Bitcoin and Gambling

[Jawhead999]

Bitcoin is a currency while gambling is an activity, that's make both of them are completely different.

There's no relation because Bitcoin is Bitcoin and gambling is gambling, if you talking about what you can afford to lose and having knowledge, this include of anything of investment e.g. gold, real estate, stock, business, etc.

I don't see any fun and entertainment during or after invest in Bitcoin.

[Lida93]

--Patience : Bitcoin investment needs patient for an investor to make profit from it,it is not a get rich quick investment. After the halving,when bitcoin ATH comes,only the patient ones will make huge profit from their investment, regardless of how much that they invested.

In investing or trading in crypto or even bitcoin irrespective of how much technical skills you might have but ones patience is missing then it's inevitable that you would be missing opportunities to grab profit as impatient may move you to wanna take the little available profit as  the delay persist, whereas just a little more patient would have done the whole magic.

Sometimes out of fear some persons cut trade as they experience a few losses not knowing they are just close to a rise in price that would have brought a good profit.

--Discipline : Investing on bitcoin needs discipline for you to be able to accumulate more coins for yourself during the bear market and hold for long,till the bull market. Some persons can't just take their mind of their savings. They easily go to their savings,if they are faced with little difficulties that they can take care of without touching their savings. It is one thing to have a savings and another thing not to temper with your savings till the appropriate time that you planned for.

Simply put, to be a good long time investor and keeping to it despite whatever challenge faced, you just need to have a strong heart. It takes one with a strong heart not to touch his savings meant for a particular project and course not to be tempered with when faced with fierce situation that demands money to go through it. As discipline is likened to having a strong heart towards issues never to deviate from initial plan.

[knowngunman]

--Patience : Bitcoin investment needs patient for an investor to make profit from it,it is not a get rich quick investment. After the halving,when bitcoin ATH comes,only the patient ones will make huge profit from their investment, regardless of how much that they invested.
  Likewise gambling, you need to be patient with your gambling activities and don't let your emotions control you and don't be greedy,so that you can easily quit the game you are losing and try again tomorrow, with the hope that tomorrow will be a lucky day.

What has patience got to do with gambling? Gambling is not an investment that one can be patient with. It solely risk and luck base. From your comparison up there it sounds as if you are mistaken crypto with Bitcoin and using both interchangeably which is absolutely wrong in this context. Gambling and crypto are not comparable in most of the points you highlighted in your post. The area they can be compared is in time of risk involved in them which is missing in your post.

[SOKO-DEKE]

It is clear to us from the risk the both gable and Bitcoin involves.so it is know when we gamble, it means that we bet with our properties or money by predicting what will happen in order to make profits. and from the rules of betting sites is either you win or lose everything you bet with. But when we are talking about Bitcoin it designed as alternative for fiat currency with store value, which make it volatile,Which make the price not to stable, that means the price of Bitcoin can increase and decrease that depend on demand. So if we invested in Bitcoin, it can only lose value but the number of your Bitcoin will it remain same and due to time it will gain back value. So with this I can say that gamble and Bitcoin have not same similarity.

[Merit.s]

OP, you are misunderstanding the basic concept of bitcoin and gambling. If you invest in bitcoin for a long term,it is for sure that you will make good profit from your investment during the bull run. This show that bitcoin is a life saver. On  gambling there is no guarantee that you will make profit from it,even when you gamble for ten years. Remember that in gambling, your loses are always more than your winnings. This makes two of them incomparable. Gambling wastes one's money but bitcoin saves our money and keep its value. Gambling is easily addicted to and it can destroy you if you don't realize it on time.

[ancafe]

From my own point of view bitcoin and gambling have some similarities in common for someone that want to partake in them. These are as follows :

This is the wrong reason to think bitcoin is the same as gambling, in an investment bitcoin is much different from gambling, you don't put money in bitcoin for fun and in my opinion this is ridiculous, gambling is more about the hope of getting a win and gambling is more likely to be unhealthy thoughts when you are addicted. In gambling you don't need patience and discipline because the nature of gambling does not have a strategy, but to invest in bitcoin you need discipline, patience, knowledge and strategy.

Another more nonsensical reason bitcoin doesn't involve people having fun and as entertainment investing, so it makes absolutely no sense associating bitcoin with gambling. In my understanding the two are very different and there is absolutely no relationship between one and the other.

[Hamza2424]

A good complied topic explaining different aspects of the terms, I am not sure if it's copy-paste or any sort of AI content because I can't guarantee any newbie coming up with such information.

Besides that Bitcoin vs Gambling a quite an interesting topic, I was trying to find out some sort of memes related to this topic because nowadays I am putting memes in my feedback to make them more attractive but nothing significant to the topic was found. Gambling is bad just that's enough to explain Bitcoin because we all know. Regarding the rest of the things about similarities and extracted features explained by OP, I have a different point of view to judge them so the ending part is happy as always in Bollywood movies "Say yes to BTC" and "No to Gambling" a clear and short message from my learnings.

