About crypto

currency

A cryptocurrency is a digital or virtual asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

Addiction to crypto, a “real” addiction?

Officially an addiction?

First, let’s have a look to the DSM-5,the Diagnostic and Statistical Manual of Mental Disorders. Does it includes crypto addiction?

There is no mention of crypto addiction in the DSM-5.

So what means “crypto addiction”?

There is no definitive answer to this question as it is not a recognized medical condition. However, some people may use the term to describe a compulsion or obsession with cryptocurrencies, which can lead to harmful consequences. This might include neglecting other important aspects of one’s life in favor of trading or spending cryptocurrencies, or engaging in risky behavior in order to obtain more coins. In severe cases, it could even lead to financial ruin. If you or someone you know seems to be struggling with crypto addiction, it is important to seek professional help.

What is considered crypto addiction?

• 1. You spend a lot of time thinking about crypto, even when you’re not trading or using it.
• 2. You feel the need to keep up with the latest crypto news and prices, even if it means sacrificing other important commitments.
• 3. You find it difficult to resist the urge to trade or use crypto, even when it’s not financially prudent to do so.
• 4. You often lie to others about how much time or money you spend on crypto.
• 5. Your crypto use has begun to negatively impact other areas of your life, such as your work, school, or relationships.
• 6. You feel anxious or depressed when you can’t trade or use crypto.
• 7. You’ve taken risks in order to get crypto, such as borrowing money you can’t afford to lose or investing in risky ICOs.
• 8. You’ve given up important activities or hobbies in order to spend more time trading or using crypto.
• 9. You keep using crypto even though it’s causing you financial, legal, or relationship problems.

How much crypto is too much?

There is no definitive answer to this question as it depends on the individual. Some people may find that they are able to focus on their crypto investments for several hours a day without any negative consequences, while others may find that even a few minutes is too much. Ultimately, it is up to the individual to determine how much time they are willing to devote to their crypto investment activities.

Some technology addiction facts & statistics

Technology addiction is a growing concern in today’s world. Here are some statistics related to technology addiction:

• 1. According to a 2019 survey by Common Sense Media, 50% of teens feel addicted to their mobile devices.
• 2. A study conducted by the Pew Research Center found that 28% of adults in the US feel they are constantly online.
• 3. A survey conducted by the American Psychological Association found that 43% of Americans are constantly checking their electronic devices for email, texts, or social media updates.
• 4. A survey conducted by the Royal Society of Public Health in the UK found that social media is the most addictive technology, with 63% of respondents reporting that they check their social media accounts at least once a day.
• 5. In a study conducted by the University of Maryland, students were asked to give up all technology for 24 hours. Many of the participants experienced withdrawal symptoms such as anxiety, irritability, and even physical symptoms such as headaches.
• 6. A study conducted by the University of Gothenburg in Sweden found that excessive use of mobile phones can lead to sleep disorders, depression, and anxiety.
• 7. According to the World Health Organization, internet addiction disorder (IAD) is a real condition that can have serious negative consequences on an individual’s mental and physical health.

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Is the crypto addiction widespread?

It is difficult to estimate the exact number of people who are addicted to cryptocurrency, as there is no official data available. However, there have been reports of individuals becoming obsessed with cryptocurrency, spending significant amounts of time and money on trading and investing in cryptocurrencies. Some people have even taken out loans or used their life savings to invest in cryptocurrency, which can be a sign of addiction. Overall, while cryptocurrency addiction may not be as widespread as other forms of addiction, it is still a concern for some individuals.

Why is crypto so addictive?

There are many possible explanations for why crypto can be addictive. Some people may be addicted to the thrill of speculation and the potential for large profits. Others may be attracted to the decentralized and anonymous nature of crypto assets, which can be appealing to those who value privacy and freedom.

Additionally, the technology behind crypto assets is often complex and constantly evolving, which can be fascinating to some people.

Possible causes of crypto dependency

There are a number of possible causes of crypto addiction, including:

• 1. A need for excitement or thrill-seeking behavior: Some people may be drawn to cryptocurrency trading because it offers an exciting and fast-paced way to make money.
• 2. A belief that cryptocurrency trading is a quick and easy way to make money: Some people may be attracted to cryptocurrency trading because they believe it is a quick and easy way to make money.
• 3. FOMO (fear of missing out): Some people may feel like they need to get involved in cryptocurrency trading because they fear missing out on a potentially lucrative investment opportunity.
• 4. Greed: Some people may be motivated by greed to trade cryptocurrencies, as they believe they can make a lot of money quickly.
• 5. A lack of understanding of the risks: Some people may be drawn to cryptocurrency trading without fully understanding the risks involved. This can lead to addiction, as they may become more willing to take risks in order to make money.

