About cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. It is decentralized and uses a blockchain technology to record transactions and verify the transfer of funds.

Addiction to cryptocurrency, 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 cryptocurrency addiction?

No, cryptocurrency addiction is not currently listed as a specific diagnosis in the DSM-5 (Diagnostic and Statistical Manual of Mental Disorders). However, some mental health professionals have expressed concern about the potential for addiction-like behaviors associated with excessive use of cryptocurrencies, such as compulsive trading or checking of market values. Further research is needed to determine if cryptocurrency addiction should be formally recognized as a mental health disorder.

So what means “cryptocurrency addiction”?

Cryptocurrency addiction refers to an excessive and compulsive desire to engage in cryptocurrency trading or investing activities, to the point where it begins to negatively impact an individual’s life. It is similar to other forms of addiction, such as gambling addiction, where a person cannot control their behavior despite the negative consequences. Cryptocurrency addiction can lead to financial problems, relationship difficulties, and mental health issues such as anxiety and depression. Symptoms of cryptocurrency addiction may include obsessively checking market prices, spending excessive amounts of time researching or trading cryptocurrencies, neglecting other responsibilities or hobbies, and experiencing withdrawal symptoms when unable to access cryptocurrency trading platforms.

What is considered cryptocurrency addiction?

Here are some common criteria that mental health professionals may use to diagnose a cryptocurrency addiction:

• 1. Preoccupation with cryptocurrency: spending a significant amount of time thinking about, researching, or engaging in cryptocurrency-related activities.
• 2. Loss of control: difficulty controlling the amount of time or money spent on cryptocurrency, despite negative consequences.
• 3. Neglecting responsibilities: neglecting work, school, or social responsibilities in favor of cryptocurrency-related activities.
• 4. Withdrawal symptoms: experiencing anxiety, depression, or other negative emotions when unable to engage in cryptocurrency-related activities.
• 5. Tolerance: needing to spend more time or money on cryptocurrency to achieve the same level of satisfaction.
• 6. Financial problems: experiencing financial problems as a result of excessive spending on cryptocurrency.
• 7. Relationship problems: experiencing problems in personal relationships as a result of excessive focus on cryptocurrency.

It is important to note that the above criteria are not definitive and that a mental health professional should be consulted for proper diagnosis and treatment.

How much cryptocurrency is too much?

It is important to maintain a healthy balance between time spent on cryptocurrency and other aspects of life such as work, family, and leisure activities. It is up to individuals to determine how much time they want to dedicate to cryptocurrency based on their personal interests and goals. It is recommended to set a schedule or limit the amount of time spent on cryptocurrency to avoid neglecting other important aspects of life.

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 cryptocurrency addiction widespread?

It is difficult to determine the exact number of people who are addicted to cryptocurrency, as addiction is a complex and multi-faceted issue. However, there is evidence to suggest that some individuals may develop an unhealthy dependence on trading or investing in cryptocurrencies. This can lead to financial difficulties, relationship problems, and other negative consequences. It is important for individuals to approach cryptocurrency use in a responsible and balanced manner, seeking help if they feel they may be developing an addiction.

Why is cryptocurrency so addictive?

We can provide some possible reasons why some people might find cryptocurrency addictive:

• 1. High potential for profit: Cryptocurrency is known for its volatility, which means that the value of a coin can change rapidly and dramatically. Some people become addicted to the rush of making a profit from cryptocurrency trading.
• 2. 24/7 trading: Unlike traditional stocks and bonds, cryptocurrency can be traded at any time of day or night. This constant availability can make it difficult for people to step away and take a break.
• 3. Community engagement: Cryptocurrency has a strong online community that is often passionate about the technology and its potential. Being part of this community can be engaging and rewarding for some people.
• 4. FOMO (fear of missing out): As with any trend or new technology, some people might feel compelled to participate in cryptocurrency simply because they don’t want to miss out on a potential opportunity.

It’s worth noting that addiction to cryptocurrency, like any addiction, can have negative consequences. It’s important for individuals to approach cryptocurrency with caution and to be aware of the risks involved.

