Avoiding exchange flat rate withdrawal fee on Bitcoin when sending in Casino

[Wapfika]

I’m currently using Duelbits to make this happened in case I want to play in the casino using Bitcoin. I always deposit Doge or XRP to Duelbits from exchange for lesser fee then do a couple of safe bets just to satisfy the wagering requirements so that I can withdraw in Bitcoin and send to my casino. I’m doing this so that I can still play while holding Bitcoin when I feel bullrun is coming but sometimes wagering on Duelbits makes me lose everything before I can transfer my funds to my other casino account that I use to hold and wager at the same time.

Do you have any alternative safer way than this? I usually purchase crypto using fiat on exchange.

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[Oshosondy]

If you want to hold bitcoin in time like this, convert your fiat to bitcoin and send it to a noncustodial wallet instead.

Know that any money you send to a casino can be lost to gambling, although you can win, but the probability of losing is high than winning. When thinking of gambling to double, triple your earning or more is not a good idea at all.

Gamble for fun.

[Wexnident]

Why are you holding Bitcoin in your gambling wallet in the first place? Use a non-custodial wallet for that. Especially in cases with crypto casinos, strictly put money for gambling only and not for anything else. It isn't out of place for casinos to lock accounts sometimes, after all, so using it as a wallet seems kind of dumb. It isn't exactly too late to convert the Bitcoin you have that rose due to the bullrun to some other currency you can use for gambling AFTER it happens.

[jackg]

Surely you just need to reduce your risk of losing everything by placing small wagers at games with a low multiplier.

You've not specified what the wagering requirements are but I don't think it should be too hard to find a low risk game to pay your transaction fee - but this might still be more expensive than just sending from the exchange if you're paying for two conversions.

[ultrloa]

I’m currently using Duelbits to make this happened in case I want to play in the casino using Bitcoin. I always deposit Doge or XRP to Duelbits from exchange for lesser then do a couple of safe bets just to satisfy the wagering requirements so that I can withdraw in Bitcoin and send to my casino. I’m doing this so that I can still play while holding Bitcoin when I feel bullrun is coming but sometimes wagering on Duelbits makes me lose everything before I can transfer my funds to my other casino account that I use to hold and wager at the same time.

Do you have any alternative safer way than this? I usually purchase crypto using fiat on exchange.

There's a buy crypto feature above on duelbit site so why need to buy crypto using fiat on exchange? Maybe buy what you want directly there so that you will not worry about huge fees of bitcoin or get hassle with xrp and doge. Although I never used this feature but you can test out or maybe ask a guidance to their support on how you can execute this since provably this one could help you save up some fees.

[goldkingcoiner]

Why are you holding Bitcoin in your gambling wallet in the first place? Use a non-custodial wallet for that. Especially in cases with crypto casinos, strictly put money for gambling only and not for anything else. It isn't out of place for casinos to lock accounts sometimes, after all, so using it as a wallet seems kind of dumb. It isn't exactly too late to convert the Bitcoin you have that rose due to the bullrun to some other currency you can use for gambling AFTER it happens.

I agree 100%!

Holding your Bitcoin on a third party wallet is never a good move, if avoidable. A third party wallet can be an exchange or even a casino. It really does not matter which platform it is on as long as its not in your own wallet, its not really YOUR Bitcoin. Not Your Keys, Not Your Coins.

Although having said that, I do suppose the risk goes way way down of anything happening to your coins in a third partys wallet if the third party is reputable and has proven itself to be very trustworthy through the years.

[masulum]

If you want to hold BTC, then keep it in your own wallet. If you send a doge to a casino to exchange bitcoins, I'm quite confused why you are doing this way? If you really want to hold, can't you just use the Fiat-BTC exchange and send your BTC to your wallet. Are you thinking about fees? Whereas in casinos generally every deposit requires TO before being able to withdraw money. If it is not controlled, of course, before reaching TO, the money may run out.

