Transactions Fees x Gambling

[Sithara007]

In this current time where Btc mempool has been congested and tx fees are ridiculously high, I guess one of the best option to make a deposit is using XRP.
You can always opt to withdraw your funds If you think XRP's volatility is adding to the risks while you're gambling.
The price have bounced back after the lawsuit issue anyway.
Btc's tx fee is really crazy currently. Medium priority is at 270sat/vB d*mn!

Personally I am not a big supporter of shitcoins such as Doge and XRP, but if you have some in your wallet, then it makes sense to make the deposits using them. That said, the high transaction fee of Bitcoin is not some issue that propped up all of a sudden. We have been dealing with this issue for so long. The best available solution is to make the deposits when the Mempool is largely empty. And a few weeks ago, it was possible to get almost instant confirmations, even with a fee of 20 Sat/Byte.

[BTCLiz]

In this current time where Btc mempool has been congested and tx fees are ridiculously high, I guess one of the best option to make a deposit is using XRP.
You can always opt to withdraw your funds If you think XRP's volatility is adding to the risks while you're gambling.
The price have bounced back after the lawsuit issue anyway.
Btc's tx fee is really crazy currently. Medium priority is at 270sat/vB d*mn!

Personally I am not a big supporter of shitcoins such as Doge and XRP, but if you have some in your wallet, then it makes sense to make the deposits using them. That said, the high transaction fee of Bitcoin is not some issue that propped up all of a sudden. We have been dealing with this issue for so long. The best available solution is to make the deposits when the Mempool is largely empty. And a few weeks ago, it was possible to get almost instant confirmations, even with a fee of 20 Sat/Byte.

Are you sure? I just checked the fees during the last weeks and 20 Sat/Byte was never possible IMO. Where exactly did you find this information? Maybe I'm just misinformed or I am using the wrong sources.

[bryant.coleman]

Are you sure? I just checked the fees during the last weeks and 20 Sat/Byte was never possible IMO. Where exactly did you find this information? Maybe I'm just misinformed or I am using the wrong sources.

Nope.. 8-9 days back, it was possible to get a confirmation even with 5 Sat/Byte. Look the fee on 12th April here:

https://jochen-hoenicke.de/queue/#BTC,2w,weight

The transaction fee is very volatile, and it depends on the mining hash rate and number of transactions. Now the hash rate has dropped due to mining farms closing down (due to power outage) in China. That has resulted in fewer blocks being mined and as a result the Mempool size has increased to 246 MB. On 12th April, as you can see from the chart, the Mempool size was just 101 MB (out of that 98 MB contributed by transactions paying a fee of 4 Sat/Byte or lower).

[traderethereum]

What @Vishnu.Reang said is right. We do not have to spend some amount of the money too often. Maybe we can send some satoshi when the fee is less than 20 sat/byte to the exchange or the casino directly,

Not looking for bitcoin fees for a while now but when was the last time where median fees are less than 20sat/byte?

It can work on those who are not in rush depositing funds on gambling sites and it's a wise move. And adding to that, try to make a decent deposit so that you don't need to make regular deposits.

And lastly, once the funds are now ready for action on that gambling site, always try to win so that you won't do several deposits again and again.

I do not check it
Maybe that is related to playing gambling as a fun activity for people who want to spend their time gambling, so they do not rush to deposit the funds into the gambling site.
They can deposit this day, and they will not have a problem if the transaction confirmed in the next few hours and if they want to gamble, the funds are ready to use.
Trying to win in the gambling games will not be easy as you want to win but the other gambler also has the same thing as you.
My advice is only to have fun with the gambling games and do not have a big expectation of trying to win.

[lienfaye]

Trying to win in the gambling games will not be easy as you want to win but the other gambler also has the same thing as you.
My advice is only to have fun with the gambling games and do not have a big expectation of trying to win.

We all want to win but its easier to be said than done. If only this is possible to win frequently then we dont need to deposit often just to gamble with our favorite games.

Well anyway I was about to deposit btc yesterday to my account but the fees are killing me, the cost is 29% of the btc that I will send. Too bad there's no other coins accepted for deposit in this gambling site.

[Questat]

The problem with others is, they have no other coins but only BTC or ETH. In that case, they will still pay a high fee if they will deposit it on exchanges to trade it on those coins that have lower fees.

They should face the high fees once first if they really want to play with those lower coins so to not spend other fees in their future trades, they should trade some good amount. Some of the coins which have low fees are XRP, TRX, LTC, DOGE, and what do users need is to find those gambling sites that accept these coins. It won't that hard as there are lots of gambling sites accepting payments from different cryptos already.

It turns out that with the increase of DOGE now, it's not anymore good for gambling since you would need to pay a high fee also, I think the cheapest now is the XRP, I'm using it and it only cost me less than a dollar to make a transfer, now 1 DOGE is equivalent to 0.28 usd, if it did not dump, it's higher.

