Bitcoin and Gambling

[Sim_card]

I will not say that bitcoin and gambling ate the same because bitcoin is a digital currency,while gambling is an activity that is carried out by human for pleasure.
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 :
--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.
--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.
--Part of human nature : Bitcoin is a digital currency and it is important that human have something of great value,in which they come in agreement to be used for trading and it will be accepted worldwide for easy transactions. Before fiat currency came into existence, cowries,silver and gold was use for international trade. Fiat currency took over from gold,bitcoin is an alternative currency which can be used for international transactions in replace of fiat currency.
  Likewise gambling, which has been in existence since the creation of man,because gambling is part of human nature and human invented gambling,because it is a means of entertainment and for fun.
--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.
--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.
  Gambling also needs discipline, which I will call self-control. When you don't have self-control over your gambling activities, by setting out an amount and a particular time duration for gambling, you might end up to become an addict, which is unhealthy to human.
--Fun and entertainment : Finally,accumulating you bitcoin gradually and seeing the price pump gradually time to time,gives you joy and you will be excited towards the price pump. I know this might be wrong to some other persons but this is what I feel.
Tell me what is your opinion on this.

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[un_rank]

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 -

[Zaguru12]

Theirs is no way this two are similar except if you’re relating gambling to Alticoins.

1. Investing what you can afford to lose doesn’t carry the same meaning between bitcoin and gambling. As for bitcoin it simply means you should invest an amount you can turn your eye away from from a very long time not necessarily you lose everything like that of gambling. You only experience a lost when you sell at a lower price but on gambling you lose everything. With bitcoin you can never lose everything.

2. Having Knowledge is essential in bitcoin but the only knowledge only lies on how to safe one’s funds on different set of wallets but you acquire broader knowledge when you have the intention to trader. But for holding it doesn’t need much of a knowledge that most gamblers needs to understand the game. Gambling knowledge looks more harder considering one needs to understand almost everything about the games or sports he is playing

[kamvreto]

I don't know why you're equating the two, maybe crypto and gambling would be more appropriate. The two are even different and they are opposites. Crypto is more dominated by digital currency investments and there is no direct gambling in it. Gambling itself is betting activities, slot games and such that rely on luck.
Having knowledge in both is not a similarity, but even in all fields must understand what is being done. If you understand, of course you can do it. Gambling mostly depends on luck, but crypto investments such as trading require knowledge to be able to analyze the market, open guesses or the like.

[Saint-loup]

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 -

I agree with you, gambling is mostly a leisure without real usefulness while Bitcoin is a way of transmitting or exchanging value like real currencies, with very high volatility though. It can be used to buy goods and services online or in real life, and unlike money stored at banks it can't be seized by anyone, it's anonymous, and transactions using it are public and can't be rollback. So unlike gambling it brings progress to humanity.

[Stalker22]

I think Bitcoin is much more than just an investment. Not to mention the fact that Bitcoin can be used for more than just buying and selling goods. While its price has certainly fluctuated wildly over the years, Bitcoin's underlying technology and the benefits it offers make it much more than just a speculative asset. And let us not forget about the potential for Bitcoin to empower people in countries with unstable currencies or weak financial systems.

As for the comparison with gambling, you can do that with almost any type of investment, including traditional stocks and bonds.

[tabas]

There are these "experts" that are obviously bitcoin haters and dislikes it for so many reasons. They're even calling bitcoin as a sort of gamble and anyone who invests on it is considered "betting" their money on it. Well, let those people think what bitcoin and gambling are but we all knew what bitcoin actually is and that won't change our minds. It's just an overwhelming response that they can't take some sort of innovation that can be seen all in just one asset. A cryptocurrency that has its own payment system, ledger for its records, being a store of value and the call for decentralization as its nature and characteristic.

[inthelongrun]

So maybe we can see any similarities or a resemblance between bitcoin and gambling. Bitcoin is a currency just like fiat's USD and EUR and these casinos will use many currencies in order to cater to as many clients as possible. Bitcoin's growth over the years prompted casinos and sports betting companies to adopt the currency to further boost their clients worldwide just like when they want to add more local currencies from various countries.

When it comes to investing there are risks so maybe this is the same with gambling. Casino games though are mostly based on luck but we have card games and sports betting that is partly more on analysis in order to win which is somewhat similar to bitcoin charting using technical indicators and fundamental analysis.

[sheenshane]

I think Bitcoin is much more than just an investment.

Exactly and I tend to agree which in fact upon reading this was my thought.
People now store the value of Bitcoin not even using it as a payment system like fiat.  So I don't call it gambling when investing in Bitcoin because you're s dumb if you will sell your Bitcoin at a lower price upon purchase.

Fundamentally and technically, Bitcoin and gambling are different from each other, though there's one correlation of being risk.  Investors take the risk of losing their investment if the value of Bitcoin goes down, in gambling, players take the risk of losing their bets.

[drwhobox]

Gambling is like a game that can be played with bitcoin or any other currency. On the other hand bitcoin is digital currency, so you are right they are not the same thing.
In gambling or in bitcoin invest only the amount that you can effort to lose. Because bitcoin is volatile currency. Invest only the amount you don't need and also so many people here take loans for bitcoin investment, don't do that.

[lionheart78]

Bitcoin in relation to gambling, Bitcoin opens a path for decentralized gambling.  It also open the path for a centralized gambling platform to use cryptocurrency as a mode of deposit.  Bitcoin and the technology behind it also open the establishment of a provably fair system[1].  Bitcoin also boosts the gambling industry because of the easier participation of the unbanked in online gambling activities.

In terms of investment, I never consider Bitcoin investment as gambling because history tells that anyone who invested in Bitcoin should have profited if they practice patience and sell when Bitcoin is surging.




