You may have heard the news about the “crypto addiction clinic” that opened up in Scotland earlier this year. While the treatment of bitcoin trading addicts may sound like something out of Hollywood, the reality is that all forms of gambling, to which crypto trading can be categorized into some extent, can lead to addictive behavior.
In this article, you will be introduced to seven signs that you may be addicted to cryptocurrencies to help you identify if you are at risk of developing a crypto trading addiction.
You Check On Your Portfolio Constantly
If you find yourself constantly checking on the value of your cryptocurrency portfolio, then you might be developing an addicted to digital currencies. It is normal to be curious about the state of your portfolio and use the various apps available to keep track of your holdings. However, if you are refreshing your Blockfolio app many times a day, then you may be showing signs of addiction.
You Read More Crypto News Than Any Other Content
Are you finding that you know more about what is happening within the cryptocurrency world than what is happening in the real world? Do you know more about the most recent bitcoin hard fork than the latest happenings in the global economy? Also, is your browsing history mostly composed of sites that focus on cryptocurrency news? Are your most recent book purchases and publication subscriptions limited to the blockchain industry?
If you answered yes to any of these questions, then you may be on your way to a crypto addiction.
You Lie About Your Crypto Portfolio Value To Your Loved Ones
You may have spent a lot of time telling your loved ones about how your new digital asset investment is going to be the next big thing and will be your ticket to riches. Unfortunately, your prediction fails to materialize. As many new projects come up every so often, this has probably happened sometimes.
However, due to the past success of cryptocurrencies, your family and loved ones may be thinking your portfolio is worth much more than it is.
In this case, have you been telling them to the truth about the 50 percent drop in the value of bitcoin and the over 75 percent drop in most altcoins since the start of the year or have you been lying to them and telling them your portfolio is faring well?
If you find yourself misrepresenting the real value of your cryptocurrency portfolio to your friend, family and other loved ones, remember that that could be a sign of addiction.
Coinmarketcap is Always Open On Your Computer
Coinmarketcap provides a wide array of information and data about the cryptocurrency sector. As a result, many people refer to the website to gain insights into the market.
However, if you always have a tab open to the site, then you may be on your way to developing an addiction to cryptocurrencies. While checking the value of your coins and recent market developments are typical for an investor, continually checking in on the market – if you are not an active day trader – is more likely to be a compulsive behavior.
You Lose Track Of Time
Are you finding it difficult to control how much time you spend on cryptocurrency-related things? Between continually checking on your portfolio, catching up on industry news and watching the market, do you find it difficult to make time for anything else?
Do you tell yourself you are only going to spend a few minutes on Reddit, Crypto Twitter, or the BitcoinTalk forum looking for the next investment opportunity and emerge hours later only because you are too hungry to continue?
Do you make plans with your friends but are always late because you were reading through crypto twitter and left too late? Or even worse, do you blow off your engagements in favor of reading the latest whitepaper? Then you may have been developing a crypto addiction.
You Are Only Interested in Conversations About Crypto
It is natural to want to share your hobbies with family and friends. We all want to share our lives with those in our circle. This is part of our make-up as social beings. However, if you find yourself bring up cryptocurrencies in every single conversation, then you may have a problem.
Did you catch yourself trying to talk to a family member about day trading at your three-year-old nephew’s birthday? Or did try to speak about the market at the last Bar Mitzvah you attended?
Also, if you find yourself daydreaming about cryptocurrencies when engaged in conversation? Do conversations only interest you when they are related to digital currencies in some shape or form? If any of these scenarios strike a chord with you, you are likely developing an addiction to cryptocurrencies.
You Are Constantly Watching for Signs of the Next Bull Run
Are you closely watching the market waiting for the next rally? Do you find yourself lurking on market forums looking for clues for when the next bull run will start? Are you very excited at the thought of next bull run?
Does every upward movement in the market cause you to proclaim that the market is finally rallying again? Are the words moon and Lambo an inherent part of your everyday vocabulary? While people who hold digital currencies would naturally want a market rally because of the prospect of profit, you may be addicted to cryptocurrencies if you answered yes to most of these questions.
While addiction to cryptocurrency trading is unlikely to be as harmful as an addiction to hard drugs, like casino gambling, excessive cryptocurrency trading could lead to financial ruin. Hence, it is best to check in with yourself here and there to make sure you are not in over your head and are still making smart investment decisions as opposed to compulsory gambling in cryptocurrencies.