[Sim_card]

Hmmm, nice contributions and thoughts. I have seen everyone's point of view on this topic and I have learnt a lot from you guys. Gambling cannot be compared to bitcoin due to it is unhealthy to man's life. Bitcoin is inflation and government resistance.
I hope no one is mad at me on this topic,I was just sharing my thought to learn more to know how risky bitcoin investment can be,but from your explanations, I got it that bitcoin has low risks and high benefits.
Gracia

[Eureka_07]

<snip>

At first, I thought that you are going to tackle about the relationship between these two terms (e.g., use of bitcoin with gambling). But you didn't. The thread shoul be better entitled as: "Bitcoin Investment vs. Gambling".
Above all, I do not find the relevance of comparing Bitcoin and Gambling. Unless you are planning to connect them.

[Dzwaafu11]

From your perspective, the distinction between bitcoin and gambling is evident. I believe you are aware that gambling is predictable, and you can be correct or wrong, but with bitcoin, you must use your intellect to anticipate how the Bitcoin price will be in the near future.Gambling allows someone to sit in one spot and decide to predict a game that he has no idea if he is correct or wrong, which could result in him losing money.

You know how long time investment has helped us for a long time in bitcoin op, which is why we still trust in and work with bitcoin who does that in gambling. I believe that rather than gambling with my money, I should use it to purchase some bitcoin, even if the quantity is little.

[alastantiger]

Bitcoin is like gambling and bitcoin is not like gambling they are both the same and at the same time very different. It is not as simplistic as saying that bitcoin and gambling at the same while gambling doesn't face as much regulation and market volatility as Bitcoin. While most people are advised to gamble as a source of entertainment on the other hand people are advised to invest in Bitcoin on a more serious note because of its future potential.

[martyns]

Hmmm, nice contributions and thoughts. I have seen everyone's point of view on this topic and I have learnt a lot from you guys. Gambling cannot be compared to bitcoin due to it is unhealthy to man's life. Bitcoin is inflation and government resistance.
I hope no one is mad at me on this topic,I was just sharing my thought to learn more to know how risky bitcoin investment can be,but from your explanations, I got it that bitcoin has low risks and high benefits.
Gracia

Well,I guess you are still very new in the forum,maybe perhaps you have not made investment before,or you have not traded before.I know gambling is for everybody,everyone has the access to gamble in any form,either sport or any other field,I believe they answered you,but I'm also here to give you my little contribution as well.Gambling is more risky,even deadlier than Bitcoin or investment by far,in Bitcoin,you can invest or hold for a long period of time,hoping for the outcome which will definitely come either small or big,but in gambling,your money vanishes within seconds,and causes you heart break and emotional trauma which you know.Bitcoin is more profitable,and better than gambling.

[qwertyup23]

Bitcoin is a currency while gambling is an activity, that's make both of them are completely different.

There's no relation because Bitcoin is Bitcoin and gambling is gambling, if you talking about what you can afford to lose and having knowledge, this include of anything of investment e.g. gold, real estate, stock, business, etc.

I don't see any fun and entertainment during or after invest in Bitcoin.

I agree with you- BTC and gambling are both two different worlds where they are entirely different from each other.

As the name suggests, gambling is an activity where you use a set of currencies depending on the mode of payment that is available. Generally, gambling can be very risky as there is no absolute result- you either win or lose big depending on the amount you wager.

On the other hand, BTC is considered as an alternative currency where many use it as an investment mechanism. While its price may be volatile, some use this as an opportunity to invest it either for short or long-term depending on their respective goals.

[Hypnosis00]

Investing into something that we really don't have an idea about is like gambling and the chances are 50/50. I'm sure nobody like to do it but unfortunately, it happens to many people who underestimate crypto. A person who is aiming to earn a profit in Bitcoin must never think about luck but instead, make a way how to get out of it because we can actually make money from Bitcoin if we really want to. Because there are no such losses happening in investing if we know what we are doing and find ways to improve. Unlike gambling as no matter what we do if we are not lucky, it is certain we loss.

[Fiatless]

Bitcoin is a lot more complex and has no parallel with gambling. You are drawing loose connections between both with points that would apply to any asset or investment, patience, discipline and knowledge are principal factors when getting into anything new.

You can contrast trading and gambling, but bitcoin is not limited to its speculative value, it is a lot more as a currency and an asset. The risk involved is gambling is a consequence of trying to win a game and make profit, while bitcoin is an investment platform.

- Jay -

Comparing Bitcoin with gambling is synonymous with relating fiat with gambling. Everything you can do with fiat as regards gambling, you can also do with Bitcoin. I don't also see Bitcoin as entertainment because it is a serious business, while gambling can be categorized as a segment of the entertainment industry. People invest heavily in Bitcoin because they see it as an investment such as real estate and stocks, but most gamers just want to catch fun. I don't also believe that gamblers are patient people. I think the majority of gamblers want to make quick money, that's why they gamble. But investors or the bitcoin sector must be patient to make gains.

