Topic: Bitcoin and gambling which one has done you more harm (Read 668 times)

Investing in crypto not just in Bitcoin without proper knowledge about it is considered gambling, you are blindly putting your money at risk.
And also there are people who bought Bitcoin to gamble or use Bitcoin as a currency on the platform that they use to gamble, so what's the difference for them?
But if it is on my end I would say that gambling made me lose more money than my investment in Crypto, on my investment in crypto I could control or manage the loss, but when I am gambling the money that I've sent on gambling site would be all or nothing, it is either I would gain profit that I've set up before sending it or losing it all.

The first is that gambling and bitcoin are very different between the two, because they are opposites.

If you look at gamblers, they don't think that all they do is act, and they do it for the fun of making money. This is bad because they will bet on a big win but they don't remember losing that much money. Betting on gambling if you lose the money will be lost.

This is very different from investing in bitcoin. If you want to make money consistently from trading bitcoin, you have to keep proper records and carry out risk management and must be able to control your emotions and another thing is to understand probability and the game. If this has been fulfilled and you don't sell when the price is cheap, of course this will be a profit in your future. So if you ask who is doing more harm? The answer is that gambling is more detrimental, especially if you become addicted.

I have lost more money in gambling back days than I lost when I started to invest in Bitcoin in 2017, my loss of investment in Bitcoin was due to my wrong timing of the market or late market entry, coupled with my impatient at the time that led to the loss. I bought at the market peak and sold at a loss almost when the market had neared the bottom.

May I know which aspects of Bitcoin are you referring to that resemble gambling? I don't see how gambling in any way resembles gambling at all, one can say that about trading because there is a possibility of making a trade and maybe losing some money from it if it's futures or options trading and the trader hasn't taken any preventive measures for the risks imposed, however, Bitcoin itself is just a cryptocurrency and has no similarities with gambling whatsoever.

So, those who don't have any knowledge about cryptocurrencies and the market, don't know how they move and what things one needs to notice, and when they buy high and sell low due to panic and lose money, shouldn't blame Bitcoin for it because it's not Bitcoin doing any harm but it's their lack of knowledge doing it.

HOW ON EARTH DID I MISS THIS THREAD.

I am a complusive gambler> I go to a program and have not made a bet since July of 1990.

I was a very antisocial troubled person from 11 to 33 mostly due to my parents divorce due to my dads compulsive gambling. I sided with my dad and choose to behave very poorly until I met my wife in 1985.

I thought I could stop gambling on my own but had issues on and off until July 1990. I talked everything over with my wife. I join a program and have not bet in over 30 years.

Bitcoin was very good to me I follow a non risk method which allowed me to make money on it. I still make money on it.
I am happy I was a compulsive gambler and did go to a program to stop doing that.

I don’t think these two are comparable. Bitcoin is just a tool that is used indirectly to scam people, that’s why bitcoin’s reputation has been ruined due to these scammers. But if we say gambling, we’ll that’s clearly a harmful one if you fall for its addiction, but if you are gambling responsibly, then there’s no need to worry since you are just gambling to satisfy oneself and to become entertained and have fun. Gambling is not a actually a bad hobby, it only become one when people decide to gamble with greed and resort to gambling uncontrollably until he used up all his life’s savings and ruined his future.

This is a subject that has drawn a lot of argument, gambling is not a recreational activity, if you want to have fun, try video game, picnic etc but certainly not gambling. Having said that, I think it's very unfair for the op to compare Bitcoin to gambling because gambling is more of strategy, skill, luck and there's no guarantee that you would profit from the venture. Bitcoin on the other hand, requires you to have knowledge of the market, know when to buy and when to sell. Whatever strategy you employ in your bitcoin accumulation, DCA or a lump sum, you will certainly realize profit when the market turns bull.

Right, gambling is completely dependent on luck. Some have become millionaires by gambling and some have become beggars by gambling. This gambling game is full of risk, here one has to participate in gambling with the promise of losing. But Bitcoin is different. Here if you invest in bitcoins, even if your investment goes down a lot after investing you still have hope of recovery. If we consider ourselves, we don't think for a moment to invest in Bitcoin, but we think a hundred times to bet on a gambling platform. And specifically to the OP's words, my answer would be that gambling has hurt me a lot but Bitcoin hasn't hurt me at all. Rather Bitcoin has made me a place of employment.

Even though bitcoin and gambling both seek profits, here the two systems are very different, the first is that gambling is regulated by the system maker, where players are determined to win and more to lose. In this asset, the concept of Bitcoin is quite unique, in contrast to gambling, with a limited supply that is hotly contested around the world.
That's right, if we buy above the price suddenly becomes cheaper, we don't lose any money, but the quantity value remains. And it won't go away if we don't sell it. Let's look at the prices in the last 10 years, the prices are very tempting. how bitcoin remains strong today

Harm with Bitcoin investment is something that having no sense. Why? As long you arent selling on loss then the harmful effect isnt really something that could be possible.Those are just unrealized losses but as long you do hold up your position then it wont really be consider to be negative and since we do know that this market is really that having that potential specially with Bitcoin then it is really just that more worth compared to gambling if we do speak about profits. Come to think that Bitcoin investment and Gambling is for entertainment on which there's a significant line in between things. Totally depends on whats  your approach towards Bitcoin investment
whether you are really treating this as some sort of gambling or not.

