There are many ways to promote bitcoin. You can watch this video ( https://youtu.be/qzwf1AQxqM0) of mine to learn more on several ways in which you can contribute to the promotion of bitcoin. I hope the video is helpful because making it was like building Rome (Rome was not built in a day).😁😁 I'll be very grateful if you can list more ways so we all can have something we can do to support the growth of bitcoin. Thanks a lot for promoting bitcoin. Yea, that reminds me; you can make bitcoin arts too and publicise them. |
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Bets and investments differ from one another and I have never seen Bitcoin as something we just bet. On the one hand investing is betting because you place a money bet on rising prices, but this is still different from normal gambling. Gambling means taking risks while having negative expectation values, while investing means taking risks while having positive expectation values.  Lol, this is a pretty complicated comment. Gambling means taking risks while having negative expectation values, while investing means taking risks while having positive expectation values Don't take my response personal but I think you got this all wrong by saying that. According to Wikipedia, Gambling (also known as betting) is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome, with the primary intent of winning money or material goods. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. To me, betting is a form of gambling. Don't make them look like two different things. Also, bitcoin can be considered to fall into the definition above. Yes, you can call it gambling if you want, but my point in creating this thread is that the risk involved in investing in bitcoin isn't as high as that involved in betting whose result are gotten in minutes (short term betting. E.g football betting). |
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My elder brother who lives in Italy thinks investing in Cryptocurrency is a form of betting, so he had to sell off his bitcoin late December 2017, he made good profit, last year when bitcoin was pumping, he regretted not buying again, he wanted to give me money to help him buy and monitor the trade, since he has a bad notion of bitcoin, I rejected his offer because he wouldn't consider the event of bitcoin correction. In betting you can loss all your money when the odds are against you, but in bitcoin your money can't just be totally loss.
Honestly, I don't really seem to understand why you rejected his offer. Even though he had a bad notion of bitcoin, people change. About 2 years ago, my friend was sending me bitcoin links and I still remember what I replied him. I told him that I'm not interested in all these online stuffs. 2 years later, here I am on the bitcointalk forum doing exactly what I said I won't do (cause I never understood it when the message came first). So people actually change. |
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This. Nice point, OP. You really cleared up the difference between the two words.
Gambling is simply just earn from the money you thrown or you'll lose even the money you throw.
In investing, you either earn from the one you invested or you lose a bit of what you had invested. You can still recover from your losses in investing. In gambling, it is gonna be 2x harder to get back to your feet.
Exactly! And the funny thing about trying to get your money back from a lost betting is that you could just end up losing repetitively. I've been there before 😉 |
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Your siblings must read stories about some investors who bought Bitcoin in 2017 at ATH thinking the price would reach 50K but are disappointed after the massive dump that follows the ATH thus a lot of them lose their investment therefore resorted to blackmailing Bitcoin and attributing it to betting and gambling of course which is not true.
It is really sad to say that those people buys bitcoin when it is at ATH is really gain so much losses and it is kind og big losses because when the year of 2018 comes the bitcoin suddenly dump and that would be really one of the bad happenings that comes to them and also to the market. This probably says that investing and gambling or betting is just almost the same because on investing you don't know when the price will pump or dump so it is just like in gambling in which you are not sure if you will win or lose or the money will come back again to you. If you say that it's the investing in bitcoin and betting are almost the same thing then I'll say that bitcoin is a more secured and unique way of betting. Why? Well, whether the price will dump or pump, one thing is for sure i.e you cannot lose your bitcoin. The quantity you have remains the same; it can never reduce. Even though the price fluctuates, it cannot dump to zero. Summarily, Investing $100 (for example) in bitcoin is risky, yes, but not like betting with $100. I believe that was explanatory enough. |
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You should have asked your sibling why he thinks bitcoin is a betting so that you will have an idea why his perspective is like that. The guy probably have heard it somewhere on the web that bitcoin is like that and he don't really understand the whole point of it.
Nah. He didn't hear that somewhere. He beloved in crypto but he just sees investing in crypto to be that way. However he believes it isn't much of an issue to me provided he believes in crypto and has earned from it. |
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Going through the above comments, I noticed several comments saying that investing becomes gambling when you don't have an idea. Let me explain this too. If anyone (with or without experience) buys bitcoin of $10k, he doesn't lose all the money. It's not about being smart. The worst thing that can happen to a newbie who buys $10k worth of bitcoin is that the worth could drop but then, he cannot lose all. So, whether you know how to invest or not, buying $10k worth of bitcoin, you cannot lose all of that. After all, the price doesn't increase based on who bought it.
