Cryptocurrency Addiction: Fact or Fiction?

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Cryptocurrency Addiction: Fact or Fiction
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  • Cryptocurrency adoption rates are rising steadily with millions of individuals joining the train.
  • Alongside the adoption rates, there is the dark side of cryptocurrency addiction, creating losses that run into millions of dollars.
  • To reduce the rising cases, a cryptocurrency rehabilitation center has opened its doors.

Cryptocurrencies are changing the world and offering millions a new window to invest their funds. Although it is debatable, the concept of trading cryptocurrencies is slowly recording rising numbers of addicts.

Is It Even A Real Thing?

Oftentimes, the line between addiction and zeal is blurred, making it difficult to tell when a person has crossed the Rubicon. With cryptocurrencies, it is even harder to tell when a crypto trader is descending the slippery slopes of addiction as it can be misconstrued as having an unwavering belief in a coin.

However, certain telltale signs accompany cryptocurrency addiction. Spending an inordinate amount of time and money trading is often an indication of an addiction. This is linked to borrowing money or misappropriating funds for trading purposes. The need to recoup losses by investing more funds to chase losses is a major red flag and denial of the extent of losses should raise eyebrows.

Crypto trading addiction shares similarities with gambling and is fueled by several factors. Most importantly, the logic that it is a form of investment over blind gambling does hold much water, and easy access to markets through mobile phones means that persons can trade 24/7. Cryptocurrency markets are arguably the most volatile markets with prices swinging wildly all day long and 365 days of the year. This volatility triggers the need to take part in the market action to eke out a profit and not miss out on a potential bull run.

All Hope Is Not Lost

In recognition of the growing problem of cryptocurrency addiction, Castle Craig opens its doors to the public as the world’s first crypto trading addiction rehabilitation center. Its center is located in Scotland and provides treatment for people addicted to trading, spread betting, and the trading of cryptocurrencies,” according to information gleaned from its website.

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The clinic treats cryptocurrency addiction like a gambling addiction, utilizing a 12 step approach in addition to Cognitive Behavioural Therapy. The goals of the therapy are to help patients to understand their addictions, improve self-esteem and get a proper grip of their finances.  This is achieved through a strict regimen without access to mobile devices and according to Jose Pereira, former Head Therapist, it’s the first thing that is done, and “so, the drug itself is taken away”.

The number of cryptocurrency wallets has reached new highs while trade volume over the last 24 hours is at $112.10 billion which is a 20.67%. Top exchanges like Binance and Coinbase have racked up users well above 10 million.