The cryptocurrency industry has been in the talks of every individual these days and isn’t really much of an industry secret any longer. And to earn in bitcoins or simply purchase the cryptocurrency, there is more than one cryptocurrency that you can find anywhere on the internet. The creator of the cryptocurrency remains anonymous but has almost half the world using the same for payment methods. But among the entire spending as well as earning, there has been a rise in various cases of cryptocurrency addiction.
Speaking of addiction, the traits mainly are euphoric highs and devastatingly emotional lows. These are just one of the hallmarks of addiction and also one of the reasons why investing or trading in bitcoin can be highly invigorating, mood swinging & addictive.
Bitcoin and Cryptocurrency Addiction
Nowadays, investing in bitcoins and any other type of cryptocurrency has become quite the scene in every industry over the past several years, compulsive betting in the crypto marketplace has become progressively questionable across the world. For early investors, Bitcoin has created gazillionaires.
In the ambitious scheme of digital segregated money, we are very early on a macro-level, making current investors assured that they too may tremendously increase their wealth from their present-day purchases.
However, even if the gains are massive the prices of bitcoin are highly volatile and therefore the prices of the cryptocurrency keep fluctuating throughout the years. Most of the time, the prices have doubled which makes it so intriguing to the people investing in it.
Investors who purchase bitcoins or trade-in are also talking about major FOMO (fear of missing out) on price rallies, therefore leading to them constantly checking on the price action and cryptocurrency news. Now let’s swing back to the addiction bit and tell people why they are addictive.
Well, for starters the part of which bitcoins or other forms of cryptocurrencies are so addictive that’s clearly because of the huge swings. To make that cryptocurrency betting a bit more exciting some people also carry on with leverage trading. Leverage trading simply means that the merchant is using borrowed capitals to increase their position capacity on a particular trade.
Effect of Bitcoin and Cryptocurrency betting
Now coming back to how this affects people is when profits in the cryptocurrency gambling (cryptocurrency betting) are made, the people who win them get a rush of dopamine and other neurotransmitters in their brain which make them feel good, sometimes even superior.
Now, when a person with a substance addiction uses, they feel the same rush of feelings and therefore try to reach out to the same to get high & feel some more dopamine. It makes them feel extreme pleasure, therefore the brain ends up getting pleasure only from that and nothing else. The euphoria which is triggered by crypto wins is what makes dealing with cryptocurrency such as bitcoin so addictive.
We all know about how beautifully euphoric the highs are but the lows are equally dreadful and that too makes the person trading bitcoins go & chase it some more just to feel validated by winning some leverage. You just might hear a lot of people who are addicted to cryptocurrency say that it’s not about the money, but indeed about chasing the highs & lows.
Now the impacts of cryptocurrency addiction can be harsh. Symptoms of the addiction can be stress, anxiety. If the problems can go further then it may also lead to insomnia because people addicted to cryptocurrency do end up checking the price actions and positions right in the middle of the night.
If cryptocurrency addicts become preoccupied within the trades, they just might neglect their families, career and hygien, to curb those things, remember these simple things:
- Have a strategy of rules you cannot break
- Set a schedule
- Find outlets to your addiction issues like meditation, reading or any other healthy activity
- Don’t invest in anything you simply do not know of, can’t afford or isn’t your to trade
Now we might have to say this but unfortunately, a lot of people aren’t able to moderate the problem, therefore the only solution for them is to step away from trading completely.
Addiction can be quite the rush but there is always a way out. Cryptocurrency is a minefield, you may walk out safe or just blow up in seconds. Choose your game wisely.
Also read: What Are NFTs and Why Are They a Popular Commodity Among Crypto Users?