Gambling sites and current transactions fee

[Odohu]

Now the gambling site was in the trouble because of the high transaction fee by the exchanges like the Binance.It was unacceptable one for the gambler to pay 26 dollars to withdraw funds from the Binance.Being a gambler,my opinion is to hold till the money in the exchange itself.Surely we get the profit from the gambling site,if we follow some techniques in the gambling site.But my point is why we need to pay the exchange fee of 26 dollars for the single transaction.

Many gambling sites accepts deposits in many cryptocurrencies not only Bitcoin. To avoid paying high withdraw fees, deposit into gambling platforms using low fees cryptocurrency such as TRX or LTC.

It is not wise to pay transaction fee that is even as high as what you plan to win. This is not sustainable and should be avoided.
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[Fivestar4everMVP]

My decision may be seems revolutionary one,but the fact is the same transaction fee will be reduced when the market back to the bear standard.The bull run give huge dollars to the trader who hold from the 31k market price of the bitcoin.I had some arguments with my friends with whom we meet on every weekend.They also had the opinion of hold their money in the exchange till the market fee back to the normal one.So what your standard for the current transaction fee of bitcoin.

I think you are getting the whole all wrong buddy,  transaction fees on the bitcoin network aren't high because we are in a bull season, or that the market seems to appear bullish in this few past weeks, we are actually experiencing a clog in the bitcoin network mempool, which is as a result of all the ordinal projects being built and ran on the bitcoin blockchain, and as hard as this may be to some of us to believe, if the ordinals continue to exist and gain attention from more and more investors, bitcoin transactions fees may likely continue to rise and rise, and we shouldnt blame binance or claim they are overcharging, they are charging based on how much they think they need to pay as fees for their users to get their bitcoin transactions confirmed in a matter of minutes, I believe they would say that, any user who is not comfortable paying the high fees should either leave the bitcoin in the exchange, or sell it for another coin with lesser fees and withdraw.

I will continue to say that, it's time for us to switch to the L2 solution of the bitcoin network which is the lightning network, it is not actually my prayer, not if ordinals do not die off, we may never see bitcoin transactions fees as cheap as they used to be before again.

[qwertyup23]

Now the gambling site was in the trouble because of the high transaction fee by the exchanges like the Binance.It was unacceptable one for the gambler to pay 26 dollars to withdraw funds from the Binance.

Just a question, what are some of the factors that determine the price of transaction fees? Do transaction fees increase when the market is bull/bear? I am quite curious on how this would affect cryptocurrency gambling due to the fact that your fees are as high as your winnings (well at least in my case).

Since transaction fees are quite high, it is really recommended for a gambler to switch to another cryptocurrency to take advantage of a lower fee compared to BTC. Since they still exercise the "spirit" of gambling in crypto, this will still satisfy their cravings in the event that they opt to choose to gamble in an online platform.

[abel1337]

Hopefully all is well with bitcoin and fees go more lower so that there will be no huge problem to occur if we want to transact bitcoin on any transactions they want to spend their bitcoins. But for sure gamblers can get used to it if this problem will continue to happen since we still have cheap alternatives available in the market.

In my opinion, the cost issue will still be a problem for bitcoin forever, because bitcoin should no longer be suitable for use as a means of payment because the very high transaction costs make it not good enough for micro payments or other payments, I prefer bitcoin as my investment asset which is not moving so I just keep it until it's expensive in the future, so I don't use it for gambling or paying for things with bitcoin.

I think anyone can still use other friendly crypto alternatives with cheaper transaction costs to gamble or pay for something on the internet, so in my opinion, bitcoin gamblers who are currently still active in using bitcoin, I consider them to be rich people because of the high value of bitcoin. the more expensive it is, they still use it to gamble and have fun instead of using it as an investment asset for the future.

I agree, I had accepted the reality that doing small transaction using btc is not efficient or practical if you have other options like altcoins. I'm using altcoins for my gambling activities since it's a lot faster and cheaper, though it is still good if there's still a deposit option for bitcoin because I'm sure there are high rollers that are using bitcoin for there gambling activities.

At the end of the day, it will be our decision if how we will use our precious bitcoins. The different views and opinion about the current status of bitcoin will give us ideas if how we will use it.

[moneystery]

the problem of high bitcoin fees is not too much of a problem for online casinos considering that they have quite a lot of money in their vaults and which they can use to compensate a little to reduce the fees that will be charged to gamblers when making withdrawals. but the problem is that for gamblers who want to make deposits, it is best for them to use altcoins which have smaller fees.

and this is my reason why i prefer using litecoin compared to bitcoin when gambling, because the fees for using litecoin are much less than with bitcoin and the waiting time is much shorter.

