Doctors Warn About the Causes and Effects of Cryptocurrencies
Its no longer a secret. Whether you are a casual observer or a finance nerd, cryptocurrencies have come at some point in your conversations with friends, family, co-workers. The level of speculation and volatility seen with cryptocurrencies is unprecedented in the financial market, with crypto enthusiasts scouring Twitter and Reddit for the latest inkling of the newest piece of news that may pump a token. Even though there is tremendous risk, people are still actively trading cryptocurrencies – one explanation offered by scholars is that trading cryptocurrencies is as addictive as gambling.
Dr. Mark Griffiths, professor of Behavioural Addictions at Nottingham Trent University, was one of the first to classify Bitcoin trading as a “sub-type of online addictions” and compare it to a gambling addiction.
Chris Burns, a therapist at Castle Craig Hospital, a facility that delivers help to people dependent on day-trading, explained:
“It really is a type of gambling. People gamble on all types of things making cryptocurrency trading fascinating. Compulsive gamblers enjoy it – it’s mystical, not really regulated and you may make huge benefits – and huge losses – in one day time. But the truth is trading is a remarkable idea, nonetheless it can perform a lot of harm.”
According to Craig Hospital, people addicted to cryptocurrency are most likely suffering from boredom or depression with the rest of life and are searching for short-term relief in potential quick wins. Additionally it is more than likely that trading is merely replacing another addiction a person may have developed which has alcohol or drug addiction. Presently, the healthcare facility says that it treats those who are dependent on cryptocurrency trading the same manner they would treat somebody with a gambling addiction.