A Q for Bitcoin gamblers. Are you affected by high transaction fees?

[Wind_FURY]

I'm a bit affected by high tx fees. i don't gamble frequently, so i'm fine! though we do need some solution for high tx fee and just segwit isn't gonna do, we also need lightning network or an alternative. but as you said we/casino/other sites/services need to start using segwit address, it's the first step.

For anyone to start using new technologies like the Lightning Network and things like Schnorr signatures that help Bitcoin to scale, Segwit should be enabled first and foremost.

You can see this coming already by looking at what is going on now. The NYA signatories will continue to ignore Segwit, and all the other scaling solutions that come with it, and start accepting an altcoin instead. The question is "Why?".

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[triads]

I'm a bit affected by high tx fees. i don't gamble frequently, so i'm fine! though we do need some solution for high tx fee and just segwit isn't gonna do, we also need lightning network or an alternative. but as you said we/casino/other sites/services need to start using segwit address, it's the first step.

For anyone to start using new technologies like the Lightning Network and things like Schnorr signatures that help Bitcoin to scale, Segwit should be enabled first and foremost.

You can see this coming already by looking at what is going on now. The NYA signatories will continue to ignore Segwit, and all the other scaling solutions that come with it, and start accepting an altcoin instead. The question is "Why?".

Maybe that's because SegWit and Lightning Network are just bandaids to the problem. For Bitcoin to be a true currency, it needs a lot more than just going from 1 MB block size to 1.8 MB.  Maybe they just see that altcoins are handling the problem more robustly...

[The_prodigy]

I asked the same question for the Bitcoin casino representatives here, https://bitcointalk.org/index.php?topic=2595617.0

But I did not get many, or any, answers from them. Hahaha. Maybe they do not want to admit it, but of course it affects them and most importantly also you!

First I want to get some feed back from you, the users. How negatively affected are you by the high fees in the Bitcoin network? Does it make you stop gambling?

The good news is there is a solution for that problem. It is using Segwit! Let us campaign and start asking our favorite gambling sites to have Segwit enabled and implemented.

For the users, my advice would be to stop using Blockchain.info and replace it with GreenAddress.it. If you are using a mobile wallet, use Samourai. If you want to make a Segwit enabled wallet in Electrum with the standard "3 addresses" then follow these steps

Generate a BIP39, 12 words seed on https://iancoleman.io/bip39/, you can also use it offline for more security.

On electrum choose, create new wallet, I already have a seed, then on "options" choose BIP39, paste the seed then click next.

On derivation path path use: m/49'/0'/0'/0

Easy! Tell your friends to do the same.

I think everyone is affected by the high transaction fees as long as you are tinkering and dabbling on cryptocurreny. THe effect is that in every transaction that you made as long as there is bitcoin to start with you would have to pay these fees

[gabmen]

I asked the same question for the Bitcoin casino representatives here, https://bitcointalk.org/index.php?topic=2595617.0

But I did not get many, or any, answers from them. Hahaha. Maybe they do not want to admit it, but of course it affects them and most importantly also you!

First I want to get some feed back from you, the users. How negatively affected are you by the high fees in the Bitcoin network? Does it make you stop gambling?

The good news is there is a solution for that problem. It is using Segwit! Let us campaign and start asking our favorite gambling sites to have Segwit enabled and implemented.

For the users, my advice would be to stop using Blockchain.info and replace it with GreenAddress.it. If you are using a mobile wallet, use Samourai. If you want to make a Segwit enabled wallet in Electrum with the standard "3 addresses" then follow these steps

Generate a BIP39, 12 words seed on https://iancoleman.io/bip39/, you can also use it offline for more security.

On electrum choose, create new wallet, I already have a seed, then on "options" choose BIP39, paste the seed then click next.

On derivation path path use: m/49'/0'/0'/0

Easy! Tell your friends to do the same.

