The Rise of Cryptocurrency Addiction - Oliver Clark

Aug 10, 2018

Cryptocurrency addiction is a very real illness that’s believed to be affecting thousands of people within the United Kingdom. Cryptocurrency addiction is a complicated form of gambling addiction. Cryptocurrency addiction is thus classed as a behavioural addiction.

When cryptocurrency addiction arises, you tend to neglect all other areas of your life. Cryptocurrency addiction is particularly heartbreaking if sufferers also have a young family.

Cryptocurrency addiction usually means sufferers are likely to neglect their spouse and children as a result of their addiction. It’s not surprising that cryptocurrency addiction is known to cause family breakdown.

When you are addicted to cryptocurrency trading, you will become pre-occupied with making money via this means. It is not uncommon for those addicted to cryptocurrency trading to spend up to eighteen hours a day on this fixation.

Why cryptocurrency trading is so addictive 

Cryptocurrency trading allows you to access a full suite of analytical data. This analytical data typically includes charts and graphs. Access to this data is perhaps why cryptocurrency trading is so addictive. These charts and graphs give you a false sense of control. This is not unlike gamblers who feel they are in control and able to ‘beat the house’ due to ‘skill’ despite the fact these people are entirely playing a game of chance.

Like gambling, cryptocurrency trading will result in wins. These wins may account for many thousands of pounds. If you are a ‘normal person’ earning the average wage, then it’s likely you will view these early wins as life-changing. You may even continue to trade until you eventually lose everything. The truth is that not many people have managed to turn cryptocurrency trading into a success due to the inherent volatility of cryptocurrency’s value.

Raising awareness about cryptocurrency addiction

The sad truth is that many people addicted to cryptocurrency trading are not able to admit they have a problem. Many of these people are not even aware of the concept of a ‘behavioural addiction’. Thanks to large-scale TV campaigns funded by the State, most people are aware of gambling addiction.

However, this level of awareness is less rife when it comes to cryptocurrency addiction. We decided to write this article to help spread awareness about cryptocurrency addiction. We realise that only a small number of people will ever read this article but we are still happy to make this small contribution.

We are not advocating a new category of addiction in the form of ‘cryptocurrency addiction’. We don’t necessarily agree with the pigeonholing of addiction types. Instead, we wish to make people aware that when they engage in cryptocurrency trading, they are really engaging in gambling. Thus, cryptocurrency addiction is a form of gambling addiction.

Ever since the Internet has grown over the last fifteen years, the number of people engaging in gambling has grown exponentially. Perhaps cryptocurrency addiction is merely an evolution in gambling’s long and troubled history.

Many forms of gambling are regulated either by law or by industry-wide agreements. Although we do not feel this level of regulation goes far enough in the United Kingdom, we are nevertheless thankful that some level of regulation still does exist.

This is not the case when it comes to cryptocurrency trading. Since cryptocurrency is not linked to any central bank, trading in cryptocurrencies is truly unregulated. Also, unlike many other forms of gambling such as horse racing, cryptocurrency trading may be conducted 24 hours a day.

It is not surprising to hear that many of the same people who are addicted to gambling may also become addicted to cryptocurrency trading. These people are often predisposed to gambling, and the ‘opportunity’ that cryptocurrency trading offers these people is often too great to refuse.

What are the symptoms of cryptocurrency addiction? 

If you suspect either yourself, a loved one or a colleague could be addicted to cryptocurrency trading, it’s important to look out for the below signs:

  • Spending an unreasonable amount of time on cryptocurrency trading channels to the detriment of all other activities
  • Social isolation, career problems and loss of close friends
  • Not getting enough exercise, poor personal hygiene, and a poor diet
  • Experiencing psychological withdrawal symptoms when taken away from cryptocurrency trading – including anger, mood swings, depression, nervousness and sleeping problems
  • Lying to friends and family members in relation to cryptocurrency activities or how you have been spending your time
  • Racking up large debts
  • Developing a poor self-image – such as labelling yourself as ‘unlucky’    

Many of the above symptoms apply to many different types of addiction, including substance misuse. It’s important to analyse the above symptoms carefully in determining how closely the above apply to your own situation. Completing this task will help you analyse your cryptocurrency habit objectively. This will also help you overcome denial about your cryptocurrency addiction.

 

Read More on: A guide explaining the dangers of bitcoin addiction by Oliver Clark.

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