Crypto Gaming VS Crypto Investments: what’s more profitable?
What is more profitable – Crypto Gaming or Crypto Investments?
Crypto technology has been around for only a short while but it is taking over industries. To invest in cryptocurrency, you need a means to buy and a way to store. You can start by choosing a cryptocurrency exchange, where you can purchase bitcoin or altcoins. Transaction charges vary from one platform to another, but you can choose to buy directly from sellers. After buying, you store your money in an e-wallet. You could select a software or hardware wallet. Software wallets allow you to trade actively, whereas hardware wallets are secure locations for most of your currency.
On the other hand, you are free to use your cryptocurrency in online games. You can get a clear understanding of how individual games work from bitcoin casino Atlantis Gold guide, but in most cases, you can bet with ETH or BTC.
Crypto gaming and crypto investment are both lucrative ways of earning from crypto. However, they have different conditions and varying advantages and disadvantages. To understand which activity is more profitable, take a look at our overview of their pros and cons.
Chances for Losses
The crypto market is very volatile, which makes it incredibly risky. You could earn immense profits or make tremendous losses, even with the best strategies. Sometimes it’s all about luck.
Thus, investing heavily in crypto puts you at risk of losing money. In crypto gaming, there is some form of control of how you exchange crypto. For example, you can buy a digital cat for as low as 20 bucks in a game of cryptokitty. You then raise and interbreed the crypto kitty to increase its value then sell it for a higher price. Combined with a rational approach, this process can save you from spending more than you can afford to lose. However, high-priced transactions are available in the game, too. For example, there is a kitty that went for as high as $117,000.
In the case of investing, you also can decide how much to spend. Your profits will depend on your ability to analyze the market’s conditions before deciding what coin to buy. This is riskier than crypto gambling in case if you have no idea how to predict price movements.
Required Skill Set
To invest in crypto, you must conduct extensive research on the market and gather tools to analyze. This is because the market’s nature necessitates excellent tactics to make informed market exchanges and avoid huge losses. Crypto gaming, on the other hand, requires minimal knowledge about the market. All you need to know is how to buy crypto and how to play the game. Thus, if you are looking for a quick and less technical way to earn, crypto gaming is the best option. However, the chances of making huge profits over a short period are slim. Crypto investment, on the other hand, offers you an opportunity to create mind-blowing earnings over an extended period.
Susceptibility to Frauds and Scams
In terms of exposure to scams, both crypto gambling and trading are very risky. In both cases, the safety of your activity depends on their credibility. In the case of gambling, you should make sure the casino will allow you to withdraw winnings. Otherwise, even if you win a jackpot, it will be
useless. Plus, you should make sure that the online casino is fair and the probability of winning actually exists.
In cryptocurrency, there are numerous frauds as well. The industry’s scams range from small scale schemes such as Bitcoin Savings & Trust to massive-scale attacks like those that crippled Mt.Gox and Sheep Marketplace. It is vital to use a reliable cryptocurrency exchange, to be careful while trading, and to keep your crypto on a secure crypto wallet.
Available Ways to Make Profits
In crypto gaming, there are numerous ways to earn money apart from playing the game. For example, crypto gamers can make money from watching ads. This will require hours of being online, but there is a guaranteed income. However, no one guarantees that you can ever win a jackpot. In fact, it is easy to lose more than you win. On the other hand, making profits in crypto investments is mostly reliant on trading. The basic principle of crypto trading is to buy low and sell at a higher price to get a profit. Means, your income is mostly dependent on the price movements. However, if your skills are advanced enough, you can use sophisticated trading strategies. Also, it is possible to earn by staking.
If you are looking for diversified and fun activities, crypto gaming is the best fit for you. Remember that in the case of gambling, your profits will mostly depend on luck. There are some games that require skills, though.
In the case of crypto investments, you should understand the market well enough to create a profitable trading strategy. This approach requires a lot of research and advanced skills. These, of
course, takes a lot of time. To avoid all this, you can enjoy your online game and make some consistent cash while at it. Most online games are not hard to master, which increases your chances of success.
Remember that both online gambling and cryptocurrency trading are highly risky activities, but a responsible approach can save you from great losses.