[michellee]

As long as a person knows how to invest in bitcoin properly to make a profit, he is not gambling. But the problem is that not many people know how to invest in bitcoins and most of them invest in bitcoins because they want to make a profit quickly.

Those who do this will not benefit but on the contrary, they will suffer losses because they do not learn to analyze bitcoin prices. And if they don't want to learn about investing in bitcoin and only rely on others, they are gambling with their money and because that is gambling, they must be prepared to lose their money at any time.

And in investing, they must always remember that they always use the money they can afford and should not exceed the budget they have set.

[virasog]

Bitcoin is a lot more complex and has no parallel with gambling. You are drawing loose connections between both with points that would apply to any asset or investment, patience, discipline and knowledge are principal factors when getting into anything new.

You can contrast trading and gambling, but bitcoin is not limited to its speculative value, it is a lot more as a currency and an asset.

- Jay -

First, there is no coloration between gambling and Bitcoin. Bitcoin is a currency while gambling is a game where you may lose or win the currency/money.

Yes, you can compare crypto trading and gambling, and the most common thing between them is that a successful trader or a successful gambler is one who knows how to manage the money. Yes, gambling depends upon luck and trading, though it is not pure luck, but it's hard to find the right direction of trade, only money management will save you from big losses.

[un_rank]

I think the majority of gamblers want to make quick money, that's why they gamble. But investors or the bitcoin sector must be patient to make gains.

Many investors in the bitcoin sector only do it cause they want to make quick gains as well and are not patient, this causes many investors to lose cause they buy too late fearing that it would not rise again and sell too early fearing that they would lose out if they keep holding. This does not mean there exists any similarities between bitcoin and gambling, just that not all bitcoiners are keenly interested in the technology or the possibilities it has.

- Jay -

[Nheer]

--Use money that you can afford to lose: This applies to both. If one wants to invest in bitcoin, you will be advised to use the money that is not made for other important needs to buy bitcoin. So that going into long term investment can generate you with a good profit. One the other hand if you use the money for your important needs to purchase bitcoin,when the time comes for you to be in need of the money, you will end up selling your bitcoin even though that the price is below what you bought it. You might still end up selling your bitcoin due to panic and this will lead you to lost.
 This goes with gambling, if you don't use the money that you can afford to lose,you have paralyzed the fun in gambling,because if you are losing, you might keep on chasing your lost and this will lead to to losing all that you have on you. luck.

Do you mean bitcoin investment?

I'm not sure how you see it, but in my opinion, Bitcoin and gambling are very different from one another. I don't get how bitcoin can be compared to gambling as it can also be used to make online purchases of items. It should be regarded as a thing of value that can be used in place of fiat money, but with the distinction that its value may change as a result of various factors. Instead of keeping bitcoin to try to increase its value, we should start using it as a payment option.

For the majority of compulsive gamblers, gaming is the primary use of their money, and even winnings are still spent for gambling, thus I fail to see why they continue to engage in the activity when ultimately all of their money is lost. Bitcoin makes a difference in this.

--Having the knowledge of it : Anyone that wants to invest in bitcoin needs to have the proper knowledge of it. This will enable you to monitor your investment and to be patient with it,until when the bull market arrives,you can sell if you are okay with the profit that has accumulated. You indeed need the knowledge to know how to secure you bitcoin and the type of wallet,in order to safe guard your investment from scammers and being victim to centralized exchanges.
  Likewise gambling, if you don't have the knowledge of the game that you want to stake on,you will end up losing every time that you play. This is because you lack the skill and strategy you need to win the game. For example poker,you will only win on your lucky day,since gambling sometimes is based on luck.

Everything in life requires knowledge, including gambling and bitcoin. However, with gambling, one might be aware of a team's strength and still lose a bet on them. In my perspective, gambling is pure luck, therefore all of your knowledge and preparation may be for naught. which is not the same when investing in bitcoin.

[Z390]

Bitcoin is like gambling and bitcoin is not like gambling they are both the same and at the same time very different. It is not as simplistic as saying that bitcoin and gambling at the same while gambling doesn't face as much regulation and market volatility as Bitcoin. While most people are advised to gamble as a source of entertainment on the other hand people are advised to invest in Bitcoin on a more serious note because of its future potential.

Bitcoin is like gambling only if you don't understand it and yet you proceed and invest your money, then you are literally just gambling with your money, because you don't understand it nor have any answers what Bitcoin is all about. If you don't understand what what Gold is how will you even know it's present value? Which means you can get scammed trying to buy Gold from someone or a company, selling the Gold for you twice the price.

Bitcoin is the digital Gold with high volatility, any valuable object doesn't stay on a price tag forever, Gold fluctuates in price too and imagine using your Gold to gamble, so I don't accept with your claim that both are the same, and yet they are different, Gambling is gambling, you can choose to gamble your Bitcoin or Gold away, it's your choice.