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Author Topic: Transactions Fees x Gambling  (Read 1241 times)
cabalism13
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April 09, 2021, 07:17:55 PM
 #1

 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



Edit:

Just for you to know my funds are on Metmask and of happen to buy and transfer from an exchange this would be the fees (its fixed) (I'll be paying fees for swap, transaction fees and another transaction fee to transfer on Gambling Platform)



Damn this fees.

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April 09, 2021, 07:29:41 PM
 #2

First of all, if you are using a bitcoin wallet, you can still edit the fee. In this case, I will recommend you a wallet like electrum, make sure you enable replace-by-fee. You can use like 11 sat/vbyte and see if the transaction will be long or not. But 10 sat/vbyte will easily get bitcoin transaction confirmed on Sundays. Try to make us of weekends for such low transaction fee, but using like 20 sat/vbyte will still get transactions confirmed during the weekdays, and it is a small feerate that will require lower amount of bitcoin as fee. But using custodial service like exchanges will be very high in fee, which should not be used.

I do not know much about ethereum, maybe there are good wallets that support ethereum that has replace-by-fee, and also considering weekends for lower fee.

You can also make use of other altcoins like litecoin that have low transaction fee generally.





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April 09, 2021, 08:10:57 PM
 #3

You can try to export the private key and try using MyEtherWallet. While it's not a good recommendation, many have said it was pretty bad to use. But as far as I know, if you want to use custom transaction fees, you can try there. Transaction fees are currently around $ 4, which is better.
My advice is to use default Gas, if you leave it too low, the transaction will be canceled and still cost the transaction

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April 09, 2021, 08:21:22 PM
 #4

You can try to export the private key and try using MyEtherWallet. While it's not a good recommendation, many have said it was pretty bad to use. But as far as I know, if you want to use custom transaction fees, you can try there. Transaction fees are currently around $ 4, which is better.
My advice is to use default Gas, if you leave it too low, the transaction will be canceled and still cost the transaction
well the thing is, I only have USDT on Metamask and I have 0 eth so yo sum up, I dont have any to spare for my own gas fees, also if I do want to go with fiat and buy skme for my gas that would hurt more so I think it would be best for me to let my funds on Metmask to sit for a while, so I just had to find anòther way to fund my gambling account.

You can also make use of other altcoins like litecoin that have low transaction fee generally.
But didnt this alts are using eth network and that would also require fees on eth? Sorry as I'm not using litecoins or other alts as I've been buying new coins recently.

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April 09, 2021, 08:35:23 PM
Merited by cabalism13 (3)
 #5

But didnt this alts are using eth network and that would also require fees on eth? Sorry as I'm not using litecoins or other alts as I've been buying new coins recently.
Litecoin has its own independent (although copied bitcoin) blockchain, and transaction fee is very low.

I will use even custodial service as an example because they charge high amount of fee, and yet litecoin fee is still low on such platforms. Binance charges 0.001 LTC as fee for litecoin transactions, this will let you assume how much lower it will be on noncustodial wallets. Also you have no problem to withdraw it on the gambling sites that you are using as litecoin fee is low generally.

0.001 LTC multiply by 224 (current price of litecoin) = $0.224.

$0.224 is a very low fee, even on a custodial exchange that have high fee. This will still be much more lower on noncustododial wallets.





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April 09, 2021, 08:47:12 PM
Merited by cabalism13 (2)
 #6

well the thing is, I only have USDT on Metamask and I have 0 eth so yo sum up, I dont have any to spare for my own gas fees, also if I do want to go with fiat and buy skme for my gas that would hurt more so I think it would be best for me to let my funds on Metmask to sit for a while, so I just had to find anòther way to fund my gambling account.
Ya, if you really don't have ETH in your wallet, I think you have no choice except buying ETH somewhere and send it to your wallet, or keep it there forever  Cheesy A few weeks ago, I sold several altcoins as they became valuable, I've encountered your case, the worst thing I have to do is buying ETH from an exchange. It's quite expensive there, besides, I have to pay extra for withdrawal fee. Transfer ETH back to my wallet and I have to pay a small fee to send the altcoin. After selling altcoin, I had to withdraw ETH to my wallet again, this process cost me 3 times, it was very painful  Cheesy

