Bitcoin Buyers And The Casino Psychology

Elouise Spencer - 29 August 2018

The psychology behind BitcoinThe Bitcoin anomaly has come, swept across the globe, caused immense amounts of controversy, and is teetering between still being the next big ting and a passing fad. But at the peak of the Bitcoin craze, an amazing situation developed that has left many confused. Who exactly was it that was buying into the Bitcoin fad, and what exactly were they thinking?

If looking at the phenomenon more closely, a few very interesting things occurred that made the Bitcoin craze possible. The key factor that allowed Bitcoin to flourish was the psychology of those who decided to buy in. It was a psychology, it turns out, that is not unlike that of new players in casinos. In fact, many are referring to the Bitcoin anomaly as the “new player anomaly.” Let’s take a closer look at why.

Who Bought Bitcoin?

When Bitcoin first became popular, news about this revolutionary cryptocurrency swept across the world. News outlets in virtually every country on earth were talking about it, and it all seemed like an occurrence akin to magic. A strange new way to pay and invest had suddenly become the most valuable commodity on the planet. Those who had Bitcoin were apparently becoming instant millionaires, and more importantly, your average person could get in on this magical wealth.

People unfamiliar with finances, or how currency trading even worked, were diving in head first, desperate to get some of this incredible wealth. Would they see returns on their investments? They didn’t even know, or understand. They simply wanted in, while the going was good.

This psychology is fascinating; otherwise sound minded and intelligent people risking huge amounts of money, simply to get a chance at what seems to be easy wealth. In all other cases these people would likely steer away from things that seemed too good to be true. In this case, they bought the Bitcoin craze hook line and sinker.

Bitcoin Craze And Casinos

A similar psychology can be seen in those who are entering into a casino, or playing casino games online, for the first time. The notion that easy money exists in casinos exists. But this mentality is inly present in the minds of those who are inexperienced with casino games. Those who know casino games will be aware that making money consistently at gambling is a tricky, complicated task, taking no small amount of skill.

Of course, once the inexperienced have played casino games, and become familiar with how they work and learn things like basic Blackjack strategy, the notion of easy money fades. The same can be said, probably, for those who have bought into the Bitcoin craze.

It need not be said that many casinos are aware of the “new player anomaly,” and take advantage of it to some extent. After all, those who have their minds set on easy money are very valuable customers. The difference between casinos and the Bitcoin craze being that a person can make money at casinos, if the game are approached correctly. Once the Bitcoin craze passes, there will be no chance to recoup losses.