Cryptocurrency and Gambling

[Adbitco]

To break it down, gambling can be considered as a game of probability which a user might stand a chance to win or not, at the process of betting on the gambling site they used cryptocurrency to funds their account. Cryptocurrency offers and covers a wide range of services which is the number one key today that enables us to make payment so easily, conveniently and also help in quick withdrawal and fast delivery.

Cryptocurrency other hand usually being taken for investment, and if anyone invested on a project that has no solid team and strong use cases can stand a chance to lose his investment. So this could be why most people sees it as gambling.

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[ajiz138]

It's true gambling and cryptocurrency aren't the same, but have a good relationship. For example, if you invest in any crypto then you don't know where it would go. It would dump or pump. Same when you gamble, you don't know exactly what is going to happen. Isn't similar? On gambling, you are going to win big or lose everything. But in crypto, there will exist what you bought in tokens or coins. Doesn't matter value is less in fiat. When you are going to invest in a brand new project then it's fully gambling with your funds. The project would scam you or you may make some money.

My understanding of Cryptocurrency and Gambling, when gambling if you lose the money will not come back again but if you buy a coin and the price goes down there is an expectation that it will rise again and can make a profit so for me this is clearly different even though there are some assumptions (maybe people who doesn't know) Cryptocurrency and Gambling are the same for me they don't have a deep understanding of the real crypto.

There was even someone who asked me about crypto which is considered gambling because they think negative things while he himself has never done anything in crypto including investing in it, so I explained and now they understand the difference between crypto and gambling even though in they have in common.

[Stalker22]

Although I am no expert in gambling, I have been involved with Bitcoin for quite some time. It is definitely not a matter of luck for me. Bitcoin is unlike any other form of payment ever used before. It is a peer-to-peer payment network, meaning that no central authority or middlemen are required to verify any transactions. No banks, no clearing houses, just individuals sending value directly to one another. It is a completely decentralized system, and no single person or organization has control over it. Bitcoin is also a deflationary currency, which means that it has the potential to appreciate in value over time. The number of bitcoins that will ever be created is finite, and this creates an economic incentive for people to invest in the system.

Now, how does this have anything to do with gambling?

[GideonGono]

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

I know some people who consider trading as gambling since they  have zero knowledge on that field,
And I feel the same way if I were on their place imagine putting up your money and waiting for the result if you would gain or lose it,
Doesn't even know what would happen next they would just base it on what they would hear or read.

[Daltonik]

With the advent of the blockchain, the creation of a gambling platform became only a matter of time and the first online casino SatoshiDice appeared, in any case, it is considered so, the main advantage of which was the evidence of the bet. Well, with the appearance on the market of companies (providers) of developers of games on the blockchain Microgaming, Netent, Endorphina and Pragmatic Play and developers of blockchain platforms and engines of sites Betconstruct, Casexe, Everymatrix, Softswiss and TruePlay, this segment of online casinos has turned into a global one. however, if earlier it was just fun where you could stay incognito. now verification completely excludes any kind of anonymity, well, or playing on dubious gambling platforms.

[gunhell16]

It is both accessible but they are still different in the method of obtaining how to earn here in crypto trading. Because primarily trading here in cryptocurrency does not rely on luck unlike online gambling in crypto which cannot be without luck for you to win the game of gambling.

Moreover, crypto trading requires an understanding of chart reading on any exchange you will use as a trader. And it is not possible to not know about trading. Unlike gambling, even if you are a newbie or a first-timer, you can earn a lot if you find luck in this game.

[CryptoYar]

Neither gambling nor crypto is the issue, but greed. In greed of earning more profit, they lose their own money.

For instance, you have bought a token in a bull market that you were supposed to sell for profit and you were in profit after a few days or weeks. but you hold didn't sell it so that you can more profit, and then suddenly, the bad news starts coming out one after the other and the crypto market starts falling and you get fed up with all this and sell that token at a loss.

In gambling, when someone wins, he/she keeps playing in an attempt to win more. This ultimately results in them losing he/she lose his own money.

[Nrcewker]

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

Make people understand that cryptos are basically an asset and it’s majorly like an investment. Like you invest in Gold and forex, similarly you buy Bitcoins and invest on them.
If we see straight, then there are some risks in doing all these investments, and people compare it as gambling. It’s not their fault to interpret like this. What we can do is just make them understand and teach them how this works.
If they understand it thoroughly, then definitely they will know the difference.

