Bitcoin Deposit Fees for Online Casinos: How to Calculate Them?
Ever since cryptocurrencies became big, online casinos have been working hard on introducing some of them as standard deposit and withdrawal methods. That’s because cryptos turned out to be quite useful as they are fast, secure, reliable, and affordable. We’d like to dwell on the affordable part for a while.
The most popular cryptocurrency at the moment is Bitcoin. The majority of casino deposits and withdrawals nowadays take place in BTC, and there’s a good reason for that — Bitcoin offers great security, and the fees are really low — lower compared to any other method used for making online transactions.
There’s just one thing that some people don’t like — fees change. The way fees are calculated depends on many things, but the most important one is how much your transaction takes up in bytes. Let’s explain this a little better.
Whenever you want to make a deposit to play USA online slots and other casino games in an online casino that accepts BTC payments, your transaction will take up some hardware space. This is usually expressed in bytes, which are the basic unit of space. Bytes form megabytes, which then form gigabytes, then terabytes, and more. The point is: a byte is a very small amount, but that’s simply how a transaction in BTC are recorded. Bigger transactions occupy more bytes.
The next thing is to multiply it by the median byte size, which is basically the average size of a transaction happening on the Bitcoin network. This often changes, so make sure to check it out. The result will be in satoshis, and you’ll have to divide it by 100 million to get the answer in BTC. The last step is to convert it to USD, and you’ll be able to learn your current fee.
The real question here is: is it worth it? Bitcoin fees are so small that you won’t even notice them. However, if you still want to know how much you’ll lose in the process, we advise you to use one of the many great online calculators that will do the grunt work for you. If you’re into maths, you can also use the formula and calculate the fees yourself.
If you want to use BTC to make online deposits and withdrawals from gambling platforms, make sure to check out our best online casino for slots. As it turns out, the platform featured on that page accepts Bitcoin and awards bonuses to players who decide to use “digital gold.”