Is Crypto another form of gambling?

[EarnOnVictor]

If the second definition from Oxford dictionary fits well for crypto, then it also means that the stock market is also a form of gambling, because it also involves taking risking and expecting a desired result.

You actually nailed it there, there are a lot more that would be fitting for gambling if the second meaning of the dictionary is to be gone by. For this, it might still mean that they should just leave crypto alone and regulate it as other trading and assets are being regulated. Although, those MPs believed they are doing crypto good of freedom rather than how many take it here.

No is not gambling. In gambling is either you gain or loss which involves buying and selling  in crypto

I have this mindset until I read the Oxford Dictionary's meaning. Regardless, one can still lose or gain in buying and selling crypto like other assets, so they should not treat it as gambling.

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

I'm familiar with the case of Nigeria, the main government as a country did not ban crypto, it's the CBN. And I don't believe they did it because it's a gamble. They banned it through banks mainly to counter money laundering and terrorism.

[Victorik]

If the second definition from Oxford dictionary fits well for crypto, then it also means that the stock market is also a form of gambling, because it also involves taking risking and expecting a desired result.

You actually nailed it there, there are a lot more that would be fitting for gambling if the second meaning of the dictionary is to be gone by. For this, it might still mean that they should just leave crypto alone and regulate it as other trading and assets are being regulated. Although, those MPs believed they are doing crypto good of freedom rather than how many take it here.

No is not gambling. In gambling is either you gain or loss which involves buying and selling  in crypto

I have this mindset until I read the Oxford Dictionary's meaning. Regardless, one can still lose or gain in buying and selling crypto like other assets, so they should not treat it as gambling.

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

I'm familiar with the case of Nigeria, the main government as a country did not ban crypto, it's the CBN. And I don't believe they did it because it's a gamble. They banned it through banks mainly to counter money laundering and terrorism.

Life in general is a gamble if one looks at it closely, we are daily faced with risk and often very risky if risk is not taken. So, this shouldn't be narrowed down to the crypto space only.
These people have special interest in this crypto space and will do anything to paint it in bad light .

[blackened515]

No is not gambling. In gambling is either you gain or loss which involves buying and selling  in crypto,you have to learn and understand the principlesand how crypto works, before going into it.Crypto does not have expire seat or time unlike gamble. Crypto is totally different from gambling, it is a means of survival,livelihood, a job, an office work,or a business, just think aboutanything you do legally to make money.

Cryptocurrency is not gambling, it's different but it also depends on the view from traders, most traders who are not ready to thoroughly go through these crypto related PDFs are always ready to gamble with the market, some times they record profits and sometimes they make losses. Cryptocurrency can be seen in different form of view, I see it the market as a place where we implement good trading strategies to reap significant profits. Although the market is unpredictable but it do obey the bull and bear season, thats certain and simpler to understand how the market operates.

[Abiky]

Your claim of Bitcoin as a risk-free long-haul asset is a contentious one. Its architecture and finite supply do add worth, but lets not forget the inherent fluctuation and crypto market' capricious nature. Future value prediction is a tricky business involving supply-demand dynamics, policy landscape, and tech strides. On the altcoin front, terming them a reckless bet is an oversimplification. True, some are hype-chasers, while others could disrupt sectors like finance, supply chain, or data protection. The strategy? Bet on altcoins with solid use-cases and staying power.

"Meme" coins, say Dogecoin or Shiba Inu, are high-stake games, courtesy of their speculative aura. Yet, their buzz highlights the community sentiment's sway in the crypto sphere. Yes, spread your investments, but guided by solid research

I understand BTC can be unpreditable at times. This can pose a risk for those who usually cash out their BTC to Fiat. But that wouldn't be a reason of concern for those who use BTC as a currency regardless of its current market price.

