Authored by: @hetty-rowan

Crypto, it can be so beautiful!

Many crypto projects are very interesting, you can earn (a lot of) money with them and above all it is the future. There are so many problems in the world that can be improved or solved through the blockchain.

Also a negative side to crypto

However, there is also a negative side to crypto. For example, you can become addicted to it. Now you may start laughing, but I'm not kidding! This is really serious. And so serious, in fact, that there is a drug addiction program for it in a well-known drug addiction clinic in the UK. Today the Castle Craig Clinic is not just treating problems like alcohol and drug addiction. They also treat behavioral issues such as gambling and nowadays cryptocurrency addiction!

It's called Bitcoin addiction

And it's treated the same as a gambling addiction!

Especially the pursuit of the big money can lead to serious addiction feelings. Some people are very influenced by the will to be like the gurus claim to be.

People want to drive a Lamborghini or a Ferrari in no time, but this is simply very rare. Yet this is a very big problem, because such an addiction can have many negative side effects.

Do you also check the Bitcoin price in the morning with the sweat on your forehead. Do you go to bed at night with your phone and your last look before going to sleep is on your phone at your portfolio instead of at your husband or wife? Maybe you also have a crypto addiction!

What is it?

A crypto addiction is an addiction to crypto. That sounds logical, but what exactly does it mean? When do you actually have a problem and when do you just really like crypto?

In short, you have a crypto addiction when trading crypto and thinking about crypto a lot has negative effects on other things in your life. Think of your work or school life, but also your relationships with friends and family.

A crypto addiction is best compared to a gambling addiction, (and is also treated as such). We all know that crypto itself can sometimes be compared to gambling. Especially if you don't do your research properly before you invest! Therefore, always do your research before investing!

When I read the following, I seriously wondered which of the "diehard hiveans" should all be in rehab according to the description. It is assumed that you have a crypto addiction if you spend a large part of your day with crypto. Oh boy, think of all the hours we spend here, blogging, reading, chatting ... and all related to crypto!

A few other symptoms are that you often suffer from stress about your crypto, but also about other things. And if you find that after a loss during trading you take a little more risk to make up for your loss, then you are also a good candidate to be portrayed as a crypto addict.

Who is most likely to have a crypto addiction?

A crypto addiction is probably best compared to a gambling addiction. Think of being addicted to the casino or being addicted to participating in lotteries. It is a real problem for 9 out of 1000 people and 7 out of 10 people are at risk of an addiction. So the best view we have is that crypto addiction becomes a real problem for about 0.9% of people.

Statistics tell us that in general, more men have crypto addiction. This could simply be explained by the fact that more men are getting into crypto.

In general, younger people are also more likely to have a crypto addiction. Think of the age group 18-30. This could perhaps be due to the fact that they are not yet fully aware of the consequences of financial risks. As a result, they may act less responsibly and may become addicted sooner as a result.

In addition, crypto addiction is more common in people who have relatives or other close relatives who have or have had a gambling or lottery addiction. The 'addictive behavior' can be copied from others.

Also, crypto addiction is more likely to occur in people who spend all day in a certain environment associated with the addiction. In the case of crypto, perhaps the best example is day-trading. When you do day-trading you try to earn a lot of money in a short time. This can be very addictive, but it can also go very wrong.

How does a crypto addiction develop?

It is important to know how a crypto addiction develops so that you can take this into account and try to prevent these things.

For example, a crypto addiction can arise as a result of the ideal image being painted, mainly on social media. Today there are many gurus who call the "perfect" promote life. They say they have achieved this with, for example, crypto, but also with a business such as drop-shipping or SMMA.

Indeed, some manage to drive Lamborghini's and Ferraris in no time with this, but many also fail. Such stories are truly exceptional, and don't let them distract you. Always be realistic and try to take as much risk as you think is sensible, and above all learn first and then invest. Many crypto addictions are a result of loss.

How come an addiction can arise as a result of loss rather than as a result of gain? It can do both.

As a result of profit can, because you become addicted to the sense of profit. If you have taken a lot of profit on one trade, it is likely that you will try to realize these types of trades more often. Pay attention to this, because the fact that it goes well once does not give any reason to think that it will go well more frequently.

As a result of loss you can, because you want to make up for this loss. For example, you lose $1000, and then invest $2000 to make up for it. If this also goes wrong, you might invest even more to make up for the previous loss. That way, you can potentially get yourself in really deep trouble. So watch out for this!

Do you have a crypto addiction?

Do you find it difficult to estimate for yourself whether you suffer from an addiction to crypto? These questions might help you:

Do you think about cryptocurrency for much of the day?
Do you spend a large part of your income on cryptocurrency?
If you answered 'yes' to the first 2 questions: have you tried to reduce this but did you have trouble with it?
When you've lost money, do you trade more risky to try to recoup your loss?
Has your activity within cryptocurrency resulted in a negative side effect on anything else in your life?

