How large a bitcoin network transaction fee are you willing to pay?

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Dec 15, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    With the bitcoin block size debate still raging on and the average price of sending a bitcoin transaction jumping to about $0.12 cents in the past couple of years, I'm curious to know how much online gamblers on this forum would be willing to pay to use the btc network before they move to a cheaper option like Litecoin or maybe revert to using a credit card or bank wire?
  2. Smug Satoshi

    Smug Satoshi Member

    I only make one large deposit or payout a month so i'd be happy to pay a couple of dollars per transaction to completely circumvent the U.S. banking system. It's still cheap compared to the 5% per deposit I was paying when I used a credit or debit card.
  3. Gooch

    Gooch Member

    I'd have no problem paying a couple of dollars per transaction and probably a lot more of I'm being honest to fund my betting accounts. Obviously I wouldn't be willing to pay those fees if I'm using bitcoin to buy a latte or book a hotel room.
  4. BeastyBoy

    BeastyBoy Member

    Right now I pay about 20 cent per deposit, regardless of how large it is. Before I discovered bitcoin I was paying between 5% and 7% of the total amount every time I deposited at a bookie. Over the past 10 years I reckon I've paid over a thousand dollars in credit card charges so bitcoin fees are pretty minuscule in comparison.
  5. NKOTB

    NKOTB Member

    Providing sportsbooks and poker rooms process payouts and deposits for free, I would still use bitcoin even if the fee was $3 or $4 dollars to use the network.
  6. Humble Servant

    Humble Servant Active Member Staff Member

    The Alpha version the lightening network was released a couple of weeks ago. If this new payment layer is successful, it should completely eliminate fees.

  7. Tommy82

    Tommy82 Member

    I'd have no problem paying 5 bucks for instant and anonymous transactions. Right now I'm paying about 25 cent which is heavenly.
  8. SuckIt

    SuckIt Member

    In a couple of years transactions on bitcoin blockchain will probably cost over $20 since it will just be the settlement layer for the Lightening Network. Since you will do most of your transactions for free on the Lightening Network, the occasional large settlement payment to the base protocol will not be a big problem.
  9. uglymug

    uglymug Member

    Last week I paid $3 to transfer a couple of hundred. While still cheap it has gone up by about 300% in the last year in my estimation.
  10. Humble Servant

    Humble Servant Active Member Staff Member

    Thankfully the backlog of transactions has nearly cleared and many payments are now getting confirmed within an hour with only a 50 cent fee.
  11. Dara

    Dara Member

    It now costs 56 cent to get into the second block. I wonder will this just once the NFL season starts next month. It's probably a good idea to deposit into your betting account now to avoid delays.

  12. Humble Servant

    Humble Servant Active Member Staff Member

    SegWit will activate on the bitcoin network this week and will enable Lightning Network transactions to sportsbooks, casinos and poker rooms. These transactions will be instant and virtually free. The first versions of Lightning Network wallets are likely to appear shorty after activation.
  13. EthHead

    EthHead Member

    does anyone know why coinbase, blockchain and bitpay haven't added support for cheaper segwit transactions yet? weren't they the ones trying to fork the network a few months ago because they said the transaction costs were too high?
  14. Humble Servant

    Humble Servant Active Member Staff Member

    No, Coinbase, and BitPay seem to be playing political games by refusing to add SegWit in order to pump Bcash. The good news is the Lightning Network will be released soon and you can even try it now in test mode
  15. PokerGod

    PokerGod Member

    i don't foresee transactions every getting too high again because the lightning network will act as a pressure valve. people will continue to make on-chain transactions but when the blocks get congested and prices rise, more and more people will start switching to lightning network wallets for faster and cheaper transactions.
  16. Lance

    Lance Member

    A bitcoin whale moved quarter of a billion dollars yesterday for just $3.80. There is no need to over pay.

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