Cryptocurrency Addiction: A Very Real Danger
The hyper-digital age we live in brings many benefits, from one-click online shopping to AI-powered research. However, this new age also entails many dangers to our physical and mental well-being. One such danger that is now emerging as a very real threat to younger, digitally-savvy audiences is that of cryptocurrency addiction. Cryptocurrency addiction forms a hybrid between gambling addiction and social media addiction, arguably incorporating the worst aspects of both. Whilst cryptocurrency is typically associated with making fast financial gains online, the risk of getting addicted to online trading is as high as the financial losses that can ensue.
In this blog, we’ll break down just what cryptocurrency addiction is, what the signs are, and how you can help yourself or a loved one if you believe you might have an addiction to online trading.
What is Cryptocurrency?
Cryptocurrency is the online trading of digital currencies, such as Bitcoin and Ethereum. Although shares in these currencies are bought and sold like stocks, unlike the stock market, digital currencies are not regulated by central authorities or banks, such as the Bank of England. This makes the marketplace for cryptocurrency highly volatile; the value of shares is liable to changing rapidly and dramatically.
How Can You Get Addicted To Crypto Trading?
Whilst the nature of the market can therefore bring about great financial success in a short space of time, it can also lead to heavy losses. Online traders can lose or gain big sums of money overnight, leaving them in precarious financial positions. One investor was reported recently as having lost over £1 million to crypto trading. Crypto investors can therefore get addicted to crypto trading in the same way they can get addicted to gambling; chasing big wins in order to make up for losses.
Over more, this fast-paced, all-or-nothing style of trading can give traders a great rush of excitement or satisfaction when they make significant gains, a feeling that they can get addicted to. Even if losses have yet to be felt, traders can get used to the feeling of making quick, highly gratifying gains in a short space of time and start wanting more. In this way, cryptocurrency becomes a kind of online game, giving traders hits of dopamine when they make profits.
Cryptocurrency addiction is therefore highly comparable to that of gambling addiction. Indeed, according to the senior specialist therapist at Castle Craig, the UK’ first treatment centre for crypto addiction, the crypto-investors undergoing treatment described their addiction in similar ways to that of gambling addicts. The very existence of such a specialist clinic points to the very real danger that addiction to crypto trading is now posing in modern-day society.
Social Media Influence
Another significant contributor towards cryptocurrency addiction is the social media side of digital currency trading. Crypto investors often communicate with each other via social media platforms where tips, trends and forecasts can be shared. Investors can also share their big wins on these platforms, fuelling a culture of win-chasing and ante-upping. This encourages new or novice traders to invest more and chase similar levels of success. Ultimately, this further entrenches investors in the world of online trading, where they can easily become obsessed with the latest news and trends.
Cryptocurrency addiction can therefore engender the worst aspects of both gambling and social media addiction, becoming a condition in and of itself.
What Are the Signs of Cryptocurrency Addiction?
- Spending excessive amounts of time and money on online trading: If you find that you are neglecting your work, relationships, and other important aspects of your life in order to trade cryptocurrency, it may be a sign that you have a problem.
- Experiencing financial difficulty: Cryptocurrency trading can be very risky. If you are finding yourself in debt or struggling to make ends meet because of cryptocurrency trading, it might be a sign that you need to cut back.
- Chasing your losses: If you find yourself constantly trying to win back money that you have lost, it is a sign that you are not in control of your trading.
- Borrowing money or pawning belongings to fund trading: If you are resorting to borrowing money from friends and family, or selling personal belongings to fund your trading, it is a serious sign of addiction.
- Experiencing mood swings, depression and hopelessness: Addiction can take a toll on your mental health. If you are feeling hopeless or depressed about your cryptocurrency trading, it is important to seek help.
If you are concerned that you or someone you know may be addicted to cryptocurrency trading, it is important to seek professional help. If you have tried and failed to quit cryptocurrency trading on your own, it is a sign that you might be addicted and need professional support urgently. Remember, there is always hope.
How New Leaf Recovery Can Help With Cryptocurrency Addiction
At New Leaf Recovery, we recognise the unique challenges posed by cryptocurrency addiction. We provide tailored treatment plans to help address an array of different addictions. Our approach combines various therapies to address both the physical and mental dependencies on substances and behaviours. For example, individual and group counselling sessions help clients explore the root causes of their addiction. We also use holistic therapies like Emotional Freedom Therapy (EFT) and meditation to promote relaxation and emotional well-being.
A New Leaf, we understand that recovery is a journey, not a destination. We offer a variety of treatment programmes, from 7-day to 28-day plans, and can mould these plans around your individual needs and commitments. With a focus on building long-term recovery, New Leaf Recovery can help empower you or your loved one to overcome an addiction to cryptocurrency trading and live healthier, fulfilling lives.