We cant really deny that risks is there whether you are involved with investment or gambling they have both risks.It is really just that they do really differ on risks level and it is really that something
that you should really be needing to differentiate or else then you would really be finding yourself on big trouble if you cant really be able to differentiate between things in both things.
More harm would really be just that devastated or something that can be felt on the time that you dont really make out some good decisions towards it or simply handling it well.

Bitcoin has been increasing in value for last many years. You're always in profit if you bought the bitcoin in 2012- 2020. Even when we reach new highs in the next bull run, then everyone who bought bitcoin earlier will be in profit, so how can you compare gambling and bitcoin 

Gambling is too much risky. You put money and the very next minute you either win some money or lose everything. This does not happen with Bitcoin investments. You buy Bitcoin now and hold for a few years to become a millionaire.

Bitcoin has the least risk for those who can hold and gambling is 100% risky and depends solely on luck.

You have to understand that as long as you sell the bitcoin you own or hold when the price goes down then you will not experience a penny of loss, bitcoin investors must understand that

Meanwhile, gambling is an activity that risks your money (you put money in to get more money), so I think people have more to lose from gambling than buying Bitcoin

What he describes is that it is more like treating bitcoin. I understand what you mean, and literally gambling and bitcoin are two very different elements.

The logic is that for people who gamble in trading bitcoins in the market, they are not actually investing in bitcoins to maintain their value or having bitcoins in their wallets to invest long term, but they are relying on multipliers on trades to get winnings in the short time available. on two long/short options.
And one more thing, for those who treat bitcoin hoping for a price increase without knowing what bitcoin is, it's the same as placing a bet. IMO

There is no correlation between Bitcoin and gambling. One is a currency/asset, the other is a recreational activity.
Investing is one thing, gambling is another. You can't make money with gambling. In the short term you think you win, but in the long term you always lose. If you invest, you are likely to win in the long run. Especially if you invest in assets like Bitcoin, you're likely to make good gains in the long run. Comparing this to gambling is absurd. Why would Bitcoin hurt anyone? It doesn't make any sense.

Without learning basic knowledge about bitcoin, trying to invest in bitcoin can be considered as gambling. What I mean by doing something that we don't understand will be detrimental, the same as gambling which only relies on lust to make a profit. Without knowledge, we don't know how to store bitcoins properly, which makes us lose money. Maybe this is the reason OP created a topic like this.
Bitcoin and gambling are very different, but if we don't know their uses well then both can make us lose money.


Gambling when we bet if we lose we will lose, but not bitcoin. Bitcoin is an investment asset even though the market is not good, but if we continue to hold bitcoin we will not lose.

Neither to be fair. If I lose money while gambling that is usually calculated anyway, I gamble knowing full well that I will lose that money and the word in the root meaning of it is actually risking it, that's what gambling means, sometimes people talk about gambling in other terms, like "he jumped from that height, he gambled with his life" type of things, meaning he risked his life. So I know that I will most probably lose and that's why it doesn't really harm me, if we were to say which one made e lose more money then I would say easily gambling made me lose more money but it didn't harm me to lose it, because I already knew the risks before going in. Trading didn't really made me lose much but I did lose a bit of money there too ,investment is where I made most of my money, I still have some coins aside, not a lot but a bit, and that makes me do better, at least best out of all of them.

I don't really remember that Bitcoin has harmed me. Even if we say that Bitcoin has harmed others, I haven't heard any news like that. Isn't there anything? Then how can Bitcoin be harmed, whether it is digital or intangible? Maybe what you mean by making a topic is that you invested in bitcoin and then suddenly you didn't make any money from it and you didn't get anything.

Is that what OP means? Then Bitcoin is very far away from gambling because there is no game in it, whereas in gambling, there is only a game, and there is only gambling or relying on luck to make money here. Compared to bitcoin, it is not like that.

To be honest, it's not a dispute because when you lose some money in bitcoins due to the time when the bearish market occurred, you still have your BTC and you can just simply wait for it to recover its price or reach a new ATH to earn some decent amount of income. While in gambling, as soon as you lose your money, you won't ever get it back again that's why in the span of 10 years, there are lots of people who regret gambling than investing in bitcoins. You just need to be equipped with the basic knowledge on investing in bitcoins in order not to become victims of fraud or hacking in the midst of holding your bitcoins because if that happens to you, is it as if you also lose your money in gambling because you will never get it back.

Gambling and bitcoin are clearly very different and difficult to equate, of course bitcoin is more profitable than gambling.

Because gambling is based on chance, while bitcoin is based on mathematics and cryptography. With gambling, you bet, if you lose, you will lose, but with bitcoin, if you buy it, you will not lose the asset, even if the price goes down, if you hold bitcoin, the value of the asset will only go down, but the number of bitcoins will remain the same.

Gambling usually has a guarantee of winning if they have intelligence and strategy in the game. Meanwhile, bitcoin cannot be the same as gambling, bitcoin is a store of value and the price rises when demand continues to increase, especially soon we will enter the bitcoin halving.

Yes, you're right, but lets analyze it. Gambling's temptation of quick cash is based on luck, and many have fallen for its seemingly simple attraction. Bitcoin isn't without its own gamble, is it? Predicting market fluctuations isnt easy, is it?

You said gathering information and experience before trading Bitcoin. In a market that may change on a tweet, where do you draw the line between informed investing and gambling?

Bitcoin, the first blockchain tech innovation, changed our view of cash, value, and data integrity. The decentralized nature makes transactions transparent, secure, and tamper-proof. Despite these technical details, volatility is unavoidable. Isnt there some gambling, albeit informed?