Lottery or Bitcoin: Odds of Becoming Rich
First of all, there is really no way to calculate the odds of becoming rich either way BUT one does have an advantage over the other.
Most lotteries are based on KENO, a casino game that has a far larger house edge than any other game. Which mean the odds of you winning is considerably less than any other casino game. This is why Powerball and the like often go for weeks with no winner. And of course, the average lottery player spends more money on lottery tickets than they ever make back in winnings.
But they’re an easy sell because of the possibility that you MIGHT win, or as the New York Lottery slogan states. “Hey, you never know.”
And that is true to a certain extent. My daughter went to school with a girl whose parents won the lottery and they were able to quit their jobs and live the life they wanted because of it.
So the question you might want to ask yourself before playing is. “Do you feel lucky punk? Well, do you?”
And strangely, sometimes you do! I had a run of scratch-offs that totaled over $2500 dollars. And it all started with a five dollar scratch-off. Did I take the money and run? you might ask.
Well, the way I looked at it was, Can the 2500 dollars make a significant change in my life? Will it pay off my mortgage? Pay off my car? Put my daughters through college?
The answer of course was no. It might provide for a nice vacation, but I’m not married and presently not seeing anyone and taking a vacation alone isn’t something I think I’d enjoy.
So I bought more lottery tickets with the winnings and it soon became apparent that my winning streak had come to an end. When my winnings dropped to 20 dollars, I quit and bought a pizza.
Now here is where The lottery and Bitcoin differ.
Once you lose with a lottery ticket. That’s it. You toss the ticket and get on with your life.
Bitcoin is a bit different.
Oh yes, you can lose a great part of your investment in a very short period of time.
If you wait long enough, you may very well get your money back and considerably more.
Here’s how it works.
You set up an account at Coinbase.com *Note that there is an extensive setup procedure, requiring a smartphone, a driver’s license, a photo ID and a bank account all necessary to prevent hacking. But once you’re in it’s a simple to buy Bitcoin. You simply transfer the amount of Bitcoin you want to buy from your bank and Coinbase converts it to Bitcoin. When you want out you simply transfer it back.
No muss, no fuss.IF you want a look, here's the link
Here’s what you need to know. You can buy pieces of bitcoin for as little as $10 each. Which is around the price of an average lottery ticket. So what I do is whenever I think about buying a lottery ticket I use that money to buy Bitcoin.
Here’s an average scenario.
Say Bitcoin is selling for 5,000 dollars each. You buy 100 dollars’ worth.
The next day it drops to 3,000 dollars. Oh shit! Money down the drain!
You swear you’ll never buy Bitcoin again!
Months pass. You forget about the hundred dollars. Then one day you notice a post that says Bitcoin is on the move. Thinking you might get your hundred dollars back, you search for your access code to Coinbase and check your account.
That one-hundred dollars is now one-hundred and sixty dollars. Just as you’re about to transfer that money back into your bank account you pause and look to see just how much Bitcoin is worth that day. Then see that it’s gone from the low three-thousands to the high seven-thousands in just over one week!
If you had put that original hundred dollars into a bank account for the same amount of time, it would now be worth about one-hundred dollars and sixty CENTS.
Do you take the Bitcoin money and run, or do you throw another hundred into the pot?
Keep in mind, just over a year ago Bitcoin reached 20 thousand dollars before free-falling to the low three-thousands.
Here’s a word of warning, so pay attention.
What Bitcoin does is allow purchases to be made without a middle-man. For example, Amazon pays VISA hundreds of millions of dollars in fees each year. With Bitcoin, there are no transaction fees. You simply take your Bitcoin purchase amount from your account or alt-coin “wallet” and place it in theirs.
Take a moment to think about how many businesses want no-fee transactions.
Answer? ALL OF THEM.
As for me, I ignore the doom and gloom nay-sayers. The so-called experts. It’s a crap shoot. All investments are. The reason I invest in Bitcoin is because businesses want it and are spending a lot of money to make it work.
Remember the first rule of business. Find out what people with money want, get it and sell it to them at a profit.
So that’s it. The next time you think about buying a lottery ticket, consider Bitcoin. The odds are a lot better.