Is Crypto another form of gambling?

[DanWalker]

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.

I partially agree with what you said, investing in bitcoin many years ago can also be seen as a gamble because the risk then is huge. But there is a huge difference between bitcoin and altcoins that proves that bitcoin is not a gamble but altcoins.
Bitcoin was created with the sole purpose of becoming a currency, a peer-to-peer payment method, Satoshi did not create bitcoins with BTC tokens to raise capital and sell for profit. But all altcoins, including ETH, from the very beginning their purpose was created with the aim of selling tokens for profit. It can be seen that the purpose of the two is completely different, but because of our behavior, it makes both seem like real gambles.

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[zahed]

I do not think Bitcoin can be considering as a gambling; it is mostly renowned digital currency in the whole world now it is widely used.
But unfortunately in my country BTC is popular in negatively because of the government promoted it as a illegal currency, they think if no regulation in Bitcoin by any country so it is too risky investment. So that it is kind of gambling for the government or the policy maker of the country.

[coupable]

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.

Does the government really officially consider bitcoin a form of gambling? This is one of the biggest follies that a government may promote, so its citizens will be misled. Fortunately, Nigerian users do not take their government at their word and continue to use Bitcoin as a means of payment and as an investment.
In most countries that do not recognize Bitcoin, the pretext is that Bitcoin is a form of unrecognized money and therefore its use is prohibited. In other conclusions, the pretext is that it is a means of financing suspicious and criminal activities (terrorism).
Of course, these pretexts of various kinds prove the government's inability to control the uses of bitcoin due to the decentralized properties of the blockchain.

[seoincorporation]

Well, investing in cryptos is a high-risk investment, which means you can win big or lose big, and that's why some people see it as gambling, but I would not say it's the same, because if the crypto price has a crash, then you can hold until it recovers and you will not lose the money in the end, but in gambling if you lose a bet then the money will be gone, and I would say that's the main difference. They are alike but not the same.

[imamusma]

Well, investing in cryptos is a high-risk investment, which means you can win big or lose big, and that's why some people see it as gambling, but I would not say it's the same, because if the crypto price has a crash, then you can hold until it recovers and you will not lose the money in the end, but in gambling if you lose a bet then the money will be gone, and I would say that's the main difference.

I could probably say crypto trading was a gamble if they only traded futures. They can be liquidated at any time depending on the margin they use, and if they find a margin call then all their money is burned. Spot trading is not the same, that's obvious because we don't lose any coins as long down trend except for their value.

They are alike but not the same.

Agree with this one. But of course with a few exceptions. 

[MinoRaiola]

It is not gambling because you are not betting on a result and it is not a competition with different results on a present day. Bitcoin cannot be compared to anything else, it is unique. You can use it for gambling, but it is not primarily that. Bitcoin is also freedom, no one can intervene directly if you know how to do it.

[kawetsriyanto]

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.

Why you are surprised? I think it isn't a new issue, we already discussed about this many times.
People who view it as a gambling form, must be not familiar with crypto. They don't know how to deal with the risk in crypto.

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?

No business has no risk, including in crypto. We al understand crypto has a high risk but we know how to deal with the risk. Knowledge and experience are 2 things that every people must have to deal with crypto risks. So, it is different with playing gambling that has no way to deal with the risk (possibility of losses). For example when you play slots, he chance to win is purely to rely on the luck.

[adzino]

Crypto is not a form of gambling. I bet those "MPs" know nothing about crypto currencies or how bitcoin works. Yes, it would be gambling if you don't know what you are doing or what you are investing in. It would be gambling if you go all in and expect to make quick profit in few days. But look at the charts. Those who have invested and held for years, they are all in profit. More like bitcoin "almost" guarantees you profit if you are willing NOT to sell when you are at a loss. Can you make such claims when gambling? Nope. But yeah it is gambling if you go after shit coins and meme coins. Other than that, it is just some excuses by the government to try and control bitcoin.

[Cryptmuster]

Crypto is not a form of gambling. I bet those "MPs" know nothing about crypto currencies or how bitcoin works. Yes, it would be gambling if you don't know what you are doing or what you are investing in. It would be gambling if you go all in and expect to make quick profit in few days. But look at the charts. Those who have invested and held for years, they are all in profit. More like bitcoin "almost" guarantees you profit if you are willing NOT to sell when you are at a loss. Can you make such claims when gambling? Nope. But yeah it is gambling if you go after shit coins and meme coins. Other than that, it is just some excuses by the government to try and control bitcoin.

