Gambling sites and current transactions fee

[Mate2237]

This transaction fee issue is really affecting everyone in everywhere. And the way I am seeing it from here, exchanges are charging more than even the non custodial wallet transaction. Today I was thinking of the gambling sites how they are managing with this high fee era. Or is it the gambler who won the game would pay for the transaction fee or the site and definitely the is the person who is withdrawing. And that will affect them badly.

As a gambler there is no way you can keep or hodle your funds in the gambling site until the transaction fee would come back to normalcy. It will not be easy for that, and gambling can use it to play game until everything would be exhausted.

[PX-Z]

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.

Stop sending funds from your binance account to any casino sites directly if you care your binance account. Sooner or later that account will be disabled once detected. Also, it's commonly known that sending BTC from binance is not recommended due to its high withdrawal fee, unless you don't have a choice.

[Webetcoins]

Due to the increase in Bitcoin transaction fees, the exchange platforms are charging extra fees and they treated it as a opportunity, I can say that their business is now making maximum profit. This is not the case only with Bitcoin. Yesterday when I was doing a stable coin USDT transaction I saw that instead of 1 USDT they were charging 1.5 USDT for withdrawal for my sportsbook. I wonder where ordinary investors will go if this is how their trading profit begins. In the current situation, I suspect that there is no chance for these transaction fees to decrease, but they will continue to increase as Bitcoin's popularity increases. At the same time, the dominance of BRC tokens will prevent Bitcoin from normalizing.

I think exchanges are always like that. Even before, their charges are already high, so I am not shock with it anymore. Good thing I rarely make a transaction, so I'm not totally bothered with it. In what chain/network did you use by the way when you make a USDT withdrawal? If it's on ETH, it's also not surprising but others might still be doing fine. With the implementation of BRC tokens, it may help BTC even became more popular.

It's a good and bad thing at the same time I guess? We already know why. But we shouldn't feel bad on the other side because there might still be a solution to these problems we are facing now. We only need patience.

[piebeyb]

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.

Stop sending funds from your binance account to any casino sites directly if you care your binance account. Sooner or later that account will be disabled once detected. Also, it's commonly known that sending BTC from binance is not recommended due to its high withdrawal fee, unless you don't have a choice.

So far what I know is that transaction fees are not determined from Binance but from a network that is very full so transaction fees rise because they are busy, logically I also never send funds from Binance to a gambling account because I'm afraid it will be a problem even though maybe many do, but I prefer to send money from my crypto wallet to my casino usually using altcoins with cheaper transaction fees.

There are several alternatives that can be used for transactions, you don't have to look for expensive ones, after all, there are lots of crypto payments in casinos, not just bitcoin or ethereum, which are currently still quite expensive in terms of transaction fees, except Litecoin with cheaper fees or other altcoins. So don't make things complicated because there are definitely other options to use other cryptos.

[Agbamoni]

This transaction fee issue is really affecting everyone in everywhere. And the way I am seeing it from here, exchanges are charging more than even the non custodial wallet transaction. Today I was thinking of the gambling sites how they are managing with this high fee era. Or is it the gambler who won the game would pay for the transaction fee or the site and definitely the is the person who is withdrawing. And that will affect them badly.

As a gambler there is no way you can keep or hodle your funds in the gambling site until the transaction fee would come back to normalcy. It will not be easy for that, and gambling can use it to play game until everything would be exhausted.

In the agreement, it is their responsibility to take charge of the transaction fee. But currently, some gambling platforms will split the fee with you. This means whenever you want to make a withdrawal they will take some percentage from the money you are withdrawing and add it with their own to cover for the transaction fees. However, only a few persons currently are withdrawing and depositing using BTC. Since we know that the transaction fees are high then we should avoid depositing or withdrawing with BTC. There are other methods for making payment, we should start to use them now. I think that is the best solution.

[iv4n]

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.

Stop sending funds from your binance account to any casino sites directly if you care your binance account. Sooner or later that account will be disabled once detected. Also, it's commonly known that sending BTC from binance is not recommended due to its high withdrawal fee, unless you don't have a choice.

Binance offers more chains, so you just need a casino that has more chains as well, and in my knowledge BC.Games have a wide choice of available chains. So there are ways to avoid high fees... I don't use Binance anymore (since they introduced mandatory KYC), so I don't know their rules now, but I had many transfers between Binance-Casinos and vice versa and I never had any problems with that. That was back then, as I said maybe they have some more strict rules about that now.

High transaction fees are nothing new, happened before and will happen in the future... that's why I like some alts and I like to use them, low fees and fast transactions are what we actually love in crypto!

[bitvalak]

This increase occurs every time there is a bull run, I think it is natural because the dollar valuation follows the market.
But if the bitcoin unit does not change. This mechanism has been formed automatically.
However, unfortunately there are some exchangers who deliberately mark up transaction fees.
They take advantage of the momentum when there is a bull run to increase transaction costs which are sometimes crazy.

