Is Crypto-Trading Addictive? Scottish Hospital Launches Inquiry
The term “addiction” and its true meaning have become rather murky in recent years as we learn more about how addictions are formed and what in fact are the root causes of them in individuals. The term itself comes from the Latin for “enslaved by” or “bound to”. The process of becoming addicted to something seems to remove the control over the situation from the individual and gives it to the substance, activity, or in this case the cryptocurrencies they might be trading.
Gambling addictions have been around since people realized they could make money off games of chance and betting on favorable outcomes. Cryptocurrency takes that already latent desire to bet on the success of something you believe in and amplifies it across a whole market consisting of hundreds of different options, many of which are designed to be deceptive. Day-trading cryptocurrency has become a lucrative way of making money for those dedicated enough to immerse themselves in the Wild West of altcoin trading. Most of the time these investors are not using the market as a way to make long-term investments in the future like buying equity in a company you believe in, but instead, chase speculative gains that follow the rise and fall of the market.
Since cryptocurrency has exploded in the last couple of years, it is logical that there would be research conducted on the effects it has on the industry’s participants. Castle Craig in Scotland is one of the leading addiction clinics in Europe and they have recently put out a series of questions in a press release geared toward understanding the extent of cryptocurrency addiction on the average crypto trader:
- Do I spend a lot of time thinking about different types of cryptocurrency?
- Am I spending large amounts on cryptocurrency?
- Have I tried to slow down or completely stop cryptocurrency trading — but not been able to?
- Do I become restless or irritable if I try to cut down my screen time related to cryptocurrency?
- Do I jump on the computer and start trading in cryptocurrency to escape from life’s problems or to try to elevate my mood?
- Do I carry on trading in cryptocurrency after losing money — to try to gain it back?
- Have I ever fibbed to other people about how much time or money I spend trading in cryptocurrency? Have I ever taken money unlawfully to fund my cryptocurrency addiction?
- Has my cryptocurrency trading habit had an effect on my relationships or my job?
- Do I try to get other people to lend me money when I have lost on investment?
If you answered yes to five or more of these questions then you might be experiencing some level of cryptocurrency trading addiction that has been seen in people who center their lives around day trading. Chris Burns, who is a gambling therapist for Castle Craig went on to say in regards to cryptocurrency addiction:
“The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation.”