Possible causes of cryptocurrency dependency

Research has suggested that the following factors may contribute to cryptocurrency addiction:

• 1. High-risk investment behavior: Cryptocurrencies are highly volatile and involve a significant amount of risk. People who are prone to high-risk investment behavior may find it difficult to resist the temptation of investing in cryptocurrencies.
• 2. Easy accessibility: Cryptocurrencies are easily accessible through online platforms, and users can trade at any time of the day. This convenience may make it easier for people to develop an addiction.
• 3. Fear of missing out (FOMO): Cryptocurrencies are often marketed as the future of money, and people may fear missing out on potential profits. This fear of missing out can lead to impulsive and irrational investment decisions.
• 4. Gambling addiction: Cryptocurrency trading can be similar to gambling, where individuals may experience a rush of adrenaline from the thrill of making risky trades and possibly earning big returns.
• 5. Psychological factors: Some people may use cryptocurrency as a form of escapism or to cope with emotional issues such as anxiety, depression, or stress.

Signs & Symptoms of cryptocurrency addiction

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

• 1. Constantly checking cryptocurrency prices: If you are checking cryptocurrency prices multiple times a day, you may be addicted to cryptocurrency.
• 2. Obsessively reading cryptocurrency news: If you are constantly reading cryptocurrency news and blogs, you may be addicted to cryptocurrency.
• 3. Spending excessive amounts of time on cryptocurrency forums: If you are spending hours every day on cryptocurrency forums, you may be addicted to cryptocurrency.
• 4. Neglecting other responsibilities: If you are neglecting important responsibilities such as work, school, or family obligations to focus on cryptocurrency, you may be addicted.
• 5. Spending beyond your means: If you are spending more money on cryptocurrency than you can afford, you may be addicted.
• 6. Feeling anxious when away from cryptocurrency: If you feel anxious or stressed when you are away from your cryptocurrency investments, you may be addicted.
• 7. Prioritizing cryptocurrency over other hobbies and interests: If you are neglecting other hobbies and interests to focus on cryptocurrency, you may be addicted.

What are some benefits of cryptocurrency

There are several pros and advantages of cryptocurrency, some of which include:

• 1. Decentralization: Cryptocurrency is decentralized, which means that it is not controlled by any central authority or government. This makes it more secure and less prone to fraud.
• 2. Anonymity: Transactions made with cryptocurrency are anonymous, which means that the identities of the parties involved in the transaction are not revealed.
• 3. Low transaction fees: Cryptocurrency transactions have very low fees compared to traditional methods like wire transfers or credit card transactions.
• 4. Accessibility: Cryptocurrency is accessible to anyone with an internet connection, regardless of where they are in the world.
• 5. Fast transactions: Transactions made with cryptocurrency are processed quickly, sometimes within minutes, compared to traditional methods that can take days to process.
• 6. Immutable: Once a transaction is recorded on the blockchain, it cannot be changed or deleted, making it more secure and trustworthy.
• 7. Investment opportunities: Cryptocurrency also offers investment opportunities, as the value of some cryptocurrencies has increased significantly over time.

Overall, cryptocurrency offers many advantages over traditional methods of payment and investment, making it a popular choice for many individuals and businesses.But at the opposite, what can be some cryptocurrency addiction problems addicts suffer from?

general health problems

We can provide information that might be relevant to the effects of cryptocurrency on one’s health:

• 1. Stress and anxiety: The volatile nature of cryptocurrency values can cause stress and anxiety for investors. The constant monitoring of prices and the fear of losing money can lead to sleep disturbances, mood changes, and other physical symptoms.
• 2. Sedentary lifestyle: Cryptocurrency trading often requires long hours of sitting in front of a computer screen. This can lead to a sedentary lifestyle, which is a known risk factor for health problems like obesity, cardiovascular disease, and diabetes.
• 3. Eye strain and headaches: Staring at a computer screen for extended periods of time can cause eye strain, headaches, and other vision problems.
• 4. Addiction: Cryptocurrency trading can be addictive for some people, leading to compulsive behavior and neglect of other responsibilities and activities.
• 5. Scams and fraud: Cryptocurrency scams and frauds can lead to financial loss and stress, which can negatively impact one’s health.

Overall, the effects of cryptocurrency on one’s health can vary depending on individual circumstances and behaviors. It is important to practice self-care and moderation when engaging in cryptocurrency trading or investing.

cryptocurrency and sleep disorder

There is currently no evidence to suggest that cryptocurrency can directly cause sleep disorders or sleep problems. However, individuals who are heavily invested in cryptocurrency and constantly monitor their investments may experience stress and anxiety, which can negatively impact their sleep.

Additionally, the blue light emitted from electronic devices used to track cryptocurrency can disrupt sleep patterns by suppressing melatonin production. It’s important to practice good sleep hygiene and limit exposure to electronic devices before bed to promote healthy sleep patterns.

