Casinos and gamblers are struggling with high tx fees.?

[bangjoe]

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times. This is the only solution that I see is viable for people and gambling platforms to continue transacting without shouldering the cost that each transaction entails. Also, you could be right that they are offsetting the overall expenses they are incurring with the fees with something else, such as other profit funnels that they have established.

Yes of course is to convert, there is no other way to deal with this, other than to be patient waiting for the fees to subside or convert it to a coin that has a cheaper tx.

And for gamblers who use bitcoin to gamble.
Yes, the easiest way for us to gamble is to use coins that don't have high tx fees, which except for those who are loyal to using bitcoin to gamble, they have to be fast enough to resist gambling because the fees are quite high. except maybe those who are really rich, and don't care about spending $10-30$ for each transaction.

[Ultegra134]

There are so many options for both gamblers and casinos to avoid high transaction fees. The majority of them offer a wide variety of deposits in altcoins, such as Litecoin, Stellar, Doge, Ethereum, BNB, and so many more that it's merely an issue at this point. The only concern is that it requires you to convert your coins, which is susceptible to trading fees, but usually, that's minimal compared to the higher transaction fees of Bitcoin and sometimes Ethereum. With that being said, I don't see a reason to use Bitcoin if you're frequently depositing at a casino. Even providers convert to other coins, just like we do to avoid any fees.

[Crypt0Gore]

As if Bitcoin is the only option for gamblers on every casinos, is there any online casinos that only accepts Bitcoin as their digital currency permitted to use for gambling in 2023? Today we have too many alternatives, like LTC and other, it's been a while since I use BTC for gambling, I use small amount of money like $10 $20 and imagine me using Bitcoin for gambling, I can't afford the four dollars to ten dollars on transactions only.

Tron is a very good option too, for small time gamblers like myself it's better to avoid Bitcoin, leave it for the big boys as they won't see anything wrong with the amount they are wasting on Bitcoin transaction only.

With the hope of winning is why majority of gamblers do gamble, just imagine having to stress yourself with the transaction fee too, some people use less that $0.5 to bet, how are they going to get over it if Bitcoin is the only option? They will have to quit isn't it? Choose what's best for you, it's easy.

[Hispo]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.
do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

To most casinos which have a high volume of gambling and bets it is not a problem to them to pay a some extra so their withdrawals still get processed in a relatively fast manner, that has been the approach of Stake, since the congestion started earlier this year.
On the other hand, I think people will still keep their normal where in spite of the increase of fees within the Bitcoin Network, they can either be more patient and wait more for their deposits to take place, or they may also use some altcoins to compensate their deposits which would be made in BTC otherwise.
Even though all this can be indeed a frustrating situation with the fees, it is only a relatively small obstacle for casinos and gamblers, specially the dedicated ones.

[dezoel]

For gamblers, most of them will use different cryptocurrencies that have lower transaction fees instead of Bitcoin which has very high fees at the moment because most of them will probably have assets on centralized exchanges that they can easily convert to another cryptocurrency and then use for their gambling activities, or they can swap their Bitcoins if they have them in a decentralized wallet using a decentralized exchange and then use the exchanged assets for gambling.

For platforms, as far as I know, they increase the withdrawal charges at such times, there might be some platforms that will cover half of the fees or maybe a part of it, like Stake, but most of them will charge the users for the fees they will need to pay for the transactions and if a user doesn't want to pay that much, they will have to use other cryptocurrencies as there is no other choice for them.

[carlfebz2]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.
do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

To most casinos which have a high volume of gambling and bets it is not a problem to them to pay a some extra so their withdrawals still get processed in a relatively fast manner, that has been the approach of Stake, since the congestion started earlier this year.
On the other hand, I think people will still keep their normal where in spite of the increase of fees within the Bitcoin Network, they can either be more patient and wait more for their deposits to take place, or they may also use some altcoins to compensate their deposits which would be made in BTC otherwise.
Even though all this can be indeed a frustrating situation with the fees, it is only a relatively small obstacle for casinos and gamblers, specially the dedicated ones.

What sites you do know are the ones who do have that free withdrawal? So far basing up on my experience and awareness on which most of them are really that asking for withdrawal fees on which some are fixed
but most of them are really that dynamic on which it would really be that according or would really be that depending on the network condition. If it turns out that it would be asking something big then i dont
see that it would really be that ideal for them to make some free amount withdrawal on which it would really be causing up some expenses but we do know that it isnt really that something that too often
on which network condition isnt always like this but rather it do really happens when transactions had been spammed on the network.

