Why Buying Cheap Altcoins Is Just Like Playing Online Bingo?

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Bingo! That is a word that can have people pulling their hair out in frustration while another player leaps up in joy. If you have played Bingo, you know how tense the room can be, with people leaning in on the tables, ready to hear the winning combination. The environment is pretty much the same with online Bingo. With chatrooms available to see what other players are thinking, you can connect with their anxiety. Then the result comes in, and you either jump up in joy or roll your eyes at the screen. But did you know that playing online bingo shares some similarities with altcoins? You might be surprised that the two could be more similar than you think- you might even want to start playing online Bingo even more as a result! Let’s make this connection!

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What are Cheap Altcoins?

We live in the Bitcoin craze- almost everyone has heard of this digital currency. Those who invested in it when it started are now reaping the results of their faith. They are millionaires or making thousands of dollars off their investments. But of course, it’s now harder to buy Bitcoin unless you are willing to put up thousands of dollars in it. What’s the alternative for newbies in the crypto world? Altcoins!

As the name suggests, these are alternative digital currencies for people who cannot or do not want to buy Bitcoins. Anything outside Bitcoin falls under this category. Oh, and at least 5,000 of these exist in the world, so you have quite a variety to invest in!

What makes these coins different? Not much. They are pretty much like Bitcoin with the same decentralized structure. The main difference is that they are less known and have much less stability than Bitcoin. Also, their values are not quite that enticing. But some have come up fast and seem to be taking over the market. These include Ripple, Litecoin, and Ethereum.

The cheap altcoins are yet to stabilize and have fewer players, thus their low values. We will focus on these instead of the more stable options.

 

So, Where Does the Gambling Come In?

You might be wondering why we would equate buying altcoins to playing Bingo. Are you ready for the similarities? Here we go:

 

* Uncertainty

You never know if you will emerge the winner when playing Bingo. In essence, you are placing a wager based on your faith. Sure, you could be lucky, and your betting system would work in your favor. But what are the chances that you will win? That’s the same case with altcoins. These coins are volatile, and their asset prices vary from time to time. One day, they could be selling like hotcakes, and the next, another currency has taken over the market. You never know what the outcome will be with these high-risk investments. Isn’t that like gambling?

 

*  Speculation

What are you doing when you buy an altcoin? You are hoping that it will be the next big crypto! Look at it this way. There are more than 5,000 currencies in the market. Everyone who has invested in these currencies hopes that their choice will be the next big hit. But they do not know for sure. All they have is the belief, and they cross their fingers, hoping that they picked the right one. Then the market forces interact with the coins, and the investors turn out winners or losers. Isn’t that like Bingo? You cannot influence the outcome. All you can do is place your wager and hope for the best.

 

But does that mean that investing in altcoins is just like playing Bingo? Not 100%. There exists a fundamental difference. With gambling, the house has an advantage. So, you are more likely to lose your bingo game than you are to win. It’s almost like the odds are stacked against you. With altcoins, you can stand a chance to win. However, let’s not forget that the coin values can fall or rise sharply due to one event. One minute, you could be worth $100,000, and the next, you could be worth $1,000. There’s no telling where the values will land.

What’s the takeaway? Why not do both? Seeing the similarities in cheap altcoins and Bingo, you can decide to take the best of both worlds. Find a cheap altcoin and put your faith in it. In the same line, find a good bingo website and place a wager on it. Speculate, use a strategy (investment or gaming), and hope that you emerge the winner. You can’t tell what the outcome will be- which is pretty much the beauty of the game, isn’t it?

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