Cryptocurrency addiction is on the rise, and people are starting to look for professional help. A Scottish hospital just launched the world’s first rehab to treat cryptocurrency addicts like gambling addicts.
The term “addiction’ is one that can be coined on to many different habits or hobbies. Lately, it’s become a word that’s almost overused to describe our dependencies on phones, tv, and even coffee.
Tobacco, drugs, and alcohol come at the top of the most common addictive substances, but people can also develop an addiction to shopping, video games, and other modern pastimes.
Many people get hooked on using cell phones and social media – how many times you think you touch your smartphone per day?
Any habit-forming substance or activity that can develop into a dependency could have detrimental effects on an individual’s health and life in general.
Another non-substance addiction that people might fall in its grip is cryptocurrency addiction that, according to experts, is real.
Hello, I’m a Cryptoholic!
In the last two decades or so, with the internet boom, we are witnessing the emergence of new forms of behavioral and “drug-free” addictions that follow similar psychological mechanisms to their more traditional counterparts.
We can draw parallels between the dependency to cryptocurrency trading and the addiction to gambling.
With Bitcoin and Co., it all comes down to their extreme volatility and the lure of profit.
A spike in the prices could result in considerable gains for those who were there to jump in on the opportunity.
Other times, the price of a cryptocurrency takes a sudden nosedive that could leave unwary traders with huge losses.
Like an addictive gambler, a cryptocurrency trader may have that stubborn win-back-my-money attitude that could lead them down the rabbit hole.
Chasing losses and the obsessive desire to score big result in them “betting” even bigger sums, and, instead of compensating, end up with more losses.
Startups and companies in the field share some of the blame in the exacerbation of the problem.
Cryptocurrency trading platforms, just like online casinos for gamblers, have made trading as easy and simple as downloading an app, and you’re a few clicks away from making a big win!
To gain a competitive edge, many companies are improving their user experience through intuitive apps that make trading look more like a playful activity.
As with any addictive substance or behavior, quitting could prove to be hard, if not impossible.
Some think they can overcome their addiction on their own, but in most cases, professional guidance in rehabs is needed.
World’s First Cryptocurrency Addiction Rehab Opens in Scotland
Individuals who think they might have crypto trading problems could soon seek professional help at a specialized facility in Scotland.
Psychotherapists at Castle Craig Hospital in Peeblesshire, Scotland, think that trading in cryptocurrencies could take obsessive dimensions that can be as addictive and dangerous as other non-substance addictions.
The hospital, which already treats patients addicted to drugs, alcohol, and gambling, has opened a rehab for cryptocurrency addiction after receiving many requests.
“Some of the symptoms that cryptocurrency users should look out for (suggesting an addiction) are: feeling muscle tension and anxiety, constantly checking the prices online (even in the middle of the night) and thinking about cryptocurrency trading when doing other things,” said the hospital in a statement.
Experts say that cryptocurrency speculators and other day-traders who get compulsive about trading share the same addictive signs with gambling addicts. To help these individuals, the new rehab will approach their treatment in a similar way.
That being said, trading in cryptocurrencies or any other commodity like the stock market isn’t a problem per se, but can you “get enough” of it? Is it an activity in your life, or the other way around? Does your whole life revolve around the ups and downs of cryptocurrencies?
Castle Craig Hospital’s questionnaire helps make the first assessment of a person’s addiction to cryptocurrency trading. They have also created a 12 step therapeutic approach to treat patients.