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Some of the features are constantly checking prices online, experiencing mood swings, constantly thinking about the next investment, among others.
Health authorities treat addiction and the trading of cryptocurrencies as bitcoin, ethereum, and litecoin ripple as if it were gambling addiction.
According to a study by BTR Consulting, cryptocurrency trading addicts display the same kinds of behavioral addictions as problem gamblers. There are no figures on the number of people addicted to cryptocurrency trading, but this is growing rapidly.
Some of the symptoms that cryptocurrency users should be aware of in order to consider it addiction are: feeling muscle tension and anxiety, constantly checking prices online (even in the middle of the night), and thinking about trading cryptocurrencies when doing other things.
What is day-trading?
Day-trading is the buying and selling of stocks and other financial instruments within the same day. Traders take advantage of small price movements and constantly monitor changes over the internet. A few years ago, day-trading was only carried out by financial companies and investment experts. But now, these types of transactions are open to anyone with an internet connection and a mobile device.
Another type of addictive Crypto trading is known as Spread Betting. This is when someone places a bet on a stock, currency, or another financial instrument, going up or down. The difference between day-trading is that it does not involve buying a stock (or security), but simply betting in which direction the price will go.
One in ten traders in the United States is addicted: “Sometimes they get lucky and win. Most of the time, they lose and lose a lot, but they continue because they are in a downward vicious cycle, doing what is called “revenge trading” to try to recoup their losses. This is a recipe for total disaster, ”the study said.
How do you get addiction to cryptocurrencies?
Investing instead of gambling: Many people justify gambling in the cryptocurrency markets as “investing.” It doesn’t look like a one-time bet on a horse, or one-night playing online poker. Cryptocurrency markets are incredibly volatile, with thousands of different cryptocurrencies available to choose from, it’s easy to get sucked into a cycle of speculation, profit, and loss. Access via Smartphones: The internet allows anyone with a smartphone to instantly access them. global markets, where prices are updated every few seconds. Watching price fluctuations can be attractive and in some cases addictive. Fluctuating Markets: The fluctuating high-risk cryptocurrency market attracts the troubled player. Provides excitement and an escape from reality. Bitcoin, for example, a lot has been traded and huge profits and losses have been made. The Promise of Big Profits: The internet is awash with stories documenting the huge financial gains that some lucky people have made from trading cryptocurrencies. However, losses are rarely reported.
The cryptocurrency trading addict will do some or all of the following: Devote all of his time and money to trading online; experience financial problems; chase their losses (they spend more to recoup their losses), believe a great victory is about to happen, lie to friends and family about the extent of their losses, experience mood swings, depression and hopelessness, constantly think about the next one investment; becomes restless or irritable when trying to slow down or stop; denies the problem.
