One of my friends told me that he is interested in crypto, but his wife has concerns about it being another form of gambling (she grew up in a household of gamblers, so she has an aversion to gambling, understandably).
It made me stop and think, is investing a form of gambling? On the surface, I can see why some people might think that way.
On the one hand, investing in cryptocurrency involves some risk. Like any other investment, there is no guarantee that you will profit, and you could lose everything you have invested. This is similar to the risk associated with gambling, where you can never be sure if you will win or lose.
On the other hand, investing in cryptocurrency is not the same as gambling. You are betting on an outcome completely out of your control with gambling. With investing, on the other hand, you are investing in a currency or asset that you believe will increase in value over time. You are not relying solely on luck; instead, you are making an informed decision based on your research and analysis.
While cryptocurrency doesn't have the same degree of protection as a bank deposit or stock market investment, exchanges are still governed by laws that can protect you. But, as we witnessed with FTX, your funds are not guaranteed safe either. So, it can be a gamble just having your funds on a crypto exchange.
In comparison, gambling can be done in an unregulated manner. There are no laws governing how gambling is done, and there is no guarantee that you will be able to recover your funds if something goes wrong.
Overall, it is clear that investing in cryptocurrency is not the same as gambling. While some degree of risk is involved, it is important to remember that investing in cryptocurrency is a legitimate investment option that can be done safely. It is not a "get rich quick" scheme, and you should always research and analyse before investing in any cryptocurrency.
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Some of it can be straight-up gambling. It also depends on your mentality behind it. Many altcoins are complete gambles. Throwing money at random coins or NFTs because someone said it was going to the moon is not wise investing, that is like pulling the arm of a slot machine.
Being smart with your investments and doing research to make sure you are making an intelligent investment is not gambling, that is business. For me, I create on Hive and trade Bitcoin, that's about the game of it these days. I believe in both Hive and Bitcoin so I do not see it as gambling, but just good business.
Leverage trading can be a complete casino if you are not doing it right, so being careful there is important. Sometimes when I am scalp trading, I can get out of control and make really bad trades the same way I would play a bad poker hand. But you can also use leverage trading as an amazing business tool, if used with proper risk management.
The key is RISK MANAGEMENT...
💯 That picture is so cool! Is that also a KI generated?
Thank you. And yes, haha. I generated it using Midjourney AI. The prompt I used for this one took a few goes, but I used, "Vivid bitcoin casino, busy, photoreal, 8k, beautiful, sprawl"
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Really well done!