Cryptocurrency Gambling: What Is It?
Gambling disorder can be understood as a type of psychological disorder characterized by addiction to gambling. It can affect different dimensions of the life of the sufferer. For example, they might lose the capacity for self-control in the face of the impulse to play and stay in the game. This can affect their relationships, work-life, and economic stability. Furthermore, it can lead to depression and anxiety.
According to various investigations, cryptocurrency gambling, although a recent phenomenon, has been on the rise in recent years.
In this article, we find out what this new face of gambling consists of. In addition, we discover why lockdown made it go viral, and what its associated risk factors are.
Gambling with cryptocurrencies
Diagnostic criteria for this form of gambling disorder haven’t yet been constructed. However, it can be defined as an addiction to risky investments with cryptocurrencies. In fact, it’s known that the cryptocurrency market is characterized by being volatile and unstable. Therefore, it can be a risk for those who exhibit addictive behaviors and little self-control when dealing with this type of currency.
The buying and selling of cryptocurrencies may seem like a form of investment and not a type of gambling. Nevertheless, for many people, it’s become an activity that replaces gambling and generates the same addiction patterns.
Signs of a cryptocurrency gambling addiction
Some indications that a person has become addicted to cryptocurrency transactions are as follows:
- Progressive increase in investments made with cryptocurrencies.
- Loss of concentration and inability to focus on activities other than investing.
- Requests for loans or financial support to cover their eventual losses.
- Feelings of estrangement from family and friends.
- The need to lie to avoid accusations and confrontations about their risky investment behaviors.
This addiction can also lead to financial problems, job loss, or dropping out of school. In addition, sufferers may experience self-concept problems.
Finally, the fact that cryptocurrencies can be bought from anywhere in the world increases the attractiveness of this activity. Furthermore, the economic crisis, the increase in unemployment, and the few job opportunities available for young people have generated a search for alternative income. Consequently, an environment has been created that makes it easy for people to develop this kind of addiction.
The fine line between being an investor and being a gambler
Cryptocurrency gambling seems to be prevalent among young men. In fact, they seem to view these investments as the opportunity to get rich easily and quickly. In addition, a positive image seems to have been built on these transactions. This means that those who are addicted to buying and selling cryptocurrencies don’t tend to perceive themselves as gamblers.
There’s even a trend, popularized through influencers on social networks, that shows an ostentatious, adventurous, and risky lifestyle associated with cryptocurrency transactions. This can have an impact on the behavior of many young people who seek to imitate these aspirational role models. Indeed, they also want to be viewed as shrewd, courageous, and determined.
Traditional gambling and cryptocurrency gambling
The conventional forms of gambling disorder and the addiction to investing with cryptocurrencies coincide when the individual denies or minimizes their problem. In addition, they tend to hide it from those around them. As a matter of fact, with this particular form of gambling, those who suffer from it tend to completely deny the fact that they may be putting their savings or those of their family at risk. Alternatively, that they may be incurring debts that they won’t later be able to pay. This is because they disguise their pathological behavior within the investment logic.
People with an addiction to cryptocurrencies become convinced that eventually their investments will be reflected in profits, and that losses are a natural part of the cryptocurrency market.
There are currently some centers that specialize in the treatment of gambling with cryptocurrencies. However, the most important thing is to pay attention to the warning signs because any one of us could be susceptible to this form of addiction.It might interest you...
All cited sources were thoroughly reviewed by our team to ensure their quality, reliability, currency, and validity. The bibliography of this article was considered reliable and of academic or scientific accuracy.
- Lee, S. C. (2020). Magical capitalism, gambler subjects: South Korea’s bitcoin investment frenzy. Cultural Studies, 1–24. https://doi.org/10.1080/09502386.2020.1788620
- Sachdeva, V., Sharma, S., & Sarangi, A. (2021). Gambling behaviors during COVID-19: a narrative review. Journal of Addictive Diseases, 1–9. https://doi.org/10.1080/10550887.2021.1971942