There has recently been launched a treatment course for digital currency addicts by Castle Craig Hospital in Peeblesshire, the Scottish Borders.
According to the Evening Standard, cryptocurrency trading can cause behavioural addiction, like one that online gamblers have, with checking price fluctuations of Bitcoin or any altcoin every minute.
"The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It's a classic bubble situation," said Chris Burn, a gambling therapist at Castle Craig Hospital, which also treats gambling and drug addictions.
The hospital has pointed out 12 indicators of a person who might have a crypto coin trading addiction. Some of them include spending all time and money only on trade, anticipating for a big win that can happen any moment, and taking loans for further trading.
Castle Craig Hospital uses a therapy consisting of 12 steps to cope with the problem. Patients receive necessary help by understanding the addiction, its consequences, becoming aware of how to control their consciousness, and recognizing the effects of each action.
However, some people do not consider that virtual coin trading on the crypto market can be compared to the addiction that online gamblers have. They say that regular losses are just natural part of the fintech trading process.
“Profits and losses are just a part of the trading, and it is no different than trading any other kinds of securities. Gambling addicts are just that – gambling addicts. They can choose any addiction they want, and it can be cryptocurrencies, but that doesn’t mean most traders are addicts. There are many reasons that make you trade cryptocurrencies frequently, given how fast things are changing in the industry,” CEO of blockchain startup Velix.ID Manav Singhal says.