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Author Topic: 1 year after Segwit. Have things improved for casinos and gambling sites?  (Read 297 times)
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August 30, 2018, 07:07:09 PM
 #21

I think that high fees have at least discouraged A LOT on-chain betting, and imho this is quite positive, as I think that sites like luckybit in the long run can generate a lot of dust outputs.

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August 30, 2018, 09:29:05 PM
 #22

I was really happy when Crypto-Games finally implemented segwit. Not that it took that long, I mean they were faster than many other services.
I do see the benefits every time I make a withdraw. The fees are just really negligible now and if the Bitcoin network ever gets congested again, I won't be paying too much on those higher fees.

CG is the only site I play on, so I cannot comment on other website's implementation.


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August 31, 2018, 02:02:48 AM
 #23

Segwit basically didn't do much in the end because most of the network was freed up when the transaction spamming stopped.

It was pretty crazy at times and I remember having to pay maybe a $20 fee for a 1 input 2 output transaction because it was an urgent transaction I needed confirmed.

And many casinos were suffering also due to this hence the reason why many casinos introduced many alts to curb this issue. There were also some On-chain gambling sites which pretty much went out of business due to the fees.

However now its really a non-issue and for the long term doesn't look like people will be paying $20-50 fees per transaction since most of the spamming attack was BCH most likely which has stopped.

I did wonder if this was true, never exactly found out and if BCH is basically a device forward by Chinese government interests because they do not favour the headless nature of BTC.     
China very often I think has seemingly private companies go forward with orders that come from within government and those ventures are financed by central government banking initiatives.   While in theory private, that whole business would not exist without the insistance of Chinese communist government.    It certainly occurs with various commodity land purchases especially abroad, even loss making mines are snapped up if the price is seen likely to rise later .
Anyway I digress, I just wondered if BCH story had more to it and I was never sure if it was all confirmed or just part of the nasty stories each side of the fork spreads about the others.


I do think Segwit bust the dam open on this one.   It was part of why this accumulation in the backlog was not feasible, if malicious or not.   I believe I paid $30 at one point, totally ironic that this was with the highest BTC price

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August 31, 2018, 11:11:14 AM
 #24

In my point of view, yes, segwit is a big help in every bitcoin transaction because I noticed that it reduce the transaction fee, unlike before, and also betting and gambling site is one of the fuel why bitcoin survived.. As far as I know one of the use of bitcoin is for gaming, gambling and betting.. nowadays it is using now in every commercial transaction and even in banking too..

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August 31, 2018, 05:02:21 PM
 #25



well to be honest since I mainly do sportsbets then I don't care much about transactions and fees , all the sites that I use for my betting have 0 withdrawal fee so even if fee went to 20$ it still won't affect much
also I make like one or two deposits a month where I have to pay the fee , but the fee is really tiny compared to the deposits that I make
Paying $20 as fees for smaller transactions would be basically the death of bitcoins. How the fuck anyone is cool with paying $20 for a bitcoin transaction?



the death of bitcoin is a big word to say , bitcoin has reached that fee before and there were many who still used it
of course lower fees are better , but as I stated the sites I use pay the fees for their customers so even if the fee went higher it won't affect me when I withdraw unless of course they change the policy
and if you compare bitcoin sites with fiat sites then even paying 20$ for a transaction to be done isn't that high unless you are gambling low amounts since most of the fiat sites charge big fee ( for example as I remember pinnacle charges 10 euros on withdrawals and it's considered the most gambler friendly site  )

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September 05, 2018, 07:31:11 AM
 #26

Now, if you asked this same question about the Lightning Network, then you would see a significant response, but the Lightning Network is still in it's early days and most casinos have not incorporated that into their payment software.
Frankly speaking, most of the casinos haven't even managed to implement a proper automated withdrawal structure. Implementing Lightning Network should be way ahead of their priorities.

well to be honest since I mainly do sportsbets then I don't care much about transactions and fees , all the sites that I use for my betting have 0 withdrawal fee so even if fee went to 20$ it still won't affect much
also I make like one or two deposits a month where I have to pay the fee , but the fee is really tiny compared to the deposits that I make
Paying $20 as fees for smaller transactions would be basically the death of bitcoins. How the fuck anyone is cool with paying $20 for a bitcoin transaction?

anyways if network got busy and spammed like it was before I guess dice and casino players are the ones who will have struggles since they tend to deposit and withdraw a lot and usually the sites don't pay for the fee
Pretty sure they won't pay $20 per transaction just to make sure the players receive their withdrawals on time.

Then I believe that is when the Lightning Network should be used. The whole community must have understood this clearly by now, that no one wants to store value in an altcoin, and considering them as a "solution" would be a mistake. There is nothing as secure as Bitcoin's security for good store of value, the rest are for dumping to, yes, hold Bitcoins. Cool


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September 05, 2018, 09:46:45 AM
 #27

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

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September 05, 2018, 10:22:00 AM
 #28

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

Segwit has certainly impacted the way people gamble -before it was mostly "I will exchange BTC and send the cheapest and the fastest alt I can find and save on fees and time"
now bitcoin transactions are much  faster and in many cases cheaper than altcoins to deposit to a casino
you do not have to keep in mind the exchange ratio all times when you gamble and is way more convenient (at least for me is) to gamble with btc
the trend is to decrease the withdrawal fees too, I see many casinos reduce their fee to 10.000 satoshi and even less, while it used to be up to 40k at some casinos not so long ago
so in general,Segwit should shift the betting volumes back in bitcoin's favour

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September 06, 2018, 06:58:05 AM
 #29

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

I believe the gambling sites started accepting altcoins more for the expansion of their player reach than a solution for the "slow" Bitcoin. Bitcoin by itself, and with Segwit, is already a good solution for regulatory arbitrage that unlicensed gambling sites need in my opinion.