[TheUltraElite]

There is a lot of confusion and mismatch in the OP's post,

Cryptocurrency are a type of currency meant for transacting. Gambling is a game of chance. Like we have Forex, a specific crypto can be exchanged for other crypto or fiat making it a speculative market where people are buying/selling. When this trading becomes a risk vs reward game, it tends to become a gamble.

Crypto is not unpredictable, its price is. How the market reacts to news is unpredictable. After all its a currency whose price in terms of fiat gets fixed by the traders.

Just because apples and oranges are both made of carbon and round in shape does not make them the same thing.

[virasog]

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

There is no link between Gambling and cryptocurrency. Gambling was there when there was no crypto and people used fiat money to gamble. Even today there are many online and offline casinos where you can play with fiat. Cryptocurrencies just made it easier to deposit and gamble.
Just like crypto helps fast, cheap, and effortless transactions, many businesses can adopt crypto payment and can get a lot of benefits.

[Darker45]

A huge portion of cryptocurrency is indeed like gambling. When you invest in unknown altcoins with low market caps hoping that their prices would x50 or x100 soon, that's risky and is indeed gambling. It's even almost pointless to take a look at their fundamentals. At least that's as far as altcoin history is concerned. So you're probably just taking the chance. Of course, it is a different case with Bitcoin, although at this point in time you really to have a good amount of patience.

[Cryptmuster]

A huge portion of cryptocurrency is indeed like gambling. When you invest in unknown altcoins with low market caps hoping that their prices would x50 or x100 soon, that's risky and is indeed gambling. It's even almost pointless to take a look at their fundamentals. At least that's as far as altcoin history is concerned. So you're probably just taking the chance. Of course, it is a different case with Bitcoin, although at this point in time you really to have a good amount of patience.

To some extent, there really is a connection here, since there is the possibility of manipulating coins with low capitalization, and I also think everyone has heard about dubious results in gambling. But in the case of bitcoin, this is very difficult to do, and I don’t know if there is such an opportunity in gambling with a long-term investment in something, so that in the end it could bring the same income as bitcoin can, and so that the risks of such profits are comparable...

[GreatArkansas]

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.
(.....)

I think this is a very common misunderstanding when it comes to cryptocurrency.
They must think that the use of cryptocurrency will depend not on cryptocurrency itself, it is the same with fiat, if they are telling cryptocurrency is gambling, then fiat must also do.
It's where people using the cryptocurrency matter.

[Stalker22]

A huge portion of cryptocurrency is indeed like gambling. When you invest in unknown altcoins with low market caps hoping that their prices would x50 or x100 soon, that's risky and is indeed gambling. It's even almost pointless to take a look at their fundamentals. At least that's as far as altcoin history is concerned.
~

I disagree. Gambling and cryptocurrency investments, while both speculative in nature include very different kinds of risk. In gambling, every casino game or a slot has pre-defined odds, so in theory you can calculate your chance of winning, but the final outcome is unpredictable and is still a matter of luck. With cryptocurrency, the odds are unknown but you can still determine the probability of different outcomes, making it more like speculative investing or educated guessing than gambling. If we have sufficient knowledge about the coin's team members, their partnership status and roadmap details, etc., then over time a pattern or trend might emerge which will give you an idea about their viability as an investment option. True, this will take a lot of research and analysis. But unlike gambling there is no "cosmic force" that determines the outcome - it depends solely on the work you put into it. At the end of the day, it is all about how much research you do and what strategies you use to determine your investment decisions.

[Leviathan.007]

This is an old topic of discussion to talk about the relation between bitcoin and gambling and how these two help each other, years ago bitcoin creation of bitcoin there were people who were interested in gambling and they had to use physical casinos for that or that had to use the fiat currencies to use online casinos also the casinos had to registers a legal company in any country this was a limit for them because they could get clients from some nations while after bitcoin people from all over the world can these their services also they have fewer issues with regulations.

