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Kate

Is bitcoin like lottery ?

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Ok we all know the term lottery right and some of us might have played it a lot of times and maybe have won something out of it or if you have bad luck then you would have won nothing from it. So i was thinking when investors invest in bitcoin isn't it like lottery ?

Because one you have to buy to get in to the thing and two if the price rises you win money. And thinking of it this lotyery is the one where everyone receives something even if a person gains profits due to the rise of bitcoin. Which seems great.

What do you think ? Do you think Bitcoin is like a lottery ? Or do you think it isn't at all.
Would love to hear your thoughts.

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Hey, @Kate. In my opinion it seems like a lottery for people who don't understand the nature of  virtual currencies. There is a document called "Virtual currencies and central banks monetary policy: challenges ahead", you can find online. And it says i quote:  "Virtual currencies are a contemporary form of private money". So you can call yourself a Trader, but not a lottery winner. Because there is a lot of external factors that affect bitcoin value. And lottery has none. Cheers

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I think about this, I immediately remembered at stake the limbo game)
After all, it's like a lottery. You sit down and watch your capital rise. The difference is that in limbo you can very quickly win(lose) the whole balance(deposit),but with investors it will be several days, weeks, months and even years.

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Speculation with bitcoin prices is far more likely to make you good money than a random lottery system is. You can analyse bitcoin trends, research it etc. With the lottery, you are purely gambling. That is just my thoughts on the matter :)

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Because the value increases today doesn't make it a lottery..

What about if we buy in excess today at 8k$, and it drops below 3k$ tomorrow, what does that make it? Is it still a lottery?

You are looking it from an angle, which ought not to be so. Bitcoin is a currency that ought to be spent everyday. That was the dream before people saw a way to make money out of it.

 

But I am very sure people that bought at 20k$ then would have counted their losses. Is it a lottery to those people?

NO!!!

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bitcoin is not a lottery. there is always the potential for technical failure, currency competition, political issues and so on. As the main basic rule, there is no currency that can be considered very safe from failure and difficult times. Bitcoin has been proven to be reliable for years since its launch and has the potential to continue to grow. However, no one can predict that the future will side with Bitcoin.

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actually the lottery investment and investment in Bitcoin are the same because they all share a common goal of making money. But Bitcoin is different from lottery many things like Bitcoin are used as an online payment
 

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On 07/06/2019 at 18:52, Kate said:

Ok we all know the term lottery right and some of us might have played it a lot of times and maybe have won something out of it or if you have bad luck then you would have won nothing from it. So i was thinking when investors invest in bitcoin isn't it like lottery ?

Because one you have to buy to get in to the thing and two if the price rises you win money. And thinking of it this lotyery is the one where everyone receives something even if a person gains profits due to the rise of bitcoin. Which seems great.

What do you think ? Do you think Bitcoin is like a lottery ? Or do you think it isn't at all.
Would love to hear your thoughts.

bitcoin is not the same as a lottery ... even between bitcoin and the lottery there are two different things ..

although their goals are the same, namely MONEY ... but in their calculations, the lottery is a clear guess all because of accident (getting a lottery is an impromptu / accidental win) while bitcoin is a calculation, using formulas and algorithms. so yeah ... those are indeed two different paths (in my opinion) ...

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I think not. Lottery is a game form that selects lucky numbers. If anyone is lucky to choose the correct number, they will be rewarded with a lot of cash. But Bitcoin is a form of online payment and can be invested
 

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