In reality, the only kind of gambling I've ever done, is buying and selling Bitcoins
Posted on December 20th 2019, 3:30 pm
For the most part, I think most people just want to do a little research and see whether or not there's a Bitcoin ATM near them. If there isn't, many people will look at the price or buy one on a whim, and maybe they'll learn to trade while they buy it. If there is an ATM near the customer's location, it's much more likely the customer is using the machine to trade Bitcoins for cash. If it's a local Bitcoin ATM, it's very likely the customer is using bitcoins to gamble, and will make some sort of return in the process. In reality, there is no distinction between buying and selling, or gambling and selling. There are just as many who want to buy and sell Bitcoins as who want to gamble. I think of the "gambling" people as people who like to buy and sell in addition to use them in the wild. The "selling" people are folks who would be interested in using their bitcoins for a variety of purposes including trading. It's the nature of Bitcoins that makes them a "bubble" and this is true all around the planet. I don't think it's unusual for people to spend large numbers of Bitcoins gambling, speculating, or staking, so long as they can get to one. As more people buy and sell, the number of players in each group grows and the amount of money traded grows. There are a lot of factors that could reduce or increase the demand for Bitcoins, such as the price being too high, too low, or whatever. Even the most sophisticated of computers, no matter how perfect they are in processing transactions, can never match the speed of human players. In a very simple market, the only factor that could prevent these groups from rising and crashing together is the amount of buying and selling in any one market being at or below what is desirable. But with Bitcoin the buying and selling is a free-flowing market where a great many players are trying to buy and sell at or below the ideal price. The market becomes chaotic, and Bitcoin volatility is at an all-time high. But we shouldn't get carried away. As we learn more about Bitcoin, we find various ways the Bitcoin economy can work in unexpected ways. In the past month, I've found a way to get a Bitcoin gambling machine into a bar.