Cryptocurrencies are virtual or digital money like Bitcoin and Ethereum uses blockchain technology that is almost impossible to be manipulated by a third party. Cryptocurrency trading can make or break the financial independence of a person. The cryptocurrency trading market is risky as anyone can be on the market thereby increasing the chances of scams. In many ways, crypto trading is similar to gambling on NonStop casino sites abroad: without strict regulations and self-exclusion measures uncontrolled trading can quickly become a bitter reality.
As a greater number of people are joining this market, cases of addiction are also increasing. BBC News shared a story of a man who made a huge amount of profit for the first time and then pushed himself to addiction, as he continued to spend more and more fortune in trading and got nothing in return. He mentioned that his family problems added up to the situation and he was soon trapped in the addiction cycle. There are numerous stories similar or different to his story of crypto-currency trading addiction.
Reasons Behind Cryptocurrency Trading Addiction
Symptoms and reasons behind cryptocurrency trading addiction are similar to any other addictions which include boredom, difficulties in life, and depression. It acts as an escape. A few more factors add up to this.
Extreme Exposure:
The service of crypto-currency trading is constantly available to us. As the cryptocurrencies are decentralized, there is no scope for regulation from the government, so anyone with a smartphone can start trading cryptocurrencies in a few minutes. The market is accessible on our laptops, phones, desktops, and everywhere. This makes it impossible for a person to take a break from it. Notifications from crypto-trading sites and apps keep on coming, thus increasing the involvement which ultimately might lead to addiction.
Cross-addiction
People often start trading cryptocurrencies to overcome their addiction to gambling. They may plan to earn money through trading to pay off debts created by their gambling addiction. But instead, they fall into the loophole of addiction, once again. Finally, they become addicted to both gambling and trading.
Escape from reality
People suffering from problems and bitterness in their personal lives find an escape from it in the world of trading. To not think about the problems, they make themselves busy in crypto-trading. Wins in the world of trading make them feel validated. The choice of running away from the problems makes them vulnerable to addiction.
Results of Cryptocurrency Trading Addiction
Below, we will explore the far-reaching consequences of being addicted to cryptocurrency trading, delving into its impact on your finances, mental well-being, and relationships.
The Decline of Hard-Earned Money
When you invest in trading, you spend a fortune of your saved and earned money. Addiction will lead you to lose all your savings to get the already lost money in trading.
Constant Borrowing Leads to a Rabbit Hole
While in addiction, you will enter a loop of borrowing money, promising friends and family to return, and losing it all up again.
Relationship with Family and Friends Suffers
Any addiction will lead to this problem. When a person is addicted to something, they get so caught up in it that they barely have any time for friends and family. Moreover, they are constantly frustrated and depressed and negatively impact their family and friends.
Getting Involved in a Scam or Committing a Crime
The market of cryptocurrency is fast; it rises fast and falls faster. When you lose, you quickly run out of all your funds. You are under a huge number of debts. This constant pressure may lead them to do the wrong. Like the story of BBC News, the person was led to take up money from his work and later got sued for that. Addiction makes us lose our minds.
Self-Help for the Addiction
Empower yourself to break free from compulsive crypto trading and reclaim your financial and emotional well-being. This section provides some practical strategies for managing your crypto addiction and your trading habits and developing healthy behavioural mechanisms.
Blocking of the Cryptocurrency Trading Sites
There were already a lot of blockers like GamBan, GamBlock, Betblocker in the market that used to block addictive sites like gambling sites, betting sites, and trading sites. One can voluntarily register to this software that will block all these sites of cryptocurrency trading from their devices for a period.
Finding a New Hobby
To reduce involvement in the market, one can adopt a new hobby unrelated to trading or anything of that sort. One can try learning a new sport or something to spend quality time with friends and family.
Seeking Professional Help
Perhaps the most effective way to deal with problem gambling behaviours and develop healthy coping strategies is to visit a specialist.
Consulting a Specialist
You can consult a psychologist or psychiatrist to help you with an addiction problem, or you can seek help from some online source like GamCare. GamCare is a UK-based organization that offers support and counselling to people struggling with addictions to gambling and cryptocurrency trading.
Group Therapy
Group therapies help with all kinds of addiction, where a group of people suffering from the same or different addictions share their stories and promises to move forward with their addictions in a united manner.
Getting Admitted to a Hospital
There are few clinics and hospitals available for the treatment of such addiction. One of them is Castle Craig Addiction Treatment Clinic which is located in the UK and Europe.
Conclusion
Crypto-currency trading is not evil, but anything that crosses the limit is unhealthy. You should understand cryptocurrencies, and monitor and regulate the time and money that you invest in trading. The moment you feel you are falling into the loop, you ought to quit immediately.