Doctors are now warning that cyptocurrency is a form of high stakes gambling that has the potential of consuming the participants. They are saying that online trading of the cryptocurrency is a new form of gambling.
Dr. Mark Griffiths who is a professor in behavioural Addiction at Nottingham Trent University said that the addictions were a sub-type of online day trading addiction. This is seen similar to gambling addiction. This is seen to be a very fast activity and can have adverse effects to the participants. The reason why this is seen as gambling is because gambling can be classified to be done on anything and cryptocurrency gambling can be an exciting activity. Compulsive gamblers like it and this is mysterious as it is not regulated and can make you gain plenty of losses in a day. The reason why people dive to it is because people do not want to miss out on the good things and they start putting in money without thinking about the repercussions. The reality on the other hand is that cryptocurrency trading is a fascinating idea but can do great harm.
Cryptocurrency is seen as an escape from the real world. People are excited about it and the fact that you can do it for 24 hours in a day and watch as you rake in the profits. This is something that the compulsive gambler will want and the best place to do is through bitcoin gambling. Bitcoin trading was pretty easy to start and this was not great for the young generation. Doctor Griffiths had predicted this a while back when he said that bitcoin trading was a great way to run from the reality of the world. The bubble situation at the time was the source of all this excitement and the way it was developing at the time he was sure that it would bring harm.
The reasons bitcoin trading was easy is the fact that the motions were easy to go through and you did not know who your were dealing with and it was easy for one to become part of it. A lot of people got into it because there were plenty of promises on the internet of getting rich quick. People spent more and more time on the internet and it resulted into dangerous consequences on other aspects of their life.
With the wide use of bitcoin as a form of payment, more and more gambling sites have also taken up the cryptocurrency as a form of payment. When you look around, you will find plenty of online bitcoin gambling sites where this is the main form of payment.
Hospitals to tackle this
This addiction has made the Castle Craig Hospital in Scotland start a program aimed at treating people hooked to trading bitcoin. The hospital has seen addicts who have been consumed by the trading in the currencies and this includes some who were not suffering from other kinds of addictions.