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unless you keep depositing and playing with the hope of winning. Which could result in the loss of hundreds of thousands of dollars...😅 Investing the same amount in BTC can turn your $10k into $1k but you'll still have the same amount of BTC in your wallet and the investment will still be worth something at any point. If after you've lost $10k through betting you wait an year, the $10k will still be lost forever. The investment, however, could turn from a loss into a profit after the same timeframe passed.  Thanks a lot for understanding the idea behind what I'm saying. Betting is far more risky than buying bitcoin. Pretty far. Right now, I can't bet with up-to 10$ but I can invest 100 times of that in bitcoin. |
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what they talk about is the price. why they sometimes say that bitcoin is a big risk investment because the price can make you lose, even worse than betting.
imagine, when you hold back $ 10,000, and suddenly you see the price is only $ 1000, it makes you feel a big loss because you're not ready. It's different from betting, you won't be surprised by the results, because you're ready. although this is different but has the same thing. if you make a move without any information, you can say that you only bet on the bitcoin investment.
Like, the answer is obvious. Tell me, when your 10,000$ turns to 1,000$ and when your 10,000$ got lost in a 3 minutes betting, which is preferable? See, try to get my point. You can risk 10,000$ buying bitcoin but you can stake 10,000$ on a bet (considering you could lose it all in a few seconds or minutes). |
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Lol. Maybe you don't get what I'm saying. Let me try to be more elaborate. Like you said; let's say you purchased it at 20K
Now it is less than 10K for years, you lost over half your investment You lost over half.... Right? Cool. Now here's the question; Do you lose over half or all when you're betting? You obviously lose all. You said bitcoin can fall to zero? Well, you should understand that it can never happen within seconds, hours, day, weeks, or even months. Bitcoin would take a long time if it's price is going down. It cannot be sudden. And once you see those red warnings, you could simply sell off and lose a little. Unlike betting in which you can lose even 10,000$ in a few minutes. |
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I don't really understand why people see bitcoin as betting. That's what most people believe; they have this mindset that investing in bitcoin is more like playing a bet. But is that true? Capital NO!
I had a conversation with two of my siblings who both know that I'm into cryptocurrency. The older one was asking how much he would earn if he invested about 1,500$ worth of bitcoin. (Tho, I gave him a good explanation that it doesn't work that way). But then, my other sibling was saying that bitcoin is more like betting. Well, I ended up proving my point and here's it:
Betting is risky and so is investing in bitcoin. However, there's a big bridge between them. When you bet, your money is highly at stake than when you invest in bitcoin. This is because when you bet and lose, YOU LOSE ALL YOU STAKED. On the other hand, YOU CAN NEVER LOSE ALL IF YOU INVEST IN BITCOIN. Bitcoin can't just fall to zero. That's impossible. Tho it may need a long growth for one to gain, it should never be compared with betting (in terms of risk).
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Love scam. I wonder how people still fall for that. I have this friend of mine who doesn't believe in anyone he meets online. This is because he know the kind of scam that goes on online today. Not just with this new scheme; as new technologies come up, scammers advance. My advice to everyone is that you should not trust anyone who you meet online. Never trust them!
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BTW, What progress is happening in your country?