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

Some effects of cryptocurrency on your brain

• 1. Increased stress and anxiety: Cryptocurrency can be highly volatile and unpredictable, causing investors to experience stress and anxiety as they track the value of their investments.
• 2. Addiction: The constant fluctuations in cryptocurrency values can lead to an addiction to checking market prices and making trades, which can be detrimental to mental health.
• 3. Loss aversion: The fear of missing out on potential profits can cause individuals to make impulsive and risky investments, leading to significant financial losses and increased stress.
• 4. Obsessive behavior: The obsession with cryptocurrency can cause individuals to neglect other important aspects of their lives, such as work, relationships, and self-care.
• 5. Depression: Cryptocurrency investments can be highly speculative and unpredictable, causing individuals to feel anxious, depressed, and hopeless when their investments do not perform as expected.

It is important to note that not everyone who invests in cryptocurrency will experience these negative effects, and that seeking professional help may be necessary if these symptoms persist.

Some effects of cryptocurrency on your mental health

• 1. Obsessive behavior: Cryptocurrency trading can become an addiction, causing individuals to obsess over price fluctuations, constantly checking the markets and feeling anxious about missing out on potential gains.
• 2. High risk: The volatility of cryptocurrency markets can cause stress and anxiety, leading to impulsive decision-making, which can result in significant financial losses.
• 3. Scams and frauds: Cryptocurrency scams and frauds are common, and victims can suffer significant emotional distress and financial loss.
• 4. Fear of missing out (FOMO): Fear of missing out on potential gains can lead to irrational decision-making, causing individuals to invest more than they can afford, leading to even more stress and anxiety.
• 5. Cybersecurity risks: Cryptocurrency wallets and exchanges are prime targets for hackers, leading to security breaches and loss of funds, causing significant stress and anxiety.

Overall, it is essential to approach cryptocurrency investment with caution and keep in mind that it is a high-risk investment that requires careful consideration and research. If you find yourself feeling overwhelmed or experiencing negative mental health effects, seeking professional help is highly recommended.

Does cryptocurrency cause stress and anxiety?

Yes, cryptocurrency can cause stress or anxiety for some people. The volatility of cryptocurrency prices can lead to rapid fluctuations in the value of investments, which can cause stress and anxiety.

Additionally, the complexity of cryptocurrency technology and the need to constantly stay up-to-date on market trends can also contribute to feelings of stress and anxiety. Finally, the fear of losing money or being scammed can also cause stress and anxiety for those involved in cryptocurrency.

Can cryptocurrency addiction lead to sadness and depression?

Yes, cryptocurrency addiction can lead to sadness and depression. When someone becomes addicted to cryptocurrency, they may become fixated on the market and its fluctuations, constantly checking their investments and feeling anxious or stressed when prices drop. This can lead to feelings of helplessness, hopelessness, and despair, which can in turn lead to depression.

Additionally, if someone invests more money than they can afford to lose, they may experience financial stress, which can also contribute to feelings of sadness and depression. It’s important to seek help if you or someone you know is struggling with cryptocurrency addiction or experiencing symptoms of depression.

Dopamine and cryptocurrency

Dopamine is a neurotransmitter in the brain that plays a role in reward-motivated behavior. Cryptocurrency, as a digital asset that is decentralized and often traded on volatile markets, can trigger dopamine responses in certain individuals who are drawn to the excitement and potential for financial gain.

Studies have shown that the anticipation and receipt of financial rewards can activate the release of dopamine in the brain. This can create a reinforcing feedback loop where individuals continue to seek out the thrill of cryptocurrency trading in order to experience the dopamine rush associated with potential gains.

However, it is important to note that excessive dopamine release can also lead to addiction and impulsive behavior. This can be a concern for individuals who become too heavily invested in cryptocurrency trading and may need to seek help to manage their behavior.

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

Cryptocurrency can have both positive and negative effects on focus, productivity, attention span, and academic performance. On the one hand, the potential for financial gain through cryptocurrency investments can increase motivation and drive to succeed, leading to increased focus and productivity.

Additionally, learning about the technology behind cryptocurrency can enhance one’s understanding of complex concepts and improve critical thinking skills.

On the other hand, the constant monitoring of cryptocurrency prices and news can be distracting and lead to decreased attention span and productivity. Obsessive checking of cryptocurrency portfolios and trading can also lead to addiction-like behaviors, which can negatively impact academic performance and other areas of life.