Edit: Would you like to buy ETH from me? Just a little as a transaction fee, but you will have to pay for the fee I need to make the transaction, so think about it  Cheesy

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April 09, 2021, 08:52:34 PM
 #7

Ya, if you really don't have ETH in your wallet, I think you have no choice except buying ETH somewhere and send it to your wallet, or keep it there forever  Cheesy A few weeks ago, I sold several altcoins as they became valuable, I've encountered your case, the worst thing I have to do is buying ETH from an exchange. It's quite expensive there, besides, I have to pay extra for withdrawal fee. Transfer ETH back to my wallet and I have to pay a small fee to send the altcoin. After selling altcoin, I had to withdraw ETH to my wallet again, this process cost me 3 times, it was very painful  Cheesy
I have rather prefer to use bitcoin for transaction because of the little inconveniences ethereum tokens can bring up, ethereum transaction fee on exchanges is very high, the last time I check on binance, it amounts to $10 at $1800 ether price. Also sending tokens requires the gas fee which is still also high especially for tether. I still always prefer to make use of bitcoin for such transactions or use altcoins with low fee.

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April 09, 2021, 08:54:36 PM
Merited by cabalism13 (1)
 #8

$0.224 is a very low fee, even on a custodial exchange that have high fee. This will still be much more lower on noncustododial wallets.
Yes, using a non-custodial wallet, you can pay only 0.00000001 LTC/byte as transaction fee and get confirmation in the next block
A transaction with 1 input and 2 outputs is only 217 bytes. So, it's possible to get a very fast confirmation with paying only 0.00000217 LTC = 0.0005 dollar.  
The transaction fee can be even lower if you use segwit addresses (addresses starting with M).





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ChuckBuck
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April 09, 2021, 08:54:51 PM
Merited by cabalism13 (1)
 #9

I have rather prefer to use bitcoin for transaction because of the little inconveniences tokens can bring up, ethereum transaction fee on exchanges is very high, the last time I check on binance, it amounts to $10 at $1800 ether price. Also sending tokens requires the gas fee which is still also high especially for tether. I still always prefer to make use of bitcoin for such transactions or use other altcoins with low fee.
Sorry but I guess this is not the place for you to talk about your interests, although it's not forbidden, but I don't think it's appropriate  Cheesy I think something as a suggestion, a solution would be appropriate?

Yes, using a non-custodial wallet, you can pay only 0.00000001 LTC/byte and get confirmation in the next block
A transaction with 1 input and 2 outputs is only 217 bytes. So, it's possible to get a very fast confirmation with paying only 0.00000217 LTC = 0.0005 dollar. 
The transaction fee can be even lower if you use segwit addresses (addresses starting with M)
this is new, I have used LTC a few times, but I have never experienced transaction fees as low as you said

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April 09, 2021, 09:10:47 PM
Merited by cabalism13 (2)
 #10

this is new, I have used LTC a few times, but I have never experienced transaction fees as low as you said
You can use jochen-hoenicke website to check the fees on Litecoin blockchain.
As shown in the past week graph, total size of unconfirmed transactions paying 0.00000001 LTC /byte has always been less than 1 MB.





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April 09, 2021, 09:14:40 PM
 #11

But didnt this alts are using eth network and that would also require fees on eth? Sorry as I'm not using litecoins or other alts as I've been buying new coins recently.
Litecoin has its own independent (although copied bitcoin) blockchain, and transaction fee is very low.

I will use even custodial service as an example because they charge high amount of fee, and yet litecoin fee is still low on such platforms. Binance charges 0.001 LTC as fee for litecoin transactions, this will let you assume how much lower it will be on noncustodial wallets. Also you have no problem to withdraw it on the gambling sites that you are using as litecoin fee is low generally.

0.001 LTC multiply by 224 (current price of litecoin) = $0.224.

$0.224 is a very low fee, even on a custodial exchange that have high fee. This will still be much more lower on noncustododial wallets.
That's cool, though I really thought these kind of alts uses the same network as the others, would likely to try this Litecoin for a while now as I think as it leaves me no better option than this.
I'll check my accounts on Gambling platforms as I usually play on FJ and currently that mwplay88 whether they hold such option to use.

