Post
Topic
Board Gambling discussion
Re: BTC getting too expensive to gamble with
by
rdbase
on 29/05/2019, 20:19:08 UTC
as for me there is no any difference what kind of cryptocurrency you use for gambling. yes, BTC costs a lot but also your rewards will be in BTC.
If you tink btc costs a lot of you then you can set it to bits, satoshi or mbtc in this way it will turn into lower value though all are same but unit will be less then bitcoinI mean they are smaller units.
He was probably mentioning about the transaction fee for Bitcoin. A few weeks back, the average cost of transaction used to be somewhere between $0.10 and $0.30. Now this has gone up by almost 10 times, to $3.00 per transaction. And in case the bull run continues for the next couple of months, then we can expect the fee to touch $10.00 per transaction.
This is the main reason which is why I prefer to use ethereum or litecoin to deposit on to sites where I place bets on. The amount of bitcoin to pay for the transaction fee is quite high and then you also will need to pay for the withdrawal fee when you want to remove your winnings from the site. So you are spending quite a bit to transfer back and forth if it was in bitcoin.
Litecoin has their miners fee at $0.02 last time I did a transaction about a month ago and ethereum around $0.09 which I did just this morning.
So the fees paid in using bitcoin is just too high for some to justify in using it to send to their favorite gambling site.