I usually send DOGE from an exchange, I think even at that price, it's still acceptable for gamblers with small capaital like me. I guess the exchange where charge the biggest is hitbtc, they charge 20 DOGE for a single transaction, but other exchange such as Binance, I think it's cheap.

[traderethereum]

Trying to win in the gambling games will not be easy as you want to win but the other gambler also has the same thing as you.
My advice is only to have fun with the gambling games and do not have a big expectation of trying to win.

We all want to win but its easier to be said than done. If only this is possible to win frequently then we dont need to deposit often just to gamble with our favorite games.

Well anyway I was about to deposit btc yesterday to my account but the fees are killing me, the cost is 29% of the btc that I will send. Too bad there's no other coins accepted for deposit in this gambling site.

The casino will not let the gambler wins many times because that can make them lose too much money.
Maybe you can search for the other gambling site which accepts altcoins to gamble so you can reduce the fee by using the altcoin.
It is a pain if we should pay a high fee to just playing gambling while we have a solution to use the altcoins.
I hope you can consider visiting the other gambling site with altcoins because I think it is worth doing to reduce the fee.

[freedomgo]

Equivalent now is 10 usd if I'll send all my balance worth  55 usd. imagine, 20% fee. 

By the way, is this the new version of Electrum? I am using version 3.3.8 and all I have is the fee adjustment bar, no interface like you. And the fee is about 20 dollars, why?

I'm using not really the latest one, I'm using 4.0.1 but there's 4.1.2 already, however, I did stick with the current version. You should consider updating yours, just make sure you download on electrum's real website, not the phishing site.

[ReiMomo]

Equivalent now is 10 usd if I'll send all my balance worth  55 usd. imagine, 20% fee. 

By the way, is this the new version of Electrum? I am using version 3.3.8 and all I have is the fee adjustment bar, no interface like you. And the fee is about 20 dollars, why?

I'm using not really the latest one, I'm using 4.0.1 but there's 4.1.2 already, however, I did stick with the current version. You should consider updating yours, just make sure you download on electrum's real website, not the phishing site.

Why both of you guys didn't update to the latest version of Electrum, we know that this wallet is a buggy one and the thing we can make it sure safe is to up to date with the latest version. I don't have any issue with the current version and I can always modify fees according to the mempool required transaction fee.

The problem with the custodial wallet is the highest fee and you can't able to adjust to the lower fee. I guess that's how they will generate a profit, they almost double the regular fee required by the miners. If we gamble using altcoins will I guess will a better solution, for now, I'm using XRP instead of bitcoin.

[freedomgo]

Equivalent now is 10 usd if I'll send all my balance worth  55 usd. imagine, 20% fee. 

By the way, is this the new version of Electrum? I am using version 3.3.8 and all I have is the fee adjustment bar, no interface like you. And the fee is about 20 dollars, why?

I'm using not really the latest one, I'm using 4.0.1 but there's 4.1.2 already, however, I did stick with the current version. You should consider updating yours, just make sure you download on electrum's real website, not the phishing site.

Why both of you guys didn't update to the latest version of Electrum, we know that this wallet is a buggy one and the thing we can make it sure safe is to up to date with the latest version. I don't have any issue with the current version and I can always modify fees according to the mempool required transaction fee.

The problem with the custodial wallet is the highest fee and you can't able to adjust to the lower fee. I guess that's how they will generate a profit, they almost double the regular fee required by the miners.

I just feel not updating it, lol.. but thanks for reminding, I will try to update mine to the latest. The electrum that I'm using now is not buggy so I did not get interested on updating it, besides, I don't have a lot on this wallet.

If we gamble using altcoins will I guess will a better solution, for now, I'm using XRP instead of bitcoin.

Great job, always go with the cheapest solution.

[ChuckBuck]

not the phishing site.

Of course, it is always a top priority

Why both of you guys didn't update to the latest version of Electrum, we know that this wallet is a buggy one and the thing we can make it sure safe is to up to date with the latest version. I don't have any issue with the current version and I can always modify fees according to the mempool required transaction fee.

Nothing is certain for updates. Updates bring upgrades in the functionality of the wallet, it can be a fix, but sometimes, it also brings new bugs. Some people regularly upgrade their wallets, but I don't, when I use a certain version it is stable and without any problems, I will continue to use it. Some upgrade may bring some new bugs that developers have yet to find.

In short, regular updates bring additional advantages and disadvantages

[Sithara007]

Every 4-5 months, this discussion comes up when the transaction fee is high, but then it gets inactive when the mining difficulty gets adjusted and the fee goes down. What we need is a permanent solution. So here are my suggestions:

1. Make your deposits only once in 3-4 months, to reduce the spending on fee.
2. Keep some alts, such as LTC or ETC in your wallet, which can be used for urgent transactions.
3. Ask your sportsbook to accept more alts for the payment purpose.

[nakamura12]

I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.

[michellee]

I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.

