Why crypto is not gambling.1
An influential panel of mps has called on the government to regulate consumer crypto trading and speculation as a type of gambling. Well,gambling is a game of chance for money,it is also an act of taking risk in the hope of a desired result,therefore,what we did using crypto currency is much similar in gambling we invest,trade and play it without any idea with the outcome,either you win or lose thats why many people say its a gambling. Benefits of gambling with crypto. Cryptocurrency also has various benefits outside of gambling, especially for people looking for better financial alternatives. Here are some of its most significant advantages: secure mode of payment; crypto gambling is considered more secure due to smart contracts. Simply put, one of the major effects of crypto on the gambling industry is its enhanced transaction transparency. The blockchain system publicly records all transactions, allowing you to easily confirm your transfers and ensure the security of your funds. This also aids in preventing fraud, thereby increasing players’ trust in the online casino. Betting and investing are very different. I got asked a similar question at a dinner party last year — is cryptocurrency gambling? don’t worry, i bit my tongue and resisted the urge to hit a sarcastic home run out of the park and shake my head until it fell off my shoulders. Gambling is a regulated activity and nobody has ever successfully sued a bank because they gambled their money away. Another regulated industry that people piss their money away on. Banks do not give 1/8th of a fuck what you spend your money on. They give a fuck about risk and getting blamed. In 2020, the online gambling space recorded a trading value of $72. 02 billion with an adjusted cagr market forecast of 12%. This data puts the booming industry at $112. 09 billion by the year 2025. These figures are staggering, and the contributing factor has been the use of cryptocurrencies by casinos. The "game" of crypto may or may not be gambling, but the psychology of addiction is the same as in gambling. When you gamble, you give someone else money and they (usually) just keep it. The individual games exist to distract from the reality that someone else ends up keeping your money. In this respect, gambling and crypto are both scams
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