Well, try to use BK8, there is an options to withdraw BTC without fees, but maybe you will find a different rates from BK8 and exchange price. At least, you can get free trx fees from there. About deposit, only 3 options for crypto so far, with USDT, ETH and BTC. you can request withdrawal after 1x TO from your deposit.

[rhomelmabini]

Do you have any alternative safer way than this? I usually purchase crypto using fiat on exchange.

Just buy Bitcoin to hold and have some coins to hold as well that you can play for, that's way more safe than you actually betting those bitcoins you're planning on holding. You don't have to mix the funds that was suppose to be for holding and playing, be mindful about that because if you mix these two you'll really end up playing it when you start on losing.

[KTChampions]

I’m currently using Duelbits to make this happened in case I want to play in the casino using Bitcoin. I always deposit Doge or XRP to Duelbits from exchange for lesser then do a couple of safe bets just to satisfy the wagering requirements so that I can withdraw in Bitcoin and send to my casino. I’m doing this so that I can still play while holding Bitcoin when I feel bullrun is coming but sometimes wagering on Duelbits makes me lose everything before I can transfer my funds to my other casino account that I use to hold and wager at the same time.

Do you have any alternative safer way than this? I usually purchase crypto using fiat on exchange.

To be honest, I did not quite understand the meaning of your actions. Do you use cryptocurrencies with cheap deposit fees, then bet to win back the amount of fees, then you use a casino exchange to transfer funds to bitcoin and withdraw money to another casino? Did I understand everything correctly? In my opinion, this scheme looks unnecessarily complicated and unreliable. Firstly, your bets may turn out to be unsuccessful, and secondly, some risks may be realized at each stage of the execution of this algorithm, even at the final one - not your keys, not your bitcoins. I think it's better to pay fees and keep bitcoin in your own wallet.

[Solosanz]

Although duelbits is a big casino and already survive for 2 years, but I wouldn't use casino to hold most of my Bitcoin. I'd say casinos have more higher chance to collapse rather than centralized exchange because I've seen so many casinos get abandoned and hacked, it will become a dead casino.

Are you want to risk all of your funds just to save few dollars? it's similar like how many people want to stake their coins for few percent of interest and take a risk to lose all of their coins.

[Accardo]

I think many got confused on my intention of this post but to clarify things here, My main goal on doing such complicated thing is not for holding purposes only but to play gambling at the same time that’s why I’m storing my money on casino instead of withdrawing my money directly on non custodial wallet. I do regular bet on casino whenever I like to kill time and at the same time hold Bitcoin. I only hold what I can afford to lose and I’m not an addicted gambler that’s why I can control all my bet in the casino.

Indeed, OP, your action is not only complicated, but risky too. Holding a chunk of money on Casinos have multiple downsides, like getting restricted for abusing their TOS. Some Casinos have got complicated rules and it'll surprise you to know that if by some reasons whatsoever, you stop playing games on that casino for a certain period of time they'll ban your account and the funds will be history. As it'll be linked to their doormant account rule. Unlike wallets no matter how long, your money will be there always under your own control. Always play safe.

[$crypto$]

It's a bit odd that keeping bitcoins in a casino is as great as holding assets on an exchange, no different than having a third party control your assets except in those non-custodial wallets which are much more secure.

No matter how big a trusted casino is, it's still our asset, don't keep it in any casino, that's too risky, even though OP can control gambling addiction, for me, it's a rather strange thing for him to do.

Casino is a place to have fun if you want to play then make a deposit if you win then withdraw don't keep it in the casino for too long so it's better to keep your money safe in a wallet with your own private key even if you trust the casino but it's not a good thing to do there.

[Yogee]

.....I always deposit Doge or XRP to Duelbits from exchange for lesser then do a couple of safe bets just to satisfy the wagering requirements so that I can withdraw in Bitcoin and send to my casino.

I know you already addressed the concerns of other members regarding holding BTC in a casino but can you clarify this part. I'm confused. You deposit Doge or XRP from an exchange to Duelbits and then withdraw as BTC after meeting the wagering requirement....only to send to your favorite casino? Maybe ask that casino to add an exchange-like feature also if that's the case.

