Specialists consider that the qualities of cryptocurrency trading facilitate addiction, especially among inexperienced people. Those who cannot control themselves in other aspects of life will not be able to avoid addiction.
Some people look at market charts or follow the swing of the Bitcoin (BTC) price for hours. They even open and close positions on exchanges compulsively. Those repeated behaviors may suggest that they have a trading addiction problem related to factors other than the cryptocurrency.
As with betting and gambling, the adrenaline rush of winning or losing money through Bitcoin trading can lead to addictive behaviors.
Inexperienced people swayed by their emotions may be at higher risk of developing an addictive attitude to trading. That is even worse in the cryptocurrency world as markets operate all day long.
Venezuelan psychotherapist and bitcoiner Elena Cazes helps better understand addiction in trading. She says people can become addicted to anything that might reward them in the end. Addiction is the underlying condition that leads them to direct their behavior toward a specific goal.
Bitcoin trading can have the potential to cause addiction, but so can apps that count steps, shopping, or exercising. Cazes adds that the former can generate the reward response and could turn into addictive behavior.
Trading with Bitcoin and Other Cryptocurrencies Is Available 24/7
According to Spanish trader Immortal Crypto, Cryptocurrency trading is a window of opportunity available all day long and can become a vice for inexperienced people.
He considers that the nature of trading may facilitate that behavior but argues that this will happen depending on the person. He explains that a person who cannot control himself in other aspects will not do so in this one.
Argentine trader Tenkan Trading believes that trading is one of the easiest ways to fall into addictions or vices. He summarizes that the goal of people in society is to have a lot of money. For that reason, there is considerable frustration with trading losses, which make people bet on losing positions and risk more money to recover their funds.
In addition to being open all day long, anyone can access the cryptocurrency market. In a few minutes, people can open an account on an exchange, buy cryptocurrencies with fiat money, and start operating. The lack of experience, added to desire and greed, makes the mix very dangerous.
Vice Might Depend on the Trader or the Trading Activity
Tenkan and Immortal say they have never felt addicted to trading and allude to experience as a crucial element. The former says he approaches trading with much respect, while the latter states he studied the activity and its psychology.
From that perspective, everything indicates that it all depends on the person.
Cazes comments that addictions are negative behavior when they interfere with life quality. She also says that they make the person anxious if he stops doing an activity, like in the case of trading.
The psychotherapist points out the same happens with those who check the price of Bitcoin several times a day. She also includes those who study it tirelessly or become Bitcoin evangelists among the group of addicts.
By Alexander Salazar