High bitcoin transaction fees

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Last post made 6 years ago by bongo
Gambinobit
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  • Greetings Lcb members , was just curious to see what you guys think of the ridiculous mining fees for bitcoin transactions at the moment and would appreciate any tips or suggestions from you folk who have figured out a way around it or at least reduce the fee by a great deal and still managing to get the transaction mined and confirmed in a decent time frame, I have tried reducing the miners fee on wallets like block-chain info but the transaction either doesn't get confirmed or only gets confirmed four days to a week later , they say the fee should be reduced when the lightning network is up and running or if the block chain becomes less congested as it is currently which I do not see happening , what are thoughts, hints and tips on this issue ? idea

  • Hi Lambo, you may wish to look into some sites that offer other crypto currencies.  Some of the alternative cryptocurrencies sites accept include Bitcoin Cash, Monero, Litecoin, Dogecoin, Dash, etc... Most of these may be good alternatives to depositing in bitcoin as transaction fees are lower.  Many casinos that only offered bitcoin deposits have been expanding their number of deposit options.  A friend of mine will deposit in an alternative crypto currency (alt-coin) or via an "old fashioned" credit card.  Then when he withdraws, he does it in bitcoin to a wallet that has lower outgoing transaction fees.  Look into localbitcoins.com as your wallet.  They send out single large transactions with a lower cost of fee per user.  In other words their outgoing fees are split between multiple users.  They do have an incoming transaction fee too though, but it works great for some people that are processing a lot of smaller transactions of under 5 mbtc each.  Check mbitcasino as they just added 3 crypto currencies in addition to bitcoin a few days ago.

    Rated:

    5/ 5

  • Yes, localbitcoin and paxful also have their transactions sent in bulk and everyone pays a bit more reasonable, but it is still high.  If you go with litecoin or similar, some places try and send it back the same as they got it (i.e. ethereum for ethereum)  but from my exp. as long as its not a first or maybe second transaction for you they don't care.  If you're into poker americas card room just opened up for like 60 altcoins a month or so ago. As far as trading btc for anything else, coinbase will swap in and out for ethereum and i don't think its a fee.  But the only other legit site ive ever used for that is shapeshift, they seem to be on the up and up when i used them. I had to get re verified everywhere because i haven't used a credit card for anything since around 2010, so yeah it sucks.  Oh and i learned this the hard way, but if you are going to set your own fee you can check somewhere like https:/ /bitcoin fees.earn . com/ that will show you the average fee and how many confirmed / unconfirmed and average time it is taking.  Some days you can short the mess out of it and it gets picked up.  Other days its not gonna happen.  Good luck

  • ....as of this post

    "The fastest and cheapest transaction fee is currently 440 satoshis/byte, shown in green at the top.
    For the median transaction size of 226 bytes, this results in a fee of 99,440 satoshis."

    (around 14us)

    from the tracker

  • Thanks for the advice and useful info guys , I managed to send out 10$ worth of bitcoin to cryptogames using my Blockchaininfo hot wallet where I set my own customized fee which worked out to be only 1.45 euro in fees , the wallet sent the btc out , I thought it would never get confirmed but to my surprise it did after 4 days of sending it so that was relief , I also find myself transacting more with ether these days as the fee is fair and transactions are confirmed normally within 15 minuets from sending , but very few sites that I play at accept ether deposits but I am sure that will change soon 

  • I think superior and 24 VIP are using like a wallet you deposit once in and can pull from it to a bunch of casinos off the chain so there is only one fee from you to the casino wallet. I know that's not a good explanation but I barely read the email and can't find it.

  • I think you can pretty much move the Bitcoin around from here to there as long as it  "isn't"  in  a  wallet without incurring a fee.   I know I have sent  some from one casino to another and back again  fee-free,  so to speak.  Personally I like to use the wallets as  little as possible specifically  because of the fees  unless I'm storing the Bitcoin.  

    3.8/ 5

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