Investments in cryptocurrencies such as Bitcoin and Ethereum has become hugely popular around the World. In the last 14 years the market has moved from one digital cryptocurrency – Bitcoin – to the thousands of different cryptocurrencies being traded today. It is accessible for any adult with a smartphone. Download one of the apps and you are ready to access the cryptocurrency market, invest and become a trader. There is promises of huge returns on investment – with less spoken about the risks involved.
Investment in cryptocurrency is very different to the usual financial markets such as London or New York Stock Exchanges. The crypto market never sleeps. It is operating around the clock, day and night, with no let-up. In the last few years there has been an explosion in the promotion of different apps and cryptocurrencies, alongside a huge social media promotion and activity - cryptocurrency is big news. The crypto markets are also largely unregulated.
Cryptocurrencies are a very volatile investment. The prices of different coins can swing up and down in a matter of minutes. This rollercoaster, which is very difficult to predict, can lead to big surges in emotions. Traders experiences waves of adrenaline and dopamine followed by dips in mood. The process can become compulsive in its nature and have a serious impact on mental health and well being. There is a real danger of trading crypto becoming an addiction developing in a similar manner to gambling addiction or maybe day trading addiction.
It can completely dominate a person’s life - and destroy relationships, businesses and swiftly result in financial ruin, and in mental health issues. Mood swings, depression, anxiety and in some cases potentially suicide can occur. Self care may be affected and other changes in behaviors. According to a survey by polling company YouGov, 43% of people with a gambling disorder own cryptocurrency, 66% of low-level problem gamblers looked to cryptocurrency trading to make money and that problem gamblers are more likely to report negative experiences with cryptocurrency. However, with the right specialist expert treatment, cryptocurrency addiction can be addressed, with sufferers able to enjoy life in a healthy way once again.
WHAT EXACTLY IS CRYPTOCURRENCY ADDICTION?
The thrill of trading in cryptocurrency can quickly become a dangerous addiction when that highly-charged uncertainty and excitement of the activity triggers large rises in adrenalin. There is never a guaranteed outcome or reward and so the competitive nature of trying to win big with each trade, and the fear of missing out can have a devastating price to pay.
The stakes here are high and, as one of our experts Dr. László Ürögi, Head Of Psychiatry, Psychotherapy and Relapse Prevention at The Kusnacht Practice, said: “You could lose your entire financial security with the push of a button.” That constant trigger stimulus and screen addiction makes for a dangerous mix. Media hype and the ubiquitous nature of cryptocurrency all feed into such dependency. Often we also see other underlying and related addictive conditions such as substance abuse or an alcohol disorder that can be making the situation even worse.
Some websites lure gamblers through fake and unreliable online information about such trading and can turn crypto addiction into a life-threatening crisis. The majority of addiction elements here are sometimes indistinguishable to those seen in pathological gambling as they are similarly focused on losing and hoping for a reward and the potential for the “ultimate excitement” or that adrenaline kick.
We see similar aspects in those with screen addiction. Like pathological gambling, this is a very private addiction with many of those close to the individual completely unaware of the problem with their loved one - until it is too late. And this can often also be a predisposed addiction through genetic factors or learned from family and friends. There have been great advances in treatments for cryptocurrency addiction, so your concerns can be addressed and resolved smoothly by discreet professionals with the highest level of evidence-based treatments at their experienced fingertips.
WHAT TO LOOK OUT FOR:
Lying to family members or others to mask the extent of your trading
Jeopardising or losing important relationships or work opportunities because of crypto trading
Attempting to control or stop cryptocurrency trading - but without success
Needing to gamble and risk with increasing amounts of money to achieve the same excitement and thrill levels
Trading and investing to relieve feelings of helplessness, guilt, anxiety or depression and escape problems
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