In our country, Bitcoin is already legalized and for years I don't see any development to it. Scams all over the country are not uncommon and to be honest, even common lines of scammers are still effective here. That is the reason why a lot of people do not want to use or even invest in cryptocurrencies. even common lines of scammers are still effective here. Woah! This is pretty bad. I mean, this is more serious than I was thinking. And with the case that their lines are still effectively remembered there, there will be a very slow rate of adoption. Well, for the first time I don't have an idea to counter an issue. |
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I feel very inspired right now. I just came across a video in which there's a Bitcoin ATM in the country! I feel so glad to see how Bitcoin is getting adopted. This proves that after all, our promotion of bitcoin is helping in spreading the news. And we aren't planning to stop the promotion anytime; we're even planning to hold more seminars to help people know about bitcoin. Now, one of the advantages of this Bitcoin ATM is that anyone who doesn't know what Bitcoin is and sees it would ask what the machine is used for, and from there, it just keeps spreading!!! Watch the video here to see how it works. BTW, What progress is happening in your country? If none then try doing more in favour of bitcoin (for countries that find bitcoin legal). I don't really see it as adoption, it's more like enabling the Nigerians to get some BTC in an easier manner. A little but sweet development for BTC in your country, and I'm happy to know you've now got an option to purchase and sell in a physical way. It is just the beggining maybe we cannot literally say that it was an adoption, if more and more people become aware about bitcoin they will probably try to buy some of it and maybe share the news with their friends or in social media. In this case we can generate mass adoption and finally if more and more people buy bitcoins to the price of bitcoin will go up. Lol, it is actually the beginning. However, it is adoption. You can't find a bitcoin ATM in a country that isn't adopting bitcoin. I don't know if you're getting my point. Also, this is just the beginning; there's more to happen. |
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Here in India, we are waiting for courts judgement against RBI's banking ban, hopefully it comes positive and will pave a way for adoption!
I heard about this. Don't worry, I just have this thought that once everything is settled, you all will be glad cause it will come out positively. |
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This is a great one for the bitcoin community at large and also a good innovation in your country. How has the reception been so far this innovation has been implemented? Also have you used the machine yet or anticipating to use it soon. I'll also like you to share how your experience was when you use it. A big part of the bitcoin supporters are yet to experience how a bitcoin ATM works due to their country bitcoin regulation and economy and are looking forward to experiencing it in other countries or hopefully things changes in their country in regards to the current bitcoin policy they have.
Actually, I haven't used it yet; still anticipating. However, the ATM location is distant from my exact location (maybe an 8 hours drive). But if I get to use it in any way, I'll still give a review based on what I experienced. |
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Congratulation, nice achievement 😁
In my country we already have several Bitcoin ATM and recently state owned Post started deal with one private company.
They are offering now crypto exchange in all main post offices in the country 😁
Also, our merchants can use now app and accept payments in btc.
We are going forward!
Wow! That's cool if you'd ask me. Well, I never knew about bitcoin ATMs let alone know that some countries have "several" of them. |
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Lol, your perspective tho. However, it is clearly adoption because if it is not being adopted by the people in the country, why then would someone bring a Bitcoin ATM?
Well, I believe that an analysis was done and observing that people are moving into cryptocurrency, hence the step was taken.
I've probably used the wrong words and made it look like I see this new ATM installment as a negative thing. My bad. What I meant is that I wish there were more merchants working on implementing Bitcoin rather than installing ATMs. As I've posted earlier today in another thread, ATMs usually take significant % as fees, especially for withdrawals, which is a huge drawback especially for a not-so-good economy like Nigeria's. I've looked up the ATM but I can't seem to find the % it takes for Buy & Sell at the moment, if you could find this information it would be awesome. Just wanted to compare the % to those I find in my country and around Europe. The high % for withdrawals makes it very inconvenient for the poorer investors to sell their BTC, because they'll look (and I think everyone will, not just them) to maximize the total sum they'll end up with in their pockets. Hence, I'm thinking the economically disadvantaged countries such as Nigeria and Venezuela need a way to handle BTC with a % as close to 0 as possible. One way to do this is going for online exchanges. On the other side though, it just came into my mind that ATMs can be used to sell BTC when you're in an emergency.. so it's got both advantages and disadvantages. My apologies for the words used. It seems that I fuck up my statements due to the words I use way more often than I should. That's not an issue, I've been there before. I guess your pount happens to be more explanatory than earlier. Thanks! |
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I'm from India and we're having a case filed between two big organizations - RBI (Reserve Bank of India) and IAMAI (Internet And Mobile Association of India) about the legality and regulatory status of BTC. It has taken around 3 years already for them to decide whether or not to allow the banks to deal with those who own or deal in cryptocurrencies, I'm eagerly waiting for some day when I'll see my country having lots of BTC ATMs where I will be able to convert my BTC and withdraw my fiat without the need of any mediator or even a buyer.  Haha, I have this positive feeling that the decision that'll be taken would be a positive one (allowing banks to deal with users that operate with bitcoin). Just someday, it'll be legal and you and other Indians would experience more of the blockchain technology! 😉 |
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