BTC price VS gambling

[maydna]

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Lol I actually took advantage of that moment. It took like 30 hours tho, but who cares when you pay nothing for that. I paid like 20 cents for a $ 1k transaction. I really love this feature of Electrum like YOU will decide what fee you pay.

20 cents for a 1k $ transaction ? its crazy how you risk that large amount for a small fee . im not transacting 1k $ but i can pay 12 $ a fee because im afraid that if i wait longer the price will fall off  .
karl dont say anything with the btc fees but fees are hard to ignore because they increase together with the price of the btc .
fees are what pulling the gamblers to gamble and not the price of btc .

Yeah, paying $12 for the fee will not be a problem for sending $1k of bitcoin because we need to make sure the transaction can get confirmed quickly. I will do the same as you instead to use a small fee if I want to send more than $500 as I don't want to wait for a long time. Sometimes, we want to pay a low fee, but we don't realize how much money we want to send to the other wallet or exchange, so we need to adjust the fee to avoid a long time confirming the transaction.

[Hypnosis00]

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Lol I actually took advantage of that moment. It took like 30 hours tho, but who cares when you pay nothing for that. I paid like 20 cents for a $ 1k transaction. I really love this feature of Electrum like YOU will decide what fee you pay.

20 cents for a 1k $ transaction ? its crazy how you risk that large amount for a small fee . im not transacting 1k $ but i can pay 12 $ a fee because im afraid that if i wait longer the price will fall off  .
karl dont say anything with the btc fees but fees are hard to ignore because they increase together with the price of the btc .
fees are what pulling the gamblers to gamble and not the price of btc .

Yeah, paying $12 for the fee will not be a problem for sending $1k of bitcoin because we need to make sure the transaction can get confirmed quickly. I will do the same as you instead to use a small fee if I want to send more than $500 as I don't want to wait for a long time. Sometimes, we want to pay a low fee, but we don't realize how much money we want to send to the other wallet or exchange, so we need to adjust the fee to avoid a long time confirming the transaction.

There's no problem with that especially for high-stakes bettors as they usually bet huge money. $10 is just a small amount, the fact that we are taking the risk of price volatility and still using it in gambling, then $10 dollar should not hurt our wallet. Consider that as just a small fee if you are winning big time in gambling, even $100, I would not mind it if I'm winning like $1000 or more in gambling.

[Viscore]

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Exactly, but as what I said, you need to do it with the right timing and patience is necessary.

However,  you also have a good point, not everyone can wait, some people just want to gamble right away and they will use altcoins instead rather than waiting until the fee of bitcoin will dump.

Those who are dedicated to using Bitcoin in their gambling will wait for the right time to deposit, but for those who had an schedule time to gamble will not do that, they will opt to use other currency, with Bitcoin's fee going up and down, many gambling sites have install other popular altcoin's as choice, the gambling casinos who can only offer Bitcoin and Ethereum will have a hard time attracting many players to play in their site.

[Fatunad]

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Exactly, but as what I said, you need to do it with the right timing and patience is necessary.

However,  you also have a good point, not everyone can wait, some people just want to gamble right away and they will use altcoins instead rather than waiting until the fee of bitcoin will dump.

Not all would really be having that kind of patience which its true that some can wait and some cant.So its up to someones self control on when they would play in spite of the high fees.

We can really able to do so since there are altcoins but there are players whom do much prefer on using bitcoin directly when they do play which means its either they deal with the fee stuff
or would simply wait for the network to subside.

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

[Sanitough]

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Exactly, but as what I said, you need to do it with the right timing and patience is necessary.

However,  you also have a good point, not everyone can wait, some people just want to gamble right away and they will use altcoins instead rather than waiting until the fee of bitcoin will dump.

Not all would really be having that kind of patience which its true that some can wait and some cant.So its up to someones self control on when they would play in spite of the high fees.

We can really able to do so since there are altcoins but there are players whom do much prefer on using bitcoin directly when they do play which means its either they deal with the fee stuff
or would simply wait for the network to subside.

