Is Crypto Trading Just Another Form of Gambling?

 

It’s no surprise that the rush of accumulating profits through bets can be exhilarating enough to take a chance again, but a simple activity could easily transform into addiction and set you back a large sum of your hard-earned assets or familial relationships.

Taking risks- from trying out new foods to setting foot into the unknown- is an integral part of human nature. If the result of taking a risk is positive, it can influence users to take more risks to chase after the ‘high’ produced by the experience.

Gambling

What Is a Gambling Disorder?

Simply put, gambling refers to the exchange of money, usually through games of chance- such as races or lottery and casino games– by wagering in on valued items or activities.

A person suffering from a gambling addiction could be identified through patterns of compulsive or repetitive gambling and is likely to accumulate a rather large sum of debt as a result of their addictions. Most people with gambling addictions claim that the experience itself can provide a temporary adrenalin rush and sometimes a compulsion to continue.

What Is Crypto Trading?

Unlike traditional betting, crypto-currency and the process of crypto trading is rather conjectural. Crypto-currency refers to a form of currency produced digitally, secured through cryptography-based transactions. Unlike traditional currency, crypto is set in a decentralized system, eliminating the need for a bank’s verification.

How Are Gambling and Crypto Trading Related?

Much like gambling, crypto trading also requires decision-making based on finite information and games of chance. While traditional gambling commonly refers to wagering money or physical items of value upon games of chance such as races, crypto trading is based on investing in digital crypto-currencies such as Bitcoin or Ethereum.

Since this crypto-currency is a fairly new concept, it’s worth can be considered volatile. A slight difference in the market can dwindle one minute and skyrocket the other. For example, by the end of March 2021, the price of Bitcoin skyrocketed to more than $58,000 and promptly dropped to $35,000 by May 2021.

What Are the Risks of Behavioural Addictions?

A behavioural or process addiction refers to activities a person uses as a coping mechanism to seek pleasure from their life. Although this doesn’t sound as bad, a behavioural addiction can cause problems as drastic as ones from drug addiction, even though no mind-altering substances enter the patient’s body.

It is common for most people to feel a surge of excitement if they win at a game, or feel disappointed if they lose- whether they have behavioural addiction or not. However, with people suffering from problem gambling the feeling can increase tenfold depending on how dangerous their addiction has become.

Gambling

How Can You Catch a Gambling Addiction Beforehand?

The excessive use of alcohol or drugs can be caught before it manifests into substance addiction, due to signs such as influenced behaviour and physical changes in the body. Though behavioural addiction may not cause all the same physical effects such as one related to substance, changes in behaviour and mental health can be spotted early on.

If the patient is unable to participate in crypto trading for longer intervals, they might be mentally agitated or anxious about not getting their fix. Additionally, their presence on the marketplace may increase significantly over time if small trades are not able to provide them with the same levels of dopamine rush- much like growing a higher tolerance for alcohol.

Physical signs of a growing process addiction include negative changes in personality such as irritability, victims trying to hide their addiction the more they get addicted to prevent intervention or an overwhelming amount of guilt experienced after partaking in gambling. Although this information can sound rather scary, coming to terms with problem gambling is a gradual process and with support and motivation, it can be overcome.

Summary

Although dabbling here and there in the world of crypto-currency can be a great learning experience, it can also transform into a gambling addiction if proper precaution is not taken.

#1: Gambling is the act of wagering items of value in games of chance. A developed habit of gambling can manifest into problem gambling and addiction.

#2: Crypto Trading is based on investing in different kinds of crypto-currencies by buying or selling them either through an automated method or strategizing manually.

#3: A lot of the methods required for gambling are the same as crypto trading, such as investments made through chance.

#4: Though process addictions do not appear to be the same as substance abuse, the effects of both can be identical, regarding physical and mental health both.

#5: Making sure to recognize signs such as agitation and anxiety due to withdrawal is important to prevent problem gambling from manifesting.

In conclusion, it is important to be well informed and confident in partaking in experiences such as crypto trading, and reach out for help if you or a loved one appears to be struggling.

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

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