In my opinion, the most appropriate solution is to use another cheaper network or convert into another form of altcoin so that we can reduce transaction costs.
I prefer to hold my money on gambling sites until sufficient total funds have been collected, then I will move it to the exchanger. I don't really care about transaction fees when I have more than enough money to withdraw.

[PX-Z]

So far what I know is that transaction fees are not determined from Binance but from a network that is very full so transaction fees rise because they are busy,

No, AFAIK it's fixed. I remember the very first fees they charge is 0.0003 BTC but that was few years ago already, until it become 0.0005 BTC, and now it increases again.

[panganib999]

Too much trouble. You'd literally not only be wasting time but also be wasting the profits you would've accumulated by letting your money sit inside the exchange till the transaction's a little less hefty. Not to mention the dangers that CEXs have posed in the past security-wise to its users. You could fall victim to a targeted scam/hack attack against the CEX itself and if you're not working with a reputable exchange like Binance you're fucked royally cause they'd probably won't pay you back the money that was stolen.

I suggest dealing with in-house currencies instead. Most gambling sites with crypto features have such anyway, and deposit just enough money to jumpstart your bankroll and nothing else. That way you can easily withdraw your money out since casinos have that feature anyway, and then at the same time use that same capability to secure your assets without being charged hefty transaction fees cause you're using an in-house crypto anyway.

[Quidat]

So far what I know is that transaction fees are not determined from Binance but from a network that is very full so transaction fees rise because they are busy,

No, AFAIK it's fixed. I remember the very first fees they charge is 0.0003 BTC but that was few years ago already, until it become 0.0005 BTC, and now it increases again.

Depends on a certain site, in stake they do have that fixed fee but it do changed up overtime basing up on the current price of Bitcoin but in most cases neither  the network does have that
clear or having that traffic the fee would really be just the same. Basing into my own experience on which there are sites which does have that kind of dynamic kind of fees when it comes to withdrawal on which they would really be basing up with the current market condition and wont really be paying up came from their own pockets because we know that once that the network
would be congested then expect for those high fees and if ever that they would be having that free fee withdrawal then that would really still cost some expense on their side
so it would be just normal to have that dynamic.

[Westinhome]

This increase occurs every time there is a bull run, I think it is natural because the dollar valuation follows the market.
But if the bitcoin unit does not change. This mechanism has been formed automatically.
However, unfortunately there are some exchangers who deliberately mark up transaction fees.
They take advantage of the momentum when there is a bull run to increase transaction costs which are sometimes crazy.

In my opinion, the most appropriate solution is to use another cheaper network or convert into another form of altcoin so that we can reduce transaction costs.
I prefer to hold my money on gambling sites until sufficient total funds have been collected, then I will move it to the exchanger. I don't really care about transaction fees when I have more than enough money to withdraw.

The transaction fee for the bitcoin was become the huge amount because of the current demand of the bitcoin is high.This allow the trader to buy the bitcoin at any price or with any transaction fee.Because bitcoin will give you more profit,even if you buy at the high transaction fee.The gamblers should use the other coin like litecoin,Binance Smart Chain for the gambling to get the coin to the gambling site with less transaction fee.The OP should change his mind of using the bitcoin alone in the gambling site,he should learn to use of the other coins in the gambling site and easy to withdraw with less transaction fee at the end.

[dimonstration]

The transaction fee for the bitcoin was become the huge amount because of the current demand of the bitcoin is high.This allow the trader to buy the bitcoin at any price or with any transaction fee.Because bitcoin will give you more profit,even if you buy at the high transaction fee.

This is not true. Bitcoin fee is not high as recent surcharge even before during the ATH unlike now and it’s because to the Ordinals inscription. People paying huge fee just to create an BRC20 NFT like tokens by inscription on a satoshi. This spam the network with high fee and not the demand for buying Bitcoin since Bitcoin trading usually done internally on exchange not on-chain.

The gamblers should use the other coin like litecoin,Binance Smart Chain for the gambling to get the coin to the gambling site with less transaction fee.The OP should change his mind of using the bitcoin alone in the gambling site,he should learn to use of the other coins in the gambling site and easy to withdraw with less transaction fee at the end.

I believed most of the gambler is already altcoin even before the transaction fee spike since casino offers multiple currencies. Mixer business is the industry that affected most by this high fee and not casino that has multiple currencies option.

[BABY SHOES]

Gambling sites are not in trouble because they are ready to accept bitcoin deposits, but the burden is on users because they have to spend more transaction fees, let alone withdraw them from the exchange, it is clear that it will be higher than the fees in the mempool, so if there is bitcoin there it is better to hold back and choose other options such as altcoins that provide cheaper transactions, now even many gamblers on alternative coins than bitcoin.

I think the transaction congestion caused by the booming ordinal could be due to the ongoing hype until now, not only that the ordinal is now in several altcoins following the existing trend, so it will be very difficult to wait for transaction fees to return to normal.
We don't know the exact time that bitcoin transactions will normalize and be around $1.

