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Addicted to Cryptocurrency Trading?By Swati Keswani | June 1, 2018, 1:59 p.m. GMT
The rising price graph of Bitcoin at the end of 2017 was really tempting to consider if you’re thinking of investing in cryptocurrencies or maybe just Bitcoin. However, something unexpected happened after that peak point and we all know about that. However, from the past few months, cryptocurrencies are fluctuating swiftly, giving rise to intra-day and inter-day cryptocurrency traders.
Some of these traders end up indulging themselves such that they became addicted to crypto trading. Looking at this problem, Scotland’s hospital Castle Craig has started treating cryptocurrency trading addicts. Healthcare experts at Castle Craig believe that crypto trading can easily take the shape of behavioral addiction. In this case, it leads to minute-by-minute monitoring of fluctuations in the rates of the tokens they trade with.
The west Linton Facility found some artistry that was successful in treating gambling addiction problems and are now used to teach the obsessed crypto-traders how to live without trading.
Christopher Burn, the gambling therapist at Castle Craig said “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.”
Another therapist at Castle Craig, Tony Marini really understands what the addicts are going through, their mental state, and addictions as he himself has dealt with a similar situation in the past, where he was addicted to gambling and cocaine. He uses this experience to treat his patients.“Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem”.
The symptoms of the crypto trading addict are more fairly similar to that of gamblers
Some of the symptoms of Crypto trading addict are:
- People would likely spend most of their time and money on trading
- They are likely to start borrowing or stealing money from friends and family to fund their habit
- They will start facing financial problems
- They would expect big profits more often
- They will hide their losses from friends and family
- They will start selling their assets to raise funds.
- They will constantly think about new investment ideas
- They will start suffering from dips in their physical and emotional health
How are Crypto-Trading addictions treated?
They use the 12 step approach along with CBT to help patients to:
- Understand their addiction
- Recognize denial and the consequences
- Identify a healthy replacement for the gambling habit
- Help to build their self-esteem
- Control their impulsive behavior
- Learn to manage finances and debts
What is CBT?
CBT stands for Cognitive Behavioral Therapy; it is a kind of psychotherapeutic treatment that enables clients to analyze their behaviors and what feelings and thoughts influence these behaviors. The main aim of this therapy is to show their clients that they cannot control the happenings around them but can change the way they react to them.
Excess of anything can cause severe problems and if you are a crypto-addict, Castle Craig has got treatment for you.