Signs & Symptoms of crypto addiction

Now let’s see if you have the crypto addiction problem.

• 1. You can’t stop thinking about Bitcoin, even when you’re not trading or using it.
• 2. You have multiple cryptocurrency wallets, and you check them all regularly.
• 3. You have a strong preference for using cryptocurrency over fiat currency.
• 4. You have traded or used cryptocurrency in more than one country.
• 5. You have more than one cryptocurrency trading account.
• 6. You have developed a deep understanding of blockchain technology.
• 7. You have made significant profits from cryptocurrency trading.

What are some benefits of crypto

Some advantages of cryptocurrency include:
-Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
-Cryptocurrencies are global, meaning they can be used by anyone, anywhere in the world.
-Cryptocurrencies are secure, because they are based on blockchain technology, which is virtually impossible to hack.
-Cryptocurrencies are private, because transactions are anonymous.But at the opposite, what can be some crypto addiction problems addicts suffer from?

general health problems

There is no definitive answer to this question as the effects of cryptocurrency on health will vary from person to person. Some people may experience no negative health effects from using cryptocurrency, while others may experience anxiety or stress from trying to keep up with the volatile market.

crypto and sleep disorder

There is no evidence to suggest that using cryptocurrencies directly causes sleep disorders or sleep problems. However, excessive use of electronic devices, including computers and smartphones, can interfere with sleep patterns due to the blue light emitted from these devices. This blue light can suppress the production of melatonin, a hormone that regulates sleep-wake cycles.

Additionally, cryptocurrency trading and investing can be stressful, which can cause sleep disturbances for some individuals. It is important to maintain a healthy balance between using electronic devices and engaging in activities that promote sleep hygiene, such as exercise, relaxation techniques, and avoiding stimulating activities before bedtime.

crypto affecting your brain & mental health: bad for brain and mental health?

Some effects of crypto on your brain

The most common negative effect of cryptocurrencies on the brain is anxiety. This is because investors often obsess over small changes in the value of their coins, which can lead to irrational decision-making.

Another potential negative effect is addiction. Some people become so obsessed with trading cryptocurrencies that they neglect other important aspects of their lives. This can lead to financial problems and relationship problems.

Finally, some people may experience paranoia or delusions after investing in cryptocurrencies. This is likely due to the anonymous nature of many cryptocurrencies, which can make people feel like they are being watched or followed.

Some effects of crypto on your mental health

• 1. Social media can fuel anxiety and depression
• 2. FOMO can lead to poor decision-making
• 3. The anonymous nature of crypto can lead to scams and fraud
• 4. The volatility of the market can lead to financial stress
• 5. The constant news cycle can lead to information overload.

Does crypto cause stress and anxiety?

Yes, crypto can cause stress or anxiety for some people. The volatility and unpredictability of the crypto market can be overwhelming, especially for those who have invested a significant amount of money. The fear of losing money or missing out on potential gains can lead to anxiety and stress.

Additionally, the complexity of the technology and the potential for security breaches or scams can also contribute to feelings of stress and anxiety. It is important to approach crypto investments with caution and to prioritize mental health by seeking support and taking breaks when needed.

Can crypto addiction lead to sadness and depression?

Yes, crypto addiction can lead to sadness and depression. When someone becomes addicted to something, it means that they have developed a compulsive behavior that they can’t control. This can cause them to spend excessive amounts of time and money on their addiction, which can lead to financial problems, relationship issues, and social isolation. When these negative consequences begin to pile up, it’s common for people to feel sad, anxious, and depressed.

Additionally, the volatile nature of the crypto market can cause extreme emotional highs and lows, which can further exacerbate feelings of sadness and depression. It’s important for anyone struggling with crypto addiction to seek help from a mental health professional or addiction specialist.

Dopamine and crypto

Dopamine is a neurotransmitter that plays a critical role in our brain’s reward and pleasure center. It is often associated with feelings of happiness, motivation, and excitement. In the context of cryptocurrency, dopamine can play a significant role in driving investor behavior.

The volatile nature of the cryptocurrency market can lead to intense spikes in dopamine levels as investors witness their investments soaring in value. As a result, some investors may become addicted to the rush of dopamine that comes with trading cryptocurrency, leading them to make impulsive decisions based on emotion rather than logic.

Moreover, dopamine can also be a factor in the long-term success of cryptocurrency projects. Developers and investors who are motivated by the potential rewards and recognition associated with successful projects may be more likely to work harder and take risks to achieve their goals.

