Bitcoin Forum

When I first came across is particularly statement (crypto is just like gambling) i was like those this person really know what he or she is saying. But  after given that statement some thought I came to understand that there is truth in the statement. Because if not for the money that we can earn from cryptocurrency investment I don't think many us would want to use it for transactions which is the primary use that was first mentioned by the invented. So Less face reality because many of us are into crypto because of the money we can earn from it after a long term holding, we are not into crypto for the primary purpose it was invented for which is transacting with it.

Less focus on countries and cooperate entities that have adopted cryptocurrency, seeing it from my angle they didn't just adopt cryptocurrency  because they want to use it for the primary purpose it was invented for, rather they adopted it because of the money they can earn from the investment, because aside that I don't think cooperate entities and countries will even have interest in setting up a bitcoin reserve just as they doing now.

So what are your thoughts on this matter, do you guys see crypto as something that is just like gambling or something else? Remember cryptocurrency involved buying and holding assets for long term till it increases in value and then you sell and take profits, while on the other hand it involves trading crypto assets in the crypto market, by buying and selling assets frequently within a short period of time either in a minute, an hour or a day to make profits.
So less dive into discussion you replies and contributions are valid.

The governments and institutions are mainly focusing on bitcoin and a bit of altcoins like ether. Bitcoin is not like the memecoins and other altcoins that are easily pumped and dumped like what is happening as usual to altcoins. Bitcoin is also getting to all-time high, unlike altcoins. Surprisingly ether did not get to all-time high this season and far low from its all-time high. It is good to differentiate between bitcoin and altcoins.

Bitcoin is more of a store of value if you can hold it for a long time. Altcoins are more of gambling.

To understand this, you need to understand the classification of crypto. There is one crypto which is Bitcoin. You cannot compare Bitcoin to gambling, because it is constantly increasing in value and creating new ATHs. Governments of different countries or various organizations in the world are watching Bitcoin.

Another is Altcoin, which is a copy of Bitcoin. Although Altcoin cannot pump value regularly, it is somewhat reliable and it does not depend entirely on luck, but it is investable in the long term.

But if you talk about Memecoin or Shitcoin, then I would say it is completely dependent on luck and it is not investable in the long term. Rather, you can buy and hold in the short term and if luck helps you will make a lot of profit, but most of the time you will lose. So you can compare it to gambling.

Not all cryptos are the same and not all cryptos are like gambling.

I understand that not all cryptocurrency are the same, but saying that not all cryptocurrency are gambling is what I can't concur to. I will like to ask you just three questions. First  question if you place money on a trade  what is it called. Second question what is the primary aim  Satoshi Nakamoto invented crypto for? Last question are you really investing in crypto because of the primary aim it was invented for or you are investing because you can earn money from it for long term? @shadiq please answer sincerely.

When you talk about crypto, hope you know you're not talking about just one thing, there are several classifications of crypto just like a user already stated above. There's Bitcoin and there are altcoins, and even in Bitcoin, there are those who indulge in day to day trading, in other words called the short term traders/investors, and there are also the long term Bitcoin investors, these are the the actual investors. Now, when you say crypto is just like gambling, I'll agree with you on one part and disagree on the other. The part I'll agree is when you specifically say bitcoin trading or altcoin investment is equivalent to gambling, I'll agree with you 100% but when it comes to Bitcoin Investment (long term) it is nothing like gambling.

What makes trading and other forms of crypto investment seem like gambling is the volatility and inconsistencies of the market. Yes, the market is very volatile and unpredictable and attempting to predict the outcome of the market within the short term (Bitcoin or altcoin) is purely gambling because there are pretty much higher chances of losses. But considering the longer trajectory of the asset gives you a more clearer outlook on the performance and direction of the asset (Bitcoin).

First of all, I could boldly say that you are wrong on what you just said above, because these cooperate entities did not invest in Bitcoin because of what they could earned from it, but rather the privilege it offers to give them full control over their assets without the influence of third parties like the government or banks. While secondly, these entities invested in Bitcoin because of it's ability to stand as an edge to inflation over time.

Crypto, and most especially Bitcoin investment is not gambling, because though investing in altcoin or meme coins could result to lost or funds, but when it comes to Bitcoin in particular, it can't be referred as gambling at anytime, because it is an asset with strong reputation, of which if it falls in value today, it will always rise back, inasmuch as you do not rough to selling your coin because of the fear of the unknown.

