Cryptocurrencies are addictive. How to deal with a new kind of serious addiction?
If you find yourself restless, have problems with sleep and eating, and suffer from an overabundance of stress, you may be addicted to cryptocurrencies. As the popularity of digital assets grows, this problem is spreading rapidly, and its impact can have much more negative consequences for a person than it seems at first glance. One such sad story was shared by an anonymous “cryptomaniac” on a recent Times podcast. Let's talk about what's happening in more detail.
Note that there are enough reasons to worry about the situation on the cryptocurrency market now. In particular, this is how the results of changes in the prices of cryptoassets look like over the past month.
Many popular coins like SOL, AVAX, ETH and ADA lost tens of percent of their own value, which also ended in financial losses for investors.
In this regard, the creator of Cardano Charles Hoskinson, among other things, announced the beginning of a new bearish trend in the cryptoasset market, that is, the stage of their protracted collapse. However, these conditions are not the end of the world. As experienced traders and investors note, the stage of market subsidence is the best period for the accumulation of quality projects. We wrote more about their recommendations in a separate article.
What problems do cryptocurrencies cause?
According to the man, cryptocurrencies occupy all his thoughts from the moment of awakening until the very end of the day. Here is his remark, which is given by journalists.
I live and breathe crypto. Before going to bed and after waking up, this is the first thing I think about. I work with cryptocurrencies around the clock.
Note that cryptocurrencies are indeed the first to come to mind after waking up - especially during bullruns. We note from our own experience that the rates of coins are seriously interested in the mornings, as they suggest what the earnings were during the night.
Andrea Chung, co-host of the broadcast, noted that cryptocurrencies have “all the necessary set” to attract people – a banal curiosity paired with a desire to quickly earn large sums. The situation is only aggravated by numerous stories about successful investors who were able to get rich very quickly thanks to digital assets. Themselves "cryptomaniacs" experience symptoms similar to obsessive-compulsive disorder.
It gets to the point that people are now seriously worried about their addiction. For example, they can't stop trading, can't sleep, have trouble eating, refuse to socialize with friends, or ignore their families.
Again, we also experienced sleep problems. When the market is rising, it's hard to get off the charts - especially in bed.
One such patient is Sabrina Byrne, a 26-year-old woman from England who first invested in cryptocurrencies in January 2022. Chung claims Byrne often stayed up until 5 am, checking coin prices on her phone a hundred times a day. Fortunately, there is still a universal recipe for helping such people.
According to CryptoSlate sources , in this case, the tactics of dealing with addiction as such should be used. That is, you need to limit the time spent in front of the charts with the crypt, devoting hours to it, and not the whole day. Addiction can be overcome by replacing it with a useful hobby, communication with family and friends. In the end, the crypto market should not “devour” the trader entirely, otherwise the very meaning of investment is then lost.
See also: Experts are confident in the superiority of crypto over traditional assets in the long run. Why?
And while some are trying to overcome a new addiction, others are just beginning to favor crypto. Among the latter is the well-known investor and co-founder of Soros Fund Management Jim Rogers. In a recent interview, Rogers admitted that he regretted missing out on the opportunity to buy Bitcoin at $1 almost a decade ago. He also predicted that cryptocurrencies could play an important role in the economy of the future, while denouncing centralized banking digital currencies (CBDC) projects , reports CryptoPotato .
It is worth noting that Rogers' previous stance on Bitcoin was not so positive. Almost two years ago, he suggested that the distribution of wealth in the crypto market is “just a gamble”, and that BTC is overvalued and will disappear over time. Here is one of his quotes.
Cryptocurrencies did not even exist a few years ago, but in the blink of an eye, they became hundreds and thousands of times more expensive. This is a clear bubble and I don't know their "correct" price.
The transition from the camp of critics of cryptocurrencies to their supporters happens quite often. Billionaire and Dallas Mavericks owner Mark Cuban is a good example . He has argued in the past that Bitcoin has fewer real-world uses than even bananas. At the same time, in recent years, he has become a well-known person in the crypto community. For example, last year Cuban called Bitcoin a financial religion and a better investment tool than gold.
We believe that the dependence on cryptocurrencies and the problems associated with it are absolutely real. Still, emotions due to the growth or collapse of rates are a common thing, so what happens to coins quite reasonably occupies an important part of the life of investors and traders.
In this case, it is extremely important to protect your own health and not sacrifice your free time. As practice over many years shows, you can most often choose the best time to enter a position using a guessing game. In addition, it is important to understand that there will always be opportunities in the digital asset market.
What do you think about this? Share your opinion in our millionaire crypto chat . There we discuss other important points from the blockchain industry.
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