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September 06, 2018, 05:36:08 PM
 #30

Hello !

We use Segwit addresses for our website.
(Litecoin is already fast btw)

Our deposits and withdrawals are now lightning fast  Smiley

Erena.io - Litecoin Crash & Speed Lotteries
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September 08, 2018, 02:32:09 PM
 #31

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

I believe the gambling sites started accepting altcoins more for the expansion of their player reach than a solution for the "slow" Bitcoin. Bitcoin by itself, and with Segwit, is already a good solution for regulatory arbitrage that unlicensed gambling sites need in my opinion.

Yeah, this is for sure because most of them are already stucked on bitcoin but still if yoi can compare bitcoin wagered to altcoin wagered, bitcoin still fat from them and that means people still believe on bitcoin, although it has slower transaction and take a huge fee but bitcoin has more power than any altcoin. Gambler will still wager more of it, no matter how many altcoin is implemented

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September 09, 2018, 07:35:03 AM
 #32

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

I believe the gambling sites started accepting altcoins more for the expansion of their player reach than a solution for the "slow" Bitcoin. Bitcoin by itself, and with Segwit, is already a good solution for regulatory arbitrage that unlicensed gambling sites need in my opinion.

Yeah, this is for sure because most of them are already stucked on bitcoin but still if yoi can compare bitcoin wagered to altcoin wagered, bitcoin still fat from them and that means people still believe on bitcoin, although it has slower transaction and take a huge fee but bitcoin has more power than any altcoin. Gambler will still wager more of it, no matter how many altcoin is implemented

Sorry but let me correct you on your wrong comment. Bitcoin, right at this moment, does not have huge transaction fees. Plus high fees are not something that is permanent that newbies might mistakenly think to be true.


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September 10, 2018, 07:32:52 AM
 #33

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

I believe the gambling sites started accepting altcoins more for the expansion of their player reach than a solution for the "slow" Bitcoin. Bitcoin by itself, and with Segwit, is already a good solution for regulatory arbitrage that unlicensed gambling sites need in my opinion.

Yeah, this is for sure because most of them are already stucked on bitcoin but still if yoi can compare bitcoin wagered to altcoin wagered, bitcoin still fat from them and that means people still believe on bitcoin, although it has slower transaction and take a huge fee but bitcoin has more power than any altcoin. Gambler will still wager more of it, no matter how many altcoin is implemented

Sorry but let me correct you on your wrong comment. Bitcoin, right at this moment, does not have huge transaction fees. Plus high fees are not something that is permanent that newbies might mistakenly think to be true.

What I mean huge is when if you compared it to altcoin and it is slower too, you need a bigger fee to make sure that your money will be on your wallet. But what people need is lower fee and faster process which is better to use altcoin instead of bitcoin itself. I do not say that bitcoin has really higher fee too but for comparison to the altcoin, altcoin itself has a better performance from the fee and the faster process

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September 11, 2018, 08:20:04 AM
 #34

The solution I saw gambling sites employing prior to segwit was use of alt coins.   The whole deal with BTC solving its fees problem was probably a big fallout for the alt coin networks which had taken over some of that revenue stream diversions to the backlog.
So segwit has allowed use of BTC again without requiring alt coins though mostly the option to use that has remained.   Alot of people prefer to just stick with the simplest widest network option which is BTC, any ease of use improvement has to be a positive for business

I believe the gambling sites started accepting altcoins more for the expansion of their player reach than a solution for the "slow" Bitcoin. Bitcoin by itself, and with Segwit, is already a good solution for regulatory arbitrage that unlicensed gambling sites need in my opinion.

Yeah, this is for sure because most of them are already stucked on bitcoin but still if yoi can compare bitcoin wagered to altcoin wagered, bitcoin still fat from them and that means people still believe on bitcoin, although it has slower transaction and take a huge fee but bitcoin has more power than any altcoin. Gambler will still wager more of it, no matter how many altcoin is implemented

Sorry but let me correct you on your wrong comment. Bitcoin, right at this moment, does not have huge transaction fees. Plus high fees are not something that is permanent that newbies might mistakenly think to be true.

What I mean huge is when if you compared it to altcoin and it is slower too, you need a bigger fee to make sure that your money will be on your wallet.

I made a transaction today and paid 5 satoshis per byte, and it made the next block. Bitcoin's fee is very cheap.

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and faster process which is better to use altcoin instead of bitcoin itself.

You want faster confirmation time? Do you want Dogecoin better than Bitcoin, and would faster confirmation time give a "coin" more value?

I believe 10 minutes is already ok for Bitcoin to give blocks time to propagate across the network.

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I do not say that bitcoin has really higher fee too but for comparison to the altcoin, altcoin itself has a better performance from the fee and the faster process

Maybe Bitcoin's higher fee is because there is more demand to use it than your altcoin? Cool


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September 11, 2018, 08:49:20 AM
 #35

More and more casinos accept more and more coins for deposit, some of which are better suitable for gambling purposes (and for frequent usage in overall tbh). Why not using litecoin or doge? Most popular crypto casinos accept both.
Bitcoin will be the coin "to rule them all" as long as you consider it so.

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