I think everyone is affected by the high transaction fees as long as you are tinkering and dabbling on cryptocurreny. THe effect is that in every transaction that you made as long as there is bitcoin to start with you would have to pay these fees

It's not really like this before, like last year. I guess the boom in bitcoin price aren't all about profit. Those that are earning btcs and gambling with btc are largely affected

[Dhaaaw]

As someone who deals alot with micro transactions, these fees right now at 12/15 $ are killing me. I dont have a large bankroll to start with and if i want to deposit some to gamble with them its slowly drilling inside my pockets, i somehow learned how to be patient and only deposit large amounts at the same time but i seriously cant keep up. We need to get a fix asap.

[Wind_FURY]

As someone who deals alot with micro transactions, these fees right now at 12/15 $ are killing me. I dont have a large bankroll to start with and if i want to deposit some to gamble with them its slowly drilling inside my pockets, i somehow learned how to be patient and only deposit large amounts at the same time but i seriously cant keep up. We need to get a fix asap.

Then help me campaign for Segwit around the forum. The plan is to make users, casinos, exchanges and others aware that Segwit can help reduce the fees and make our transactions quicker. Plus if a user is willing to wait for hours for his transaction to confirm, then he can lower the fees more.

Education and awareness is the only way we can overcome this. The technology to help mitigate the problem is already there. It is Segwit, the introduction to the Lightning Network.

[Netnox]

Obviously everyone is effected by the high transaction fee. Earlier, the withdrawal fee was like $0.10 per transaction. Now it has climbed to somewhere between $15 and $30 per transaction. So even if you are lucky and have a few big wins, you will be less inclined to withdraw your funds.

[equator]

Ya it is so true that due to high fees and transaction confirmation delay is making to go back to fiat gambling sites or use altcoin for gambling.

[iv4n]

Ya it is so true that due to high fees and transaction confirmation delay is making to go back to fiat gambling sites or use altcoin for gambling.

We will not come back to fiat gambling, but gambling with alts can be next logical step. Fees are really high, I don't like to gamble with some big amounts, so when I wish to send 50-100 dollars that cost me almost half of that amount just to send that money. I'm thinking about changing my gambling habits, but before final decision I will give bitcoin more time to make this better. I'm familiar with some sites and I wouldn't like to change them for now reason, but this fees are really pain in the ass for many of us.

[xMossx]

I do not currently have my btc in a wallet with segwit, so tx fees have been a pain unless I'm sending very large amounts.

[yoseph]

Ya it is so true that due to high fees and transaction confirmation delay is making to go back to fiat gambling sites or use altcoin for gambling.

We will not come back to fiat gambling, but gambling with alts can be next logical step. Fees are really high, I don't like to gamble with some big amounts, so when I wish to send 50-100 dollars that cost me almost half of that amount just to send that money. I'm thinking about changing my gambling habits, but before final decision I will give bitcoin more time to make this better. I'm familiar with some sites and I wouldn't like to change them for now reason, but this fees are really pain in the ass for many of us.

Gambling with alts with lower transaction fees seems to be on the rise because no one want to pay $30 for transaction fees whiles they can hopefully use it make even more whiles gambling and because of that the gambling sites have started to accept those coins as well specifically BCH.

[vintages]

Agree, Lack of Segwit adaptation is what makes Bitcoin transaction fees expensive and the confirmation times longer. Personally, I immediately deposit to others altcoins like Ethereum or Litecoin when I want to gamble.

Ya, that's true. Most casino do not use Segwit which makes it difficult for players. Another things is that these casinos whom have Segwit or is Segwit ready face the problem of having players whom have no information about Segwit or haven't used Segwit before. I think the best solution is to educate and encourage players  and casinos owners more about Segwit and it usefulness. This will lower the issue of high bitcoin transaction fee for depositing and withdrawing their coins.

[frmracc]

Yes obviously, i am a small gambler and high transaction fees is really killing me. Everytime i want deposit on gambling site, the fees is really big and the fees even bigger than my deposit rofl. I hope some gambling sites start accepting altcoins on their site, so we can use another alternate coins to gambling.