[gabbie2010]

This is the reason why I always keep gambling funds inside my gambling site accounts , yeah I leave small funds in each casino that I love to play being ready for this kind of situation .i have learned this many time before and yes now I know how to manage congested market.
so this may be lessons for those who loves to gamble when they have time to try let your small funds inside the site(of course like investing only the amount you can afford to lose) so you have multiple target , to have gambling funds ready? or to use as Holding amount.

I had also adopted this method of keeping or hodling my fund in my gambling site I believe this is the cheapest means to save high transaction fee cost due to congestion of the network alternative some gambling sites has an inbuilt conversation method where bitcoin can be converted to USDT or alternative altcoin thereafter the owner can transact it to any exchange, though it's not advisable to keep huge amount of any asset in a gambling site or exchange, however the amount used for betting isn't that much and profit earned is usually withdrawn when it has been accumulated enough because the withdrawal fee is fixed in most gambling sites irrespective of the amount withdrawn.

[Kelvinid]

the problem of high bitcoin fees is not too much of a problem for online casinos considering that they have quite a lot of money in their vaults and which they can use to compensate a little to reduce the fees that will be charged to gamblers when making withdrawals. but the problem is that for gamblers who want to make deposits, it is best for them to use altcoins which have smaller fees.

The best thing to do is don't make withdrawals every day or deposit in order to save transaction fees.
Choosing altcoins as an alternative is way better, I did it most of the time when Mempool was busy. There is always a solution to all problems which is why we should not limit our crypto knowledge.

and this is my reason why i prefer using litecoin compared to bitcoin when gambling, because the fees for using litecoin are much less than with bitcoin and the waiting time is much shorter.

XRP and TRX also have cheap transaction fees. As long as it is available, we can use it as a gateway.

The current situation is quite disappointing but we still have to move. It will be over soon but now, we should look for a way to cut our transaction fees.

[uneng]

We are facing a peak of congestion in Bitcoin network which pushes transactions' costs upside. It's nothing unsual or to worry about, since such scenarios have always happened during bullish key moments of crypto market. If you aren't confortable paying expensive fees you can wait few days until prices get more affordable once again or you can swap your BTC to an altcoin with cheaper fees on withdrawal.


Bitcoin Average Transaction Fee (I:BATF)

However, busy blockchain network may not be the sole reason why you are facing huge fees. I just looked fees at a Bitcoin website I use right now and their fees are around 0.00022991BTC for withdrawal (about 10$). If you are paying 26$, the exchange must be biting a large percentage for themselves, and not to pay the miners... My personal experience with crypto exchanges has always been that they charge a higher fee for the transaction compared to what would be really necessary to execute the transaction. Since they are centralized services, they can charge the amount of money they wish.

Have you checked another exchanges platforms if their transactions' costs are similar to Binance?

[Solosanz]

since such scenarios have always happened during bullish key moments of crypto market.

Have you checked another exchanges platforms if their transactions' costs are similar to Binance?

The bad thing is we're not yet in bullish season, Bitcoin price haven't even reach the previous ATH, so you can imagine how expensive is the transaction fees if Bitcoin can break to $100K mark.

There's always an exchange that charge higher or lower than Binance, I believe there's a small exchange can offer cheap withdrawal fee, but it's worth to risk most of your coins only to save for ten or twenty bucks? I don't think so.

[Peanutswar]

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I think anyone can still use other friendly crypto alternatives with cheaper transaction costs to gamble or pay for something on the internet, so in my opinion, bitcoin gamblers who are currently still active in using bitcoin, I consider them to be rich people because of the high value of bitcoin. the more expensive it is, they still use it to gamble and have fun instead of using it as an investment asset for the future.

With this market congestion of the bitcoin transaction, those platforms have their exchange inside their platform is the most suitable with this kind of feature of alternatives because players can make an exchange and easily cashout with the lesser fees at the same time if they want to play the coins they exchange to the casino still possible, rarely seen have this kind of feature, but if they will implement this in every casino could be a high impact like this current transaction fees.

[AbuBhakar]

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I think anyone can still use other friendly crypto alternatives with cheaper transaction costs to gamble or pay for something on the internet, so in my opinion, bitcoin gamblers who are currently still active in using bitcoin, I consider them to be rich people because of the high value of bitcoin. the more expensive it is, they still use it to gamble and have fun instead of using it as an investment asset for the future.

With this market congestion of the bitcoin transaction, those platforms have their exchange inside their platform is the most suitable with this kind of feature of alternatives because players can make an exchange and easily cashout with the lesser fees at the same time if they want to play the coins they exchange to the casino still possible, rarely seen have this kind of feature, but if they will implement this in every casino could be a high impact like this current transaction fees.

