Bitcoin exchange fees can be excessive

Recently, I bought some Bitcoin from one of the popular exchange brokers and sent it to my favorite cassino.  The amount of Bitcoin purchased was $17.11, with a fee of $1.40, a total cost of $18.51.

The deposit amount was the minimum $10.  I was more than surprised at the fees total.

First of all, Bitcoin exchange puchase fee $1.40, casino deposit fee $2.02 for my $10 deposit and the digital currency network (the blockchain) charged me a mining fee of $4.63 to send the Bitcoin to the casino. Total fees; $8.05.  Total cost to make a $10 Bitcoin deposit; $18.05.

I have to confess that my deposit was sent at 12 noon EST, a very busy and expensive time for sending Bitcoin through the digital currency network.

So, if you decide to use Bitcoin to make a casino deposit, using an exchange, (not a wallet) remember this; 

The casino may charge a fee to accept your Bitcoin deposit.

The mining fee is calculated dynamically at the time of the transaction, so the fee may be higher or lower depending on the overall transaction volume currently on the digital currency network.   

Also, an exchange, like the one I used, usually has high priority fees set, which you cannot change and can make even a small transaction have a high fee.  

Last, on top of the casino deposit fee and the transaction or mining fee, some exchanges,  may charge their own additional fees.

A few tips; find an exchange that has lower fees. Make casino deposits at night, or on weekends when the blockchain network is less strained and fees are lower.   

The more I use Bitcoin, the more I learn!   If anyone knows other ways to save money when buying Bitcoin and sending it through an exchange...............                                                                                                                                                                   

Wow!!! That is absolutely ridiculous! I love Bitcoin but paying that much makes it not seem worth the hassel at all, right? It is two extra steps to just deposit to a casino for almost 3xs the price :( What was your former payment method and what made you change to Bitcoin... Was it worth it?

I've been using a prepaid card with just a 0.50 surcharge on the card and no casino fees.! But, this was frigin ridiculous. By the way, I didn't hit send, I'm waiting for later tonight to make that deposit, when it's suppose to be cheaper, you know, lower fees through the blockchain. And I sent an email to the casino about that $2.02 charge. I said, what the hell is that for..........

I love all my prepaid cards :) Except for the $1 fee they usually charge because I don't want to cough up the monthly $7 or whatever it is LOL What casino are you trying to send it to? I don't think that Blockchain lowers fees during certain times of the day... I think the fees may be a tad bit lower at certain times due to the price drop or rise in Bitcoin. I have never heard of a charge for depositing Bitcoin at a casino though... that is RIDICULOUS! I would recommend against depositing there because if you read the terms carefully for that casino, I am sure that you will not get instant payouts with Bitcoin... You will be charged an arm and a leg for withdrawals in Bitcoin as well, or the minimum withdrawal amount is something outrageous like $100 :( 

Here is the link for; Here's how to deal with those terribly high Bitcoin transaction fees

http://mashable.com/2017/08/28/bitcoin-transaction-fees/#4qSpA5YA3kqP

Yes, you can pay smaller fees and get away with it

Luckily, Bitcoin users aren't completely without options right now. One thing you can do is wait until the network is less strained (at night, during the weekend), which is when transaction fees will go down. 

Most of the Bitcoin trades are done during business hours, so the fees get lower at night do to less trafic on the blockchain.

The casino is one of my favorites and i've been a player there since 2009,   They don't give instant withdrawals, not even for Bitcoin, but it's never more than a 48 hour wait and there is never a fee for Bitcoin withdrawals.

i recently did a deposit for $40  and was charged  $2.25 for the miners fee, yes it was  8 pm my time

but i had to wait about 3 hours before it confirmed which is kind of long to wait....

also not sure  if you cal it a casino deposit fee , but the bitcoin amount (copied/paste)  i sent was

equal to    $47 converted.... is the extra $7 charged  the "casino deposit fee" that  you are referring to?  

 it was the first time i did a bitcoin deposit at this casino.... really not sure about that $7?

I wanted to post about exactly the same

lcb shop BTC exchanged in cubits = 16.11 EU...................... 

The $25 in Bitcoin is only 16.11 in EU?  If that's true, thats sad.......

If you ended up with $47 when you got the deposit from the casino, then you got $7 extra dollars.  I have no idea what that's about.

i was credited  $40  on the deposit  , but i sent  $47  in bitcoin (at the time, it shows on my blockchain amount sent)

i copied the amount  from deposit  page  at th same time when i copied the  crypto address ........

    i guess i was charged $7 for whatever??   

I was charged $2.02 for a $10 deposit, so your $7 fee for a $40 deposit sounds about right.

Not fair, but looks correct!

!!!

Not paying attention.

First I thought my purchase did not go through so did it twice! $60 instead of $30. Plus 2* $1.99 fee.

Then I tried to deposit $30 to a casino. Only they charged me $12.14 to send.

Which left me trying to deposit the rest, which I did. I was only able to deposit $8 because they charged $12.20

I thought the fee was related to the amount.  I am using my phone to send and have a hard time with the display and understanding.  I think I am done with the Bitcoin option for awhile.

Wow.. I will have to just  start loading my many pre paid cards I have. Same thing happened to me when I purchased 22 the other night and the network fee was 12$.  My casino deposit was 8$ too.  Lots of good info. On here. My first time checking it out. I use BTC allot so I will be back for all the great info , updates and options. Thx