At first glance, there are minimal similarities between gambling and crypto-trading since these activities are from opposite worlds. However, they have more in common than you could ever imagine. A lot of discussions are now held around casino-related problems: millions of people struggle with compulsive disorders, while regulatory authorities encourage them to be responsible and seek help. It might be surprising, but crypto-trading holds the same risks to investors. A person can become too obsessed with the process and lose control, which requires immediate intervention and treatment.
Compulsive Gambling and Crypto-Trading: Similarities and Ways to Cope with the Problem
Many people don’t see any similarities in the two activities, but actually, their nature for human psychology is pretty much the same. In both cases, users involved receive a quick dopamine release and tend to explore their luck and skills. Cryptocurrencies are highly volatile, which makes operations with these assets no less risky than casino games. Users can lose control over their actions when trading, and this results in compulsive habits that are common among gamblers.
Online casino players suffering from compulsive problems can launch self-exclusion tools like GamStop to limit access to dangerous content. The program restricts all gambling and betting platforms in the British jurisdiction. After the chosen term ends, users can remove GamStop and return to this entertainment, but they should remember to be responsible. A similar approach can be implemented for crypto traders who cannot think about anything but cryptocurrencies and are too engaged in the process.
Will GamStop-like Tools Be Helpful for Trading Addicts?
Gambling and crypto trading have many similar aspects: both involve high risks and the potential to earn profits. Investors usually pay a lot of attention to their assets and take a lot of time to analyse the market, evaluate expert predictions, and build their future strategies. However, sometimes, this adequate approach is transitioned to compulsive conditions when users cannot think about anything except cryptocurrencies.
In this case, traders rarely think about profits and are not satisfied with the income they receive. Engaging in deals is the main thing they would like to do, and distracting them from other activities may cause anxiety and depression. Such symptoms are the same as among gambling addicts and may encourage traders to seek help. Currently, the problem is not widely discussed, so it may take a while to find qualified assistance. However, the challenge has become global, so more and more non-profit organisations help compulsive traders.
Initiating a GamStop-like tool that offers limited access to trading platforms can also benefit problem users. In this case, they won’t be able to engage in crypto deals again and will take time to recover and develop healthy habits. Let’s explore some more reasons why self-exclusion opportunities are the way to cope with the challenge.
Users Cannot Access Trading Platforms
Of course, self-conscious traders know how to behave responsibly and always control their expenses when engaging in cryptocurrency deals. However, it’s easy to lose control on this point: the market is highly unpredictable, and huge profits often seem to be around the corner. Many traders continue investing money despite the losses, which is a reason to limit access to potentially harmful platforms. Therefore, like with online casinos not on GamStop, an appropriate self-exclusion mechanism will come in handy.
A Way to Regain Financial Control
Overspending is the main factor leading to compulsive gaming disorders, and trading problems have a similar nature. Users continue investing and losing cash, but it doesn’t motivate them to take a break or quit the activity. Limiting the possibility of accessing trading platforms will help users gain control over their funds and develop a healthy approach to this risky pastime. The volatility of cryptocurrencies always imposes additional threats, which is why it’s essential to educate users about the risks and potential rewards.
Developing Adequate Trading Habits
GamStop not only restricts access to casino sites but also provides participants with third-party support organisations to help them get rid of harmful behaviours. The same can work for trading addicts: users should engage in support groups and pass treatment together with like-minded individuals struggling with the same problems. Coping with the disorder on your own may be complicated, but qualified assistance can make users recover quickly and return to the activity with the new knowledge and developed strategies.
The Final Word
Crypto-trading addiction is an underestimated problem, but the good news is that it’s becoming more discussed globally. Many compare this disorder with compulsive gambling: both activities imply high risks and provide users with a dopamine release and the possibility of getting massive profits. GamStop self-exclusion has already shown its efficiency in the casino sector, so implementing a similar tool for crypto-traders can resolve the problem and encourage users to remain responsible.
