Is bitcoin a form of gambling? | Bitcointalksearch.org

Kolly

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Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

I think yes. When you gamble there is a chance for you to win or lose and so when you invest on bitcoin. The presence of risk is there to both of them. Strategies is needed when doing both and so with luck.

Fire316

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" Gambling is the wagering of money or something of value on an event with an uncertain outcome with the primary intent of winning money or material goods. Gambling thus requires three elements be present: consideration, chance and prize."

I think gambling is present in bitcoin like in trading because gambling means play games of chance for money,making a bet,and taking risky action in the hope of a desired reault. But investing and gambling are different. But not all in bitcoin is a form of gambling because you can earn bitcoin through other way like campaign that only needs your time,effort and knowledge.

HunterBTC

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What if doing the mine was called gambling? Or do trading also called gambling? I do not think Bitcoin is a gamble, a lot of the positive side of Bitcoin that can produce and that is not gambling, it's just that for every person who still lay about Bitcoin they call it Bitcoin is gambling.

cryptolet

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In my own opinion the answer is no because you invest your money and gets some interest in it just like any other business where you put in capital and expect gain or interest from it.

BLAST2MARS

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Quote from: selivers on April 06, 2018, 01:10:55 AM

No it is not gambling, you take calculated risk in case of bitcoins. In fact, if you are investing for long duration say one year, there is guarantee that you will make profit.

You just said it. It has risk so therefore it has to do with gambling. You put your money in bitcoin and the possibility of profit has no guarantee and you can still lose just like on usual gambling. I know there is still a huge difference but the point is gambling is present in bitcoin.

piter66

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I guess no one needs to answer this question again, bitcoin is not a gamble but mainly a store of value like gold where you can store income which is not needed at a particular time. Unlike gold, bitcoin can be cashed anytime one is in need of it and it is easier to monitor since it is not controlled by any government body or financial institution. Gambling is just a section in which one can make use of bitcoin to pay. Example of bitcoin gambling website is crypto-games.net

nereidkeck3eh

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There are many casinos still running proud heartedly in USA. why wont the btcs too promoted

maximkretov

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The popularity of Bitcoin continues to grow, in particular, largely due to increased interest in it from the Chinese. BTC China now is the largest platform for trading bitcoins. In terms of trade volume, the Chinese left behind the Japanese, Americans and Europeans. Growth was facilitated by the fact that the largest Chinese search engine Baidu began to accept payments in Bitcoin, thus opening up a new huge market for the currency

cvetkova

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It is not a form of gambling in my opinion. In case if gambling, most of the people end up losing money. However, in case of bitcoins , majority is making profit.

SiDtHeBeSt

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Well I think it might be something similar to gambling but it cannot be called gambling. It is mroe of an investment with a little bit of risk involved. Gambling is just betting and winning based on your luck and nothing else. Where as you need intelligence and knowledge for investment. Some people might say even gambling needs 'skills', 'intelligence' and 'techniques' but 99% of gambling is based on luck.

kamBlanV

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Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

I think bitcoin is not a form of gambling, because Bitcoin is a tool for making payments online, even though the price is fluctuating but it's all affected by demand and there are calculations.

cloudproject

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Bitcoin is not something like betting or gambling. Trading some stock or crypto is also not a gambling too. Gambling is mean you decide to gain some fortune with your decision lucky or not. But that isn't gambling anymore if you can predict you can win that
Are you heard some news that math teacher kickout from local casino because winning too much with math formula to gain 100% win ?
Bitcoin is not a gamble because this price happen because the economic matter and by people who using it
But this is HYIP because supply is low and when many people are trade can make this price affected too much

nilstairs2

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Yes ofcourse because we invest money on btcs just as we do in the gambling and wait for the returns without pre notions

Webberson

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I really do not see bitcoin as a form of gambling but rather a practice that involves risk. But when the risk taken is a calculated one, through proper analysis before going into an investment, it is therefore, said to be a minimal risk.

genset88

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Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

In my country Bitcoin can be said to be a form of gambling because now Bitcoin is banned in my country, the economy in the state is still light and cannot grow to meet the needs of Bitcoin. But people involved in investing in my country are afraid of being discovered by the government.

kalawang

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Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

yeah gambling is takign the risk so if you hodling it or buying some bitfcoin it is like gambling in our life maybe we loss or maybe we win but fror me bitcoin is like hope for us because it can give a lot of opportunity people to get more moeny in the future or income to use daily needs to surcvie in our life o bitcoin is very important.

Virtual miner

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Quote from: solex on June 10, 2013, 07:20:46 AM

No bet means no gamble.

When mining bitcoins there is no bet or stake. Instead, a mathematical problem is solved and this earns a monetary reward.

Yep.. that's right...when there is nothing like bet or stake involved in the bitcoin mining work, then how can it be correlated to gambling or something like that!!

Bitcoin gamble is an altogether different thing and when you talk about investment or trading in bitcoin, that also doesn't come under the category of gamble. Day traders do play a chance game, but again the point here is unless you are not betting on anything, it cannot be considered as a gamble.

always1337

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Quote from: TomUyamot on April 06, 2018, 02:15:20 AM

Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

Bitcoin is not gambling. You are not betting on something. When you buy Bitcoin it is not like you are plainly depending on absolute luck for your investment to either rise or turn to zero. Gambling is actually based on pure luck. And the odds will always be against your favor. Bitcoin, on the other hand, is a currency. That itself tells a lot why Bitcoin is not gambling. Moreover, such currency is being bought and sold resulting to a fluctuating value.

I think people are considering investing as gambling so that's why they could say investing in Bitcoin is a form of gambling but i think it don't work that way at all. People are forgeting that Bitcoin is more likely stocks and forex and why they don't call those investments are gambling but keep saying Bitcoin is a gambling ? It's all about the misunderstanding .

TomUyamot

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Quote from: melvster on June 10, 2013, 07:17:14 AM

In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.

In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.

Is this aspect a form of gambling?

And if so, is that illegal in the U.S.?

Bitcoin is not gambling. You are not betting on something. When you buy Bitcoin it is not like you are plainly depending on absolute luck for your investment to either rise or turn to zero. Gambling is actually based on pure luck. And the odds will always be against your favor. Bitcoin, on the other hand, is a currency. That itself tells a lot why Bitcoin is not gambling. Moreover, such currency is being bought and sold resulting to a fluctuating value.

charlemagne_15

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Quote from: BitAddict on June 10, 2013, 09:18:23 AM

This is 100% gambling ATM.

But if you invest is always gambling... more or less, but gambling.

Well I agree with you. In my perspective, I considered bitcoin as a gambling because you always take risk in here such as joining in campaigns. You won't know it the campaign you were in is a scam or not. Also, you gamble when you invest because there's no assurance that the result will be successful. The price of bitcoin that is unstable is a proof that doing bitcoin is a gamble for all of us.

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