Addiction to cryptocurrencies and risky investments has been described as a new type of pathological gambling or gambling addiction.
Several health bodies report that there is little difference between addiction to trading digital assets, such as bitcoin or ethereum, and addiction to sports betting or online casino games.
So far there are no concrete figures on the number of people affected by addiction to cryptocurrency trading, considered by some critics as a big casino that operates 24 hours a day, in an endless cycle of speculations that can leave big gains or losses.
The extreme volatility of cryptocurrencies can lead them to rise far above or fall far below a previous value. In that back-and-forth, fraught with danger, players find the adrenaline of the action. The problem with this thrill is that it can become an addiction, which is considered a global health problem.
How to know if you are addicted to cryptocurrency trading?
Experts recommend checking for signs such as feeling anxious muscle tension, constantly checking cryptocurrency prices – even in the middle of the night or first thing in the morning, thinking about cryptocurrencies while doing other tasks not related to trading…, these are all danger signs that warn us of a problem.
Why can we become addicted to cryptocurrencies?
Cryptoasset markets are, as we have said, extremely volatile. There are many options to choose from and each choice allows us to dream of the opportunity to become rich overnight.
Today’s technology has broadened and democratized investing. Almost anyone with access to the Internet or a smartphone can access the world’s markets. There we see a lot of information, observe prices and quotes that are updated in real time. Just watching the upward or downward swings of the market is often engaging and addictive.
The ever-changing cryptocurrency market and its fluctuations involves risk. That risk attracts the compulsive gambler who seeks to escape reality and feel strong emotions.
On the other hand, the networks are full of stories of huge prizes and financial gains obtained by trading cryptocurrencies. However, losers and their stories are less frequent in social media posts. In the unwary this may generate the illusion that cryptocurrency trading is an investment or a game where you always or almost always win. Nothing could be further from the truth.
The danger of choosing the wrong crypto broker is just as dangerous as the addiction to cryptocurrencies. We advise you to choose only the best bitcoin brokers with many years of experience and a good reputation.
Cryptocurrency addiction and the pandemic
The Covid-19 disease has turned everything upside down. Virtually all experts point out that the pandemic has increased addictions in the world. One of the addictions that has grown the most is gambling addiction derived from risky investments with cryptoassets. The current scenario is conducive for these addictions to grow as interest in cryptocurrencies is only increasing.
Many young people are unable to break out of the infinite loop of buying and selling virtual currencies in the midst of an unstable and volatile, insecure market. Such an attitude is considered a serious health problem. There are researchers who mention that it could even be a new mental disorder.
It is important to start discerning between responsible investors and investment addicts. In cryptocurrency trading, a general principle applies to all players: believing that if you play more you will win more or recover previous losses.
Statistics derived from scientific research show that people who are attracted to gambling are also tempted by speculative and high-risk investments.
Research conducted by experts indicates that the latency period (the length of time from the time we start gambling until we become addicted to the game) is much shorter in an online gaming scenario.
What in a face-to-face scenario takes perhaps years in the digital scenario is shortened to a few months. This accelerated context is what we see today in addictions to cryptocurrencies and risky investments. Some are already mentioning the term “modern epidemic” to refer to this issue.