I’ve seen a lot of people asking the question, “Is investing or gambling a better way to earn cryptocurrencies?” If you have been asking the same question, then keep reading. I will discuss the basics behind each approach so that you can choose what best works for you.
What is gambling?
Simply stated, gambling is taking a risk or a bet for a desired, monetarily incentivized, result. In other words, it is playing a game of chance. You can be successful in earning after a short period of time or you can lose it all in minutes. Some gamblers are very lucky and can walk away with serious earnings, but always remember that gambling in games like Slots, Blackjack, Roulette, or Dice is based on chance. There is typically a house edge in favor of the casino, so long-term betting is not lucrative for players. Lastly, never gambler more than you are willing to lose.
What is investing?
It is allocating a sum of money towards a particular company and getting a share of the profits earned from said company hoping for a favorable return. In the cryptocurrency community, it is placing your money into the bankroll of a particular gambling site and getting a share on the profits of the house. It can also be investing in a new crowd-funded project with the benefit of received future shares of the profit. Investing is usually for long-term investments and is often not profitable in the short term. A lot of people find success in investing. A fitting quote here is, “make your money work for you, not you work for money.”
You might think that investing is a game of luck. You get lucky, or you don’t. Does gambling ring a bell? If it does, I assure you that it is not. In gambling, the odds are in another’s favor. There is no long-term plan, everything is based on chance.
In investing in a crypto-casino, the odds are in your favor because of the house edge. As they say, “the house always wins”. It is a long-term plan where a favorable risk-return is present. It involves the creation of wealth.
Which is better?
Most people tend to choose gambling because it is the most entertaining option. If you are a person that wants easy money, easy income, always depends on luck, and especially lacks patience then gambling will be your choice. You can be successful in gambling when you know your limits, how to control your emotions, and know when to stop. Almost all gamblers that fail are mostly due to greed and lack of self-control. Once again, keep in mind that you should only play with money that you can afford to lose.
On the other hand, if you are patient and willing to wait for the long term, then investing is for you. You have to understand the basics of investing. Research and knowledge is a must. Finding a trust-worthy gambling site, learning about the terms and possible returns, and having patience are the keys to success. Remember, “do not to put all your eggs in just one basket”— this means you should not put all your money on just one site. Also, when investing, expect a loss, especially in the short-term, it’s not always a win-win situation. It depends on the site/company, the on-site player activity, and the terms for the investment.
Investing and gambling are both risky. Both can bring huge losses or great winnings. Also, consider your bankroll when investing or gambling and know your limits. Happy earning!