Cryptocurrency has gained immense popularity in recent years, offering the promise of financial abundance and freedom through investing. However, alongside its potential benefits, the dark side of cryptocurrency addiction has emerged. According to data shared by dAppGambl, a platform for crypto and online gambling, there has been an unprecedented surge in searches related to crypto and addiction.
Search terms like “crypto rehab,” “crypto trading addiction,” “crypto addiction,” and “crypto therapy near me” have seen significant increases in 2022. These alarming statistics shed light on the growing issue of cryptocurrency addiction and highlight the need for awareness and intervention.
Crypto addiction shares similarities with day-trading addiction and gambling disorder. It involves an obsessive urge to engage in cryptocurrency-related behaviors, despite the harmful consequences. Those addicted to crypto may compulsively monitor price changes, read cryptocurrency news obsessively, and engage in excessive trading.
Vlad Hategan, a cryptocurrency expert at dAppGambl, has outlined some telltale signs of crypto addiction. Financial issues, such as investing with unreasonable amounts, borrowing money to invest, chasing losses, and selling personal items for funds, are red flags indicating addiction. Moreover, crypto addiction can negatively impact relationships with friends, family, and work.
Loss of self-control is another indicator of crypto addiction. Despite attempts to address the addiction, sufferers find it challenging to stop. Signs of loss of self-control include unsuccessfully trying to reduce time spent on crypto sites, increased debt, irritability when reducing time on crypto sites, and feeling empty when not investing.
To combat crypto addiction, dAppGambl emphasizes responsible trading. This entails being aware of one’s buying and selling habits and exercising control over trading behavior. Avoiding emotional decision-making and understanding the risks associated with crypto investments are crucial.
It is advised to invest in cryptocurrency only if one is in a strong financial position and can afford potential losses. Continuously betting to recover losses should be avoided, and it is essential to be reasonable with the amount spent on crypto investments.
To maintain a healthy balance, experts suggest spending no more than 20% of one’s time on crypto-related activities. Obsessively focusing on crypto trading can lead to an unhealthy habit. Taking breaks from the crypto world, spending time with loved ones, and engaging in other activities can provide much-needed distraction and relief from stress.
The rise of cryptocurrency addiction is a concerning trend that demands attention. By recognizing the signs and taking proactive measures to trade responsibly, individuals can protect themselves from the dark side of crypto addiction.