On what been said that if you are that someone whose really that only have not a huge money to be spend on gambling then these current fees are really that too pain in the Ass.
For me, i have refrain on making up some transactions on trying to save up on the fees, not only on gambling means but also into those traditional transactions.
So i do just simply make use of other coins on which fees are cheap and fast confirming.

[maydna]

Fortunately, many casinos provide the option of altcoins as deposit coins so that people can switch to using altcoins that can be used as deposits while waiting for transaction costs to decrease. But it depends on the wishes of the gamblers because if they feel that using altcoins is a temporary solution to rising transaction costs, they will definitely return to the casino using altcoins. But if not, they will not force themselves to gamble, and that is a wise choice because they don't need to lose their coins at the gambling table, let alone lose self-control. After all, they choose not to gamble at this time.

[o48o]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.
do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

But why that would be casino's problem? Isn't it more of an user problem if they don't have money for tx fees. Big gamblers most likely don't care and for gamblers with less capital there are several layer 2 protocols that keep on being nearly free to use. So, in short, people who transfer huge amounts use main chains of btc and erc20 and can afford it.

Gamblers that are less fortunate have been using layer 2 and cheap alternative chains since they started. Short answer to your queston. They are coping just fine.

[sokani]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate..

Casinos are still in business, some of them can allow bettors to wager their bets with zero confirmation. Aside that, most gambling platforms support multi coins such as USDT, USDC, BNB, ETH, XMR, DAI etc.

Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

People still gamble, though the mempool congestion is not a motivation. Actually, it might slow things down a bit for those who don't have other asset other than Bitcoin. However, some users on the forum might not be feeling it because they've their weekly earnings credited to their gambling accounts and not their wallets.

[goaldigger]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.
do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

But why that would be casino's problem? Isn't it more of an user problem if they don't have money for tx fees. Big gamblers most likely don't care and for gamblers with less capital there are several layer 2 protocols that keep on being nearly free to use. So, in short, people who transfer huge amounts use main chains of btc and erc20 and can afford it.

Gamblers that are less fortunate have been using layer 2 and cheap alternative chains since they started. Short answer to your queston. They are coping just fine.

Casinos have their rulings with regards to withdrawal and maybe most of the casinos now are collecting all the withdrawals before they process it so that they can save some money instead of paying big tx fees. As a gambler, there's also an alternative option to gamble and just pay at a lower fees, like USDT, LTC, and DOGE though it will still depend on you if you are going to use the coins that are currently congested and the fees are high.

[Sandra_hakeem]

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times.

okay... Let me assume this is actually the solution; are they (casinos) not bearing the risk of deterioration overtime on altcoin?? What if they decided to accept deposits and withdrawals from an altcoin like say - Litecoin,and the value decreases few days after? Are they not definitely losing assuming they had alot of input for those days?? Or what if someone won a game on Thier platform a day or two ago and this present Bitcoin rise came, how do they make payments based on current BTC price?

Sandra 🧑‍🦰

[Saint-loup]

It's a big issue for many casinos indeed because most of them don't offer Lightning Network deposits and withdrawals unfortunately. They can delay and group withdrawals together in one transaction in order to save fees for casinos offering free withdrawals and to reduce withdrawal fees for the other but it doesn't address the issue of BTC users wanting to send their funds in order to gamble them. Maybe it will encourage more casinos to offer LN options like bc.game and few others.

[Casdinyard]

That comes with working on the crypto industry. Most often than not you'd experience stuff like these especially when the market's on a surge. Now, it's up to these casinos how they'd reel people in despite the high transaction fees and longer wait times. I've played with some in the past that incentivizes saving enough crypto this early, so users put in money in the wallet earlier than they would've normally if it weren't peak season, and to shield them from suffering high transaction fees as well.

Some promote their own utility token, which can be used in lieu of what's popping in the market right now, so they don't have to pay that much money for transaction fees and are still able to enjoy gambling as they would've.

[Taskford]

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times.

okay... Let me assume this is actually the solution; are they (casinos) not bearing the risk of deterioration overtime on altcoin?? What if they decided to accept deposits and withdrawals from an altcoin like say - Litecoin,and the value decreases few days after? Are they not definitely losing assuming they had alot of input for those days?? Or what if someone won a game on Thier platform a day or two ago and this present Bitcoin rise came, how do they make payments based on current BTC price?