If you have answered 'yes' only once, you don't have to worry much. Depending on which question it is, it might not be unwise to pay attention to it and possibly discuss it with someone.

If you answered 'yes' to 2 or more questions, there is a good chance that you are actually addicted to cryptocurrency. Seriously consider getting help or talking a lot about it to reduce your reliance on cryptocurrency. Do you all see the problem here? Talk a lot about it, lol! For me that would not be the best solution if I would have a serious problem. People in my environment don't want to talk about crypto at all!

If you answered 'yes' to all 5 questions, you probably have a serious problem. Watch out for how you act. It wouldn't be a bad idea to get help to solve this problem.

The risks of crypto addiction

Some might say that crypto addiction isn't always bad. Some people who spend all day with crypto earn a lot of money. That's true, some people make a lot of money. But that doesn't mean you're going to be one of those people.

There are also many people who lose a lot of money and even with that you forget about the other negative things that addiction brings.

For example, you may forget your daily activities. And that's not the worst if it happens once, but it is if it happens every day. There are many more examples to consider here. Think of sports evenings that you cancel because you prefer to deal with cryptocurrency.

A crypto addiction can also bring many financial dangers. For example, you may not be able to pay your monthly bills due to your irresponsible actions. For this you have to borrow money from your family and friends, for example. This in turn may lead you to act even more riskily, because you are ashamed of what happened.

The chance that in this way your debts will only get bigger and bigger is certainly present. This can then lead, for example, to even riskier actions or even criminal activities to repay these debts. It can also lead to you being declared bankrupt and, for example, being evicted from your own home.

A crypto addiction can also cause problems with your family and other close ones. So it can, of course, cause a lot of discussions and problems around money. In addition, it could cause you to neglect them. This is because you are only busy with, and want to be busy with, crypto. This in turn can cause quarrels, etc. which could cause you to lose them in the long run.

The addiction can also lead to various mental problems. For example, as a result of a gambling or lottery addiction, we often see stress problems. The stress problems can cause sleepless nights and, for example, a lack of self-confidence.

Some people who suffer from stress problems find their way out in, for example, alcohol or drugs. Indirectly, a crypto addiction can therefore lead to the use of unhealthy substances.

How do I get rid of my addiction?

The first step in solving a problem is realizing that there is a problem. Think carefully about the questions discussed earlier in this article. Do you consider yourself to have a problem? Then seek help! For example, find someone who monitors your crypto spending and continues to do so. It is important that he or she continues to do it, in case you choose this solution. This ensures that you do not have a good start but then fall back completely.

When solving your crypto addiction, it is very important that you limit the amount of money you spend on crypto. Make sure you don't spend too much of your income on crypto and stick to it. For example, also make sure that you first pay your mandatory payments, such as bills and insurance, before moving on to enrichments such as cryptocurrency.

In addition, it can be important that you limit the time you can spend on cryptocurrency for yourself. For example, you can choose that you can only spend time on cryptocurrency on weekend days and then only a maximum of 1.5 hours. Then stick to this strictly. In this way you also ensure that you start thinking about it less, so that there is enough time in your head to be busy with other important things. Even with such 'little' time, it is certainly still possible to earn money in crypto.

It can also be important that you don't see crypto as your primary income. Indeed, for some people, crypto is their primary income. In many cases this concerns day traders. Indeed, there are plenty of day traders who make a huge amount of money trading cryptocurrencies. However, there are also plenty of people who try this and then lose a lot of money with it. For this it is of course also important that you first learn and then invest.

Do you really want professional help? Then you can consider getting treatment for gambling addiction, because there are many similarities between the two addictions. And as said before, in the UK this is offered professionally.

Seek for help if needed

I realize all too well that this is not a "normal" blog. But it is a subject that sparked my interest. Not because I would be bothered by it myself, but because I did start to ask myself as I read, would there be people here on Hive who are encountering or have already run into these problems?

It is sometimes difficult to admit or realize that you suffer from an addiction, so we hope this article has helped you. If you have the feeling that you are addicted to crypto, it is extremely important that you talk to someone about this and seek help if necessary. And that you also get that help, because crypto has so many positive sides, that it should not be destroyed on the negative sides, which are usually forgotten to mention.

To avoid problems, it is therefore very important to stick to two important rules in crypto:

DO YOUR OWN RESEARCH

But most important of all!

DON'T INVEST MORE THAN WHAT YOU CAN AFFORD YOURSELF TO LOSE

I wish you all a Happy Sunday!

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