There are those who can see gambling in anything, but this happens only because rash actions are allowed, which depend on wrong decisions. Money can be lost in any deal in any business, in trading or gambling, but it can also be earned in all these areas. Why do some lose money, while others earn it in the same business? Because someone understands what he is doing, and someone is just trying to do something, but at the same time he does it without knowledge, just by guessing.

[DeathAngel]

Crypto is not gambling in a strict sense of the word. It is an investment, obviously shitcoins are much more risky to buy than established coins like bitcoin & eth so I can see why people would categorise that as gambling but it isn’t in a strict sense. Bitcoin has been around since 2009, it is actually becoming a more mature asset now, regulatory bodies class it as a commodity so it is definitely not gambling to buy bitcoin.

[NNRR]

If you compare Crypto with Gambling then you are completely wrong because Crypto currency is never gambling because in gambling you may depend on luck but Crypto totally depends on your skill how much skill you can make profit so if you  If you consider Crypto and gambling to be the same, you will never be able to profit

[Mr.suevie]

Well when we say crypto, I think it covers all type of digital coins including some of the shitcoins that are out there and if you ask me I could definitely classify some these shitcoins as equivalent to gambling because gambling is something that you are not sure and you totally rely on luck which is exactly same feat with most of these  shitcoins, you buy them out of the hope that they will pump quickly which gives you easy money which is same as gambling (easy money) but unfortunately if everything goes wrong you will loss your entire assets which is similar to gambling (lose everything). But with most crypto compared I think bitcoin stands to very different in terms that even if the market goes bad you can still recover if only you don't freak out and sell because its certainly going to pump again.

[PeRo]

I don't know why people still have this question every once in a while. Considering Bitcoin as a gamble would mean every other investment is also gambling, which is certainly not the case. Gambling is more luck based and those games are made so casinos make a fat profit on people who think they will win big or on people that just play something occasionally, for entertainment.

Trading on investing in crypto works the same any other investment (except the markets aren't similar). If you go into it smart and know what you are doing, you should be able to make some money and it is not luck based, it depends on the rest of the market and more importantly on you.
If you view it as gambling, why don't you view buying a house or a car gambling? Those are investments as well and you can lose in value of those assets.

[n0ne]

For people who doesn't have the proper understanding about cryptocurrency and the market will simply say crypto is another form of gambling. I have experienced it in real time during a conversation. I introduced bitcoin to a brother and he had interest, but for some reason he wasn't able to buy and it got skipped. Now whenever he meets me he used to say I could've bought earlier when you said about it for the very first time. During that time another friend was with him and he briefed the past story with him, how high the price have moved in the short time period. Suddenly he stated this is kind of gambling and I tried to convince him, but he isn't ready to accept it.

When I asked him the reason why you mentioned so, his answer "The market is based on the demand to supply basis, however the real growth is connected to it for some percentage, apart the growth is happening on its own and none were able to identify it" and he said with stock market the value bounce depending on the growth of the particular company.

[Magic-Money]

Every business we do, that involved money group of people or individual we look away to tag it something that we bring negativity towards it, and without a strong foundation of that business it get clash or shunt down, in other words cryptocurrency, precisely Bitcoin is not a gambling platform, which is Bitcoin is a digital currency that can be used in everything as a result of payment, using crypto as gambling is your own business, because it saved as multi purpose digital assets.

[macson]

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?

when you hear the phrase "bitcoin is gambling" then show them about satoshi's vision and mission of creating bitcoin based on the whitepaper.  

It is important to know that what is known as gambling is playing with luck ^{(usually sports betting and slots)}, while bitcoin is a currency as well as an asset that you can use for anything ^{(including for gambling, paying for something, trading or invest)}

to be able to understand what bitcoin is, requires a conscious mind, don't give rejection from the start because you won't be able to understand it properly.

[AakZaki]

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

Farmers are also always learning. Learn from experience, learn from others. Trading is the same, everyone must be willing to learn. Because there is a pattern that is a mutual agreement and it is still used today. I agree that gambling is different from trading. If you rely on trading like gambling it will make you devastated. Maybe you will make a profit in one or two trials. But if you continue I think your money will run out soon

[Minhxx]

I have never seen a game of chance that requires as much knowledge as bitcoin. I deny this, bitcoin is a high-yield investment, it sucks out all the cash flows so governments are always afraid of bitcoin.

[icalical]

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?

That's very much non-sense, moreover this statement came out from a government official. Some people might say that they bet on a crypto, but it doesn't necessarily mean that is gambling. The outcome of your crypto 'bet' is defined by market, it's different when you wager your money on a casino when the outcome will be determined mostly by luck.

[dhruvfire]

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?

We should not see it as gambling. It is a medium of payment and will replace traditional currency in future. Everything will be digital and crypto is best option for digital payments.