There are alcohol, cigarettes, gambling and all kinds of dangerous things out there that one can become addicted to. According to many psychologists, cryptocurrencies should be added to this list.
Unlike gambling, most people are unaware of the risks involved. Constant access to cryptocurrency trading through smartphones and computers also increases the danger because it means that those struggling with an addiction can remain perpetually engaged. Cryptocurrency markets have an inherent addictive structure, making them more like gambling than investing. For example, the markets are highly volatile and millions can be made overnight. This makes it look more like a big casino win than a good return on a smart investment.
The key warning signs of any addiction are withdrawal symptoms and tolerance. Withdrawal symptoms include feeling irritated, anxious, and distressed when he cannot trade or control the markets. Tolerance means that the individual has to keep increasing the amount he invests to feel the same buzz.
Other signs of cryptocurrency addiction include morbidly checking crypto news and prices, trading morbidly, guilt and anxiety while trading.
For these reasons, a facility has been set up in Scotland where they treat a kind of detoxification, as is done with alcohol and drugs, dedicated to this cryptocurrency and Bitcoin addiction . It is called Castle Craig and it is specializing specifically in compulsive crypto trading rehab. According to Castle Craig, trading addiction should be treated as a kind of ludopathy. Basically, trading addicts are hardcore gamblers since many traders get sick because they think they are investing but instead they are betting.
Before resorting to rehabilitation, however, there are some simple tips that can be put into practice to limit the stress of crypto trading such as limiting the time spent on trading, creating precise investment strategies instead of random investments, devoting oneself to other things, and not considering trading as the only source of income.