What is Crypto Addiction?
Crypto addiction most commonly manifests as a never-ending desire to trade crypto. It leads to sufferers spending all their money on trades, whether or not it’s the correct financial decision. However, it isn’t only linked to spending. Addicts can become obsessed with checking crypto prices.
So, crypto addiction leads to cryptocurrency becoming the sole facet of someone’s personality.
What are the Signs of Cryptocurrency Addiction?
There are many signs someone is struggling with cryptocurrency addiction, but we believe the following 8 are the most prominent.
- Ignoring social activities to focus on trading or learning about trading.
- Using the trading process as a way to gain excitement.
- Being unable to give up trading when trying to take a break from the process.
- Experiencing cravings to trade when you’re not actively trading.
- A change in personality directly linked to the process of trading.
- Secretly trading to stop family and friends from discovering you’ve been trading.
- Making poor financial decisions to continue trading. This can include borrowing money, using money for bills to trade, or stealing to place an order.
- Continuing the trading process even when it’s having a negative impact on your life.
Why do People get addicted to Crypto?
There are many reasons why addiction can strike someone, but the most common reason is due to the chemical makeup of the brain. When something enjoyable happens, the brain creates dopamine. This is a pleasant experience, which makes people want it more often. Crypto provides many chances for a dopamine hit, with successful trades and price increases providing a pleasant feeling.
The pleasant feeling during success isn’t where issues arise, though. When success dries up and traders chase the feeling, this is when addiction takes hold and it becomes a problem.
How Does Crypto Addiction Affect your Life and your Loved Ones?
Crypto addiction can affect your life in many ways. However, the two main ways are financial and health. The financial impact is an obvious one, if addiction leads to taking substantial risks, it means the user can end up in debt through an addiction to crypto trading.
The health aspect is just as debilitating. Crypto trading addicts can end up suffering with their mental and physical health, particularly if they start neglecting personal requirements to trade.
If these issues begin to take over, the impact on loved ones becomes overwhelming. Financial issues lead to bills not being paid, and sometimes theft. If a trader becomes unhealthy, then it will impact on the lives of their loved ones as they have to take care of them.
How is a Crypto Addiction treated?
Treatment can come in a variety of ways. The first method comes via personal responsibility. If a trader is in the early days of addiction, it’s possible they can reverse the problem through account management. Taking time to manage finances and set time and budget limits is an excellent starting point. From there, if the user can remove the compulsion to trade, they can manage their addiction.
However, it’s not always possible to manage a crypto addiction purely through willpower. Some people will require outside help. There are addiction clinics which can help traders to move past their addictions, these can be expensive, but if it removes a financially crippling addiction it’s worth it.
Part of moving away from addiction is closing trading accounts. Although there aren’t self-exclusion tools, like at online crypto betting sites, users can still close their accounts manually. GamCare is currently pushing for the same tools to be available at crypto exchanges, but it’s not currently an option.
How can I support a Loved One with their Crypto Addiction?
There are a vast array of ways to support a loved one suffering with crypto addiction, but the top 5 ways to help people are as follows.
Offer a sympathetic ear.
Many addicts feel ignored and even as though they are looked down upon. By providing a sympathetic ear, and actually listening to what they have to say, it goes a long way towards providing empathy. By listening without judgement, you can be empathetic to what they’re going through.
Be strict with boundaries.
Supportive doesn’t mean being a walkover. Without strict boundaries addicts will take advantage. Make sure to set clear boundaries from the start, and don’t deviate from them.
Try to limit potential temptation.
Seeing financial magazines, watching TV shows which mention trading, or even talking about crypto or trading, can be tempting to a crypto addict. Limiting these triggers can help with support of a loved one.
Help to occupy them with other hobbies.
Many addicts require something else to replace their addiction. So, encourage them to take up sports, reading, or another hobby they will enjoy. When doing these hobbies they won’t be fixating on cryptocurrency. As a result, it helps them to resist the urge and protect themselves from the negative aspects of their addiction.
Learn more about addictions
Don’t be afraid to educate yourself about how addiction works. You can learn about what causes addictions, ways to treat addictions, and avoiding relapses. The more knowledge you have, the more effective you will be when supporting your loved one.
While these aren’t the only ways to support your loved one, they’re effective ways to help with addiction.
How can I work towards my own Healing?
The first thing to do is take care of yourself. Try to avoid neglecting your wellbeing. So, maintain a healthy diet, exercise regularly, and keep on top of personal hygiene. While this isn’t an exhaustive list, it’s an excellent starting point to healing yourself. It keeps you feeling human, and helps you to understand your self worth. The moment you dehumanize yourself, you will begin to fall into a black hole, so protecting your wellbeing is a critical first step.
Secondly, avoiding negativity is vital to healing. If you allow yourself to be consumed by a negative mindset, you’ll end up back where you started. So, while it’s difficult, retaining a positive mindset is extremely helpful to sticking to your healing journey.
I first started writing professionally in 2015 about different areas of the online gambling world, quickly becoming an expert in everything from video slots to playing perfect Blackjack. My whole world changed in 2016 when I discovered a Bitcoin faucet. As I discovered more about crypto, the crypto gambling world appealed to me due to combining two of my passions.More by Will Wood