Topic: Bitcoin and Gambling (Read 413 times)

Yes, I agree with this very statement of your mentioned above, because no doubt, having knowledge of everything you wishes to go into always creates an edge for better performances, and likewise in Bitcoin and gambling, as with a solid knowledge with how Bitcoin operates you will stand not to worry whenever there is a bear market knowing fully well that such coin will always pump back, and likewise same having a good knowledge of gambling also go a long way, as that will be of good help into making the right prediction, that you could win if you are lucky

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.

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.

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.

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 -

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

I agree.


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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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

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 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.

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--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.

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--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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