Bitcoin is virtual money that you buy with real money.
Some people use their computers to facilitate Bitcoin transactions between buyers and sellers because new Bitcoin is created by doing so, giving them a (very small) profit.
Very few people buy Bitcoin for the purpose of using it as money because a premium is required when purchasing. (Costs are higher using Bitcoin.)
Bitcoin is used as a form of gambling where buyers hope to sell them for more than they paid. Its value fluctuates daily as its novelty and popularity changes, but because new Bitcoin is constantly being created but none is destroyed, its value must inevitably decrease (supply and demand).
Buying Bitcoin is called gambling because it has a calculated negative expected value. (If it had a positive expected value, it would be called “investing”.)
Some people use their computers to facilitate Bitcoin transactions between buyers and sellers because new Bitcoin is created by doing so, giving them a (very small) profit.
Very few people buy Bitcoin for the purpose of using it as money because a premium is required when purchasing. (Costs are higher using Bitcoin.)
Bitcoin is used as a form of gambling where buyers hope to sell them for more than they paid. Its value fluctuates daily as its novelty and popularity changes, but because new Bitcoin is constantly being created but none is destroyed, its value must inevitably decrease (supply and demand).
Buying Bitcoin is called gambling because it has a calculated negative expected value. (If it had a positive expected value, it would be called “investing”.)