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Crypto Addiction - What Is Means And How To Overcome It

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You may have a crypto addiction if you constantly check the price of Bitcoin when you wake up and before you go to sleep and find it difficult to maintain conversations that are not about blockchain.

The crypto market is always open. It is continuously running, day and night, without interruption.

It can fully take over a person's life, ruining friendships, businesses, and quickly leading to financial ruin as well as mental health problems.

The Dangers Of Cryptocurrency

Increasingly more people are using cryptocurrency thanks to the popularity of Bitcoin and other online earning opportunities. Since the creation of Bitcoin, there has been a "blow-off top" that happens as a result of market cycles ending every four years.

COPYRIGHT_SZ: Published on https://stationzilla.com/crypto-addiction/ by Alexander McCaslin on 2022-12-16T06:57:48.864Z

This "blow-off top" entails sharp price peaks followed by a severe loss of 85% or more. People being addicted to cryptocurrencies and its potential for enormous rewards is the problem with this phenomenon.

Some people may win large, but the majority experience devastating losses and lose money on their investments. A constant stream of mental health issues including depression, anxiety, and stress surround these highs and lows.

Untreated mental health problems can have a domino impact on other undesirable outcomes like insomnia, breakups in relationships, difficulties in the workplace, and general health decline.

Taking A Look At Crypto Addiction

Cryptocurrency trading can be very extremely addictive because when you make a profit, dopamine, or "feel-good" neurotransmitters, are released in the brain.

The brain starts to think that trading in cryptocurrency is fun, which can lead to an addiction. There are a number of other things that contribute to the addictive nature of cryptocurrency such as the stock market being open 24 hours a day, 7 days a week, research on cryptocurrency making people think they have an unrealistic "edge" when trading, becoming common and mainstream, and many more.

Dangers Of Crypto Addiction

Cryptocurrency addiction can lead to many mental health problems or conditions that need treatment, as well as social and physical problems. Addiction can lead to problems with money, mental health, feelings of shame or hopelessness, not going to work or school, negatively affecting relationships, and making it more likely that the person will use drugs again.

Different gold coins of representing different cryptocurrencies laying beside each other
Different gold coins of representing different cryptocurrencies laying beside each other

Symptoms Of Crypto Addiction

Unwanted symptoms of cryptocurrency addiction include the following:

  • The inability to stop trading
  • Being preoccupied with cryptocurrency all the time
  • Keeping financial losses secret from loved ones
  • Lying
  • Stealing or borrowing money
  • Decreased enthusiasm for anything other than cryptocurrency
  • Lack of sleep
  • Using money that was meant for bills to trade
  • Putting a lot of time into trading

Getting Help For Crypto Addiction

With the right help, someone who is addicted to cryptocurrency can get better. The first step to getting help for addiction is to talk to a doctor or nurse. Changes can also be made to stop being addicted to cryptocurrency, such as:

  • Joining an anonymous gamblers support group
  • Eliminating all references to cryptocurrencies from online platforms and apps
  • Entrusting another person with your financial matters
  • Keeping out of the crypto news
  • Choosing certain days, times, or amounts to trade and sticking to that plan.
  • Using ways to deal with stress such as meditation, eating well, and exercise
  • Engaging in positive, health-promoting activities

People Also Ask

Why Is Crypto So Addictive?

As the brain becomes less able to receive dopamine from other life pleasures, the person seeks out this dopamine more and more, similar to someone who is addicted to drugs or alcohol. The pleasure brought on by cryptocurrency wins is what makes trading and investing in cryptocurrencies so addictive.

Is It Possible To Be Addicted To Crypto?

Although cryptocurrency addiction is frequently seen as a personal issue, it may also be quite upsetting for people close to the addict. Addiction to cryptocurrencies can negatively affect friends, family, coworkers, and other people in a variety of ways.

Is Buying Crypto Addictive?

Even if you are smart, it is easy to lose money when you gamble with crypto. It's easy to get hooked on, and no investment is a surefire way to make money. The cryptocurrency market is the most volatile of all. Even Bitcoin, the most well-known coin, goes up and down in value.

Conclusion

Finding mutual-help groups with people who have similar problems to yours can help you feel less alone and give you the chance to start building a group of people you can trust. Having a better quality of life, less stress, and fewer problems with your crypto addiction can come from making friends with people who have the same kind of addiction as you do and who understand how hard it is.

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About The Authors

Alexander McCaslin

Alexander McCaslin

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