unless you want to wait for 3 years to process your withdrawals, you can use some of the other coins such as XRP or LTC for your withdrawals.

If you want minimal volatility then you can use stable coins. For example, USDT on Ripple's blockchain, I don't know how widespread they are among casinos (is it possible to replenish a deposit using them), but taking into account the minimum commissions, this would be an ideal solution.

TheGreatPython

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Quote from: panjul07 on April 10, 2021, 10:53:02 AM

If you are a regular gambler, I suggest you to use other eth wallets or at least play with other coins with cheaper fee.

That must be the "practical solution" for the current situation. I have long back switched to TRX for gambling and trust wallet sometimes charges me zero fee to my trons and sometimes in cents (when moving TRX worth of $200 and above) but never asked in dollars. Honestly TRX seems like a good replacement for the people who loved dogecoins for gambling and cheaper transactions.

Quote from: bryant.coleman on April 11, 2021, 08:21:16 AM

unless you want to wait for 3 years to process your withdrawals, you can use some of the other coins such as XRP or LTC for your withdrawals.

Not a joke; I agree. You simply portrayed the trend of big fee frustrations. I guess most crypto gambling houses accept LTC and your concern of less volatility, I agree LTC must be a good choice. I use TRX but some occasions I bought TRX for 150 sat but when I am gambling with them they were worth less than 100 sat (but right now prices bounced back to 200 sat from 88 in less than 2 weeks of time).

bryant.coleman

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Quote from: Cling18 on April 11, 2021, 08:06:40 AM

I've been doing the same thing as well. I was really struggling with the transaction fees before but when I learned to switch to XRP, I saved fees. You can also use other altcoins to have cheaper fees because gas fees for Ethereum are too high. Bitcoin actually has a lower tx fee than Eth.

XRP is too volatile. It can go up or down by 30% or 40% in a single day. I would prefer more stable coins such as LTC or BCH. ETC can be a good choice as well, but this particular coin is not being accepted by lot many gambling sites right now. Ethereum is a big no these days. The withdrawal fee can be as much as $25 or $30 if you use Ethereum. The developers are claiming that the fee will come down once they implement ETH 2.0 completely, but I don't think that it is going to happen anytime before 2024. So unless you want to wait for 3 years to process your withdrawals, you can use some of the other coins such as XRP or LTC for your withdrawals.

Cling18

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Quote from: Kelvinid on April 09, 2021, 04:18:58 PM

Don't use ETH in gambling, or bitcoin as transaction is really high at the moment, however, that fee is too much as its almost $40 for one transaction. Maybe use XRP for online gambling, transaction is cheaper and faster, that is available in your local exchange. If the gambling site your are using has no xrp, you can send that xrp to exchange like binance, trade it with whatever coin available as alternative in gambling sites, trx, doge, Ltc, and others.

I've been doing the same thing as well. I was really struggling with the transaction fees before but when I learned to switch to XRP, I saved fees. You can also use other altcoins to have cheaper fees because gas fees for Ethereum are too high. Bitcoin actually has a lower tx fee than Eth.

Questat

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Quote from: freedomgo on April 11, 2021, 06:49:27 AM

I'm transacting in my binance account now, and their withdrawal fee is only 0.25 xrp or .346 usd at the current price of XRP... it's a little bit higher as XRP is pumping but anything below 1 usd per transaction is good.

Coins.ph has 4 coins available, BTC, BCH, XRP, and ETH.. all the 3 exept XRP has a high transaction fee, so XRP is always the best option.

That's so cheap, but not all gambling sites are accepting XRP, so Op needs to find a site that accept this specific coin in order to gamble.
Majority of the betting sites only accept popular coins like BTC and ETH, so OP needs to choose a site that accepts a lot of altcoins so he can successfully gamble.

bryant.coleman

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In the gambling sites to which I am registered to, they allow funding using Litecoin and Bitcoin Cash. Previously I used to do deposit with LTC, but now I don't have any LTC remaining in my wallet and therefore nowadays I use BCH for this purpose. That said, I am going for this route only because I am holding some BCH in my wallets. Converting your BTC to BCH and then using it to fund your account is not a viable option.

lienfaye

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Quote from: cabalism13 on April 09, 2021, 02:17:55 PM

Damn this fees.

Well its indeed a huge gas fee for eth transaction, for an average gambler, that fees are really a pain.

If that wallet is coins.ph we know you cant directly deposit your funds to a gambling site and needed to use another wallet as bridge.

Anyway there are many gambling sites accepting alts as deposit/withdrawal option, so might as well switch to that sites for now while btc and eth fees are high.

freedomgo

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Playbet.io - Crypto Casino and Sportsbook

I'm transacting in my binance account now, and their withdrawal fee is only 0.25 xrp or .346 usd at the current price of XRP... it's a little bit higher as XRP is pumping but anything below 1 usd per transaction is good.