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But they are not forced to use bitcoin in gambling, most gambling sites now have added a lot of altcoins already as they have already anticipated that fees will increase and gamblers will have to pay for a high fee which is not helping them. Gamblers have to be smart, use other alternatives in order to save from fees, besides, I believe that everyone knows how to trade, then if we have BTC, we just simply trade it to altcoins at our choice then we are good to go.

[just_Alice]

But they are not forced to use bitcoin in gambling, most gambling sites now have added a lot of altcoins already as they have already anticipated that fees will increase and gamblers will have to pay for a high fee which is not helping them. Gamblers have to be smart, use other alternatives in order to save from fees, besides, I believe that everyone knows how to trade, then if we have BTC, we just simply trade it to altcoins at our choice then we are good to go.

You're right, some websites offer altcoins, but many still have just BTC and ETH. Sure thing, a gambler can switch to another one for the sake of saving money, but sometimes it's not an easy thing to do, when you're already used to a certain online casino, have your gambling mates in there, aware of all the features and policies.
Besides, that sounds kind of strange for gamblers to worry about high transaction fees. I see numerous players placing bets over hundreds of dollars each day, I guess paying $10 for a transaction won't be much of a problem for them.

[boyptc]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

[ralle14]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

As someone who gambles with small amounts it's not that hard because there's a few sites out there that charges little to no fees on withdrawals and if deposit confirmation is an issue you could switch to another casino. I might've said this before but once you've find your go to gambling site it eventually becomes less of a problem since this isn't the first time we've experienced the fee spikes the worst case they'd probably last a few weeks up to a month. Imo it only becomes an issue when the casinos you're playing on starts upping the fees and doesn't have an option for delayed or batched withdrawals.

[JohnBitCo]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

[boyptc]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

It is not a big issue for us because we have alternative options and that is making our gambling experience easier.

But there are casinos which hasn't fully adopted the acceptance of altcoins so their gamblers has to take it or. leave it when depositing thru bitcoin.

[newwest]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

With btc price rise and due to fees mostly either users getting converted to other altcoins which the casinos support and deposit and take payout in that coins. Also, betting on those altcoins might be better as LTC price might not have that sudden jump which doge coin could potentially have. So need to pick the coins as well wisely while playing.

[SquallLeonhart]

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

Yeah it is a firing issue right now; I love the gamble only with bitcoin but unfortunately I am not affordable to transact bitcoin which leads me to switch over to some other coin like tron/doge for my gambling purposes. I really hate to do that still I do not have any other options. Because, for calculating profit or losses from my gambling, I am comfortable with bitcoins and not with any of altcoins. Moreover I am just gambling in terms of BTC value are not in fiats value which might be the reason why I'm not comfortable while gambling in altcoins.

This is kind of situation we need to face and move on because even after adopting segwit, we are unable to solve high transaction fee problems. I am seeing this is just like another opportunity for saving more bitcoin because nowadays I am gambling in altcoins which helps me to save relatively more money than if i gamble in bitcoins.

[Mauser]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

As someone who gambles with small amounts it's not that hard because there's a few sites out there that charges little to no fees on withdrawals and if deposit confirmation is an issue you could switch to another casino. I might've said this before but once you've find your go to gambling site it eventually becomes less of a problem since this isn't the first time we've experienced the fee spikes the worst case they'd probably last a few weeks up to a month. Imo it only becomes an issue when the casinos you're playing on starts upping the fees and doesn't have an option for delayed or batched withdrawals.

I also prefer to gamble more but with smaller amounts. My favourite strategy is still martingale based so always start very little with my bets. The fees can be annoying but only if we deposit and withdraw too many times. If we take a long term approach than we can try and avoid paying too many fees. For me the bigger problem with gambling with bitcoins is the price. After the recent drop in bitcoin price I thought that bitcoins wouldn't rally again anytime soon so I started to gamble with BTC again. And now BTC is back to 60,000 USD almost, I wish I had taken fiat money instead.