[Don Pedro Dinero]

I am yet another person who was not convinced by the OP.

Do you have any alternative safer way than this? I usually purchase crypto using fiat on exchange.

Simply withdraw the funds to a HW and leave them there, or if you want to bet with Bitcoin, deposit and withdraw from there. Very complicated strategies like yours are usually not effective.

Indeed, OP, your action is not only complicated, but risky too. Holding a chunk of money on Casinos have multiple downsides,

The worst is that you have no control over your bitcoins. In the casino you should deposit just enough to pass the time, to entertain yourself, unless you are a serious sports bettor or poker player looking to win in the long run, in which case you are better off managing a bankroll.

[piebeyb]

You may have missed this news in the forum even though it has been explained here as well

https://bitcointalk.org/index.php?topic=5421039.0

you should not save your money on any site whether it's an exchange or a casino site if you want to invest long term until the bull run comes, while you put it in a casino of course it will make your hand want to gamble there so that you lose in gambling, if you still save Your BTC should be transferred to a wallet instead of storing it in a casino or exchange site

[Genemind]

You may have missed this news in the forum even though it has been explained here as well

https://bitcointalk.org/index.php?topic=5421039.0

you should not save your money on any site whether it's an exchange or a casino site if you want to invest long term until the bull run comes, while you put it in a casino of course it will make your hand want to gamble there so that you lose in gambling, if you still save Your BTC should be transferred to a wallet instead of storing it in a casino or exchange site

If you are planning to hodl or keep cryptocurrency, it's never safe to keep it online. Non-custodial wallet is the safest since you are the holder of your own private key. What makes it worse is OP is keeping it in his casino wallet where you can freely use it in wagering any time. Instead of saving your BTC you are risking it in wagering in casino. Just imagine if you keep your crypto in a casino and if that casino goes bankrupt or chooses to run away. Even big exchanges get hacked, so keeping your money online is never safe.

[Beparanf]

If I understand correctly. You are asking for a cheaper alternative and less risk on how you will deposit Bitcoin to the casino right?

I don’t know what’s your current casino but the only alternative I can suggest you is using Betfury. Betfury supports Bitcoin(Bep20). You can withdraw directly your Bitcoin to there Bitcoin(Bep20) wallet address with just a minimal fee since it’s a BEP20 tokens while you can withdraw your Bitcoin in there on a blockchain wallet since they offer multiple chain withdrawal for Bitcoin. The only thing I’m not sure if you are willing to change casino just for this. 

[YOSHIE]

I usually purchase crypto using fiat on exchange.

It's the safest way, after you do everything / buy crypto, for example Bitcoin on the exchange, then you transfer it to the casino, you are safe.


As far as I can remember casino gambling sites can receive and send Bitcoin from casino A to casino B, if the two casinos have ever made a transfer because casino B's address is recorded at casino A and vice versa, still, such a method, if you do is not safe.

Reason: sometimes online casinos often change Bitcoin addresses without notifying their users.so if you don't check in detail whether casino B is still using the first address you registered or has been replaced with a new address, it's clear that your Bitcoin risk will disappear.

My advice: never send Bitcoin from casino A to casino B, it is high risk, use a wallet or an exchange, even if it costs more, you are safer doing it.

[michellee]

Saving money in your account is the same as taking a risk to use it because you will think that you still have money to continue playing other gambling games. I think you could keep your bitcoins in a non-custodial wallet and send those bitcoins to your gambling account and I think the transaction fees aren't that big either if that's what you're considering choosing Doge or XRP.

But if it is for holding, I suggest not keeping your bitcoins in a gambling account. Better to send it to a non custodial wallet and store it there.

[panjul07]

Basically you are not doing any holding by using duelbits, because once you sent your altcoins to duelbits, your altcoin is converted into USD.
It means that you are holding fiat money, not bitcoin because once you try to withdraw, the coin you get will be based on how many usd you own in your account.
However if your main purpose it to avoid exchange withdrawal fee only, you should use your own wallet to do transactions or simply use altcoins with cheaper fee.