Overall, the effects of cryptocurrency on focus, productivity, attention span, and academic performance depend on the individual and their relationship with the technology. Like any other activity, it is important to practice moderation and balance to prevent negative impacts on one’s life.

A word about ADHD and cryptocurrency

There is no clear evidence that people with ADHD interact differently with cryptocurrency than those without ADHD. However, some studies suggest that people with ADHD tend to be more impulsive and have difficulty with focus and attention, which could potentially lead to risky behaviors when it comes to investing in cryptocurrency or other financial decisions.

Additionally, people with ADHD may have difficulty with planning and organization, which could make it harder for them to manage their cryptocurrency investments effectively. However, it’s important to note that everyone’s experience with cryptocurrency is unique, and individuals with ADHD may or may not have a different experience than others.

affecting your relationships

cryptocurrency and self-esteem

Cryptocurrency can potentially affect self-esteem in both positive and negative ways. On the one hand, individuals who have invested in cryptocurrency and seen significant gains may feel a sense of pride and accomplishment, which can boost their self-esteem. They may feel validated in their investment decisions and gain a sense of financial security and independence.

On the other hand, individuals who have invested in cryptocurrency and experienced losses may feel a sense of shame or failure, which can negatively impact their self-esteem. They may feel regret and self-blame for making the investment and may question their own decision-making abilities.

Additionally, cryptocurrency can also create feelings of anxiety and stress, which can impact self-esteem. The volatility of cryptocurrency markets can lead to uncertainty and unpredictability, causing individuals to feel insecure and anxious about their investments.

Overall, the impact of cryptocurrency on self-esteem may vary depending on an individual’s investment experience and their emotional response to market fluctuations.

cryptocurrency addiction leads to isolation and loneliness?

Yes, cryptocurrency addiction can lead to isolation and loneliness. Just like any other addiction, individuals who become addicted to cryptocurrency can become completely consumed by it, leading to neglect of their personal and professional relationships. They may spend hours every day on cryptocurrency platforms, constantly checking prices and trading, which can cause them to neglect their social responsibilities and relationships. This can lead to feelings of loneliness and isolation, as their addiction takes over their lives and they become increasingly disconnected from the people around them.

Additionally, individuals who become obsessed with cryptocurrency may also feel a sense of shame or embarrassment about their addiction, which can further exacerbate feelings of loneliness and isolation.

Effects of cryptocurrency on your relationship

Positive effects:

• 1. Increased financial freedom and independence: Cryptocurrency allows individuals to have greater control over their own finances and be less reliant on traditional banking systems, which can lead to greater independence and autonomy in a relationship.
• 2. Shared investment opportunities: Investing in cryptocurrency together can be a bonding experience and can lead to increased financial gains for both partners.
• 3. Increased transparency: Cryptocurrency transactions are recorded on a public ledger, which can increase transparency and trust in a relationship.

Negative effects:

• 1. Financial risk: Cryptocurrency investments can be volatile and risky, which can lead to financial stress and strain in a relationship.
• 2. Disagreements over investment decisions: Partners may have different opinions on how to invest in cryptocurrency, which can lead to conflicts and disagreements.
• 3. Increased potential for fraud and scams: The unregulated nature of cryptocurrency can make it a target for fraud and scams, which can put a strain on a relationship if one partner falls victim to a scam.

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

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

Main steps and solutions to break the cryptocurrency addiction

Here are some general steps that may help individuals get rid of cryptocurrency addiction:

• 1. Acknowledge the addiction: The first step to getting rid of any addiction is to acknowledge that there is a problem. Admitting to oneself that they have a problem with cryptocurrency addiction is the first step towards recovery.
• 2. Seek professional help: Individuals struggling with cryptocurrency addiction may need to seek professional help from a therapist or counselor. These professionals can provide the necessary guidance and support to overcome the addiction.
• 3. Set limits: Individuals can set limits on their cryptocurrency usage, such as limiting the amount of time spent on trading or the amount of money invested in cryptocurrencies.
• 4. Find alternative activities: Individuals can find alternative activities to engage in instead of constantly checking the cryptocurrency market. This could include hobbies, exercise, or spending time with friends and family.
• 5. Join a support group: Joining a support group of individuals who are also struggling with cryptocurrency addiction can provide a sense of community and support.

It’s important to keep in mind that getting rid of addiction is a challenging process and requires patience and persistence.
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 cryptocurrency:

1. Purge temptations: Get rid of cryptocurrency

First, cleaning your life from temptations is much easier than resisting to them. Disable or delete your cryptocurrency 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