Cryptocurrency: Whats The Attraction?
Last year was a stellar one for Bitcoin and other Alt Coins as a whole. In the beginning of 2017, Bitcoin trading started at $966 before embarking on a rally that took it to as high as $20,000. Alt coins have done quite well too. There’s many stories of people going in with little money and coming out exceptionally wealthy with minimal effort and little time. All this news is attracting to those of us wanting to get rich quick. Although there is much promise to investing in such things, there is much volatility in this new technology based market. In fact, it’s so attracting that there are reports of some folks taking out second mortgages just to invest in cryptocurrency. At best, this is no more than a high risk gamble.
At what point is this a problem?
A simple desire to scratch a ticket, play a slot or put a small investment in a cryptocurrency exchange is not necessarily a sign of gambling addiction, but when this desire is so compulsive that you can’t stop thinking about it until you act, there may be a problem that needs to be addressed.
Cryptocurrency exchanges such as Binance and Coinbase are active 24 hours a day providing graphs and real time statistics as to the value of Bitcoin and the many varieties of Alt Coins. With the volatile nature and the drastic up and down swings in value, it is easy to become an obsessive day trader in cryptocurrency. Gambling addiction is characterized by a compulsive desire to gamble that is marked with an inability to control behaviors when gambling. Those who suffer from gambling addiction will continue to gamble (either daily or possibly just on a binge) despite negative financial, legal and social consequences.
Addiction to gambling with cryptocurrency, like anything else, can lead to job loss, family problems, loss of material possessions such as a house or car, health problems, problems with the law and much more.
Addiction to day trading cryptocurrency is not all fun and games. If it becomes compulsive, seek help to avoid serious consequences. Many people who are addicted to gambling with cryptocurrency will do things that they never would have done if it weren’t for their addiction. These include stealing money from friends or family members or taking part in illegal activities to acquire more money either to day trade cryptocurrency or to pay debts. Despite a desire to quit, many compulsive cryptocurrency gamblers are unable to control their actions without help. The impulsive behaviors often get them into trouble and can lead to serious consequences.
What are the signs of cryptocurrency addiction
Typically thought of as a “hidden illness,” a gambling addiction with cryptocurrency has no obvious physical signs or symptoms that can be quickly or easily spotted. Problem cryptocurrency gamblers often go unnoticed for quite some time before the signs of the addiction finally become evident even to close friends and family members. In fact, because many gambling addicts are able to control their behaviors the majority of the time, it could be very difficult to spot a gambling addiction unless you physically accompany the gambler into a situation in which they are actually gambling with cryptocurrency, then you may quickly realize that they are out of control.
The following behaviors are all potential signs of Cryptocurrency gambling addiction:
- being preoccupied with cryptocurrency exchanges, constant research of cryptocurrency news, constant day trading, etc
- avoiding obligations at work, school, home or socially in order to spend time watching cryptocurrency exchange charts
- avoiding friends or family members who have voiced concern of a potential addiction to cryptourrency
- financial hardships such as loss of house, car, job, or other possessions to day trading Alt Coins
- stealing money to day trade or to pay debts
- selling possessions for money to place on cryptocurrency or pay debts
- inability to control behaviors despite wanting to change
- neglecting expenses such as bills or other financial obligations in order to invest in cryptocurrency
- sneaking around, telling lies about day trading cryptocurrency or otherwise masking a potential problem
- denying actions or minimizing problems
You might have a cryptocurrency gambling problem if:
- You feel out of control or have little control over your desire to day trade cryptocurrency. When you start to monitor cryptocurrency exchanges, is it difficult for you to walk away? Have you ever worn an unnecessary device (such as an adult diaper) in order to avoid the need to leave a cryptocurrency exchange website? You could have a gambling problem!
- You feel compelled to keep trading cryptocurrency until you’ve spent your last dollar. If you keep trading until you’ve spent all of your money in an effort to win the money back you might have a gambling problem.
- You hide your losses from friends or family members. If your friends or family members have already voiced concern for your obsession to cryptocurrency so you now hide your behaviors, or you believe that your behaviors would cause friends or family members to be concerned so you choose to hide the behaviors instead then you could have a problem. There’s often a good reason for others to be concerned.
- You spend money that you don’t have available to spend on cryptocurrency exchanges. Do you spend bill money, get credit card cash advances or otherwise use money that is for other obligations in order to place on cryptocurrency. If you borrow, cheat, steal, sell your possessions or lie in order to facilitate your cryptocurrency addiction then this is a problem.
- You want to stop day trading but you seem always to fall back into a situation where you’re obsessed with the Alt Coin market. If you have tried to stop day trading cryptocurrency but just can’t despite your desire to do better and to stop day trading cryptocurrency then you have a problem and need help!
Myths & Facts about Gambling Addiction
Myth: Problem CRYPTOCURRENCY day trading is only a problem for those who cannot afford day trading.
Fact: Compulsive day trading leads to emotional problems, relationship problems and could lead to legal problems in addition to the financial implications. Even if you have the money to spend, day trading cryptocurrency too much can become problematic as your social life suffers from your spending too much time on gambling.
Myth: If you don’t day trade cryptocurrency everyday then it’s not a problem.
Fact: Day trading cryptocurrency in excess, either daily or during a binge, can be problematic. Even if you don’t day trade cryptocurrency often, it can still cause problems financially, legally or socially.
Myth: CRYPTOCURRENCY day trading addicts are driven by their partners behaviors.
Fact: Cryptocurrency day trading addicts often place blame on their loved ones in an effort to take the blame off of themselves but this doesn’t necessarily mean that the partner has anything to do with their problem.
Gambling Addiction Help
If you or someone you love needs treatment for a gambling problem, it’s important that you seek a treatment approach that will be most appropriate for your individual needs. Finding the right type of treatment for your needs and the right help for a gambling addiction will ensure that you have the greatest chance of recovery. Most of the time, gambling addiction treatment takes place either through social support groups such as Gamblers Anonymous and outpatient therapy or in an inpatient facility.
If your gambling addiction has lead to severe financial, legal or social problems then you may require inpatient treatment for your condition. This type of help for gambling addiction includes around-the-clock supervision in a hospital like setting where the patient will stay while undergoing treatment. The intense therapy, counseling and supervision provided by inpatient treatment centers significantly reduce the risk of relapse while in treatment.
Compulsive gamblers often need the support of friends, family members and additional peers in order to help them stop gambling. Gamblers Anonymous groups can provide peer and social support for those in recovery or for those who wish they could stop gambling. For many, these groups provide a foundation for a successful and long term recovery from addiction to gambling.
Here’s how you can help a family member or loved one who is suffering from a gambling addiction:
- Understand the addiction. The first thing you can do to help a loved one who is addicted to gambling is to learn all you can about the addiction. Find a support group that can help you with the stress that comes from having a loved one who is addicted to gambling.
- Find support. Support for yourself and for your loved one who is addicted can be very beneficial in helping with a gambling addiction. Many support groups are available throughout communities and in treatment centers. Therapist and counselors can also provide support for gambling addiction.
- Manage money tightly. If you have a loved one who is addicted to gambling and who is actively pursuing help, you can help by keeping money tightly managed. This means that you take responsibility for the money and reduce the impulses that your loved one has to gamble.
- Address future money needs. You can also manage money in the future by reducing the availability of funds for the recovering addict and by making a commitment not to fall victim to their pleas, manipulation or other requests for unnecessary money.