Highs that are exhilarating and lows that are catastrophic. One of the reasons why investing in and/or trading Bitcoin and other cryptocurrencies may be extremely exciting, mood-changing, and addicting is because of these characteristics of addiction.
Over the last few years, individual investors have been increasingly interested in investing in and trading cryptocurrencies and persistent betting in the crypto market has become increasingly troublesome throughout the world.
Take the Lessons from Gambling Platforms
Addiction specialists have classified cryptocurrency addiction as a sub-type of day-trading addiction, with parallels to gambling addiction, which is referred to professionally as a gambling disorder.
On that note, it can be said that the most established and respected gambling platforms have identified the issue of gambling problems and thus, implemented a few effective ways to help their punters. For starters, online casinos, particularly those licensed by the United Kingdom Gambling Commission, are required to register themselves with self-exclusion websites and schemes like GamStop or GamCare.
On the other hand, there are many casinos that did not join these exclusions, but players should join only reputable casinos not on GamStop like NonGamStopSlots or NonGamStopBets. They should follow Responsible Gambling rules and promote awareness for the punters.
Implementation of Self-Exclusion
When you ask a gambling establishment to exclude you from the facility or a gambling activity offered at the venue, this is known as self-exclusion or self-banning.
Venues are obligated by law to assist anybody who requests self-exclusion. Self-exclusion can be in place for up to 5 years, although there is a 24-hour cooling-off period that is why many players switch to cryptocurrency. The decision to self-exclude can be motivated by:
- The sum of money you spend on gambling
- The amount of time you spend in the gaming establishment
- The negative effects of gambling on your career and/or family life
Self-exclusion is a crucial stage in overcoming a gambling addiction.
Blockers of Crypto Platform
The most essential aspect of distributed open-source technology such as Bitcoin is self-regulation. A government can try to prevent its citizens from accessing the network, but Bitcoin will continue to operate on the internet. Even if a government outright prohibited bitcoin, it would be futile. It is quite difficult to prohibit individuals from utilizing code on the internet.
Block Crypto Transactions
Unfortunately, many people who are addicted to investing or trading may be unable to control their habits. Individuals may need to quit investing and trading entirely in such circumstances. Individuals with severe cryptocurrency addiction may need to visit an inpatient rehabilitation clinic and/or consult with an addiction expert who specializes in bitcoin addiction.
The Signs of Problems with Crypto
Let it be made clear that the following clearly does not apply if you work as a full-time cryptocurrency trader or if it is your profession to constantly monitor the markets. We’re talking about normal people with regular day jobs who want to dabble, invest, and expand their financial portfolios.
Because the world of ICOs, cryptocurrencies, blockchains, and HODLing is so fresh, it may be difficult to spot obvious indications that are unique to this market. But, like alcohol, narcotics, or gambling, cryptocurrency addiction has a common thread–addiction in nature. Keep an eye out for the following symptoms that your passive pastime is beginning to take over your life:
You Cannot Seem to Stop
If you’re addicted to cryptocurrencies, you could be investing money you don’t have or can’t afford to lose. While it is simpler to detect when it comes to drug or alcohol abuse, one of the most evident indications of addiction is the inability to quit doing it.
Even if it’s having a negative impact on your life. A brain that is hooked can rationalize or argue a workaround.
Your Social Life Starts Taking a Hit
If you are continually declining social invitations because you are unable to participate in your addiction, it may be time to take a step back and consider your options.
You may have a cryptocurrency addiction if you avoid going to things since they take you away from your screen or you can’t check the price of Cardano.
You Suffer from Withdrawal Signs if You Halt Related Activities
Cryptocurrency addiction does not always result in tremors, sweating, or hallucinations. However, you may be concerned, worried, nervous, or suffering from severe FOMO. You may have a bitcoin addiction if you can’t take even a few hours off.
You Indulge in Trading in Secrecy
When you attempt to do it in secret, it’s a dead giveaway that you have an addiction.
You are Being Gutsier than Usual
As your addiction worsens, you’ll be willing to take greater risks to obtain your dose. It’s simple to conceive about it in terms of drug addiction, but it may also apply to Bitcoin addiction.
You are in Denial
Denial is also a strong indicator that you may have a bitcoin addiction. If you find yourself convincing yourself or others that you aren’t addicted, it’s possible that you are.