Bitcoin addiction

When there is a euphoric spike in the price of crypto, investors make reckless choices that will make you wonder if crypto trading is addicting. Nevertheless, note that crypto trading is an investment practice that has nothing to do with gambling. And yes, there is such a thing as crypto trading addiction. Crypto trading is addictive, and it is important to always trade responsibly.

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Content:

• Crypto addiction: a hidden epidemic?
• Young Koreans hooked on Bitcoin trading sparks “crypto addiction” fears
• Crypto addiction: A hidden epidemic?
• The Downward Spiral of Trading Addiction
• Crypto-Trading Addiction Test
• The growing problem of cryptocurrency addiction
• Scam emails demand Bitcoin, threaten blackmail

WATCH RELATED VIDEO: Treatment for Addiction to Bitcoin

Crypto addiction: a hidden epidemic?

Castle Craig, a private hospital in Peeblesshire near Edinburgh, has seen admissions for Bitcoin addicts increase by a factor of 10 in the past year. The clinic is overseen by therapist Tony Marini who claims to be the first physician to recognise that crypto trading is very similar to gambling. He says most addicts start by occasionally trading before frequent wins feed dopamine cravings and dreams of earning millions.

However, such habit-forming behaviour where users can lose large sums of money can lead to disaster and even suicide, he adds.

He said: "Commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency.

Tony says that around nine of his current patients being treated at the 18th century country house are addicted to online trading. He says they are usually aged between 20 and 45 and have a "bit of spare cash" when they start dabbling in crypto.

From and , Tony claims Castle Craig was the only facility in the world which was treating cryptocurrency addiction. Users travel from the likes of the United States, Dubai, Malta and the Netherlands to get treatment at the clinic. Tony says that too many stories about Bitcoin are about people who have made fortunes - and not the traders who have gambled their lives away.

People are so ashamed. They feel so guilty. They don't want to be talking about it. They feel stupid. For more information about the services Castle Craig offers follow this link. Email us at exclusive the-sun. You can WhatsApp us on We pay for videos too. Click here to upload yours. Jump directly to the content. Sign in. All Football. News World News Mark Hodge. Most read in News. We pay for your stories! Do you have a story for The Sun news desk?

Young Koreans hooked on Bitcoin trading sparks “crypto addiction” fears

According to leading Korean news site Chosun Ilbo, the obsession that follows the situation of Bitcoin and the impact of valuation on the lives of young Koreans is growing worse. Even Bitcoin addiction is so dangerous that it interferes with their work. Psychologists warn that monitoring prices too often can trigger compulsive psychology. Part of the bigger problem with crypto addiction is that they inherently have similarities with gambling addiction.

Crypto addiction: A hidden epidemic?

Few investment trends have captured the broader imagination in the same way that bitcoin has. Similarly, few investment rules have overtaken institutional investment strategy as rapidly as ESG -- or environmental, social and governance -- guidelines have. The environmental harm of bitcoin and its mining is by no means a novel discovery. Quantifying the damage, however, is difficult. After all, terawatt hours are not a common unit of measure for most people. As a simpler reference, the University of Cambridge's bitcoin Electricity Consumption Index estimates that the bitcoin industry consumes about as much electricity as all of the refrigerators in the United States. That is considering a cut in mining activity both as a result of price decreases and shutdowns in bitcoin's most popular mining destinations like China. Still, energy consumption spent on mining bitcoins is only slated to increase by the cryptocurrency's very design. As only 21 million coins are ever supposed to be available, the system gradually increases the computing power needed to mine a single coin as supply tightens so as to not make all coins immediately available. In terms of the actual use cases, bitcoin's status as purely an investment does little to assuage worries of wasteful energy use.

The Downward Spiral of Trading Addiction

Many young people are turning to cryptocurrency as a way of making money and a US summer camp for children aged even offers an introduction to crypto-trading. So what actually is a cryptocurrency? What are the opportunities and risks? And what should parents be aware of if their child is interested in crypto mining or investment?

Crypto-Trading Addiction Test

Thanks for contacting us. We've received your submission. Staff therapist Anthony Marini, 56, himself a recovering gambling addict of 16 years, told Decrypt. Addict Steven Elphinstone, 49, described that frenzied state of his addiction, which started with simple stocks trading a few years ago. In , he turned to Bitcoin. The experience of being constantly hooked up to the erratic rise and fall of cryptocurrencies mirrors what Marini sees in many of his patients.

The growing problem of cryptocurrency addiction

A UK hospital is offering treatment for bitcoin addicts, aimed at helping people who have developed a compulsion to trade the cryptocurrency. Castle Craig Hospital in Scotland, which runs rehabilitation courses for people with drug, alcohol and gambling addictions , has launched a programme after receiving requests to treat similar problems with cryptocurrency. According to experts, the trading of digital currencies or assets such as bitcoin can become a behavioural addiction, similar to online gambling, with some users obsessively following minute-by-minute fluctuations in prices. Around 13 million people trade bitcoin across the world. I see these as akin to gambling addiction. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It's a classic bubble situation. Some treatments at the centre will be led by Tony Marini, a former gambling and cocaine addict, who said introducing a life structure is key for addicts.

Scam emails demand Bitcoin, threaten blackmail

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Some forms of speculative trading share similarities with gambling. Decisions are often based on limited information, short-term motives for gain, and highly volatile and uncertain outcomes. Given these similarities, there is evidence to show that people who are attracted to gambling are also statistically more likely to engage in higher risk speculation such as day-trading of stocks and crypto-currency trading. The results showed that gambling and problem gambling rates were highest among those who reported both activities and that problem gambling scores PGSI and engaging in stock trading was significantly related to measures of crypto-currency trading intensity as based on the time spent per day, number of trades and level of expenditure.

Subscriber Account active since. This as-told-to essay is based on a conversation with Tony Marini, a senior specialist therapist at Castle Craig Hospital in Scotland. It has been edited for length and clarity. I first got my start in treating crypto addictions because I was a compulsive gambler myself. It started as just gambling, but then I got addicted to cocaine, alcohol, exercise, crime… I've been in recovery for 16 years, and I'm glad crypto wasn't around then. My father was also a compulsive gambler and an alcoholic.

If you constantly look at the price of bitcoin or another cryptocurrency, you could have a mental disorder. Trading requires being updated on the market every moment and, therefore, can generate addiction. There is a mental disorder that has emerged as the cryptocurrency ecosystem and trading has grown. It is an addiction like any other.