[boyptc]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

With btc price rise and due to fees mostly either users getting converted to other altcoins which the casinos support and deposit and take payout in that coins. Also, betting on those altcoins might be better as LTC price might not have that sudden jump which doge coin could potentially have. So need to pick the coins as well wisely while playing.

Well, if you transfer real time and you'll take and convert it into your main coin.

It doesn't matter whether it is ltc or doge. As long as transfer is very quick and cheap.

[freedomgo]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

With btc price rise and due to fees mostly either users getting converted to other altcoins which the casinos support and deposit and take payout in that coins. Also, betting on those altcoins might be better as LTC price might not have that sudden jump which doge coin could potentially have. So need to pick the coins as well wisely while playing.

Well, if you transfer real time and you'll take and convert it into your main coin.

It doesn't matter whether it is ltc or doge. As long as transfer is very quick and cheap.

You can't control the volatility of a certain coin, it could drop 10% to 20% in just a matter of minutes, or the opposite could happen. Just face the reality that volatility is here, you don't only play to win in gambling, you also play to win the volatility... if you want ot stay out of volatility, then use stable coins in gambling.

[blckhawk]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

Indeed. Most of the casinos now are offer different altcoins to gamble with and that would be pretty convenient for those gamblers who don't want to deal with expensive fees. It is hard to gamble with Bitcoin because of the expensive fees especially if you are not a big-time gambler hence having different coin options to gamble with can really be helpful. Personally, I've been using litecoin when I gambling because it has cheaper fees compared to Bitcoin.

[imstillthebest]

its crazy how you risk that large amount for a small fee .

Why does he risk anything? He doesn't risk his money only because he chooses to pay a small fee. He can initiate a second transaction with a higher fee. As long as unspent output hasn't left the wallet you can overwrite the old transaction and get it going regardless.

the transaction was not free and the money can get stuck but i guess there was no problem anymore because you already lay out a solution if ever things gone wrong and maybe he know this already because he was too confident of sending his money with a small fee but id like to ask a question .
 does this method works for all types of wallet ex. custodial , non costudial and how about its difficulty of doing this .
 for a newbie its recomend that they follow the recomended fee to avoid getting in troubles .

[mirakal]

Actually this is a hard situation for gamblers whom do really make use of bitcoin because they would really be needing to deal with the fees.

But there are options to choose but that gambler must have other altcoins to save the fees.

And the other condition is that the casino must be accepting different alts. The fees really are quite of a pain theae days but there is a way and alternative.

This should not be a big issue now because almost all of the casino offers more altcoins  to gamble with along with bitcoin. If anyone cant afford the high fee of bitcoin or ethereum, they can use dogecoin or litecoin to deposit and gamble. Also after bitcoin have reached all time high, people prefer to gamble with cheap altcoins more often than with bitcoin.

Indeed. Most of the casinos now are offer different altcoins to gamble with and that would be pretty convenient for those gamblers who don't want to deal with expensive fees. It is hard to gamble with Bitcoin because of the expensive fees especially if you are not a big-time gambler hence having different coin options to gamble with can really be helpful. Personally, I've been using litecoin when I gambling because it has cheaper fees compared to Bitcoin.

I guess it's a wise idea for casinos now to add altcoins as an option if they want to compete well with other popular casinos. I believe that the biggest volume in gambling is still bitcoin, but it's nice to see more alternatives as we can't control the blockchain, sometimes it's congested, and that would result to a high fee.

[vennali]

I mean trading is basically that isnt it? Gambling on BTC price? You could trade Options and futures to make it more in line with gambling nature. It was a great time to buy calls for ETH and BTC this month. especially ETH. Could do the same with alts as well.

[freedomgo]

I mean trading is basically that isnt it? Gambling on BTC price? You could trade Options and futures to make it more in line with gambling nature. It was a great time to buy calls for ETH and BTC this month. especially ETH. Could do the same with alts as well.

It's different from what we are discussing here as they don't fall into the gambling category although when you are investing you gamble on the risk. What we are discussing is the fees now while gambling, the high fees have affected most of us especially the micro gamblers, not the other way around.