In these Covid times, while people aren’t venturing out, spending money left right and center, with governments helping out the citizens (in some cases) and covering any losses of earnings. People receiving, in some cases, lump sums of cash. It appears there are a fair few people out there who are managing to save quite a lot of money and a section of those have been wondering what to do with it.
It took us a little while but even with Covid restrictions, we still managed to get elite sport back under way and in doing so, the book makers were effectively back in business, a lot of them turning to opening markets on esports in the real sport downtime, so now there are even more markets to play with. Not only that, but over the last year or so we had a HUGE Crypto boom, most recently peaking at $61k! Which is a crazy amount of money. So some people have been looking to try and turn a profit with their savings, maybe looking at dropping a little bit of cash on the football, hockey or even Rocket League. Others have taken to investing in stocks or in the case of this article, CRYPTOCURRENCY. Now all of these things are similar, but why I hear you ask, well lucky for you that’s what we’re here today to answer.
The popular #cryptocurrency trading platform and stock brokerage service, Etoro, has plans to go public with a $10.4 billion merger. https://t.co/4Xlf7rgkJg— Bitcoin News (@BTCTN) March 17, 2021
We’ll start with betting. I’m sure you’re all well aware of what betting is, but to find an answer to why trading Crypto is similar to betting, we first need to describe what betting is. They’re more similar than you think. The oxford dictionary defines betting as “The action of gambling money on the outcome of a race, game, or other unpredictable event.”. Now why does that sound familiar? So, you walk into a bookmakers, or gamble online,or whatever it is you do to make your choice, maybe what you’re indecisive so it is the same to use a arbitrage calculator to chose where to trade, anyway, you go in, your log on, whatever it is you do, you pick your game, Liverpool FC Vs Manchester United, or Vitality Vs Team BDS in RLCS. You get some odds and you give them your money. So you put £10 down on your selected line at 10/1, if it wins, you get back £110, £100 profit. Nice. But if it loses, you lose £10.
So, why did we bother going into all that? Remember the definition of what betting is, it is almost exactly the same with Cryptocurrency, the only real difference is that with betting there aren’t fees for trading, now I can use my experience with investing here as an example. In January, I had received a £500 grant, for loss of earnings after having to isolate due to my wife getting Covid. We had to isolate for 14 days, just under half a month. We got in touch with our local council and they did everything for us and got us the grant, awesome.
After covering a few bits and pieces I had around £200 left and didn’t want to end up wasting it, so I decided to do a little bit of a gamble. I bought $225 worth of Ethereum, with the fees, I spent $250, at the time this was 0.199 Ethereum. So why was it a gamble, how is it the same as betting? Well, there’s every chance that the value of that Ethereum could tank over night and drop to, who knows, $100 or even less. In my case, it worked out in my favour. That $250 investment, while it is volatile and fluctuates quite heavily. I have seen peak at $400? It spends most of its time around the $350 mark, so including fees, I’m still set to profit around $75-150. The idea for me is to sell when it gets back to $400 and re-buy when it drops to $200 again, effectively doubling my Ether.
You can say the exact same thing about Stocks. The only difference here is that if you have enough money to invest in stocks, like the hedge fund guys have, or the guys over at wall street bets. You can effectively manipulate the stock market so you can almost always turn even a slight profit. Another way people tend to gamble with their money is to invest in other currencies. While the profit margins per whole unit of currency aren’t massive, in this case, when you’re investing larger sums of money there is definitely profit to be had. Just using the same mentality I’m using for my Ether. Buy low, sell high.
So there we have it, in a nutshell, that is why betting, crypto trading platform, the stock market or currency conversion are basically all the same. Because they’re all a RISKY GAMBLE, there is NO guarantee you’re getting anything out of this. But if it does pay off, you may as well be on the right side of it huh?
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