Investments in cryptocurrencies such as Bitcoin and Ethereum has become hugely popular around the World. In the last 14 years the market has moved from one digital cryptocurrency – Bitcoin – to the thousands of different cryptocurrencies being traded today. It is accessible for any adult with a smartphone. Download one of the apps and you are ready to access the cryptocurrency market, invest and become a trader. There is promises of huge returns on investment – with less spoken about the risks involved.
Investment in cryptocurrency is very different to the usual financial markets such as London or New York Stock Exchanges. The crypto market never sleeps. It is operating around the clock, day and night, with no let-up. In the last few years there has been an explosion in the promotion of different apps and cryptocurrencies, alongside a huge social media promotion and activity - cryptocurrency is big news. The crypto markets are also largely unregulated.
Cryptocurrencies are a very volatile investment. The prices of different coins can swing up and down in a matter of minutes. This rollercoaster, which is very difficult to predict, can lead to big surges in emotions. Traders experiences waves of adrenaline and dopamine followed by dips in mood. The process can become compulsive in its nature and have a serious impact on mental health and well being. There is a real danger of trading crypto becoming an addiction developing in a similar manner to gambling addiction or maybe day trading addiction.
It can completely dominate a person’s life - and destroy relationships, businesses and swiftly result in financial ruin, and in mental health issues. Mood swings, depression, anxiety and in some cases potentially suicide can occur. Self care may be affected and other changes in behaviors. According to a survey by polling company YouGov, 43% of people with a gambling disorder own cryptocurrency, 66% of low-level problem gamblers looked to cryptocurrency trading to make money and that problem gamblers are more likely to report negative experiences with cryptocurrency. However, with the right specialist expert treatment, cryptocurrency addiction can be addressed, with sufferers able to enjoy life in a healthy way once again.
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