What is Crypto Addiction?
Crypto addiction is a behavioral disorder where cryptocurrency users develop an obsession to buy and sell cryptocurrencies. Passion for crypto turns into addiction with similar triggers to gambling or day trading addiction. Addiction affects every aspect of daily life, including relationships and financial stability, putting pressure on one’s mental health—the high-stress nature and volatility of the market result in higher chances of developing a compulsive disorder.
What are the Signs of Cryptocurrency Addiction?
The signs of crypto addiction include obsession over cryptocurrency prices, mood swings, neglecting responsibilities, constantly losing on trading without remorse, inability to stop buying and selling crypto, and denial. The signs of addiction develop differently for each person, but you should take action if it interferes with your day-to-day activities.
It’s even worse if it affects your personal life – from finance to relationships. Crypto develops the same obsessive triggers as gambling, where you’re chasing financial wins or looking to cover bigger losses. This results in users developing anxiety, which is one of the main signs of obsession.
Why do People get addicted to Crypto?
People get addicted to crypto because of the mirage of creating generational wealth with a small investment. They get sold a story that’s untrue for many. However, they stay because crypto has triggers similar to gambling and other financial activities that get people hooked.
Crypto’s high volatility is the main reason why users get FOMO or fear of missing out. Because they missed the last moon mission, they continuously invested and watched prices go up and down, causing a rush. The rush and the adrenaline of making big financial gains or helping them escape the norm keeps people hooked to crypto even though it causes them damage in the long run.
How does Crypto Addiction affect your Life and Loved Ones?
Crypto addiction affects your life because you’re losing money and spending too much time looking at charts. As a result, you’re neglecting the people around you as all your time and energy goes towards thinking about the next coin to go up 100%.
Users addicted to crypto show a great degree of anxiety and depression. Constant highs and lows cause additional stress that interferes with their sleep and their day-to-day activities. To alleviate the stress, some users end up using substances, including alcohol, deepening the problems.
Loved ones are affected because users withdraw from day-to-day activities; they become isolated and burst out for no reason. Losing large sums of money leads to secretive behavior, which causes stress for the other person. With no knowledge of their addiction, relationships turn to chaos as mistrust and resentment enter the stage.
Crypto addiction severely impacts the way you function in society, causing, in certain instances, irreversible effects and can ruin families.
How is a Crypto Addiction treated?
You treat crypto addiction by acknowledging you have a problem with cryptocurrencies and by seeking professional help. You resolve your addiction by going to therapy to try to resolve your problems. There’s no single way of treating your addiction, as addiction is a multi-stage healing process.
You have to work with a mental health professional that’s specialized in behavioral therapy. If problems go deeper than just crypto addiction and you’re having mental issues due to your addiction, you have to see a psychiatrist specialist to discuss the issues.
During therapy, specialists will help you develop coping strategies to understand your triggers. It involves acknowledging the trigger and taking preventive measures. Support groups are recommended by your specialists to help addicts understand they are not alone in their struggles. Sharing the experiences helps people with an addiction share their experiences and learn coping mechanisms from others.
Treating crypto addiction starts when users stop interacting with crypto and find a strong support system to help them battle their triggers and anxiety.
How can I support a Loved One with their Crypto Addiction?
You support someone with their addiction by understanding what they are going through and encouraging them to seek professional help. Crypto addiction takes many forms and affects us differently, and it’s important to show empathy when discussing with a loved one.
Familiarize yourself with how crypto addiction triggers and encourage open and sincere conversations with the person to get insights into their struggles. Refrain from making assertions or recommendations since they can have counter results and be less effective. Instead, express your concern to show you’re genuine in your actions.
The second step is to make sure their crypto addiction therapy is going according to plan, and they’re not slacking. Ask questions about how their therapy went, what steps they need to take, and how you can help them. Reduce stress at home in the initial stages to create a comfortable environment and healthy habits for them.
Recovery can be lengthy, and you must have patience to go through it. It’s not a one-hit-wonder, and relapse can occur. Part of your role is to encourage them.
How can I work towards my own Healing?
Healing starts when you acknowledge you have a crypto problem and seek professional help. Identify your main triggers and how they’re affecting your personal life. Look at your finances and see how you’ve regressed since you’ve been actively trading or looking at crypto.
You have to look for professional help. This comes in many forms, from therapy, support groups, or keeping yourself accountable. Therapy and support groups are the most common. Healing takes time, and you must go through all the stages to succeed.
Complete healing requires effort, and you have to be open about your problems with everyone close to you. Therapy can help you only so far. A healthy coping mechanism will help you reach your goals faster and be longer lasting.
Cognitive behavior therapists will give you the tools to use, but you must keep yourself accountable to complete the process. The most important aspect is to distract yourself with healthy alternatives. Become socially active, connect with friends, and develop healthy hobbies to occupy your mind.
Setbacks can and will happen during your journey, but staying on course and celebrating your efforts when they’re due is important.