I'd say altcoins are more of gamble since they usually come and go (developers abandon the Blockchain, leaving many investors holding the bag). It's not like Bitcoin where you know it's always going to be there no matter what. You can see why governments are adopting BTC as legal tender, instead of any of the altcoins we know and love today. Maybe BTC will stablize in Fiat terms sometime in the future? Just my thoughts

[DanWalker]

I understand BTC can be unpreditable at times. This can pose a risk for those who usually cash out their BTC to Fiat. But that wouldn't be a reason of concern for those who use BTC as a currency regardless of its current market price.

In contrast, the volatility of bitcoin will be the biggest concern for those using bitcoin as a currency. Today you buy bitcoin for $40k, and you plan to use it to pay future bills, but tomorrow bitcoin is worth $20k, you will still use it to pay your bills? I don't believe you would be brave enough to do that, and no one dares to do it, volatility is a big deal for people who use it as a currency.

I'd say altcoins are more of gamble since they usually come and go (developers abandon the Blockchain, leaving many investors holding the bag). It's not like Bitcoin where you know it's always going to be there no matter what. You can see why governments are adopting BTC as legal tender, instead of any of the altcoins we know and love today. Maybe BTC will stablize in Fiat terms sometime in the future? Just my thoughts

Agreed, altcoins are a gamble, and none of them are the same as bitcoin. So it is not wrong to say that cryptocurrency is another form of gambling if we are talking about altcoins. Bitcoin is not gambling, but altcoins are gambling and cryptocurrencies including bitcoin and altcoins.

[tbct_mt2]

Agreed, altcoins are a gamble, and none of them are the same as bitcoin. So it is not wrong to say that cryptocurrency is another form of gambling if we are talking about altcoins. Bitcoin is not gambling, but altcoins are gambling and cryptocurrencies including bitcoin and altcoins.

People had to gamble in Bitcoin years ago and they succeeded with their bets. Years later, when Bitcoin is expensive with many people to buy 1 bitcoin, they try to find alternatives. And they have altcoins which are shilled as new Bitcoin and the Bitcoin Pizza story is used to say that altcoins will have their success and altcoin Pizza stories too.

Gambling in altcoins like Ethereum, BNB, Dogecoin brought success but if you did it in LUNA and FTT tokens, you are crying now.

[gabbie2010]

Only those who invest without proper knowledge could consider this as a gambling but those who study and analyze it call it as trading.
There is a huge difference between gambler and trader when it comes to crypto investment, trader's have skills and invest thorough chart reading while gamblers are the one's who invest through news or FOMO.

Truly that is why a lot of people who doesn't know much about Bitcoin continue to regard it as another form of gambling, it's very unfortunate that some newbies in crypto in their bid to earn quick money invested their hard earn money in crypto when the price had peaked based on FOMO and on verge of a massive reverse or correction consequently resulted to losing part of their investment thus these are the category of people that always regard crypto as gambling, however skilled investors and traders always trade or invest at the appropriate time when the price is low by utilizing DCA thereafter hodl there coins till when the market is bullish.

[ultrloa]

Only those who invest without proper knowledge could consider this as a gambling but those who study and analyze it call it as trading.
There is a huge difference between gambler and trader when it comes to crypto investment, trader's have skills and invest thorough chart reading while gamblers are the one's who invest through news or FOMO.

Truly that is why a lot of people who doesn't know much about Bitcoin continue to regard it as another form of gambling, it's very unfortunate that some newbies in crypto in their bid to earn quick money invested their hard earn money in crypto when the price had peaked based on FOMO and on verge of a massive reverse or correction consequently resulted to losing part of their investment thus these are the category of people that always regard crypto as gambling, however skilled investors and traders always trade or invest at the appropriate time when the price is low by utilizing DCA thereafter hodl there coins till when the market is bullish.

Some maybe correlate this or just use the gambling word as figure of speech but they actually don't mean that they are just the same. Maybe on the chance to lose money but if they figure out then see how technical it is maybe they can separate the thoughts and can tell its really different. We can't argue to those people since if they believe gambling and trading is the same then this is fine as long as they didn't create any trouble to traders and gamblers then maybe we should respect their outlook regarding on this discussion.