[Wind_FURY]

Ya it is so true that due to high fees and transaction confirmation delay is making to go back to fiat gambling sites or use altcoin for gambling.

We will not come back to fiat gambling, but gambling with alts can be next logical step. Fees are really high, I don't like to gamble with some big amounts, so when I wish to send 50-100 dollars that cost me almost half of that amount just to send that money. I'm thinking about changing my gambling habits, but before final decision I will give bitcoin more time to make this better. I'm familiar with some sites and I wouldn't like to change them for now reason, but this fees are really pain in the ass for many of us.

This is a sad reality and that is what is giving altcoins some subsidy and leverage over Bitcoin. It is not the users' fault but more the fault of the wallet services like Blockchain.info, and other services that refuse to implement Segwit. Also do not forget some of those services were the signatories of the NYA, the same people who were demanding that something should be done to lower the fees and increase the block size.

But why are they NOT using Segwit?

[Zackgeno96]

Ya it is so true that due to high fees and transaction confirmation delay is making to go back to fiat gambling sites or use altcoin for gambling.

We will not come back to fiat gambling, but gambling with alts can be next logical step. Fees are really high, I don't like to gamble with some big amounts, so when I wish to send 50-100 dollars that cost me almost half of that amount just to send that money. I'm thinking about changing my gambling habits, but before final decision I will give bitcoin more time to make this better. I'm familiar with some sites and I wouldn't like to change them for now reason, but this fees are really pain in the ass for many of us.

This is a sad reality and that is what is giving altcoins some subsidy and leverage over Bitcoin. It is not the users' fault but more the fault of the wallet services like Blockchain.info, and other services that refuse to implement Segwit. Also do not forget some of those services were the signatories of the NYA, the same people who were demanding that something should be done to lower the fees and increase the block size.

But why are they NOT using Segwit?

Well I am agree with you, the main business players in the bitcoin network should take some bold steps and work accordingly in order to implement the segwit. Just like others i am also getting frustrated whenever the transactions are unconfirmed  and got delayed even after paying high transaction fees.

[paul00]

Yes its hurting me to gamble because my funds at stock out of nowhere if i send a low fee but i pay with high fee it will double the amount of money i want to play, im not a big time gambler that spend a lot of bitcoin per transaction and not affected with the high fees.

I think the effect of the transaction fees depends on how much do you spend for gambling. Big time gamblers surely pays more than small time players. And of you are highly affected by these fees what more are those who play really huge amount of money. I guess it's nice if you will just play on those without fees to be paid off.

[jimcroce]

Yes its hurting me to gamble because my funds at stock out of nowhere if i send a low fee but i pay with high fee it will double the amount of money i want to play, im not a big time gambler that spend a lot of bitcoin per transaction and not affected with the high fees.

I think the effect of the transaction fees depends on how much do you spend for gambling. Big time gamblers surely pays more than small time players. And of you are highly affected by these fees what more are those who play really huge amount of money. I guess it's nice if you will just play on those without fees to be paid off.

I think I agree with this response. For the professional gamblers out there, the fee might be a "small price to pay" for some potentially big BTC gains from gambling.

[jimcroce]

Another way to look at it: If you put in a large-ish amount up front and pay the fee, you can essentially re-invest your winnings (if you win) so that you can avoid paying the fees over and over again.

Of course, that is a big IF. And there is still the matter of "cashing out," even if that means moving your BTC around. Lots to think about when making these decisions.

[omonuyak]

The High transactions fees has affected most gamblers and this your recommendation is very good for some of us the newbies in gambling. Bitcoin's transactions fees is one of the greatest problem bitcoin is facing today and I think gambling sites enable sigwith on there site is going to resolve this.

[eternalgloom]

The only site I play on (Crypto-Games) already has segwit enabled, at least you can deposit using your segwit address.
I'm just waiting until they implement segwit addresses themselves, but they're working on it;

I only gamble using my signature campaign earnings as well, haven't changed my receiving address to segwit yet, but I will once CG supports it fully.