30 September 2022
Is the Cryptocurrency price the first thing you check in the morning and the last thing before going to bed? Are you concerned about your constant involvement in the Cryptocurrency space? Or are you worried about your loved ones' Crypto trading habits? Do several questions arise when you think about whether it is even possible for you or anyone to be addicted to Cryptocurrency?
To cut it short, just like any other addiction, Cryptocurrency Addiction exists too. It can be defined as compulsive Cryptocurrency trading and associated traits that have significant consequences in a person's life. It is a behavioural addiction that interrupts personal, familial and leisure interests. For instance, the occasional betting, gambling or lottery flutter becomes worrisome for about 9 people out of 1000. Including, 70 out of 1000 engage in risky behaviour that might become an issue, of course. Also, it is common for one not to be aware if they are suffering from Cryptocurrency addiction. So if you want your Crypto journey to be as lucrative as the market, it is crucial to look for the signs and treat them.
Given that the first Cryptocurrency - Bitcoin, was launched in 2009 and is still relatively in its infancy stage, there has been minimal psychological study into its proclivity for addiction. Addiction specialists have classified Cryptocurrency addiction as a sub-type of day-trading addiction, with parallels to gambling addiction, and is clinically referred to as a gambling disease.
Since the Crypto market is volatile in nature and lucrative, it makes the industry even more enticing. The investors remark about FOMO or the FUD on price rallies, resulting in checking the price movements and keeping up with the news. Moreover, the Crypto market is unregulated, which makes it an even more enticing endeavour. This euphoria brought by Cryptocurrency is what makes trading and investing so appealing. Whether it is chasing the next high and making a profit, or avoiding and managing lows, everything counts and can trigger addiction. Dabbling in the Crypto markets offers a sense of the same adrenaline rush that obsessive players desire since it is such a high-risk sector. As a result, Cryptocurrency addiction might affect a large number of individuals throughout the world.
Cryptocurrency addiction can not only affect you, your mental and physical health, or your finances, but it also affects your relationships with your close ones and your professional life. The good news is that there are measures that can be taken to break your Cryptocurrency Addiction.
In this blog, we have laid out a detailed guideline to Cryptocurrency Addiction - its signs and treatment
Since we have defined what Cryptocurrency Addiction is, we will now discuss its concerns, likeness, effects, and treatments.
Who is most likely to have a Cryptocurrency addiction?
Addiction to Cryptocurrencies appears to be common:
- Problems of this nature commonly occur in young adults, although they can occur at any age.
- Older individuals also find themselves with too much spare time, prompting them to seek out new methods to keep themselves occupied.
- If one is already addicted to gambling or betting, this may be partly attributable to genetics, but it is also a behaviour that can be learned. For example, witnessing a close one, such as a parent trading online or even being taught to trade by them.
- The work environment may encourage this behaviour, such as betting or pound stores, casinos, amusement arcades, and so on.
- Other factors may involve day trading, online or offline gambling, poker games, roulette, financial gain sports, dice games, or stocks and shares with a high level of risk.
Ask the following questions to understand if you have Cryptocurrency addiction
- Do I spend hours thinking about Cryptocurrency, debating the pros and cons of its various forms?
- Do I spend too much time researching, planning, and strategizing trade?
- Am I investing a great deal of money in Cryptocurrency?
- Am I constantly checking on Cryptocurrency prices and spending a significant amount of time trading Cryptocurrencies?
- Do I easily get affected or overwhelmed by every Crypto trading movement?
- Have I struggled and failed to decelerate or completely cease Crypto trading?
- Do I feel agitated if I seek to curb my Cryptocurrency-related screen time?
- Do I forget my everyday responsibilities just to trade Crypto?
- Do I continue Crypto trading to distract myself from my woes, to improve my mood or to kill time?
- Do I continue trading in Crypto after losing money in the hope of recouping my losses?
- Has my Crypto trading habit had an impact on my personal or professional relationships?
- Have I lost interest in social and leisure activities that I once liked inorder to focus on trade?
- Am I selling my assets or using my savings to trade in Crypto?
- Do I try to persuade others to lend me money to trade in Crypto?
- Am I living in denial? For instance, attempting, but failing, to regulate behaviour.
