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BTC Deposit question

Discussion in 'Payment Processing Issues' started by weesie, Nov 6, 2017.

    Nov 6, 2017
  1. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop
    Hi,

    Not sure this is the best place for this question so CM can move it if need be.

    The fees are borderline ridiculous to get a deposit through.

    Yesterday, out of $50, I saw $42.72 end up in my account.

    More that 10%.

    I assume the casino has to pay a fee to receive the btc.

    Is anyone willing to give me an idea of what those fees amount to?

    Are the "miners" raking it in from both parties?

    And if the casinos fees are minimal, (less than the more than 10% we are getting hosed)

    can't they see their way clear to perhaps offset our losses a bit?

    Say, meet us half way?

    Thanks!
     
  2. Nov 7, 2017
  3. rena35

    rena35 Senior Member

    Occupation:
    writing/poetry
    Location:
    cyber space
    I for one have been done depositing for a while now. Just get tired of the same out come. As far as bitcoin is concerned, after yesterdays fees i will not be using them again. I think it is insane to only get 11 bucks and change from $20 deposit. If i knew ahead of time i would have never tried them. I found out later fees can vary as much as $4.99 no matter what you deposit. Fee to buy and fee to send...as you said, ridiculous. Is it worth it? Up to each individual player to decide. I really hope someone can answer your question. I would sure like to know myself.
     
  4. Nov 7, 2017
  5. 4048

    4048 Experienced Member

    Occupation:
    Site manager
    Location:
    Malta
    If some casinos take over 40% of the deposit as fees I can understand why others can have deposit bonuses of 100% up to 100€/1BTC.
     
  6. Nov 7, 2017
  7. adamtheaddict

    adamtheaddict Senior Member

    Occupation:
    fruits
    Location:
    Kent
    This time next year.

    "Deposit just £10 and we will give you £5 cash and £5 bonus funds. Thats a total of £10 to play with!"
     
  8. Nov 7, 2017
  9. L&L-Jan

    L&L-Jan Affiliate Manager for Accredited Casinos

    Occupation:
    Affiliate Manager
    Location:
    Malta
    Hi,

    We are currently rolling out BTC and you can use them at YakoCasino.
    However, we do not support BTC as a currency on the platform or within our games. This means you setup an account in your preferred currency: eur, gbp, nok, sek, zar, inr, chf or dollar.
    From there you can start a deposit where during the deposit process the current exchange rates for bitcoins will be requested and clearly displayed. When you complete your deposit you have paid with BTC but will receive the displayed exchange rate as funds on your account.

    A withdrawal works in the same way.

    Perhaps thats interesting for you?

    There is a 2,5% deposit fee for this payment processor.

    Kr.
     
  10. Nov 7, 2017
  11. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop

    Hi,

    Thank you for your reply. I think there are some casinos that actually "play"

    in "btc" currency but that is not really my question.

    The last line of your statement, I think, does address my question.

    """There is a 2.5% fee for accepting "btc" as funds.

    Is that just the casino policy or an actual fee (paid to btc) that the casino pays

    to receive each transaction?
     
  12. Nov 7, 2017
  13. Deanna

    Deanna Senior Member

    Occupation:
    Administrative
    Location:
    Ohio
    It's funny you brought this up, I just noticed really last week that it seemed like the price to deposit SKYROCKETED. I am almost 100 percent sure I didn't used to pay over $4 for a $30 deposit. It really pissed me off realizing it. The weird thing was earlier in the week there was a major slow down in the bitcoin payout process and the deposit process. My payout took almost a day to get confirmed and my deposits were taking HOURS. Then when it finally speeded up all of a sudden I was getting charged out the nose for my deposits. Maybe I'm crazy and it was like that all along but I don't think so.
     
  14. Nov 7, 2017
  15. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop

    Yes, I agree!

    It is the reason for my post. I mean, if the casinos are getting the btc deposits

    with no fees, and we are getting hosed for our deposits, I think it would

    be nice if they would at least meet us half way. A player could always take

    a deposit bonus to offset the fees but then you have wagering reqs.,

    which many times are beyond ridiculous. Nine times out of ten, I won't

    take a deposit bonus because of wagering. Even at 3 Dice, some of my

    deposit bonuses are as low as 5x but still near impossible to clear.