[Wakate]

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Those who choose to gamble with cryptocurrency are the ones that do complain everytime about making loses. We should not gamble with cryptocurrency that to avoid loses. We need to ensure we do the right thing so that we are not gonna make mistake that could cost us big loses. Many that are gambling with cryptocurrency are big losers and are the ones that will keep telling people to stay away from crypto because they suddenly became a victim of scam or trading misfortune.

It is important we follow the due step and invest when we ought to invest not trying to be greedy at one way or the other. Since there are lots of scam in the market, we need to make diligent research to make the right choice or we should prepare to lose money..

[bayu7adi]

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

How can someone quickly become wealthy with crypto? What exactly do they do?
Although crypto is a highly volatile digital asset, the number of individuals who become wealthy rapidly in the crypto space is quite limited.

There are likely many scams, such as fraudulent investment schemes promising enormous profits, perpetrated by con artists. This makes earning money seem effortless, prompting governments to prohibit crypto activities in Nigeria. To this day, scammers still roam freely in the crypto space, leading to individuals acquiring instant wealth through improper means.

However, only a select few manage to become wealthy within days in the crypto realm. The process of attaining wealth through crypto is far from easy.

[Good_Doctor]

I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.

Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;

1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.

The second one seems to fit crypto best, so it's clear they know what they are saying.

Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?

Yeah! The second relates to crypto/Bitcoin yet I'd say Bitcoin is not gambling. Would you say planting is gambling? Obviously you wouldn't, but farmers have been able to study weather conditions and seasons to know when to plant same way those who have learnt the trading of Bitcoin properly and who now have the correct mindset towards Bitcoin trading... they're likened to farmers in crypto world. Actually it may be gambling to those who are no-knowledge investors because of their aim which makes them even sow at wrong seasons and expect to hit profit but won't because it was not the correct season.
So for every informed Bitcoin trader and real time bitcoin investor it is not gambling as far as you can carefully monitor when and how to trade

[Blitzboy]

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Those who choose to gamble with cryptocurrency are the ones that do complain everytime about making loses. We should not gamble with cryptocurrency that to avoid loses. We need to ensure we do the right thing so that we are not gonna make mistake that could cost us big loses. Many that are gambling with cryptocurrency are big losers and are the ones that will keep telling people to stay away from crypto because they suddenly became a victim of scam or trading misfortune.

It is important we follow the due step and invest when we ought to invest not trying to be greedy at one way or the other. Since there are lots of scam in the market, we need to make diligent research to make the right choice or we should prepare to lose money..

Respectfully, labeling all crypto-fans as 'losers' in this high-risk game seems harsh. It's like labeling all politicians as corrupt, a false generalization. Cryptocurrencies, particularly Bitcoin, represent more than a risky bet; they embody an insurgence against established economic systems.

Sure, the game is quite dangerous, with many suffering losses, but isn't life a thrilling ride of highs and lows? Bitcoin and blockchain teem with potential, signaling a new era of decentralization.

Scams? They're a universal issue, not exclusive to crypto. Through diligent research and level-headedness, the crypto realm can yield significant rewards. After all, no risk, no reward

[promisedtech]

Crypto will only fall as gambling if you are investing on the coins that have no real value from the start.

i strongly agree with this,i've once invested in a coin which gave me a loss to me it was like a gambling because the coin was seeming to be appreciative to me without considering the long term run effect.

[348Judah]

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Some may believe this but consider it not applicable to everyone because even if you're to take a look on the global adoption for bitcoin and the various communities we have, you could derive different opinions coming out from people on bitcoin as everyone is just busy saying what he thinks or feels without knowing the appropriate scenario attached to bitcoin adoption being a digital and a decentralized currency, so when they called it scam, maybe those people have been scammed before, there are still people who cannot do such or think otherwise.