If your answer ranges “yes” from one to three questions, then you are probably on the track to Crypto addiction. However, if it is more than three, it means that Crypto trading is affecting more than you think it is. Many people are either unaware or have a tough time acknowledging the signs. Whether you are making profits or suffering losses, it is crucial to look for behavioural patterns. The first step is to be aware of your addiction and seek assistance; from there, you may determine if you are ready to quit or simply wish to regulate your Crypto spending better.
Impact of Cryptocurrency Addiction
Cryptocurrency addictions may have catastrophic and far-reaching consequences for the addict and their loved ones. Although research on the subject is limited, and anecdotal data shows that it can severely influence a person's mental health, physical health, relationships, finances, career, and other areas of life.
Cryptocurrency addiction can affect mental health and lead to stress, depression, anxiety, insomnia, and mania. On the other hand, individuals may begin to overlook key life responsibilities such as their work, healthcare, and family as they get engrossed in their Cryptocurrency trades.
Also Read, 8 Tips For Successful Crypto Trading
Living with a Cryptocurrency addicted individual
Seeing your close one with Cryptocurrency addiction can be extremely difficult and upsetting, especially when they try to conceal the extent of the situation from you. But it is crucial to note that if you discover that someone has a Cryptocurrency addiction, it is important to be open and honest with him or her. Communicate, explain and convey to them how much grief and trouble it is causing and that there is help and they must get it.
Although there is no alternative to skilled professional assistance, we have compiled a few practical steps to help manage Cryptocurrency addiction:
1. Spend a certain amount of money on Cryptocurrency
Set a limit according to how much you're ready to spend on Crypto investments per session or per week. If you utilise a Crypto trading account, ask for a limit to help you keep track of your spending. Furthermore, on payday, try to pay off all of your high-interest bills first, and keep aside your savings amount before trading in Cryptocurrency. Always remember the golden investment rule, “Invest what you can afford to lose”.
2. Reduce the time and days you spend trading Cryptocurrency
Take breaks and set a weekly restriction on how many times you will trade Cryptocurrencies, for example, once or twice a week. You may set an alarm to notify you. Also, avoid situations when you say to yourself, "I'll just take a short look”. It is crucial to set rules and abide by them.
3. Do not treat Crypto trading as your primary income source
Always keep in mind that you're dealing with uncontrolled variables, probability and possibilities. Always plan, strategize and have a risk management plan. Be prepared to lose your investment. Never put your savings into Cryptocurrency. In addition, inform your friends and relatives that they should never lend you money for Crypto.
4. Spend time on other activities
Spend time with loved ones and find other healthy outlets, like meditation, exercise, a simple walk, reading, writing, listening to music, getting out in nature, and so forth. It is necessary to discover alternative sources of enjoyment, such as resuming previously social or leisure activities or taking up a new interest or hobby.
Many sources can help you to treat your Cryptocurrency addiction such as:
- NHS - The National Health Service in the UK to find out about health conditions, symptoms, healthy life>
- GamCare - GamCare is the UK's largest provider of free gambling-related information, guidance, and assistance.
- The Gordon Moody Association - Gordon Moody is the only charity in the UK committed to assisting people in reclaiming and rebuilding their lives after overcoming gambling addiction in a safe and supportive environment.
- Castle Craig - Castle Craig treats a wide range of addictions, including alcoholism, drug abuse, compulsive gambling, other behavioural addictions, and dual diagnosis.
- Gamblers Anonymous - Gamblers Anonymous is a group of individuals who get together to share their experiences, strength, and hope to solve their shared issue and help recover from gambling addiction.
- Gam-Anon - Gam-Anon is a 12-step self-help group for individuals who have been affected by someone else's gambling addiction.
- Smart Recovery - Smart Recovery helps seek science-based and self-empowered addiction treatment for anyone for free mutual support sessions.
- SAMHSA - The Substance Abuse and Mental Health Services Administration’s purpose is to minimize the impact of substance abuse and mental illness on communities across the United States.
Please don't wait until everything appears dismal or hopeless. When you get help, you must Stick to your guns! And not give in. With time, you will feel a lot better, which will help you prevent a lot of difficulties in your life, as well as your immediate health and wellness. As Ralph Waldo Emerson quotes, “The only person you are destined to become is the person you decide to be”.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.