Cryptocurrency trading sounds very fashionable and serious. This new type of activity is of great interest to many entrepreneurs and investors. After all, who does not want to earn big money quickly, easily, and at the same time enjoy success from the deal? However, not everything is as simple and secure as it seems. Crypto trading has much in common with casino games such as slots and online roulette and therefore is associated with increased risk.
Canadian researchers have concluded that there is a connection between rampant cryptocurrency trading and gambling addiction. According to the study, more than 50% of regular modern Canadian online casino players also participate in cryptocurrency transactions and traded cryptocurrencies at least once a month for a year. It is also worth mentioning such casinos as Casinonic.com, where you can pay with cryptocurrency instead of regular money.
What is the difference between a professional cryptocurrency trader and a gambler?
Cryptocurrency is a digital currency designed to work as a medium of exchange. Everyone knows that Bitcoin reached the highest rate in December 2017. After all, $ 20,000 for one bitcoin is fabulous money!
Some traders can earn very efficiently on cryptocurrency trading. For them, this is one of the best investment opportunities. They devote a lot of time to studying the risks and trading strategies associated with this activity. Such entrepreneurs conduct financial analyzes before investing and do not count on luck.
However, there are also unprofessional cryptocurrency traders. Ordinary gamblers perceive crypto-trading as a new risky activity similar to the games in Canadian online casinos, during which a person experiences very strong emotions, as in gambling. For such people, speculating with cryptocurrency is the same as betting on sports, fantasy sports, lottery tickets, slot machines, and high-risk exchange trading. ** Such activity can cause addiction the same as gambling. **
Differences and common features of crypto trading and gambling
Cryptocurrency trading can be compared to gambling. Nevertheless, crypto trading has some features that push inexperienced players to even greater risk. You can engage in virtual currency speculation anonymously, around the clock, without any restrictions. This format allows traders to conclude transactions at a convenient time for them, however, any action with cryptocurrency must be carefully considered and carried out in cold blood. Ordinary online casino gamblers very often act impulsively in the hope that their intuition will help them "defeat the market". Thus, they are at great risk, continue to play, even when they have almost no money left, and spend the last money to "win back".
Crypto trading can be considered as a high-risk trading activity. That is why players who do not have solid experience in cryptocurrency trading and who have not undergone proper training suffer from depression and are more stressed when they are overly addicted to cryptocurrency trading or high-risk stocks.
For some desperate players, the consequences of such hobbies can be dire. The Addicted to Bitcoin: The Cryptocurrency Rehab Center documentary film talks about the plight of one of these problematic players who have become crypto traders. The person who is narrated in the film was fond of sports betting before he even started crypto trading. The newly minted trader achieved great success in a short time in 2017 when the bitcoin exchange rate reached its maximum. However, after a series of losses the player could not stand it, he had a nervous attack, and he had to turn to the Castle Craig rehabilitation center in Scotland.
Anthony Marini, a senior therapist at this center, said the following about cryptocurrency addiction: "If you are addicted to something, it will just grab you and won’t let you go. It will ruin your life."
Indeed, an unbridled fascination with cryptocurrency speculation leads to dependence on the virtual world. A person gradually destroys relationships with other people. His unbridled passion for crypto trading negatively affects his career. A personal problem develops into a social one.
Crypto-Addiction Prevention Measures
First of all, you need to find out what signs indicate the development of addiction to cryptocurrency trading. Here are some of the symptoms of addiction to gambling/crypto trading:
- The sensation of muscle tension, excessive sweating, and trembling;
- The feeling of anxiety, depression, constant mood changes;
- The desire to check the price of bitcoin several times a day, and even at night;
- Constant thoughts about cryptocurrency during other activities;
- Abandonment of other previously beloved activities or entertainment to devote more time to cryptocurrency trading;
- You are ready to borrow money, just to continue to speculate with cryptocurrency;
- You are deceiving friends and relatives, do not want to talk about your hobby or problems associated with crypto trading;
- You are trying to control your activities, but you are not succeeding. If you notice these symptoms in yourself, you need to immediately take the necessary measures.
First of all, you must admit to yourself that you have become addicted to cryptocurrency trading.
You need to find another interesting hobby to displace the dependence on crypto trading. However, this should in no case be another activity causing addiction, for example, drinking alcohol, drugs, or food.
Use self-hypnosis to suppress your desire to play. To do this, you will have to show willpower.
Find powerful motivation to push yourself to another thing. Set a new goal in life, not leaving yourself time to strengthen addiction. Encourage yourself with something pleasant for your successes, but no frills.
Of course, it is always better to prevent the disease than to treat it. Therefore, do not allow yourself to lose more than 3-5% of your monthly income and do not try to "win back". Allocate a certain time for gaming activities and never go beyond the established framework.