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Author Topic: Is bitcoin a form of gambling?  (Read 7981 times)

Offline densus88

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Re: Is bitcoin a form of gambling?
« Reply #15 on: September 23, 2018, 02:40:29 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 opinion, I think Bitcoin is not a form of gambling. Bitcoin is good for ling term investment. Buy when low and sell when high.
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Re: Is bitcoin a form of gambling?
« Reply #15 on: September 23, 2018, 02:40:29 AM »

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Offline Mikam

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Re: Is bitcoin a form of gambling?
« Reply #16 on: September 23, 2018, 03:19:26 AM »
if someone is good at seeing this then this can make a lot of money. Actually Bitcoin is not a form of gambling, but there are indeed some people who make Bitcoin a tool for gambling. but in my opinion the trade in bitcoin and other Crypto is just like gambling, because the price of coins is rising and falling rapidly.

Offline Elaine99M

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Re: Is bitcoin a form of gambling?
« Reply #17 on: September 23, 2018, 04:43:12 AM »
Definitely not. Undeniably some other people are using the name of bitcoin just to make illegal things due to its popularity. For me, I never think bitcoin as a way or form of gambling. As we all know, bitcoin becomes more popular due to its original purpose, as a replacement of money, which can be use to pay commodities, services, etc, in a fast way because it is runned through blockchain technology.

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Re: Is bitcoin a form of gambling?
« Reply #18 on: September 23, 2018, 05:07:18 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 don't think your representation of data suffice the word gambling. To me, its a form of investment, I guess you are pointing bitcoin mining in your example.. Paying electric bills and purchasing computers installing everything to create a mining facility is not a gambling but rather a form of investment to something which you think would gives a huge profit in the future. Gambling logically describe as playing games where in you bet for the winning team.
« Last Edit: September 23, 2018, 05:08:55 AM by comer »
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Re: Is bitcoin a form of gambling?
« Reply #19 on: September 23, 2018, 05:42:36 AM »
~snip~
I think everyone will agree that's a form of gambling.
~snip~

I guess no one will agree that bitcoin is a form of gambling. Basically, not only bitcoin has unstable and volatile price. All cryptocurrency have the same characteristics. So, if you think bitcoin is a gambling form, then all crypto are also the gambling forms. I don't agree if you state it is a gambling. Even the prices are unstable, we don't gamble with our investment.           
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Offline Duckenth

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Re: Is bitcoin a form of gambling?
« Reply #20 on: September 23, 2018, 06:06:10 AM »
I do not agree that Bitcoin is gambling, Bitcoin is created for transaction tools not a gambling tool, but it cannot be denied that many people say that. moreover, the price of bitcoin is rising very fast, this makes people keep guessing the price of Bitcoin, they trade in exchange, and consider it the same as placing a bet on the Casino.

Offline Rembang

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Re: Is bitcoin a form of gambling?
« Reply #21 on: September 23, 2018, 12:41:51 PM »
I never thought like that and I strongly disagree when bitcoin is considered gambling, because I think bitcoin is a legitimate trade.
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Re: Is bitcoin a form of gambling?
« Reply #21 on: September 23, 2018, 12:41:51 PM »


Offline Vx1

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Re: Is bitcoin a form of gambling?
« Reply #22 on: September 23, 2018, 04:15:54 PM »
It's true, I also don't often hear those words, that Bitcoin is a form of gambling. but I don't agree, if Bitcoin itself is a currency with very fast changes in value, this is called fluctuating. Holding Bitcoin in my opinion is investment. Maybe because trading Bitcoin with this unstable value, which makes bitcoin called gambling.

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Re: Is bitcoin a form of gambling?
« Reply #23 on: September 23, 2018, 08:43:02 PM »
We pay for electricity in order to generate bitcoin and the same is true for everything that is powered by electric power. So if we are going to assume that paying for electricity in order to get a work done (in this case to generate bitcoin) is synonymous to gambling, then I cannot think of anything that wouldn't be a form of gambling.

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Re: Is bitcoin a form of gambling?
« Reply #24 on: September 24, 2018, 08:59:16 AM »
It's not gambling, it's an investment.  Gambling is like playing the lottery or something in order to win money.  Bitcoin is a tangible product that has actual use.  You would invest in something like Apple or Microsoft both with the intention of making money in the end right?  With gambling there is no product, it's just wagering money to try and make more money, and is largely a waste of money as well.
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Re: Is bitcoin a form of gambling?
« Reply #25 on: September 06, 2021, 05:42:51 PM »
It's not gambling, it's an investment.  Gambling is like playing the lottery or something in order to win money.  Bitcoin is a tangible product that has actual use.  You would invest in something like Apple or Microsoft both with the intention of making money in the end right?  With gambling there is no product, it's just wagering money to try and make more money, and is largely a waste of money as well.
what about we play a game in gambling site using our bitcoin?

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Re: Is bitcoin a form of gambling?
« Reply #26 on: September 06, 2021, 06:44:17 PM »

what about we play a game in gambling site using our bitcoin?
Have you ever tried this before?

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Re: Is bitcoin a form of gambling?
« Reply #27 on: September 07, 2021, 07:52:44 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.?

No, I think bitcoin is not gambling, although unpredictable. But we can learn the chart and the bitcoin progress everyday.
Investment is not gambling, it's more risky because more profitable than other assets.

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Re: Is bitcoin a form of gambling?
« Reply #28 on: September 07, 2021, 01:39:57 PM »
Bitcoin is not gambling. Currency trading in general is not gambling, though it may appear this way to people who don't know what it entails. And it entails a whole lot of study into various types of analysis to make an accurate prediction. Traders don't generally leave things to chance, like gamblers do.

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Re: Is bitcoin a form of gambling?
« Reply #29 on: September 07, 2021, 06:20:14 PM »
Bitcoin is not gambling. Currency trading in general is not gambling, though it may appear this way to people who don't know what it entails. And it entails a whole lot of study into various types of analysis to make an accurate prediction. Traders don't generally leave things to chance, like gamblers do.
Yes indeed, I agree. It's a totally different concept of gambling. We can actually learn and study the pattern of cryptocurrency eventho its still a blurry lines.

 

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