In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.
In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.
Is this aspect a form of gambling?
And if so, is that illegal in the U.S.?
Hi there melvster! Gambling is the process when some one just use luck or chances to earn cash after betting using a certain amount of cash. It is totally different from bitcoin, where bitcoin is a form of currency just like the cash you are using during gambling. Thus, bitcoin can be use to bet in gambling. Investing in bitcoin on the other hand doesn't mean it is a form of gambling, if that is how you perceived it. Does it mean that investor who buy stock at Spotify or Snapchat are all gamblers because there could be no certainty that their investment will generate a revenue?.