Do We Need Crypto Self-Exclusion Programs?
In order to answer the main question here, we need to cover one main topic. It is a crypto addiction. Yes, this is a real thing and it is more common nowadays than ever before. Below we are going to reveal the main things you need to know and so much more. Without further ado, let’s begin.
What is Crypto Addiction?
Crypto addiction or cryptocurrency addiction is a real thing. According to the latest research, 9/1000 people suffer from this. 70/1000 people may end up in the first group any time soon. This addiction means that a person must trade virtual currency. It is the same thing as any other addiction. A person is not able to stop!
Usually, these people enjoy high-risk trading where the risk of losing the investment is massive. They will even take loans and sell things in order to continue trading. They believe they can become very rich doing this. While this is partially true, this type of trading is still a huge risk.
Why Crypto Self-Exclusion Is Needed
For the lack of a better word, yes, we do need a program of this kind. Once again, we can compare gambling. Here we can see self-exclusion programs like GamStop. The idea is that a user will create an account there and immediately after all the gambling websites will become unavailable. But the main drawback of GamStop is the possible availability of slot sites not on GamStop that do not connect to the system, so players still have an access to certain casino sites. However, the majority of players stop using online casinos and work with the addiction. Once it is solved, he can go back and start gambling once again. GamStop offers different durations of self-exclusion. It can be up to 5 years long.
The same thing can be helpful with crypto trading. In fact, it can work in the same way as GamStop. You can say that this is impossible. Controlling virtual currencies is not possible and therefore this system will not work. But the system will be focused on platforms that allow crypto trading and not on the currencies themselves! As such, it can work well.
The mission would be simple. A person who is addicted to crypto trading will create an account and he will distance himself from this activity. Once he solves the problem he can return to trading or he can stop completely. It should work and it is an extremely simple process.
Who and when will develop a system of this kind is still unclear. There are many things that need to be solved and sorted out before a platform of this kind becomes active. We believe that it will be developed in the near future.
Causes of Crypto Addiction
Now we will have to explain why this addiction happens to people. In general, there are several reasons for that. It is possible that a person is addicted to all this due to one or all the reasons from the list.
Massive exposure
These days we are surrounded by cryptocurrencies, trading, gambling and so much more. The first time you visit the web you can find these things within seconds. Those who use the web all the time are even more targeted and affected by this type of exposure. Some people will start trading just because they are exposed to all this all the time. Over time, they will become addicted.
Cross addiction
In order to end one addiction, a person will move to another. The most common example is gambling addiction and crypto addiction. A person who is addicted to gambling will start trading in order to eliminate his previous addiction. Also, thousands of GamStop players see many benefits of crypto casinos and use their funds to gamble. This never works well!
Escape for some people
When you trade, you can believe that earning millions in a single day is possible. Then you can change your life and make it as you like. This is an escape from reality and obviously a problem. But, it sounds and looks good hence people will want to get the thrill. Once again, they can get addicted due to this.
Greed
Yes, greed is one of the reasons. It is actually one of the main reasons for addiction. Crypto trading promises massive winnings. The more money you can make, the better it looks. People who want to become rich overnight will find this appealing and desirable. They will also start high-risk trading (it can generate the most profit) which will make them even more vulnerable to crypto addiction.
Issues that occur or can occur in this case scenario are severe. These people are looking at ruined family relationships. This happens with any addiction. Addicts are more likely to end up in a scam where they can lose everything. They cannot think and observe with a clear mind which makes them easy targets. For scammers, this makes things easier and they can take advantage of addicts. The worst of these all is the financial impact. Yes, you can make a profit but you can lose all your money as well. Because you can’t stop and you will probably chase down your loss, you will lose even more. This has a huge, negative impact on the life of an addict.
The Final Word
Crypto addiction is a real thing and a severe one. Plenty of people gamble with crypto investments and because of high volatility lose their savings. Such people need a system or help of some kind that will help them distance themselves from trading and sort out their addiction. We hope that any time soon this system will become available and it will help millions of people. Sadly, crypto addiction is spreading more than you may believe.
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