Usually we like to post about news, education, or even the occasional shill piece now and then to keep the fun of the crypto spirit in our posts. Although, today we want to shift slightly to something that really does not get enough attention. It is a dark side of crypto that people want to dismiss and ignore.
That dark side is the rise in crypto addictions that are not getting better anytime soon.
Why Is Crypto Addictive?
Crypto addition is the point where investing is no longer a choice, but a need.
This is usually coupled with constantly researching new coins out of fear of missing out on the next big thing. Most addicts even start to develop extreme points of views involving methodology or strategy becoming almost territorial of their investments. Of course no addiction is complete without constantly checking your account balance and your wallets 25 to even 100 times per day.
This is what some people end up experiencing and it gets worse over time. Like all things in life, too much of any one thing can be very bad for you, so you need to be aware of some of the signs indicating addiction.
Signs of Crypto Addiction
Here are some signs that you might be addicted to crypto:
- You start to take increasingly riskier decisions then you typically would
- You contemplate spending above your means for investments with no regard to the outcome
- You make compulsive trades and decisions about your portfolio
- You might take a loan or sell things just to continue to invest
- You might even be hiding or lying about some of the investing
- You no longer enjoy your usual activities before crypto
All of these things can be clear signs that you are addicted to crypto and need to start toning it back a bit. While there are people that have scored it big in this space, it is not worth your mental health and your potential future.
Sometimes understandings why your addicted to something can help yourself reason through the struggle. Therefore, lets look at some of the reasons why crypto is addictive.
Reasons Why Crypto Is Addictive
Here are a few reasons why crypto is addictive to so many people:
- Crypto hosts some of the highest swings of any market leading to huge gains and losses
- The constant generation of thousands of projects and tokens make investors feel the need to explore and research all of them
- The crypto community is very diverse which can provide a safe space for creative thinking. The sky is the limit at times
- The crypto community is also very engaging and confrontational which can be appealing at times
- Crypto is constantly moving and changing as a 24/7 living ecosystem that always has something catching investor attention
- There are feelings of freedom and uniqueness to owning or investing in crypto that is unlike any other asset class
- Fear of losing your assets or missing out on the next big investment (FOMO) leads to constant stress and anxiety
- Most people that invest feel innovative or revolutionary in a way leading to an urge to do more or invest more
- Hodling is an expectation which leads to people struggling with selling assets even in bull markets
- People become very emotional about projects and lose sight of the practicality of it all
As we can clearly see, there are plenty of reasons why crypto is so addictive. It is a thrill, a rush, something new that does not fully have answers yet and can offer people an entirely new lifestyle! Although, it can just as easily do the opposite. The allure of crypto can become a cave with no way out for some people.
Steps To Ease Addiction
It is not always easy to step away from something that has become ingrained into your core.
For some people, it might take weeks or even months to fully step out of crypto addiction. For most people though, it might be easier than you think. Here are a few ways you can help curve your addiction:
- Find an alternative asset class to study or focus on other financial opportunities
- Try to step away from your common place of study or investing to a new location to practice new habits
- Create a time limit or period for investing and studying, and afterward try not to interact with it
- Set limits to investing per month with a budget and stick to it
- Set limits to trading per day or per week that you will allow yourself to make
- Start creating more long-term goals and focus less on short-term goals
- Seek professional help from a trained therapist
- Attend a local addiction group where you can discuss the issue at hand and learn more ways to be preventative
The best advice I can give anyone currently struggling with crypto addiction is to get on a good sleeping schedule, become more active like working out or going for a daily walk, and focus on your mental health. This might be by listening to podcasts, reading a book, attending a religious gathering, or whatever works for you.
Small steps towards a more healthy mentality is great advice for everyone at any point in life. At the end of the day just remember, crypto is only a digital asset that represents money and ownership. It can’t make you happy, and it is not worth your well being.