Additionally, There’s also a casino that still offer free withdrawals like Sportsbet and its sister company. It’s more convenient to use them now instead of casino with exchange feature because you will still pay conversions fee and withdrawal fee in the end.

Also casino like Duelbits can be a good a addition on the casino that is good during congestion since it automatically convert your deposit currency to the casino default coins then let you choose on what currency you will withdraw later on which is almost equivalent on having built in exchange feature.

[Weawant]

This is the reason why I always keep gambling funds inside my gambling site accounts , yeah I leave small funds in each casino that I love to play being ready for this kind of situation .i have learned this many time before and yes now I know how to manage congested market.
so this may be lessons for those who loves to gamble when they have time to try let your small funds inside the site(of course like investing only the amount you can afford to lose) so you have multiple target , to have gambling funds ready? or to use as Holding amount.

Most times it looks unsafe keeping funds in your gambling account and I think that accounts for the reason most persons wouldn't want to keep money in their gambling account and would prefer to fund whenever they want to gamble, for the fear of loosing the funds to hackers who could possibly gain access to their accounts without permission.

The current transactions fee which is relatively high as accounted for by the congestion is mostly peculiar to crypto gambling sites but for sites that uses Fiat I doubt if they are suffering same fate but nevertheless if you use crypto gambling sites, this period it's fine to probably leave some money in your gambling wallet to avoid all these charges but then you have to be mindful and make sure no other person have access to your account so as to avoid loss of funds without your prior permission

[decodx]

Just a question, what are some of the factors that determine the price of transaction fees? Do transaction fees increase when the market is bull/bear? I am quite curious on how this would affect cryptocurrency gambling due to the fact that your fees are as high as your winnings (well at least in my case).

Are you referring to withdrawal fees from some centralized platform or transaction fees on the Bitcoin network in general?

Withdrawal fees - those are set by whichever platform or company you're taking your money out of.  Could be a flat rate, could be a percentage.  Up to them.  Bitcoin transaction fees though, those work differently.  Bicoin users actually decide those by trying to outbid each other to get transactions on the next block.  Market doesn't really affect the fees much directly - they can spike if the network gets congested or if there's a rush to move BTC for some reason.  I thought most folks already knew this stuff inside out.

Since transaction fees are quite high, it is really recommended for a gambler to switch to another cryptocurrency to take advantage of a lower fee compared to BTC. Since they still exercise the "spirit" of gambling in crypto, this will still satisfy their cravings in the event that they opt to choose to gamble in an online platform.

For lots of folks who are into Bitcoin, using altcoins instead ain't really something they wanna mess with.  I'd bet most people holding Bitcoin long-term have zero interest in converting their BTC to some other random coin just to take money off a platform and  so, that could actually be good for gambling sites in a way.  If its a pain to withdraw funds, seems like more people will just leave their money on the platforms.

[m2017]

My decision may be seems revolutionary one,but the fact is the same transaction fee will be reduced when the market back to the bear standard.The bull run give huge dollars to the trader who hold from the 31k market price of the bitcoin.I had some arguments with my friends with whom we meet on every weekend.They also had the opinion of hold their money in the exchange till the market fee back to the normal one.So what your standard for the current transaction fee of bitcoin.

This revolutionary solution can lead to the fact that you and your friends will have nothing to withdraw from the exchange or gambling site. Gambling sites may fail, and exchanges may close or go bankrupt (remember FTX?). Everything is going towards the fact that the cryptoindustry is moving in the direction of a bullish trend and it may turn out that a bearish trend will have to wait a long time. And as the price increases, the commission (transactions fee) will also increase.

And I forgot that this problem (high transactions fee) will affect gamblers very painfully.

[Westinhome]

Currently, excessive transaction fees have become a huge problem for a gambler or a user. If you have to pay $20 to $30 fee per transfer to withdraw money or deposit money or transfer money, it is not good for investors or gamblers like us. However, this will not be a major concern for gamblers as gamblers not only have to transfer BTC to gambling sites, but gamblers can transfer various stable coins to all gambling sites if they wish. It is foolish to gamble with Bitcoin already because Bitcoin is a coin full of potential and the value of Bitcoin is increasing day by day to catch up. High transaction fees have become a problem for those who regularly transfer bitcoins from one wallet to another.

This was unacceptable one in the current crypto world,because we are in the festival season.Every one need of money for the festival expenses,but this will be negative for the campaign participants too.The safest people here was the people who getting the weekly payment in the gambling site like stake,but if you are gambler.It’s hard to withdraw the funds without playing.Because the gamblers had the habit of playing after seeing the dollars in the gambling site.The reasonwas the gamblers try to multiple the money and withdraw from the gambling site.Now the gamblers also had hard to deposit bitcoins to gambling site from other wallet.

