- What is the crypto addiction?
- What is considered crypto addiction?
- How much crypto is too much?
- Some alarming crypto addiction statistics
- Symptoms & Causes of the crypto addiction
- Symptoms & Signs of crypto addiction
- Possible causes of crypto dependency
- Why is crypto so addictive?
- Problem, bad effects & consequences of crypto
- creating general health problems
- affecting your brain & mental health
- affecting your relationships
- How to stop your crypto addiction
- Main steps and solutions to break the crypto addiction
- Best crypto blocker apps & software
- Best books to quit crypto
- where to seek extra help?
Am I Addicted To crypto?
Welcome to our digital detoxing series! A series on how to stop addictions to Fortnite, Facebook, Instagram, porn, Netflix, Youtube, Tinder… (find them all here).
Today, let’s talk about the crypto addiction.
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.
crypto, a “real” addiction?
Officialy an addiction?
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 is the 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 alarming crypto addiction statistics
There is no definitive answer to this question as there is no formal definition or diagnosis of crypto addiction. However, based on anecdotal evidence and reports from those who have struggled with compulsive crypto use, it is estimated that crypto addiction may affect up to 5% of the global population. While the exact prevalence is unknown, it is clear that crypto addiction is a serious and growing problem.
Symptoms & Causes of the crypto addiction
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
- 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.
- 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
- 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.
Problem, consequences & bad effects of crypto
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.
affecting your brain & mental health
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.
Is crypto bad for 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.
affecting your relationship
There is no definitive answer, as the effects of cryptocurrency on relationships depend on a variety of factors. However, some possible effects include:
1. Increased financial stress: Cryptocurrency can be extremely volatile, meaning that the value of investments can go up or down very quickly. This can create financial stress for couples who have invested in cryptocurrency, as they may constantly be worried about the value of their investment.
2. Time commitment: Cryptocurrency can also be very time-consuming, as people often need to constantly check prices and monitor their investments. This can lead to arguments if one partner feels like they are spending more time on cryptocurrency than on their relationship.
3. Jealousy: If one partner is more interested in cryptocurrency than the other, it can lead to feelings of jealousy. The partner who is less interested in cryptocurrency may feel left out or like they are not as important as the cryptocurrency investment.
How To Stop Your crypto Addiction
So 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, ressources 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. That’s what most documentation outhere 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
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:
Click here if you want to see more of the Digital Purge!
2. Spot & Reveal your emotional triggers
There are some reasons, often hidden ones, that your brain and your heart love so much crypto. Those reasons act as triggers to pull your cravings. Rather than chasing the addiction, it’s a more efficient strategy to look at the feelings driving you toward it. That way you can cure and heal the feeling. You’ll feel better and the cravings will magically disapear.
3. Rewire to life
An addiction FOMO (fear of missing out) can be huge and really painful to resist, especally if it was here for a long time. However learning to live with it is necessary to build a life full of peace and joy. Strategies to fight FOMO and rewire to life include meditation, nature activities, social interraction, intellectual and creative projects, meaningful adventures… basicaly anything that fill your soul.
4. How to not relapse and fully recover?
It may takes days, weeks, months or even years. You may relapse a few times, but the most important is that you keep engaging less and less with crypto. Each day you resist to it is a day weakening your brain connections with crypto. From your patience and discipline will arise incredible mind strength, hope and wisdom.
Best crypto blocker apps & functionnalities
Additionally, you can limit or block access to crypto using those apps:
- 1. Freedom: This app allows you to block crypto-related websites and apps so you can stay focused on your work or studies.
- 2. StayFocusd: This app helps you to limit the time you spend on certain websites, including crypto-related ones.
- 3. Cold Turkey: This app allows you to block access to specific apps and websites for a set period of time.
- 4. Anti-Social: This app helps you to block social media websites so you can stay focused on your work or studies.
- 5. SelfControl: This app allows you to block access to specific websites and apps for a set period of time.
Best books around crypto
- 1. “The Crypto Addict’s Handbook” by Joshua T. Katz
- 2. “The Bitcoin Big Bang: How Alternative Currencies are About to Change the World” by Brian Kelly
- 3. “The Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World” by Don Tapscott and Alex Tapscott
- 4. “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond” by Chris Burniske and Jack Tatar
- 5. “The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order” by Paul Vigna and Michael J. Casey
where to seek extra help?
Do you need some support and help to stop and overcome your crypto addiction? If you or someone you know is struggling with crypto addiction, there are a few places to seek help.
First, check our course The Digital Purge. This course has already helped many digital addicts to rewire to what matter. But other options also exist.
There is no one-size-fits-all answer to this question, as the best place to seek help for crypto addiction will vary depending on the individual’s unique situation. However, some general places to seek help for crypto addiction include treatment centers, support groups, and therapy.
If you’re addicted to cryptocurrency, don’t despair – there is hope. Just like any other addiction, overcoming a crypto addiction requires time, effort, and support. However, with the right resources and mindset, it is possible to break free from the grip of cryptocurrency and build a healthy, balanced life.
To go further, please check our course The Digital Purge.