[Hispo]

Actually, if there is something I have noticed from Stake, is the fact they have decided to give priority to their gamblers and users overall, and do not increase much the withdrawal fees for all of us, though, they still want people to be able to withdraw as fast a possible though. It is quite admirable how Stake as a business is going through some sacrifices so their gamblers wont suffer from the high fees. 

On the other hand, I am aware exchanges are a very different story and case, I have seen exchanges where it has become impossible to withdraw small amounts because the fees themselves are higher than what would wish to withdraw, which is obviously ridiculous.
If anyone here wanted my opinion or advise on what to do in this situations, I would say it is constructive to use alternative coins to withdraw from exchanges to our personal wallets, instead using Bitcoin or Ethereum. Monero and Litecoin are very effective to save money in those situations. Hopefully all this situation with fess will be temporary and we won't continue to talk about this very into the incoming year 2024.

[PX-Z]

So far what I know is that transaction fees are not determined from Binance but from a network that is very full so transaction fees rise because they are busy,

No, AFAIK it's fixed. I remember the very first fees they charge is 0.0003 BTC but that was few years ago already, until it become 0.0005 BTC, and now it increases again.

Depends on a certain site, in stake they do have that fixed fee but it do changed up overtime basing up on the current price of Bitcoin but in most cases neither  the network does have that
clear or having that traffic the fee would really be just the same.

Yes, but most exchange has fixed withdrawal fee which is the one OP is talking. Good thing in gambling sites, most of them have dynamic fees that system and auto adjust depends on network status, the instant withdrawal that ask for higher fee and by batch but could be sent later. Never had a problem of withdrawals in gambling since then.

[samcrypto]

The only fee that you will pay on a gambling site is the withdrawal fee, and this vary on every site.
If you are having a hard time dealing with the fees, then why not us the other option to gamble like USDT, LTC and DOGE as their fees remains cheap despite of the increase on their traffic. Bitcoin fees and ETH fees remains the problem to many, I’m wondering if we can still solve this kind of issue.

[AmoreJaz]

The only fee that you will pay on a gambling site is the withdrawal fee, and this vary on every site.
If you are having a hard time dealing with the fees, then why not us the other option to gamble like USDT, LTC and DOGE as their fees remains cheap despite of the increase on their traffic. Bitcoin fees and ETH fees remains the problem to many, I’m wondering if we can still solve this kind of issue.

that is the immediate resolution on this matter. use alts with cheaper fees, there are so many options now as casinos and bookies are adding other payment methods to cover all level of their players. as btc tx fee is indeed expensive these days, it is not practical to use this top coin if you are just a small time roller.

on this regard, you can check the casino about their min deposit/withdrawal as well as their corresponding fees. some are offering dynamic fees (which you can opt for slow to fast transaction) or static fees.

this is only a matter of preference, if you do want to continue to play btc, then you need to accept the fact that it is currently having high tx fees. otherwise, look for other alts to suffice your requirements.

[johnsaributua]

I prefer to store on altcoins or stable coins on cex such as binance, it is better to deduct $0.3-0.5 for each internal transaction between fellow cex users and my friends, because it is very effective to only bear the shipping costs, it can still be pressed again, for example by using trx, ltc, shibba inu and also doge, it is quite cheap for me.

Bitcoin for me is better saved for the future because of its good potential and performance, even though both need money and I choose other media, of course I only separate daily needs with long-term investment goals. Lightning is among the solutions for alternative bitcoin transactions, however, if it is agreed and accustomed to bitcoin it is still an option with patience. I'm just used to depositing a web in the cheapest, easiest way even though the end result is that my cryptocurency runs out

[Richbased]

This transaction fee issue is really affecting everyone in everywhere. And the way I am seeing it from here, exchanges are charging more than even the non custodial wallet transaction. Today I was thinking of the gambling sites how they are managing with this high fee era. Or is it the gambler who won the game would pay for the transaction fee or the site and definitely the is the person who is withdrawing. And that will affect them badly.

As a gambler there is no way you can keep or hodle your funds in the gambling site until the transaction fee would come back to normalcy. It will not be easy for that, and gambling can use it to play game until everything would be exhausted.

The high transactions fee is really a big barrier because if someone wins a bet and withdraw his money then before you will convert it in exchanges will require some transactions fee which before your funds can be withdrawable, you must have lost some part of the money to exchanges but i think that in regards to withdrawing money won from betting companies/sites, they are to be responsible for the fees to be paid for withdrawing from their site to ones account or address. Definitely, no gambler can leave their funds in their gambling wallet except they still have intention of using all the money to place more bets.

[terciduk123]

The transaction fees of Bitcoin and the Ethereum network (ERC20) are quite high and unfriendly for traders and gamblers with little money.
I myself currently prefer gambling sites/casinos that accept some Altcoins that have cheap transaction fees like Stellar, XRP and Doge, so transaction costs are no longer a problem.