Comparing Bitcoin (BTC) Trading with Gambling
There has been an influx of investment into the cryptocurrency space and more people have started trading bitcoin despite a lack of knowledge or experience. Such traders have come under scrutiny because of this reckless attitude.
Most of the people branding these overzealous investors as foolhardy believe the risks are way too high to dabble in crypto – and some are even saying they are literally “gambling.” But is this true? Is trading Bitcoin indeed the same as gambling?
How Do We Define Gambling?
Comparing Bitcoin trading with gambling runs up against an immediate issue. The issue is that the definition of gambling is rather broad. One of the most trusted online dictionaries states gambling to be when one risks losing something for the possibility of a further gain.
When taken to the extreme, many daily activities can be regarded as gambling. From taking the bus to selecting the seafood at the mediocre restaurant. Where does one draw the line?
The broadness of the term means that there is no clearcut answer to state that sitting at the blackjack tables at RoyalVegas CA and trading bitcoin is any different.
Instead, one can look at the similarities and differences between trading bitcoin and what is socially accepted as gambling.
Why Trading Bitcoin Can Be Considered Gambling
If you take a hard stance on Bitcoin trading, you are more likely to view it as a type of gambling. After all, it does coincide with the dictionary’s definition – and other dictionary definitions not mentioned.
One can say this because when a trader speculates with it, it is easy to understand that there is a risk that its value can drop. This risk is accepted because traders might believe that its value could also increase. Therefore, one risks losing the coin’s value for the hope of a greater gain.
Why Trading Bitcoin Is Not Gambling
Conversely, many would argue that this only looks at Bitcoin trading from a very simplistic view. It does not take into account the other aspects involved with the activity of trading. These same characteristics make trading cryptocurrency a full-time occupation for many professionals.
If people who believe that trading Bitcoin is akin to gambling, they would also use this same logic to say that many other jobs are also a type of gambling. For example, is a window cleaner who washed skyscraper windows also a gambler? After all, he is also risking his life to earn an income.
Where Do You Sit?
How do you view trading Bitcoin? Do you think it is another form of gambling without the glitz and glamor of a casino or do you think it is something altogether different?