Cryptocurrency gambling: possible causes, symptoms and treatment

Addictions are one of the great problems that our society suffers from. There are all kinds of them, the most widespread being addictions to alcohol, tobacco, drugs, sex and games.

But, in the same way that the Internet has made society change in the most routine and normal, it has also altered the world of addictions by making a new one appear: the addiction to investing with cryptocurrencies.

Gambling with cryptocurrencies is a problem that, although very recent, is already having terrible consequences on the health of many young people. Next, we are going to explore this novel problem that is already mobilizing resources to deal with it.

• Related article: "The 14 most important types of addictions"

What is gambling with cryptocurrencies?

There are many addictions that exist in our society. The most common addictions have practically always been alcoholism, smoking, drug addiction, sex and gambling in its various forms. However, as has happened with practically everything daily in our society,

new technologies have contributed to the emergence of new types of addictions as well, being the most innovative and of which little is known about gambling with cryptocurrencies.

But how can you have this type of gambling? Although the expression is somewhat ambiguous because what it consists of is still being investigated further, we can say that gambling with cryptocurrencies is the problem suffered by brokers addicted to buying and selling virtual currencies, whether they are newbies or professionals. The cryptocurrency market is very unstable, high risk and fluctuating, something that can be a tremendous danger for those who can not stop investing in them.

Cryptocurrency trading can be seen among other things as a means for people, especially those who are worse off happening, run away from themselves, especially if they find themselves in a situation of poverty and fantasize about the idea of ​​earning a lot of money in a short time weather. Investing in them produces all kinds of emotions that, at first, are pleasant and increase the desire to continue investing. The problem is that you are rarely lucky, and if you do not know in depth how this world works or you are not a broker that luck does not play in your favor.

Being such a recent phenomenon, today cryptocurrency gambling has not been declared a mental disorder or disease by the WHO or the APA with defined diagnostic criteria. However, we can mention some symptoms and consequences in the lives of people who suffer from this type of addiction:

• Anxiety
• Depression
• Irritability
• Debt and financial problems
• Laziness in social relationships
• Abandonment of work and studies
• Lying or not acknowledging that they invest in cryptocurrencies

The dangerous attraction of crypto assets

The volatility of the markets is, without a doubt, something mysterious and attractive, like anything that promises great rewards but without having the guarantee of it. The possibility of making a lot of money as if by magic is something that inevitably catches the attention of the average citizen. And without needing to be addicted to anything, you may be tempted to fall into the long, dark tentacles of something as unpredictable as it rises and falls as the stock market is.

The cryptocurrency fever has behaved the same way its market value has, very unstable. If a few years ago there were few who knew what that was, with the passage of time the interest has grown progressively, as has its value. In 2018 it seemed that the crypto fever was coming to an end but, now that we are in 2021 and we are living in the middle of a pandemic, interest has resurfaced more strongly than ever, becoming a monothem for Many.

The popularity of investing in cryptocurrencies is due to the fact that it seems that it is something that many of us can have easy access to.. This is a capitalist phenomenon that gives small shareholders opportunities to win big. sums of money that until relatively recently were reserved only for those with large capitals. With just one click and without knowing much about financial transactions, it seems that anyone can make money using crypto.

Investing in cryptocurrencies is seen as a bet for the future. In a world where the value of things inevitably changes due to inflation, keeping money still in a savings account can imply losing a little money in the long run, because its relative value will decrease as goods become more expensive and services. Instead, investing in something that is believed to be increasing in value is a way to have savings whose value is on par with how more expensive the market is.

Although this idea is promising, you have to understand that the market is not an easy thing and investing in anything should not be interpreted as synonymous with success. The line that divides an investment from a bet in cryptocurrencies is very fine and crossing it is dangerous. Yes, it is true that investing in yourself is a gamble, but the consequences of losing such a bet vary greatly from whether what has been invested is the same amount of money that we would spend a night partying than investing all our saved money.