    I guess I am just looking for a way past this current state of thievery

    from the btc miners. Or, at least a bit of compassion from the casinos!
     
  16. Nov 7, 2017
  17. Nightfly

    Nightfly Experienced Member

    Occupation:
    Disabled
    Location:
    Somewhere USA
    I agree that the fees are ridiculous. Last week I purchased $35 for bitcoin. I was charged a $2 fee. And when I sent the balance to the casino for a deposit I was charged another $3 fee. Then the casino charged me a $2 fee. So I was left with $28 That'a 20% in fees. Not worth it.
     
  18. Nov 8, 2017
  19. L&L-Jan

    L&L-Jan Affiliate Manager for Accredited Casinos

    Occupation:
    Affiliate Manager
    Location:
    Malta
    Our policy in general is: No Fees! We take all the costs for processing withdrawals and accepting deposits.

    Unfortunately some solutions are pretty expensive which force us to make the decision to apply a small fee.

    Kr.
     
  20. Nov 8, 2017
  21. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop
    Me again,

    I think I've hit my breaking point as far as these "thieves" are concerned.

    This morning it cost me $10 to get $22 into my poker account at Intertops!

    Seriously! Bought $32.00, figured I'd get hosed for about $7 of it..... but nooooo

    I got $22 applied to my account.

    Legal thievery !!!
     
  22. Nov 8, 2017
  23. alexking12k

    alexking12k Experienced Member

    Occupation:
    Commodities trader
    Location:
    Los Angeles, CA
    TBH, I gave up on expecting any kind of compassion from the casinos. When I do play, I just eat the fees and forget about them. Trying to get a casino to give a player a break is almost like giving medicine to a dead person. It sucks, I know! :(
     
  24. Nov 8, 2017
  25. alexking12k

    alexking12k Experienced Member

    Occupation:
    Commodities trader
    Location:
    Los Angeles, CA
    If you would waive the fees you would more than make up for the additional costs through the increase in business. Food for thought.
     
  26. Nov 8, 2017
  27. L&L-Jan

    L&L-Jan Affiliate Manager for Accredited Casinos

    Occupation:
    Affiliate Manager
    Location:
    Malta
    Of course, I understand you fully, thats not the case. But these fees are in no comparison with fees applied by other e-wallets or by any card processor.

    I wish they were competitive but for now it's different.

    On the bright side: There are casinos that do offer payment methods you prefer to use!

    Kr.
     
  28. Nov 8, 2017
  29. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop
    If only! I am in the U.S.A.......... our choices are severely limited.

    And even if they do have a bank card/credit card deposit option, many, many

    banks will not process the transactions and flags them as fraud.

    Then also withdrawals are just as bad..... the bank issues (again) and then

    the checks, via snail mail, are often not accepted by our banks either.

    I have been an online player for just under 20 years..... jumped through the hoops,

    bent over backwards and offered up first born son (kidding)

    We have run out of options and were hoping btc was a way to play.

    And it is.......... if we don't mind getting raped in the process.
     
  30. Nov 16, 2017
  31. cheetahwind

    cheetahwind Dormant account

    Occupation:
    Wind Blade Maker
    Location:
    Iowa
    The main reason for the price hike was because of a recent clog created by the miners.

    The miners chase profits, well over the week an alternate coin over BTC actually become more profitable. Leaving the main bit coin chain without much processing power. Therefore the price of sending a transaction go uber expensive. So we now have well over 60,000 unconfirmed transactions floating around in the blockchain. Compared to the usual 2,000 to 20,000 transactions. So it's creating a "fee" war to see who can pay the highest fee to get there transaction confirmed first.

    At one point during the weekend people were paying $21 just to send a transaction. As of the writing the fee is back to around $4 to $5. Yet it was crazy seeing the money people were chucking just to get a transaction across the network.
     

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