I believe that many of you who engage in trading and crypto, in general, may encounter a common response when talking to friends and acquaintances who don't trade or hold crypto. They often question, 'Why do you gamble your money? Crypto is not an investment; it's like gambling in a casino.'
gambling
Well, it's true that you can gamble in crypto, just as you can gamble in stocks and commodities trading. However, the underlying asset itself is not inherently a gamble. The way we, as traders and investors, buy and sell, and the mindset we adopt, can turn it into a gamble. If you buy something based on a tip from someone on Twitter or Hive without conducting proper research or performing the necessary fundamental and technical analysis, then, yes, it's gambling.
But why do people tend to gamble?
Entertainment and Excitement
Many individuals engage in gambling for the sheer thrill and entertainment it provides. The unpredictable nature of games like slots, poker, and roulette can be exhilarating, offering a break from routine.
Temporary Euphoria
Winning can provide a temporary sense of euphoria.
Escape and Distraction
Some people turn to gambling as a means of escape from life's stress or personal challenges.
Hope for Financial Gain
The allure of buying a coin that can make a x100 is a powerful motivator. For many, gambling offers the hope of financial improvement or a quick solution to financial woes.
But just like anything there are many risks associated with gambling
Financial Ruin
One of the most significant consequences of gambling addiction is financial devastation. Compulsive gamblers often chase losses, leading to mounting debts, bankruptcy, and financial ruin.
Strained Relationships
Gambling addiction can strain relationships with family and friends. The secrecy, lies, and financial stress associated with the addiction can lead to breakdowns in trust and strained interpersonal connections.
So, everything can be categorized as a gamble; living is a gamble. But the way we see and act on things is what truly makes anything into a gamble.
Links
https://www.helpguide.org/articles/addictions/gambling-addiction-and-problem-gambling.htm
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