As we have commented, To date, there are no well-defined diagnostic criteria to diagnose someone with gambling with cryptocurrenciesBut there is one aspect that undoubtedly makes it possible to distinguish between a responsible investor and a person with a problem: the perception of risk. In other words, a person who invests from time to time knows that this is very unpredictable and there are no guarantees at all, being able to lose all the investment, while a gambler believes that as he gambles more and more he will recover everything (fallacy of player).

Thus, a person who has a minimum of investment knowledge is not going to spend all his savings in cryptocurrencies, because you know that, and putting yourself in the worst possible scenario, that money can be lost for full. Instead, the person with gambling with cryptocurrencies will consider that he will undoubtedly be successful and that, the more money he invests, the more benefits he will have and that, if he has lost what has been spent, in the future he will earn it in the form of much more money.

• You may be interested in: "Pathological gambling: causes and symptoms of gambling addiction"

Risk factor's

It appears that cryptocurrency gambling is potentially more dangerous than other varieties of gambling addiction. Cryptoactives are not like other gambling addictions, which usually occur in casinos or recreational venues, but rather gambling with cryptocurrencies is an addiction that is more likely to occur at home, such as video game addiction. Taking into account that we live in a time when home life is more common than ever, it is not surprising that cases of this addiction associated with life at home have increased.

There are several factors that can cause this type of gambling. In addition to the personality characteristics and history of addiction, the feeling of risk is one of those aspects that contribute to anyone getting hooked on gambling, a sensation that makes you secrete adrenaline. As a consequence of this, addiction is generated, making the person affected by gambling go on and on, gambling his savings and debts to whatever he thinks is going to generate profits. In the end, having taken disproportionate and uncontrolled risks, he finds himself broke.

The person with compulsive gambling deceives himself with ideas that he himself seeks to reinforce his hormonal kick. These beliefs he uses as an excuse to convince himself that he is not really risking all his savings, but it will greatly enhance what he has saved and will become a fortune. He believes that he is shaping an incredible future thanks to the fact that cryptocurrencies are going to make him a true billionaire.

Added to this is the effect that cryptocurrencies produce on the collective ideology. As we have commented, they are something relatively new, almost so much that today we see them as something futuristic. There is a great aura of mystery around these virtual currencies, and there are those who believe that they will completely replace current money. Even there are those who have the wrong idea that whoever does not invest in these currencies tomorrow will not have any money to be able to move in an increasingly digitized world, yet another reason that pushes gamblers to put all their savings.

Treatment

The fact that cryptocurrency gambling is not yet well defined and there are no specific diagnostic criteria its treatment is very difficult, although therapeutic interventions have already been proposed based on those already applied in more serious gambling general. Some centers already treat people addicted to investing in cryptocurrencies, one of the pioneers being Castle Craig Hospital, in Scotland.

Gambling with cryptocurrencies rarely appears alone, but it is a modality of special study since it is more addictive and aggressive. Among the reasons for this is the fact that, unlike other gambling disorders, those affected can hardly disconnect from it, a risk factor to aggravate any addiction. This is due to the fact that transactions are made virtually, with a mobile phone or any other device that one may have at home to enter trading and betting pages.

For this reason, taking into account how difficult it is to get rid of this addiction, the best therapy is one that does not need to be applied. The best thing to do is not invest in cryptocurrencies unless you have expert knowledge of them or are have consulted someone who has it, and never make investment after investment, but have a maximum budget to be spent.

No matter how promising this world may seem and even playful, it is never risk-free and taking into account that what is at stake is money, you must always be cautious. Health is ahead of any imaginary fortune that one may believe that he is going to achieve by investing in what he cannot understand. The cryptocurrency market is very unstable, too unstable to believe that everyone is going to be successful investing in it. Let's not do like in the story of the milkmaid, risking what little we have.

Bibliographic references:

• Gainsbury, Sally & Blaszczynski, Alex. (2017). How blockchain and cryptocurrency technology could revolutionize online gambling. Gaming Law Review. 21. 482-492. 10.1089 / glr2.2017.2174.
• Meng, Jonathan & Fu, Feng. (2020). Understanding gambling behavior and risk attitudes using cryptocurrency-based casino blockchain data. Royal Society Open Science. 7. 201446. 10.1098 / rsos.201446.