Cryptocurrency has its place in the world and the increasing popularity of this recent phenomenon is symbolic of its relevance. For many it is a dream currency providing a non-authorised method of buying and selling. However there is a darker side to this financial haven, as where there is a potential for quick gains and instant gratification there lurks the risk of addiction.
Castle Craig rehabilitation clinic in the Scottish borders treats this form of addiction within the scope of any other gambling addiction however there are some particularities about cryptocurrency which have been noted. I spoke with Chris Burns who has knowledge and expertise in this specific type of addiction in order to provide an overview of this serious issue.
I asked for a basic description of what cryptocurrency actually is and why some people may be prone to becoming addicted to using it. Chris explains that cryptocurrency is actually quite a ground-breaking concept with a real place both in terms of finance and obtaining a store of value. It cannot be tampered with and asks that people put their trust in computer experts. He points out that this virtual system is not the problem, but rather how it is used. For people attracted to gambling cryptocurrency offers something different – a more frequent and constant buzz.
Chris elaborates on this:
With simply a credit card and a mobile phone you can have an at home gambling environment. No need to wait until the Casino opens or for the next horse race which in some cases of severe addiction can be too long a wait! Cryptocurrency happens in the here and now and you choose when. The thrill is continuous and there are significant fluctuations. It is not all about gaining but more about the anticipation as this is where the excitement lies. There is no paper work involved and the easy access makes it readily available.
I inquire about potential susceptible groups of people and age range. Anyone can face such problems however even young children showing addictive use with computer and console games may be more likely to develop patterns of behaviour leading to problematic gambling pursuits. There is a strong genetic link but it can also be a learned behaviour. Such incidences of addiction often start very innocently.
Warning signs include; the person may become withdrawn and there will probably be signs of spending unaccounted for in bank statements. Chris suggests that if you are concerned about a loved one’s potential involvement, the key factor is to address the addiction. By confronting the situation the door is being opened towards treatment, support and behaviour changes.
On the subject of treatment Chris highlights an essential component: the person must be ready to face reality, be honest with themselves and others and be willing to make changes. Recovery is only possible when this is in place. This particular addiction can be destructive not only to the person involved but also the entire family. Often the consequences can include multiple loses and perhaps even the family home. Tackling this is very challenging and Chris mentions an important statistic – out of all addiction, gambling is the one with a higher suicide rate.
So what is the future of cryptocurrency? Well, many are convinced it is the future and may eventually replace present currency, taking over completely and others believe it will fade out. Whether it provides many golden nuggets of richness or evaporates like gold dust, being informed is key and also looking out for our nearest and dearest within today’s surge of cryptocurrency.
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