Sandra 🧑‍🦰

Actually its not fair for people that deposited BTC to receive a alts in return since they surely like to receive what they deposit since Bitcoin still ideal coin to receive especially right now we see a drastically increase so this is what people like to receive at the moment.

If someone think its a solution well maybe not since not all like to receive alts so I guess casino should just deal with the fee since if they do this maybe there's a lot of people will get disappointed on the action they done so they need to stick on current methods and deal with fees and act normal if someone ask for a withdrawal.

There's a lot of possibilities of everything even if they deal with alt so I guess if they like BTC then there's nothing they can do but to accept the current fees what bitcoin have at the moment.

[livingfree]

I'm just wondering how crypto casinos are able to cope with this high Tx fees.. cus definitely, they'll have a decreased transaction rate.. anyways, I understand the fact that they've got so many ways to cover up whatsoever.. maybe digital sales? Etc.. that'd also equat atleast 1^1/3 of the usual influx.

IMO, they've seen this coming and prepared for the decreased deposits but gamblers will always be gamblers though. It won't be a hindrance to gamble.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

Sandra 🧑‍🦰

Yes, even with high fees, the good thing with most casinos these days are about the alternative options to deposit. There are altcoins that have cheap transfer fees and that's what other gamblers do, or should I say that most gamblers do when unforeseen events like this come.

There's always the contingency plan to keep on gambling.

[ryzaadit]

Casino already have multiple-network.

Also a lot token getting listing, what we are complain anymore. Most user who are playing with the old coin like (BTC/ETH) it's because have more liquidity comparing to other token + you will not getting to much volatility crypto with these coin.

Still can't believe we still have some thread created on 2023 about (Fee) case ~XD

[ralle14]

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

One of their solutions is to increase the minimum withdrawal limit for Bitcoin. The only casinos i've noticed that did this are the ones offering free fees, while the others didn't care as much because most of the time, we pay for our fees.

Many will still gamble regardless of the fees because others have experienced this situation several times before, and a couple of casinos even have a feature that instantly credits your deposit.

[coin-investor]

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times. This is the only solution that I see is viable for people and gambling platforms to continue transacting without shouldering the cost that each transaction entails. Also, you could be right that they are offsetting the overall expenses they are incurring with the fees with something else, such as other profit funnels that they have established.

That's what many of us are doing unless you are ok with the fees and want to use Bitcoin, but the best option is using Tron for example and if you won you can withdraw then trade it to Bitcoin, the high transaction fees may have an impact on casinos' operation as many will likely stop from playing until such time that the congestion eases up when it comes to withdrawals some casinos are shouldering additional fees for their members' withdrawals and prefer not to increase what they usually deducted to players when withdrawing, casinos who are doing this are big casinos like Stake.
There are advantages for players when transaction fees are high to play at big casinos that agree to shoulder part of transaction fees.

[lionheart78]

Easiest answer is: they convert to other coins that doesn't have as much fees as bitcoin in current times. This is the only solution that I see is viable for people and gambling platforms to continue transacting without shouldering the cost that each transaction entails. Also, you could be right that they are offsetting the overall expenses they are incurring with the fees with something else, such as other profit funnels that they have established.

This is good for those who have their Bitcoin in exchanges but if they have their coins in their wallet, the gambler would be spending more if they try to deposit their Bitcoin to an exchanges and convert them to other coins since this will incure BTC transaction fee plus trading processing fee plus withdrawal fee.   Isn't it much cheaper to deposit their Bitcoin directly to the casino platform?

I think gamblers who have small funds of BTC and is stored in their own wallet should have patience and wait for some time for the Bitcoin network and send transaction when the network is not congested.

do people still gamble with these high tx fees? Is the current congestion in the mempool a motivation to some set of gamblers? that they might likely get fortunate since alot of gamblers won't wanna evade the high fees??

I think this kind of thinking won't work in gambling. Casino games especially those that rely on luck have a random result and is not affected by an outside factor.  So whether a person will win or not is not dependent on the number of gambler playing but rather on their luck of triggering huge multipliers and bonus rounds.

[alegotardo]

I'm just wondering how crypto casinos are able to cope with this high Tx fees..

Casinos never lose money!

At least one of two.... they recover the value lost on the Bitcoin network, for example, with the "inflated" fees of other networks where the transfer is almost free. The other way to compensate for these losses is by blocking the player's value until he meets some wagering requirements, which in most cases will certainly cover the costs of any withdrawal fees that the player may make later if he has still won a prize. .

Remembering that these congested network moments are still quite seasonal, with casinos operating at a profit at these transfer rates for most of the year.