[1] https://simple.wikipedia.org/wiki/Provably_Fair

[Sarah Azhari]

--Fun and entertainment : Finally,accumulating you bitcoin gradually and seeing the price pump gradually time to time,gives you joy and you will be excited towards the price pump. I know this might be wrong to some other persons but this is what I feel.
Tell me what is your opinion on this.

Only if you have a lot of money because the price will make you cry like crazy. I don't know how people feel that like joy and fun if the price reverse from expected. It's very risky if you try Bitcoin and gambling as entertainment, don't do that because you sacrifice in what you have. And as I know, People out there do all those activities as a job not for fun.

[Rexlus]

There is a big difference between gambling and cryptocurrencies and that’s why the can't be the same, and they can never be.
Cryptocurrencies allowed a number of lineaments that regular gambling does not, such as being decentralized and secure, and having history and projects to back them which can reflect in the price. Gambling also has a long history, while cryptocurrency is still in its infancy. However, the popularity of gambling and cryptocurrencies are sure to continue to grow.
As for me, I choose crypto.

[Smack That Ace]

The only similarity I see is that both are risky, but when it comes to risk, everything in life is risky, not just bitcoin and gambling. You invest in gold, real estate is also risky, it is not as safe as you think.

To me, gambling is just a place for entertainment, nothing more, nothing less. Meanwhile, bitcoin brings many benefits to us. In addition to using it as an investment, many people use it as a currency, a payment method… it can be said that bitcoin benefits our lives. Comparing bitcoin and gambling is a lame comparison.

[lovesmayfamilis]

I could not master the entire text, since in the first paragraphs I no longer agreed with the author.
I think that gambling is an activity that involves the hope of getting a win, it most often involves the presence of greed in the player. Moreover, people who are fond of gambling can be mistaken for not quite healthy people, since their passion for gambling sometimes goes beyond morality. People sell all movable and immovable property, relying only on luck.
Is there anything similar to Bitcoin? I think absolutely not. Anyone who invests in Bitcoin correctly makes all the analyses at what time, how much, and when it is better to invest in it. There is an analytics and a sober mind here, which cannot be said about gambling.

[Poker Player]

I think that gambling is an activity that involves the hope of getting a win, it most often involves the presence of greed in the player.

I agree.

Moreover, people who are fond of gambling can be mistaken for not quite healthy people, since their passion for gambling sometimes goes beyond morality. People sell all movable and immovable property, relying only on luck.

This has nothing to do with reality. Surely you are someone who doesn't gamble, you only know the gambling world from a distance and from some extreme cases you have known, and you take those extreme cases as the generality. Saying that is like saying that people who drink alcohol end up alcoholics or that people who use kitchen knives do it to murder.

Most gamblers gamble money they can afford on an activity that can be considered entertainment, like going to the movies or dining out, but with the difference that at the end of the night you can occasionally walk away with more money than you came with (here I do not take into account those who play sports betting or poker in a more professional way, and get regular profits for it).

Then, yes, there are the addicts, the problem gamblers, the ones who steal money from their mother or wife to keep gambling, but that is far from the norm.

[Zaharai]

I could not master the entire text, since in the first paragraphs I no longer agreed with the author.
I think that gambling is an activity that involves the hope of getting a win, it most often involves the presence of greed in the player. Moreover, people who are fond of gambling can be mistaken for not quite healthy people, since their passion for gambling sometimes goes beyond morality. People sell all movable and immovable property, relying only on luck.
Is there anything similar to Bitcoin? I think absolutely not. Anyone who invests in Bitcoin correctly makes all the analyses at what time, how much, and when it is better to invest in it. There is an analytics and a sober mind here, which cannot be said about gambling.

I also agree with you, that it seems to me that in some cases it is very wrong to think of people who are involved in gambling as healthy people. There is absolutely no comparison between those who have a clear understanding of what Bitcoin is and those who only gamble. It would be wrong to deny if a little thought shows that those who hold the idea of Bitcoin are definitely managing everything more efficiently than others.

in my opinion, working with Bitcoin can lead to long-term profits in the future.

[Crypt0Gore]

What similarities are you talking about? Bitcoin was never created to be a gambling coin, those gambling platforms are accepting not only Bitcoin as means of payment on their platform to make things easier for gamblers, if you have LTC, DOGE, or BTC you don't need to exchange them, but you can also still gamble on the online casinos. It's a gambling experience made easy.

Gamblers can sell properties to gamble, they can use Fiat or even Gold, anything that's available with good value can be used for gambling, this doesn't left Bitcoin out as well, because it has value.

Bitcoin stands alone, the value it possesses is why online casinos decide to accept Bitcoin as means of payment, if you say that gambling and Bitcoin had similarities then it's the same with Fiat and Gold. You are wrong OP.

[Abu-Naim]

They are two distinct concepts with different meanings and approaches, so I don't think we can compare them side by side with the intention of comparing them. Bitcoin is a digital currency, and gambling is a pastime enjoyed for its aesthetic value. However, some individuals become addicted to gambling because they have made the decision to support themselves via it.

[Hyphen(-)]

Your similarities are quite right, but you are misunderstanding the entire process of Bitcoin and Gambling.

Gambling is betting on something you predict will happen, then putting your money in and expecting something in return if your prediction was correct; there is no refund and the risk is very high because once you have put in the money, it is gone, unless your prediction was correct, which means there is no point in getting your exact money back; it has to be either you win or you lose it all.

While Bitcoin investment is entirely different because there is a high chance of getting your money back and a very high chance of profiting from it if you are patient enough because you buy something rather than bet on it.