Bitcoin in Uganda as a form of gambling

Bitcoin is presumed to be a form of gambling because it involves the use use of currency with hopes of gaining after acertain preferred time as stated by the company invoved.

Most time people assume that when they stake a certain amout of money they will get back what is presumed calculated outcomes like that of crypto currency where people are assured of points to win at every level they want.

The true basis of this kind of money venture is not assured, questions have been asked as to where are they investing the exchanged money into bitcoins, how does it work so in Uganda after being the first country to legalize this bitcoin in Africa, at the same time after a while its warning people of indulging or involving themselves in bitcoin.

If you as yourself what is gambling, and what is considered as gambling a will add bitcoin / crypto currency into this group of gambling as another form of gambling. Of late the minister of finance in Uganda warned people of this so called bitcoin Matia Kasaija.

Back to question, what is considered as gambling?

Gambling is the wagering of money or something of value (referred to as “the stakes”) on an event with an uncertain outcome, with the primary intent of winning money or material goods. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize

Is investing in crypto currencies gambling?

Crypto currencies are a fairly new investment class and to some putting your money into Crypto is anything but investing, but rather gambling. In fact, many respected investors, like Warren Buffet, have spoken out against Bitcoin and declared it as being gambling.

Source: cnbc.com

About Post Author

Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.

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Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.