Coins.ph has 4 coins available, BTC, BCH, XRP, and ETH.. all the 3 exept XRP has a high transaction fee, so XRP is always the best option.

Saisher

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Quote from: cabalism13 on April 09, 2021, 02:17:55 PM

Hey guys, I was wondering on how do you fund your Gambling Account if we currently have high fees on ERC20 and Bitcoin?
As I can't even touch my own wallet due to this, even if I want to spend fiat in exchange of eth to funds my gas its not worth it as I'm doing 2 transactions and it would cost me ~100$ just to fund my wallet..., I'm currently playing at mwplay88.com where money on my country is the only being accepted (currently) so I can still play slots but only with fiat.

Can you share how you do during this time? And what advise you can tell me about so I can still play?

-cabalism13

Ethereum and Bitcoin is not a good option right now, even if we want to, it's not the same anymore when we can deposit with only 10 to 20 cents transaction fees, this is the reason why many gambling sites are adding other coins with lower fees, they are going to lose potential players if they will not add altcoins.

The best option is to choose altcoins like Tron, Ripple or Doge.

iv4n

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Quote from: panjul07 on April 10, 2021, 10:53:02 AM

Damn 0.018eth for the fee? I thought my local exchange has the highest eth withdrawal fee (0.01eth) but this topic tells me that there is another service charges higher eth fee.
If you are a regular gambler, I suggest you to use other eth wallets or at least play with other coins with cheaper fee.

Did you try to move USDT? Just with 70k gas... and maybe 10 days ago that was 0.027 ETH! It's how much I paid for moving some USDT from my wallet to the casino... and of course, I tried with less gas, so I made a mess with more transactions, so I had to cancel them, paid for that too... what a disaster!

As much as I am disappointed with Ethereum, I am impressed with some other coins! Transaction speed should be fast, and fees should be low, two things that are probably the most important for us users!

ralle14

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Quote from: famososMuertos on April 10, 2021, 02:02:13 PM

Come on!! the deposit is not the problem the withdrawal!! yes, it is, since you have no option, but in the deposit there are alternatives.

I agree withdrawal fees is the bigger issue since some casinos have their own way of charging fees and it sucks if you're a small player.

Quote from: LGD2Business on April 10, 2021, 10:13:06 AM

BTC is also not a good option to make bets.

The fees in Bitcoin isn't that bad as it used to be and as long as you know casinos that lets you withdraw with small fees you're good to go.

magneto

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Use LTC, Doge, and other alts to fund your account. That's currently the only way.

If you insist on using ETH/BTC then the only way you can save on fees is by putting in a low tx fee/byte and waiting for confirmations.

From experience, this honestly shouldn't take too long - around a 20 sat/byte fee will get you a confirmation within half a day or on the BTC chain provided that you use native Segwit. Send the transaction by RBF just in case.

Twentyonepaylots

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I think it's only fair that you're being charged of transaction fees for your gambling. Those go back to the system and is used to fund the very foundation that keeps your money and finances alive. Although sometimes I do think that the transaction fees are over the top. Especially back in December-February when the fees are very dizzying you couldn't even send a hundred dollars without paying a couple hundred for transaction fees as well. Hopefully they do something about this because this could cause a huge problem in the future, which could then lead to the death of ERC20 tokens.

AmoreJaz

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Quote from: panjul07 on April 10, 2021, 10:53:02 AM

Damn 0.018eth for the fee? I thought my local exchange has the highest eth withdrawal fee (0.01eth) but this topic tells me that there is another service charges higher eth fee.
If you are a regular gambler, I suggest you to use other eth wallets or at least play with other coins with cheaper fee.

a lot of popular casinos here are accepting different alts with cheap tx fees like trx, doge, eos, etc. so instead of chasing casinos with only eth and btc as their payment option, look for casinos that accept other payment methods? and in this forum alone, you will already see popular ones accepting various alts.
eth right now is not practical to use. they will kill you for fees.

famososMuertos

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Come on!! the deposit is not the problem the withdrawal!! yes, it is, since you have no option, but in the deposit there are alternatives.

Anyway; you can see some values of the withdrawal fees.
https://bitcointalksearch.org/topic/m.56553003

On the other hand, in bitcoin it is easy to make a deposit at low fees, you just have to be patient. Also verify that the address is segwit, some casinos have different types of addresses. LN is also an option but it is not for everyone.

Regarding ETH, there are no alternatives, pay the corresponding gas, if you put less, you will have losses, because either the transaction is canceled and you lose the fee or you have to double the fee. In ETH, sometimes if you do not want to double the fee it can take up to 15 days to be canceled.

^{If you are a low or medium bankroll player, check the withdrawal rates bitcoin, In some cases they may be charging you the amount of your deposit.}

Topic: Transactions Fees x Gambling - page 6. (Read 1455 times)