Crypto Set to Dominate Around the Gambling World
It’s no secret that cryptocurrency is dominating the gambling world right now. I don’t know about you but I’m seeing this word absolutely EVERYWHERE at the moment. The popularity of investing in cryptocurrency is increasing rapidly every year as more and more people gain interest. Many different online platforms have decided to join the list of accepting crypto this year too. With huge successful company names such as PayPal and Xbox accepting bitcoin and various other cryptocurrencies as payment. Also, lots of our favourite fast-food chains are now accepting, with Starbucks, Subway and Burger King accepting bitcoin payment. And various technology firms and auction houses too! The options as to where you can spend cryptocurrencies are continually increasing. So with the endless options of where to spend cryptocurrencies, it’s no wonder its popularity continues to rise. Let’s take a closer look at what it’s all aboutâ¦
What is cryptocurrency?
In simple terms, it is a digital way to pay for things that were created in 2009 by Satoshi Nakamoto. He specialised in computer science, digital currencies and cryptography and devised the first blockchain database. The cryptocurrency was created as a result of the global financial crisis that took place in 2007- 2008. Nakamoto invented it so people could keep their identity secret and control their money themselves. Without any interest, fees or controls from banks or government. His goal was to be able to use cryptocurrency as a form of payment for goods and services and this has definitely been achieved! The value of all the different cryptocurrencies coins is constantly changing (increasing and decreasing). So that’s why maybe people attempt to study the market and invest in the hope of earning a profit from it. And let’s face it – it’s become so mainstream now that investors are finding it hard to ignore the potential gains.
Is investing in cryptocurrency a good idea?
Is it just hype that won’t last or is cryptocurrency really worth investing in? First things first, it’s so important that you do your research before jumping into any investments. You must fully understand the risks that come with the cryptocurrency world before gambling your hard-earned cash. In fact, any investment is a risk and you should fully prepare yourself for the consequences (making huge losses). That being said, plenty of people make significant gains from cryptocurrency. For example, if you invested $100 in 2009 you would have over $48 million now. Crazy, right? of course, this is a very long time to hold onto an investment and the percentage of people that did is extremely small. So overall, cryptocurrency is a high risk that potentially brings a high reward if you’re in it for the long term.
Is cryptocurrency a form of gambling?
Plain and simple – yes, it is! Investing in cryptocurrency is a form of gambling because you can never be certain of the outcome. The outcome is extremely unpredictable and there is always the potential to lose it all. You will find many people telling you that investing in certain cryptocurrencies will make you rich and which ones are due to rise. But the fact isâ¦ no one is 100% certain. So with that being saidâ¦ invest wisely and only with money you can afford to lose!