In summary, dopamine can both drive investor behavior in the short-term and motivate developers and investors in the long-term in the world of cryptocurrency.

crypto effects on Focus, productivity, attention span, academic performance…

It is important to note that excessive use of any technology or activity, including cryptocurrency trading, can lead to distraction and affect academic or work performance. It is advisable to use cryptocurrencies responsibly and in moderation to maintain a healthy balance between personal interests and daily responsibilities.

A word about ADHD and crypto

There is no research or evidence to suggest that people with ADHD interact differently with cryptocurrency or blockchain technology. However, people with ADHD may have difficulty with impulse control, attention span, and organization, which could potentially affect their ability to make informed decisions when investing or trading in cryptocurrency. It is important for individuals with ADHD to be aware of their strengths and weaknesses and to seek professional advice before making any financial decisions.

affecting your relationships

crypto and self-esteem

Crypto can have both positive and negative effects on one’s self-esteem.

On the one hand, if someone has invested in cryptocurrency and has seen significant gains, it can boost their self-esteem and confidence. They may feel that they have made wise investment decisions and that their financial knowledge and skills are superior to others.

On the other hand, if someone has invested in cryptocurrency and has seen significant losses, it can have a negative impact on their self-esteem. They may feel embarrassed, guilty, or ashamed that they made a poor investment decision. They may also feel like they have failed and that others may judge them for their mistakes.

Additionally, the constantly changing market of cryptocurrency can create a sense of anxiety and uncertainty for investors, which can also impact their self-esteem. They may feel like they are not in control of their finances or that they are not knowledgeable enough to navigate the market.

Overall, the impact of crypto on one’s self-esteem can vary, and it is important to approach investments in a healthy and balanced way, understanding that gains and losses are a natural part of the investment process.

crypto addiction leads to isolation and loneliness?

Yes, crypto addiction can lead to isolation and loneliness. When someone becomes addicted to something, they tend to devote a lot of time and energy to it. This can lead to neglecting other aspects of life, such as relationships, socializing, and hobbies. As a result, the individual may become increasingly isolated and lonely, as they spend more time alone with their addiction.

In the case of crypto addiction, the individual may spend hours monitoring the markets, researching new coins, and engaging with others in the crypto community online. This can lead to them neglecting their real-life relationships and social activities, which can have a negative impact on their mental health and well-being.

It’s important to maintain a balance and not let any one thing consume your life, including crypto. If you or someone you know is struggling with crypto addiction, seeking help and support from a mental health professional or addiction specialist may be beneficial.

Effects of crypto on your relationship

We can provide you the positive and negative effects of crypto on a relationship:

Positive effects of crypto on a relationship:

• 1. Financial independence: Cryptocurrency allows individuals to have control over their finances, which can lead to a sense of financial independence and security in a relationship.
• 2. Shared interests: Investing in cryptocurrency can be a shared interest for couples, providing a new topic of conversation and a mutual goal to work towards.
• 3. Transparency: Cryptocurrency transactions are transparent, which can help build trust in a relationship.

Negative effects of crypto on a relationship:

• 1. Financial risk: Investing in cryptocurrency can be risky, and if one partner invests a significant amount of money without the other’s knowledge or agreement, it can lead to financial strain on the relationship.
• 2. Time-consuming: Trading and investing in cryptocurrency can be time-consuming, which can take away from quality time spent together as a couple.
• 3. Disagreements on investment strategy: If one partner is more risk-averse than the other, disagreements on investment strategy can arise, causing tension in the relationship.

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Finally you think you are addicted to crypto and you are wondering how to quit it? How to break and overcome your cravings for crypto?

Here are the best solutions, steps, supports, resources and help you can get to treat your crypto addiction.

Main steps and solutions to break the crypto addiction

The first step is to admit that you have a problem and that you need help. This can be a difficult step for many people, but it is an important one.

Once you have admitted that you need help, you should reach out to a therapist or counselor who can help you address your addiction. They can help you develop a plan to overcome your addiction and provide you with support along the way.

In addition to seeking professional help, there are a number of things you can do on your own to help you overcome your addiction. These include things like avoiding trigger situations, staying busy and active, and finding healthy coping mechanisms.Actually, that’s what most documentation out there is about… However, quitting a digital addiction can be a bit trickier than that.

So our team, after testing many ways, designed a bulletproof way to overcome them. Here are some clear and practical steps that are very powerful to quit a digital addiction, including crypto:

1. Purge temptations: Get rid of crypto

First, cleaning your life from temptations is much easier than resisting to them. Disable or delete your crypto accounts, change the password and hide it somewhere you can’t access easily, keep your phone / computer far away… Out of sight out of mind.

Here is a video from our course the The Digital Purge. on how to add resistance to your temptations, so you become so lazy to engage with them that you give them up:

More of the Digital Purge