Cryptocurrency and gambling are distinct and different entities from each other though they share some similarities. Cryptocurrency is a digital currency usually invested on by individuals with the aim of a return which at the end always ends up with a return. While on the other hand gambling or betting is an activity with very high form of uncertainty of having a return.
Crypto investment is usually accepted and encouraged by several countries as well as companies as it boost their revenues as a company making them have multiple streams of returns instead of just putting their funds in the  banks and hold for long without returns. Crypto investment markets fluctuates at times but there is always hope of it going back up which promises a better return on your investment. But gambling on the other hand is a try your luck thing with very high uncertainties of having a return  

My thought is,bitcoin is not like gambling.You can refer other digital asset in the crypto space to as gambling but not bitcoin.The reason why shitcoins are likened to gambling is because their outcome aren't certain unlike bitcoin that keeps introducing new ATH.Op are you referring all cryptos to as gambling because they aren't used for payment or what, because I still don't get that part that bitcoin is used because of it's store of value.The adoption of Bitcoin doesn't rely solely on its value for long-term investment, but also on its use as a means of active trading among merchants globally.

You can make mistakes in crypto when you are not properly informed, making money in crypto is a step by step process... people treat it as gambling when they buy memecoins with less than a hundred dollars and hope to get rich the next day, looking at it this way is actually gambling but crypto has rules that can put you on the safer side..this is why people are encouraged to their research first before going into it

The OP is not wrong afterall, maybe you misunderstood the context of what he said. He's actually saying that countries and cooperate entities are all investing in bitcoin for store of value and the profit they can make from it in the long run while the sole purpose of inventing bitcoin has been neglected which is about using it as an alternative means of payments through decentralize medium unlike traditional banks that its transactions are centralized and visible to the government which gives them the privilege to invade in people's transactions and regulate them on how to use their own money but bitcoin offers privacy and limitless transactions while the banks has limited transactions you can transact with in a day. However, it is true that those cooperate companies and countries also invest in bitcoin for self custody of their assets and also to save it from inflation that have been affecting the FIAT currency over the years.

Some crypto assets are to be seen more as gambling token because of how their future tends to be, a speculative future that you’re still wondering whether the token will succeed in the long time or not, when trading such tokens, it’ll make one refer to crypto as gambling. With the way bitcoin has evolved over the years since the time of its inception, one cannot want to argue so much about it being seen as a gamble coin or even a gamble investment. History keeps repeating itself and thereby putting Bitcoin in a very conducive option when it comes to investment in cryptocurrencies.

Trading may be seen by some people as gamble also because you’re the one deciding where you think the  outcome of the trade will be, and when you are able to predict it well, you can win big in it or otherwise lose your money. Trading involves high skills, so I want categorize it as such because it has helped in many ways that makes it a dependable option for those that have the right knowledge about it. To my own understanding, trading should only be referred to as gambling if the trader has no knowledge of trading and risking to see if he can predict the market well. That pure gambling without trading knowledge and it should be avoided.

This first paragraph of yours the more I give efforts to comprehend it the more you get me more confused. Are you talking about bitcoin in this post or it's about cryptocurrencies? Because you talk cryptocurrency and same time mention Satoshi Nakamoto, meanwhile cryptocurrency could mean all crypto coins including bitcoin. Is your post about bitcoin particularly as been referred to as just like gambling or about cryptocurrencies as gambling. Because that's exactly what altcoins are like but not bitcoin. So bro, there is a difference.

maybe you got confused and didn't comprehend what i was trying to sell because I mentioned Satoshi Nakamoto and bitcoin, the post have been edited I have removed Satoshi Nakamoto and bitcoin so go back and read again I we be wetting for your reply again.

I also agree in that there is very thin line in between trading and gambling and it all depends on the intention and the understanding of the perpetrator. For instance, to make a clear distinction, being put money on and hoping for gains while not having grounds for this in reality, that person is actually gambling and not trading. If someone is aware of market structure, risk analysis and capital management, this already belongs to the area of skills. As with any coin, Bitcoin also has quite a long history behind it and so we don’t take to it the same as newly emerging coins from time to time that are often fashioned just to catch a trend. This world is all about differentiating between they things of value and they are nothing but speculation. I don’t believe the problem lies in the crypto, I believe the issue lays with how people deal with it.

I want to agree with you on this fact since there's no guarantee about the outcome, all we do is to invest with the hope of getting a good return in the future that's to show that we aren't sure about the outcome yet, just as it is when one is gambling after staking all we do is to hope firmly and if para venture the outcome didn't work as expected all we do is to panick and then Walk away or we try once more. But i think bitcoin investment need to be treat differently because I have never heard anyone complaining about losing his hard earned money in bitcoin investment except those guys who weren't patient enough to HODL thier bitcoin in the Long run due to one reason or the other, aside from this all the stories that I have heard so far about bitcoin are all good so In that case I think bitcoin need to be considered differently.

