New Rules Concerning Bitcoin Network Fees

    March 26, 2018 | Bitcoin Bitcoin Network Fees

    A Change In the Bitcoin Withdrawal Policy

    [updated March 27, 2018]
     

    1. Players have 1 free withdrawal every 2 weeks (given 0.005 BTC deposit histories).

    2. After the ‘1 free withdrawal’, players will pay transaction fees closer to direct market value. As of March 27th, 2018, the transaction fee is reduced to 0.0001 BTC (time of publish, $0.86 USD).

    3. Once a withdrawal is approved by Nitrogen, it will show as ‘Approved/Sent’ on the Cashier Page for at most, 60 minutes. After 60 minutes, players will no longer be able to cancel a withdrawal request. Your transaction should then be fininalized and tracked on the Blockchain.

     
    We think this will enable a dynamic transaction structure that can work for both the player and for Nitrogen.

    This is far from the only time we have had to amend our withdrawal process to conform to Bitcoin network demands. On December 14th, we released an update to our withdrawal policy designed to respond to an increase in transaction fees on the Bitcoin network.

    Bitcoin was in the midst of yet another ‘defining’ moment as miner fees per transaction skyrocketed, forcing Bitcoin ecommerce innovators to adapt in a quickly evolving environment.

    The following Blockchain.info data chart illustrates fee volume on the Bitcoin network over the past year.

    Bitcoin Network Fee Volume

    Source: blockchain.info

    The Bitcoin price spike in December somewhat coincided with an increase in transaction fees, of which before the 14th, Nitrogen paid in full on all withdrawals.

    On the 14th, we tried to stem the tide by implementing a new policy that gave players one free withdrawal per week (given 0.005 BTC deposit histories), and a small fee of 0.001 BTC for extra withdrawals. We fully intended for this to be the solution moving forward as Bitcoin works to solve its block size issue.

    But as many of you know, the network can dramatically throw best-laid plans out of sync in short spans of time.

    We also want to note that free withdrawals are very important to us. It’s one of the core principles from which we were able to build the world’s best crypto-only sportsbook, casino and bitcoin poker platform.

    We are always going to try to find a way to ensure our players have at least one free withdrawal option. Our teams are working on ways to help us get back to the days when players were able to seamlessly transact on the Bitcoin network. Both cheap and easy. We miss those days and we want to get back to that.

    We know this is extremely frustrating. We don’t feel great about having to temporarily pause one of our best selling points because of network restrictions that fall beyond our control.

    Thank you for the support you have shown us over the years and please don’t hesitate to communicate with our teams via chat, ticket, email or social if you have any further questions.

    Nitrogen Sports.
     
    safe. anonymous. the future of betting

    Despite the recent change to our withdrawal policy, we are still safe and anonymous — and that won’t be changing anytime soon.

    If you want to learn more about Bitcoin: its anonymity, brief history, and uses, browse through our published guides on the blog.

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