[Darker45]

A huge portion of cryptocurrency is indeed like gambling. When you invest in unknown altcoins with low market caps hoping that their prices would x50 or x100 soon, that's risky and is indeed gambling. It's even almost pointless to take a look at their fundamentals. At least that's as far as altcoin history is concerned.
~

I disagree. Gambling and cryptocurrency investments, while both speculative in nature include very different kinds of risk. In gambling, every casino game or a slot has pre-defined odds, so in theory you can calculate your chance of winning, but the final outcome is unpredictable and is still a matter of luck. With cryptocurrency, the odds are unknown but you can still determine the probability of different outcomes, making it more like speculative investing or educated guessing than gambling. If we have sufficient knowledge about the coin's team members, their partnership status and roadmap details, etc., then over time a pattern or trend might emerge which will give you an idea about their viability as an investment option. True, this will take a lot of research and analysis. But unlike gambling there is no "cosmic force" that determines the outcome - it depends solely on the work you put into it. At the end of the day, it is all about how much research you do and what strategies you use to determine your investment decisions.

Like doesn't mean they're completely similar. Surely, they have differences. But they, too, have similarities.

At this particular point in cryptocurrency's development, it is probably naïve to believe that knowing a project's team members, partnerships, roadmaps, and so on would somehow provide you some foresight as to its future. The short history of altcoin projects would provide us convincing amount of proofs that they don't really matter in the end. A meme coin launched by less popular developers could turn out successful while a serious project with known experts behind its development could not even survive for long.

I think it's not anymore the amount of research that you make. It doesn't even matter if they have a sound whitepaper or if they have fulfilled what they've promised in their roadmaps. It doesn't anymore matter whether they're lying through their teeth when they claim decentralization. Everything seems to be just a matter of luck or sudden yet quick hype now.

[Slow death]

Cryptocurrencies are definitely different things from gambling. cryptocurrencies are currencies, and an investment, the person does technical and fundamental analysis and then decides to buy the currency, in the investment that the person makes in the cryptocurrency, the person does not lose all money even when the cryptocurrency drops a lot, the person still has the option to use stop - loss or else sell and reduce the loss. while in games of chance the person wins if he is lucky because there are only two options in the game of chance: lose or win. and many people lose money on gambling and even become addicted to gambling, but it is rare to hear that someone became addicted to investing in cryptocurrencies or that someone became addicted to day trading

Anything is a gamble as long as there's a market for it.

This is not true, investments and day trading are not like gambling, they are completely different things from gambling. you can research this, see how many billionaires are experts in making good investments and ask yourself if they are addicted to making investments and the answer you will get is that they are not addicted to making investments, now look at the case of gambling how many guys who are in the world of gambling aren't addicts? you will see that there are few! cryptocurrencies are not the same as gambling

[Blawpaw]

It's perfectly understandable for the average joe to see cryptocurrency as gambling because they miss the whole point of the technology and end up losing money. Moreover, trading cryptos is a risky business and anyone without any kind of financial knowledge of how markets work will inevitably lead to heavy losses. It is a little bit like gambling because if you do not have any control over your emotions you will certainly lose what you have and what you cannot afford to lose. The correlation here is that at one time you may win a lot of money but right after that if you do not know when to step out, you will most certainly be at a loss.

[traderethereum]

The use of crypto in gambling is the same as when people use fiat to gamble.
Fiat has another function as a medium of exchange or buying, while crypto is not yet accepted in all countries as a medium of exchange or to buy something.
So people should be able to see crypto as a tool that can be used to gamble and to trade, just like fiat is used in forex.
But sadly, the understanding of many people out there is that crypto equals gambling and this is what they should know.

[Stalker22]

~
I think it's not anymore the amount of research that you make. It doesn't even matter if they have a sound whitepaper or if they have fulfilled what they've promised in their roadmaps. It doesn't anymore matter whether they're lying through their teeth when they claim decentralization. Everything seems to be just a matter of luck or sudden yet quick hype now.

I agree that is partly due to circumstance, but I think it may also be influenced by things we simply do not know about. For example, if the project owner decides to rug pull, or the project is run by incompetent developers and/or managers, this has nothing to do with luck but only means that we do not have all the necessary information available. My point is that we cannot know for certain if a project will fail or succeed. We can only make educated guesses based on the information available to us at the time. In gambling, on the other hand, the outcome depends entirely on luck.