I was expecting that your thread will go e us a detailed explanation of the relationship between crypto and gambling as your topic implies I don't personally believe that crypto and gambling are thesame things because the difference is much because gambling involves one putting hopes on events that are beyond your control as the probability of you making a return is low crypto currency is not so because in crypto you are at liberty to sell when you like or you can hold on to your crypto assets when the market is not in a good shape due to volatility of the market so comparing gambling and crypto is one thing that I find it hard to believe

If you are talking about the first cryptocurrency which is BTC is not like gambling op, because there is no way you will hodl BTC for more than four years the price will not pump higher for you not to earn massive profits from BTC. But there are some cryptocurrencies you will invest your money hoping to earn good profit when the price pump higher, than to experience what gamblers use to experience from gambling when they gamble wrongly.

You can test BTC, ETH, BNB and Sola to invest for you to believe that crypto are not like gambling, because you will get the result you deserve when you apply long time hodling.

That makes a lot of sense, but if you talk about liberty to sell when you like, this is almost the same with cashing out when you're giving the opportunity to do so but in some cases a gambler can decide to hold on to it till the end. However, I'm also disputing on the fact that crypto is just like gambling, because there's no relationship between the both, regardless to the fact that there's no guarantee about the outcome we get while investing in crypto currency but even as that we shouldn't be considering the both as one, crypto investment does not have any relationship with gambling. Just as @ Agbe said that you would have give a detailed explanation for us to be well convinced about what you said regarding this fact ( crypto is just like gambling)

First of all you said you can opt out of a game if given the opportunity to cashout which is the clear difference between trading and gambling. In trading the power is in your hand to actually take profit whenever you like and possibly end the trade self before it gets starting. During the time of loss you can put your stop loss at just anywhere this helps you trade with large capital still been able to minimize your loss but with gambling you will lose certainly everything in a single bet.

As for investment and not knowing what is the outcome, with historical data and trends it is 75% clear that bitcoin increases and grows if it is actually held for long, the only investment that lacks clarity is investing in Altcoins. Trading that is close to gambling is trading preps without prior knowledge because it is clearly gambling

Investing in shitcoin and altcoins is gambling, there is no doubt about it. However, investing in bitcoin and hodli for a long term isn't gambling because from the price history of bitcoin, it shows that the price increases overtime. Bitcoin is currently a store of value and an edge against inflation because it's the opposite of fiat. Crypto is a vague word, therefore, be specific about the coin that you are talking about so that we can be on the same page.

You first need to find out why you should avoid comparing crypto to gambling, then you need to consider why you should spend time and money here compared to other investments. These two financial issues should be separated where there is a possibility of giving you high profits and the possibility of losing money. Just as new investors are more inclined to make money than to be fair to themselves, new gamblers are in the same position to make money.

The risk of losing money in gambling is almost 100% if you keep losing and the chances of recovering it are very low/the chances of getting your money back are very low. When investing in cryptocurrency, you are pouring capital in the hope of making a profit which can be uncertain if there is no fairness in the crypto selection process. Wrong advice and investment decisions given by others can lead to money loss in the long run. Strong investment management and a determination to hold on for the long term can provide high profits.

The truth is everyone can choose to believe or agree on Whatever they like that seems okay or convincing to them, people approach Bitcoin differently and what I mean by this is that some people gamble or trade Bitcoin because they feel they can and they feel that is the best for them while some people invest in Bitcoin and hold for years because they also feel and think that is the best way for them so either ways they are both correct with their definitions but what matters is the result they are getting at the end of everything, so yes Bitcoin can be seen as gambling because it is trade able.

You've said well dear, that was what I intended to respond to the OP when I first came across this thread, Crypto I'd a general word for all Cryptocurrencies be it Bitcoin, Alts and memecoins, so I expect that the OP should've been specific instead of generalizing that Crypto is just like gambling, Bitcoin is never like gambling and shouldn't be compared to it.

 Now back to the OP. Well, Satoshi's intention in the early days was to create and alternative to the fiat currency that's decentralized but along the line Bitcoin has evolved past that idea and now mostly used as a stored of value, anyways that doesn't warrant anyone to think it's compared to gamble because it's mostly used as a store of value than an alternative to the fiat currency.

I dropped a thread on this sometime ago, and my point was:
The concept of crypto is based on predictive models.

Let’s take an example to make it a bit more relatable. There are some transactions you ought to do, but because you’re expecting the price of coins to rise or drop, you hold on and delay them. The worst part is, this outcome you’re expecting is totally not up to you.So what are you doing at that point,observation, prediction, management
So, what that simply means is you’re gambling with time, knowledge, and expectations, maybe a higher level of gambling sha then i can agree with that but the main thing is the market is not solely determined by you.
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The good thing I took out of those arguments, anyway, was the fact crypto can be understood over time. A pattern can be observed, and that makes it a bit better than others like football or racing games.

You and whoever you derived the idea from are wrong. The misconception didn't start from crypto, but traditional trading in its widest sense. In the end, a sensible person will know that trading is not gambling, but still, you can gamble while thinking you are trading. The same goes for crypto while thinking you are trading/investing in it.

In a nutshell, your expertise in handling the two distinguishes you from being a gambler.