Cryptocurrency addiction: possible causes, symptoms and treatment.

An overview about the characteristics of dependence on cryptocurrency investments.

Addictions are one of the major problems afflicting our society. There are all kinds of addictions, 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, causing a new one to appear: cryptocurrency investment addiction..

Cryptocurrency gambling is a problem that, although of very recent appearance, is already having terrible consequences on the health of many young people. Below we will explore this novel problem that is already mobilizing resources to treat it.

What is cryptocurrency addiction?

There are many addictions in our society. The most common addictions have always been alcoholism, smoking, drug addiction, sex addiction and gambling in its various forms. However, as has been the case with practically everything in our society, the new technologies have contributed to the development of addictions, new technologies have also contributed to the emergence of new types of addictions.The most novel and still little known is gambling with cryptocurrencies.

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

Cryptocurrency trading can be seen among other things as a means for people, especially those who are having the hardest time, to escape from themselves, especially if they are in a situation of poverty and fantasize about making a lot of money in a short time. Investing in them produces all kinds of emotions that, at first, are pleasurable and increase the desire to continue investing. The problem is that you rarely get lucky, and if you don't know in depth how this world works or if you are not a broker, that luck does not play in your favor.

Being such a recent phenomenon, cryptocurrency gambling has not yet 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
• Debts and financial problems
• Slackness in social relationships
• Abandonment of work and studies
• Lying or not acknowledging that they invest in cryptocurrencies

The dangerous attraction of cryptoassets

The volatility of the markets is undoubtedly 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, may be tempted to fall into the dark and long tentacles of something that rises and falls as unpredictably as the stock market world.

The cryptocurrency fever has behaved in the same way as its value in the market, very unsteadily. If a few years ago there were few who knew what that was, with the passage of time the interest has been growing 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 full pandemic, interest has resurfaced stronger than ever, becoming a monothema for many.

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

Investing in cryptocurrencies is seen as a bet on the future. In a world where the value of things inevitably changes due to inflation, keeping money in a savings account can mean losing some money in the long run, because its relative value will decrease as goods and services become more expensive. On the other hand, investing in something that you believe will increase in value is a way to have savings whose value keeps pace with how the market rises.

Although this idea is even promising, it is important to understand that the market is not easy 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 thin and crossing it is dangerous. Yes, it is true that investing in itself is a gamble, but the consequences of losing such a gamble vary greatly depending on whether what has been invested is the same amount of money that we would spend one night out partying as investing all of our saved money.

As we have commented, as of today there are no well-defined diagnostic criteria to diagnose someone with cryptocurrency pathological gambling, but there is one aspect that is undoubtedly important.However, 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, and can lose the entire investment, while a gambler believes that as he plays more and more he will recover everything (gambler's fallacy).

Thus, a person who has a minimum of knowledge about investments is not going to spend all his savings in cryptocurrencies, because he knows that, in the worst possible scenario, that money can be completely lost. On the other hand, the person with cryptocurrency gambling addiction 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 he has spent, in the future he will gain it in the form of much more money.

Risk factors.

It seems that cryptocurrency pathological gambling is potentially more dangerous than other varieties of gambling addiction. Cryptoassets are not like other gambling addictions, which usually occur in casinos or arcades, but cryptocurrency addiction is an addiction that is more likely to occur in the home, such as video game addiction.. Considering that we live in a time when more people live at home than ever before, it is not surprising that cases of this addiction associated with life at home have increased.

There are several factors that can lead to this type of pathological gambling. In addition to personality traits and addiction history, the sensation of risk is one of those aspects that contribute to the fact that anyone can end up hooked on gambling, a sensation that makes them follow a gambling habit.The feeling of risk is one of those aspects that contribute to anyone becoming hooked on gambling, a sensation that causes adrenaline to be secreted. As a consequence, addiction is generated, causing the gambling addict to go on and on, gambling his savings and debts on anything he believes will generate profits. In the end, having taken disproportionate and uncontrolled risks, he finds himself in ruin.

The person with pathological gambling deludes himself with ideas that he himself seeks to reinforce his hormone rush. He uses these beliefs as an excuse to convince himself that he is not really risking all his savings, but that he is going to boost what he has saved and turn it into a fortune. He believes he is shaping an incredible future because cryptocurrencies are going to make him a real billionaire.

Added to this is the effect that cryptocurrencies have on the collective mindset. As we have already mentioned, they are something relatively new, almost so new that today we see them as something futuristic. There is a great halo of mystery surrounding these virtual currencies, with some believing that they will manage to completely replace today's money. Even There are those who have the mistaken idea that whoever does not invest in these currencies will have no money to move in an increasingly digitalized world in the future.yet another reason that pushes gambling addicts to put all their savings into these currencies.

Treatment

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

Cryptocurrency gambling 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 addictions, those affected can hardly disconnect from it, a risk factor for aggravating any addiction. This is due to the fact that transactions are made virtually, with the cell 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 the one that does not need to be applied. The best thing to do is not to invest in cryptocurrencies unless you have an expert knowledge of them or have consulted someone who has, and never make investment after investment, but have a maximum budget to spend.

As promising as this world may seem, and even playful, it is never risk-free, and considering that what is at stake is money, it is always necessary to be cautious. Health comes before any imaginary fortune that one may think he/she is going to get by investing in something he/she does not understand. The cryptocurrency market is very unstable, too unstable to believe that everyone is going to succeed by investing in it.. Let's not do as in the milkmaid's tale by risking the little we have.

Bibliographical 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 behaviour and risk attitudes using cryptocurrency-based casino blockchain data. Royal Society Open Science. 7. 201446. 10.1098/rsos.201446.