when investing becomes an obsession

As if the risks associated with cryptocurrencies were not enough, now new ones are added. Several health entities already treat addiction to trading digital assets like Bitcoin, Ethereum, Ripple and Litecoin, as if they were forms of addiction to gambling.

Cryptocurrency trading addicts show the same type of addictions as gamblers. And while there are no figures on the number of people addicted to cryptocurrency trading, at this huge 24-hour casino, it’s easy to get sucked into a cycle of speculation, profit, and loss.

Their great attraction is that they are not backed by a central bank, they are bought and sold as shares and at any time, they can triple their value as long as they trade ten times below their value. That unmatched taste of danger is what many bettors find in these digital currencies.

The problem is that this adrenaline rush, like other forms of gambling, can be very addictive. The signs to realize if instead of investing money one is betting it are clear.

 

Cryptocurrencies, like a casino, can generate a lot of adrenaline. Photo EFE

Some of the symptoms that cryptocurrency users should be aware of suggesting an addiction are: feeling muscle tension and anxiety, constantly checking prices online (even in the middle of the night), and thinking about trading cryptocurrencies when doing other things.

“The Day-trading is the purchase and sale of shares and other financial instruments within the same day. Traders take advantage of small price movements and constantly monitor changes through the Internet ”, they point out from BTR Consulting.

A few years ago, the consulting firm points out, day trading was only carried out by financial companies and investment experts. But now, these types of transactions are open to anyone with an Internet connection and a mobile device.

Another type of addictive Cryptotrading is the Spread Betting. This is when someone you place a bet on a stock, currency, or other financial instrument, so that it goes up or down. The difference with day trading is that it does not involve buying a stock (or a security), but simply betting in which direction the price will go.

You have to avoid being dependent on the ups and downs of the currencies. AFP photo You have to avoid being dependent on the ups and downs of the currencies. AFP photo

“Many traders are sometimes lucky and earn money. Although most of the time, they lose in quantity, but they continue because they are in a vicious downward cycle, doing what is called “revenge trading” to try to recoup their losses. This is a recipe for total disaster, “they point out from BTR Consulting.

Why many become addicted to cryptocurrencies

The cryptocurrency markets are incredibly volatile, with thousands of different options to choose from. In any of those coins that glow in the dark hides the chance to become a millionaire.

The technology allows anyone with a smartphone to instantly access global markets, where prices are updated in real time. Observing price fluctuations can be attractive and, in some cases, addictive.

The fluctuating cryptocurrency market of high risk attracts the gambler with compulsive. Provides excitement and an escape from reality. Bitcoin, for example, has been traded a lot and huge profits and losses were made.

Stories abound on YouTube and TikTok documenting the huge financial gains that some lucky people have made from trading cryptocurrencies. Nevertheless, losses are rarely reported.

By Editor

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