I agree with you. Using XRP can reduce the fee that we need to pay. But with the XRP price now being down, I guess we need to wait for a while before selling XRP and getting the money back. Maybe if we sell directly after we receive the amount will reduce the money value so we consider what we should do. Maybe there is another coin besides XRP which can help him to reduce the fee.

[Kasabus]

I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.

I agree with you. Using XRP can reduce the fee that we need to pay. But with the XRP price now being down, I guess we need to wait for a while before selling XRP and getting the money back. Maybe if we sell directly after we receive the amount will reduce the money value so we consider what we should do. Maybe there is another coin besides XRP which can help him to reduce the fee.

Not only XRP is down, but most altcoins.. when you are using it for gambling, you don't need timing as the price could dump or pump, all your focus is to win because you are not trading here. Transactoin cost for xrp is very cheap, so you can transac micro amounts anytime and you can do more since below 1 usd is just so cheap at the moment compared to btc where 10 usd minimum is the fee.

[hd49728]

I think the Lighning network for Bitcoin will be the best. Bitcoin is strongest cryptocurrency and when the market is dumped, bitcoin has smaller percent of fall if we compare it to most of altcoins on the market.

Bitcoin falls, altcoins are dumped because of panic sell. Bitcoin rises, altcoins might be pumped because of hype.

Altcoins can give cheap and faster transactions but it is only if price won't be dumped during the time before and after you broadcast your deposit transaction.

[Sanitough]

I think the Lighning network for Bitcoin will be the best. Bitcoin is strongest cryptocurrency and when the market is dumped, bitcoin has smaller percent of fall if we compare it to most of altcoins on the market.

Bitcoin falls, altcoins are dumped because of panic sell. Bitcoin rises, altcoins might be pumped because of hype.

Altcoins can give cheap and faster transactions but it is only if price won't be dumped during the time before and after you broadcast your deposit transaction.

I wish more people will adopt with the LN so transaction would be fast and cheap, I really like the concept but the adoption is more on the investing side, so this kind of platform will not gain adoption easily. Besides, this transaction fee only increases when the network is congested, so its just temporary.

[Mahanton]

I think the Lighning network for Bitcoin will be the best. Bitcoin is strongest cryptocurrency and when the market is dumped, bitcoin has smaller percent of fall if we compare it to most of altcoins on the market.

Bitcoin falls, altcoins are dumped because of panic sell. Bitcoin rises, altcoins might be pumped because of hype.

Altcoins can give cheap and faster transactions but it is only if price won't be dumped during the time before and after you broadcast your deposit transaction.

I wish more people will adopt with the LN so transaction would be fast and cheap, I really like the concept but the adoption is more on the investing side, so this kind of platform will not gain adoption easily. Besides, this transaction fee only increases when the network is congested, so its just temporary.

LN isnt ready yet for global usage but there are still some platform which do make nor do accept LN but still on test phase which it isnt really possible for it to be
integrated on most gambling sites in the market.

Its true that it can really solve out the current problems that we are facing but it isnt really ready yet which means we would still stick out on make use of altcoins
in the market which still make able to perform on how it should be.

[michellee]

I understand how you feel as when you want to transfer your eth to other wallet, exchange or a gambling platform but the fees will hurt you. You should try to check the app now and see how much it cost. I have checked it earlier that the fee is now at 0.0363 eth which can really take your fund down. If you want to take your funds out of coins.ph then use the xrp which the fee is even lower than 1 peso. Before you convert your eth to xrp you have to use the coins pro which the buy and sell rate is different than the app.

I agree with you. Using XRP can reduce the fee that we need to pay. But with the XRP price now being down, I guess we need to wait for a while before selling XRP and getting the money back. Maybe if we sell directly after we receive the amount will reduce the money value so we consider what we should do. Maybe there is another coin besides XRP which can help him to reduce the fee.

Not only XRP is down, but most altcoins.. when you are using it for gambling, you don't need timing as the price could dump or pump, all your focus is to win because you are not trading here. Transactoin cost for xrp is very cheap, so you can transac micro amounts anytime and you can do more since below 1 usd is just so cheap at the moment compared to btc where 10 usd minimum is the fee.

A wise gambler will check the situations before they gamble. If they gamble using crypto, they will check the market first before buying any coins, including bitcoin or altcoins. And if they see the altcoin is down, they will buy in a large amount and only use some parts to gamble while holding the rest.

Not many gambling sites accept XRP, so I think we need to search for another gambling site. We can still use the other altcoins besides XRP, which have a fast confirming transaction.

[Stedsm]

--snip--

Not many gambling sites accept XRP, so I think we need to search for another gambling site. We can still use the other altcoins besides XRP, which have a fast confirming transaction.

That's totally correct and I think LTC and TRX are much better options compared to XRP because XRP is stuck in a lawsuit and can go down any day, so even if the gambler makes a big bet and wins but the price gets down, he will suffer due to that. Even Doge can't be trusted in terms of gambling with it because it has also become a puppet of Elon Musk and can get dumped any day so it's better to stay away from these 'shitcoins' and only gamble with what's going to stay here for longer.