When there is a euphoric spike in the price of crypto, investors make reckless choices that will make you wonder if crypto trading is addicting. Moreover, when you think about how crypto trading works, and how investors don’t know precisely when prices will increase, you ‘ll wonder if crypto trading is gambling. Nevertheless, note that crypto trading is an investment practice that has nothing to do with gambling.
And yes, there is such a thing as crypto trading addiction. Crypto trading is addictive, and it is important to always trade responsibly. Bitcoin – the most popular cryptocurrency, is particularly known to have cost several people their life savings. If you are worried about your trading habits and would like to know if you are showing symptoms of crypto trading addiction, stay tuned as we’d talk about that in this article, and so much more.
What is crypto trading addiction?
Believe it or not, crypto trading addiction is an emerging and real problem. You know you are getting or addicted to crypto trading when you have a compulsive urge to trade crypto or related activity. The downside is that when crypto trading becomes compulsive, it results in a negative consequence in the life of the person.
Crypto trading addiction is a behavioral addiction, and it is similar to gambling, but they are quite different. Nevertheless, the result of both addictions is similar, including disrupting or damaging personal, recreational, family relationships and pursuits. In this article, we’d help you know more about this modern-day addiction.
Is crypto trading addiction common?
The truth is that there are several people with bitcoin and other crypto trading addiction that don’t even realize they are addicted. Because when you come to think of it, many of us like a flutter on the lottery, or place a bet on an interesting odd. But that does not mean that we are addicted to gambling. The same applies to bitcoin and other crypto trading, several people are trading, for the fun or glory of it, but not necessarily addicted to it.
Statistical-wise, out of about 1000 people who trade crypto, about 9 people may have a problem of being addicted. Similarly, a further 70 people out of the 1000 people are at risk of being addicted to trading in the future.
How to help yourself reduce crypto trading addiction?
Addiction is a serious ailment and shouldn’t be treated lightly. While the guide in this section does not fully substitute for qualified professional help, it will help set you on the right path to a quick recovery.
● Limit the amount of money you spend on crypto
Setting a limit to your spending will help you reduce your addiction to bitcoin and other crypto trading. Have a maximum amount of money you are willing to spend in a week and be rigid on yourself to stick to it. And if you make use of a crypto trading account, place a limit on it to help curb your spending.
● Reduce the time you spend trading crypto
What you invest your time in will begin to mold and shape how you think. If you spend 70% of your time trading crypto, you’d find yourself addicted to it. So, be specific to the number of days you want to trade crypto and set an alarm to remind you, or a calendar reminder as the case may be.
● Don’t see crypto as a primary source of income
Many investors get addicted to bitcoin and other crypto trading because they made it their primary source of income. Note that when investing in crypto trading you are investing in uncontrollably probabilities. As such, if your chosen cryptocurrency is losing value, your means of livelihood is also losing value, which can be depressing. For this reason, investors are constantly reminded not to make use of their investment, savings, or money they cannot afford to lose.
● Invest your time in other activities
Lastly, invest your time wisely in other activities that will increase productivity. You can decide that instead of spending time trading bitcoin or other cryptos, you can spend it with friends and family. Picking up on a new hobby can be pretty interesting. Organizing events with friends or joining a social media group that doesn’t have any interest in crypto can be refreshing. Be aware of social media influence, as these platforms are loaded with content related to the crypto industry.
In conclusion, Bitvavo, is trying to create awareness of the growing bitcoin and other cryptocurrency addictions. Use the guide in this article to help yourself overcome trading addiction. In case the steps in this guide do not help you treat your addiction, then it may be time you consider seeking professional help.
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