[coolcoinz]

Everything is going towards the fact that the cryptoindustry is moving in the direction of a bullish trend and it may turn out that a bearish trend will have to wait a long time. And as the price increases, the commission (transactions fee) will also increase.

That's the important thing that people are forgetting. They think they'll hold their money in exchange or a casino because they don't want to pay $50 in fees, but when ETF gets approved and we go into a FOMO rally, your fees aren't going to drop. If anything, they're going to come up. Even if they ban ordinals, but we enter into a bull run, you can expect fees to drop by 10%, but they will still be high due to increasing demand.

If you don't want to pay a lot, either use LN, or convert bitcoin to another coin if you have the ability to do it cheap, but if you do that you'll probably miss the bull run. Either way the problem is not going to fix itself.

[Eternad]

Everything is going towards the fact that the cryptoindustry is moving in the direction of a bullish trend and it may turn out that a bearish trend will have to wait a long time. And as the price increases, the commission (transactions fee) will also increase.

That's the important thing that people are forgetting. They think they'll hold their money in exchange or a casino because they don't want to pay $50 in fees, but when ETF gets approved and we go into a FOMO rally, your fees aren't going to drop. If anything, they're going to come up. Even if they ban ordinals, but we enter into a bull run, you can expect fees to drop by 10%, but they will still be high due to increasing demand.

If you don't want to pay a lot, either use LN, or convert bitcoin to another coin if you have the ability to do it cheap, but if you do that you'll probably miss the bull run. Either way the problem is not going to fix itself.

Yes transaction is destined to go high since the fiat value of Bitcoin is increasing while the fee is always in Bitcoin value. The only problem is the abnormal rate of fee increase right now due to the ordinals spam which will be much lesser fee now even with bullish trend if there’s no spam in the blockchain network.

Remember that there’s a lot of blockchain alternative alternatives already which means the volume of transactions is already distributed on different networks compared before when only few blockchain available which most people use the Bitcoin network to send transactions.

[Fivestar4everMVP]

the problem of high bitcoin fees is not too much of a problem for online casinos considering that they have quite a lot of money in their vaults and which they can use to compensate a little to reduce the fees that will be charged to gamblers when making withdrawals. but the problem is that for gamblers who want to make deposits, it is best for them to use altcoins which have smaller fees.

and this is my reason why i prefer using litecoin compared to bitcoin when gambling, because the fees for using litecoin are much less than with bitcoin and the waiting time is much shorter.

Well, I agree wit you, but then it's important to know that not very casino will want to spend extra of their money when processing customers withdrawal requests, possibly because, the extra amount they are going to include could be seen as their own loss, this can be possible mostly with smaller casinos that are still struggling to start making enough profit for themselves.

But for the bigger casinos, what you said it correct, atleast I know this for the fact that I was withdrawing from stake some time last week, and stake charged my around $4 worth of bitcoin as my withdrawal fees which I paid, but when I checked the transaction details on the blockchain Explorer, I discovered that stake actually spent $23 or there about for the transaction fee, which made the transaction to get confirmation in less than 5 minutes.

What I did advice every one who find the ways really difficult to pay is for them to avoid bitcoin transactions at the moment, possibly and hopefully, as time goes on, the fees may return back to being fairer than it currently is.

[uneng]

The bad thing is we're not yet in bullish season, Bitcoin price haven't even reach the previous ATH, so you can imagine how expensive is the transaction fees if Bitcoin can break to $100K mark.

I think the bull season has already began. ATH doesn't happen overnight. It's a long lasting process which may take several months until its peak. The bull season isn't composed only by ATH, just like the bearish season isn't composed only by the dip.

Costs of transactions once BTC hit a new ATH may not be so expensive like now if there will be more miners and powerful machines involved on the process of running transactions. The problem is the congestion we are facing. There is a high demand of transactions on the network and not enough miners on the other way to resolve those transactions.

As the demands increases profitability of the business, it's likely soon enough there will be more miners venturing themselves on Bitcoin blockchain network*.

*Miners don't solely mine new BTC coins, they also keep the ecosystem running smoothly by solving transactions' codes in real time.

There's always an exchange that charge higher or lower than Binance, I believe there's a small exchange can offer cheap withdrawal fee, but it's worth to risk most of your coins only to save for ten or twenty bucks? I don't think so.

Yes, you are right. It's not worthful to use unknown services just for lower fees reasons. At same time, you can always keep your coins inside your personal wallet, so you will decide how much to pay for your transaction, accordingly to the currently market's prices, instead of being forced to pay an exorbitant fee by an exchange.

[asyakashi]

In my opinion, this is quite normal, because transaction fees are determined by how many transaction processes are carried out on the blockchain, and if you don't want to incur large transaction fees, I suggest looking for a site that accepts other cryptocurrencies, you will see the comparison directly.