Crypto will only fall as gambling if you are investing on the coins that have no real value from the start.

i strongly agree with this,i've once invested in a coin which gave me a loss to me it was like a gambling because the coin was seeming to be appreciative to me without considering the long term run effect.

Some digital currency have to start from the low before they habe the opportunity to maintain their desired reputation to catapult them to where they desired, same also is when you're investing in any cryptocurrency, if you invested while the coin was still low, you will be more profitable in it, as long as the coin is not operated or controlled by scammers, you will definitely make something good out of it.

[yazher]

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

For me, it was never gambling rather, it was an opportunity to change our traditional financial system, where we always rely upon the banks to take care of our money instead of doing it alone. We never had this chance before where we fully control our money without any help from a third party and all we need to do is learn the basic things to protect and secure it. As for investment opportunity, that's only up to us if we want to earn and double our money because it's not obliged for you to trade your bitcoins from time to time rather, just to hold it and buy as much as you want with the money you can afford to lose.

[thirdprize]

Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?

No!
This can only be applicable to altcoins because, in my opinion, all altcoin investors are gambling with the hope of making a large profit due to uncertainty because they do not know what will happen to the project at any given time.

However, Bitcoin investment is distinct because we all understand how transparent the entire Bitcoin process is; therefore, we are not gambling with our money since we are confident that if we are patient, we will be rewarded.

Spoken like a true gambler.

[skarais]

~~~

For me, it was never gambling rather, it was an opportunity to change our traditional financial system, where we always rely upon the banks to take care of our money instead of doing it alone.

Of course that is true, but only if you adopt bitcoin as a means of payment or currency.

As for investment opportunity, that's only up to us if we want to earn and double our money because it's not obliged for you to trade your bitcoins from time to time rather, just to hold it and buy as much as you want with the money you can afford to lose.

I guess without trading and use cases then bitcoin really has no value. If bitcoin weren't traded it would be hard to know how much bitcoin themselves are worth even that would only be back in the early days where bitcoin had no value. I also do not agree that trading and investing in bitcoin is considered gambling, but it is an activity that can give a trader or investor an advantage mainly because of his strategy, skill and use of his budget.

[|MINER|]

Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?

No  I don't think so , because when you are going to invest on Cryptocurrencies industry then trading I.E. analysis skills does matter. On the others hand most the cases if anyone do gamble the. At first wining probability on gambling depends on luck even then some times in kind of sports bet skill can be used  but gambling is the thing all about luck .  So gambling and crypto investment completely different So to change this misconception among people I think we should increase awareness about this cryptocurrency.

[Lorence.xD]

Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?

No  I don't think so , because when you are going to invest on Cryptocurrencies industry then trading I.E. analysis skills does matter. On the others hand most the cases if anyone do gamble the. At first wining probability on gambling depends on luck even then some times in kind of sports bet skill can be used  but gambling is the thing all about luck .  So gambling and crypto investment completely different So to change this misconception among people I think we should increase awareness about this cryptocurrency.

You're exactly right, the thing is both money involve has risk that we're talking about, people might consider one as gambling but we couldn't even say that gambling could be considered as crypto right? Since the mechanics of both aren't the same the risk of crypto could be lessen as we increase the knowledge of one person to it. While for the gambling despite the skills and mental ability plus the decision making, you will still rely on luck. And indeed we should inform other people about this differences.

[bayudndy]

As far as I know, the legal issues of gambling games in each place have different views on them, similar to bitcoin, the legality is not clear. If it is fairer not to talk about the issue in the crypto environment that there are forms of gambling, and forms of disguise to attract capital and pump/dump, it is quite similar to pure gambling, but clearly decisive. It's our choice, we make ourselves investors or gamblers, not only in this market but there are many places that create a playground for that, even if the story of marriage is a formality. gambling also makes me laugh .