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April 09, 2021, 09:18:58 PM
Merited by Distinctin (1)
 #12

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.

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April 09, 2021, 09:24:17 PM
 #13

this is new, I have used LTC a few times, but I have never experienced transaction fees as low as you said
The transaction below was with a high fee (high fee estimate), I did not use the normal or low fee estimates, not to talk of using fee customization that will make the transaction much more smaller. Litecoin fee is very low.


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April 09, 2021, 09:38:21 PM
 #14

That local wallet is a big burden to the small players because of their huge fees, avoid using that wallet for now mate or better to use XRP because that’s more cheaper compare to ETH and BTC. You can’t get away with the huge fees if you’re fund is on Metamask, look for some fresh funds and put it on exchange or look for other cryptocurrency that is available on sites that you’re using.

I’m funding my gambling account thru Binance which is more cheaper when it comes to fees. I do first the P2P transactions with no fees at all, and then transfer my BTC or ETH to my gambling account, it can cost me around $15 more or less. Because of these fees, I’m force fo look for other option like DOGE and XRP.

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April 09, 2021, 10:57:00 PM
 #15

I usually account for the tax and fees by adding a few extra dollars in my deposit. Highest I've paid for taxes was about 100 bucks back in February at the height of crypto rally. The transaction fees is definitely taking a big toll on my gambling manners, and made me even consider quitting because there's no way I'd have to pay that huge an amount just for taxes alone. Hopefully they do something about this because transaction fees this high is not healthy for the system, so much more for the users.

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April 09, 2021, 11:26:37 PM
 #16

For now in my gambling activity, i never intended to make use of Bitcoin and ETH for this moment due to high fees.Im just a small time gambler where fees does really matter.

When it comes to custodial wallet usage then theres no way for you to arrange or adjust those fees been set unlike on non-custodial where you can really set out according
to your own preference but due to high network you wouldnt have any choice.


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April 09, 2021, 11:31:06 PM
 #17

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.

I will also recommend OP not to use Ethereum and Bitcoin, for now, some gambling sites have added alternative coins so their players can continue to play, gambling sites that only accept Ethereum and Bitcoin will be left behind, so far there is no fix to lower the fees, it is what it is, we can only pick the best option which is to try other coins the gambling site is accepting.

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April 09, 2021, 11:56:50 PM
 #18

But didnt this alts are using eth network and that would also require fees on eth? Sorry as I'm not using litecoins or other alts as I've been buying new coins recently.
Litecoin has its own independent (although copied bitcoin) blockchain, and transaction fee is very low.

I will use even custodial service as an example because they charge high amount of fee, and yet litecoin fee is still low on such platforms. Binance charges 0.001 LTC as fee for litecoin transactions, this will let you assume how much lower it will be on noncustodial wallets. Also you have no problem to withdraw it on the gambling sites that you are using as litecoin fee is low generally.

0.001 LTC multiply by 224 (current price of litecoin) = $0.224.

$0.224 is a very low fee, even on a custodial exchange that have high fee. This will still be much more lower on noncustododial wallets.
That's cool, though I really thought these kind of alts uses the same network as the others, would likely to try this Litecoin for a while now as I think as it leaves me no better option than this.
I'll check my accounts on Gambling platforms as I usually play on FJ and currently that mwplay88 whether they hold such option to use.


Don't use coins.ph on transactions since I think they set the fees so high to make the transaction goes faster also there series of case that they close someones account due to gambling activities so better avoid this and use exchange like binance since they will give you more convenient options.

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April 10, 2021, 12:10:29 AM
 #19

I have seen other gambling platform that uses fiat to place bets on, you can deposit in any currency you want but do not try to use bitcoin and ethereum, betnomi is an example of such platform where withdrawals are made through altcoins. Since you may likely be using Fiat, why don't you try betnomi because they have other available slots game to play.

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April 10, 2021, 12:38:43 AM
 #20

Is this a local gambling site that accepts cryptocurrency?
That coinsph is very aggressive when it comes to the exchange rate and fees, I’m not using this wallet for now because of that fees so better to look for other gambling site that accepts crypto aside from BTC and ETH. Betnomi offers a various cryptos deposit option, you might want to use DOGE. If its ERC20, expect a more expensive fees because of the current volume on ETH platform.

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