Cryptocurrency trading in its infancy was considered as fun and exciting and the subject to memes and funny phrases such as When Lambo! But beneath the excitement and memes is actual digital funds being traded in the numerous exchanges online. This means that a savvy trader can end up being addicted to the lifestyle of constantly checking the prices of Bitcoin (BTC), Ethereum (ETH), XRP – and the rest – in a manner that has been compared to actual online gambling or the type seen in Atlantic City, New Jersey and Las Vegas, Nevada.
It is with this background that the Castle Craig Hospital in Scotland, had earlier this year announced that it was offering treatment services to those suffering from Cryptocurrency trading addiction.
Chris Burn, who is a gambling therapist, at the hospital had this to say back in May about the similarities of crypto trading and traditional gambling:
The high risk, fluctuating cryptocurrency market appeals to the problem gambler.
It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.
It is therefore with this background and experience, that the same Scottish Hospital has released an online questionnaire for any crypto trader to gauge if they are addicted to the industry.
The questionnaire available online asks the following with a corresponding self grading system:
Do you feel compelled to check cryptocurrency prices all the time?
Do you invest more on cryptocurrencies than you can afford?
Do you feel the need to invest larger amounts of money to get the same feeling?
Have you spent more to get back money you have lost trading in cryptocurrencies?
Have you borrowed money from friends and family or sold anything to invest in Cryptocurrencies?
Have you ever wondered whether you have a problem with cryptocurrency trading
Have you ever experienced the Fear of Missing Out (FOMO)?
Has your cryptocurrency trading ever caused you any health problems, including feelings of stress or anxiety?
Have people ever criticised your cryptocurrency trading or said you have an addiction problem (regardless of whether or not you thought it was true)?
Has your cryptocurrency trading ever caused financial problems for you or your family?
Have you ever felt guilty about trading in cryptocurrencies?
Score 0 for each time you answer “never”
Score 1 for each time you answer “sometimes”
Score 2 for each time you answer “most of the time”
Score 3 for each time you answer “almost always”
If your total score is 8 or higher, you may be addicted to cryptocurrency trading.
The institution goes on to add that if you feel that you are addicted to crypto trading and are in the U.K region, you can seek help through GamCare and the Castle Craig Addiction Treatment Clinic.
For those in the United States, one can seek help by calling the National Problem Gambling Helpline at 1-800-522-4700 or visit Gamtalk.org. In Canada, visit problemgambling.ca.
Other self hep tips provided by Castle Craig are as follows:
Do:
Pay your important bills first, such as your mortgage, before you invest in cryptocurrencies.
Spend more time your with family, or friends who don’t have an interest in cryptocurrency.
Deal with all your debts rather than ignoring them
Don‘t:
View Cryptocurrency trading as the only way to make money – try to see it as a casual interest instead
Bottle up all your worries about your Cryptocurrency trading – talk to someone
Take credit cards with you when you start trading in CryptoCurrency
There is now a need for a global awareness on the dangers of cryptocurrency trading addiction with additional centers and helplines needed in other countries across the globe.
