Investing in cryptocurrencies as an addiction?

[enoch_from_off]

I'm not addicted and don't feel the need to keep on checking if there are new coins.

It IS possible to get addicted to crypto trading or investing. You're addicted if you have the compulsive need to invest or trade despite its effects on your finances and relationships, and you feel like you're unable to go with your daily routine unless you buy or sell. (I have a background in Psychology)

So far from the replies I've read, everyone seems to have their heads straight.

Yeah, I agree. Crypto space is flooded with memes and things that can go pretty bad for a person if he doesn't use stop limits / sees it as a life change for himself (when in reality, the possibility of a good outcome for him, is around 0,00001%, or even less).
Thus, usually, newbies are getting rigged into this mindset, people who are around there for a long time know how it all works and don't choose the projects that are working, in a way, like gambling slot

[Bobcrypto]

Considering the incredible number of altcoins and the growing popularity of investing in cryptocurrencies especially among the younger population, I wonder if we can already talk about the fact that there is a certain addiction to this way of investing? We all know that gambling addiction can have terrible effects on the people who engage in it, but also indirectly on all the people who are close to them - can we therefore conclude that in some way gambling with cryptocurrencies can cause the same effects?

You can answer the question in the poll - and it would be good if you were honest because everything is anonymous anyway.

I personally doubt if there any addictions in cryptocurrency investments; the market is volatile and nobody will be addicted to a volatile market especially on the new start up projects that may turn scams or even dead projects. I will rather consider addictions in crypto trading, because it is based on experience and continuity to always win trades.
Again, investment is absolutely a great options to earning huge returns but it base on Capital, affordable capital to carryout many investments plans. If there is no capital, there will be no investments, and there will no addictions. This my opinion.

[MUGNIA]

gambling addiction will lose, unlike addiction to investing in crypto where profits will definitely be obtained even in a certain time, if we invest in the right coin, especially if we are good at trading, then profits can be obtained quickly like gambling, getting profit if the market goes up and losing if the market goes down, but that's all the buying and selling cycle in trading in my opinion so you won't lose 100% as long as the coins we have still have sales volume

[target]

Its close to gambling addiction if you think of it that way but then crypto investor would much rather read a lenghty content to confirm whether the project can be successful or not.

I'm sure the traits of gambling addict is different from crypto investor for that matter. But addicted to trading seem to be real. I heard traders just keep buying and selling like a scalper but most probably they got addicted.

[enoch_from_off]

Its close to gambling addiction if you think of it that way but then crypto investor would much rather read a lenghty content to confirm whether the project can be successful or not.

I'm sure the traits of gambling addict is different from crypto investor for that matter. But addicted to trading seem to be real. I heard traders just keep buying and selling like a scalper but most probably they got addicted.

If it's done with analysis beforehand - it's not gambling, you have reasons for what you do, even if you are wrong.
If only your mood decides whether to go in or not - then it's bad for you in the long run.

[Themepen]

Yes More and more young people are investing in cryptocurrencies but this trend raises concerns. Investing in cryptocurrencies is similar to gambling because it involves taking risks and hoping for quick profits. Both can lead to financial losses and emotional problems that affect individuals and their families. Fact is that cryptocurrency transactions are anonymous makes it harder to spot signs of addiction. Investors need to understand risks and their motivations. But I think if anyone has knowledge and learning and investing in any currency after research and detailed plan so he/she not doing gambling because gambling does not need any research.

[Hatchy]

I won't actually say I'm addicted, but I'm more of a btc person. I have always had a thing for Bitcoin since joining the crypto space. What I love the most is it decentralized nature, and having no centralized authority. Though the government has found may ways to try and manipulate Bitcoin using centralized exchanges.  I still love the decentralized part of btc. Crypto currency is a new technology and have been rapidly growing in a couple of year's. Some people prefer investing in crypto as they get control of their money. But that's not addiction.

[Findingnemo]

I never considered investing is an addiction so I voted for the last one, obsessed with money is addiction but trying to find ways to make more money doesn't add up as addiction to me either, I am not sure about others but this is my opinion.

Even though there are tons of cryptos out there I strongly believe in Bitcoin and only in Bitcoin to be honest since none of the coins actually satisfied or even came close near Bitcoin in terms of earning the real trust from the users so people have been using them as dump scheme and I never wanted to get caught in that cycle.

[Zed0X]

Addiction is probably too strong for people that gambles on altcoins. Nobody would accept that They will still consider it as investing or maybe the constant FOMO is more acceptable because it's what we're used to? Anyway, I belong to the group that bets on them occasionally.

[robelneo]

I'm aware of people who are addicted to gambling, and I know of people who are into it, and its not good because you will end up losing a lot of money if you are not doing it the right way. I prefer to invest when on new coins with potential, and if there is good news about an old coin, I will include it in my portfolio, but I never invest for the sake of investing; its too risky doing that.
There are so many coins and tokens that are launched for pump and dump, and if you are not good at signaling, you will end up with bags of shitcoin.

[Gurujebs]

Addiction is probably too strong for people that gambles on altcoins. Nobody would accept that They will still consider it as investing or maybe the constant FOMO is more acceptable because it's what we're used to? Anyway, I belong to the group that bets on them occasionally.

I think people when people see opportunity of making money, the greed to make it quickly becomes their friends and because crypto is easy for people to make money, they are always ready to gamble their money on it. Some people will tell you that they rather gamble and but altcoins than use the money to gamble real games and I ask what's the difference with what they are doing.

The new wave is meme demand, the celebrities has had their time and now it's now group of people launching meme coins every day since it's easy, no Whitepaper, no questions about what they are going to do, just launch and then people will be ready to risk it all, the altcoins are getting messier ever day.

[Lucius]

To be honest I think some people use altcoins, specially memecoins, just like gambling, because they buy something and hopes to see a big pump
I spend a lot of my time in cryptos, foruns and doing research about projects, airdrops etc, but I don't know if I'm addicted to crypto or not 
Haha, I consider myself an enthusiast 

I guess no one is addicted as long as they don't spend more money than they should - but if x new projects appear this week that look promising and you can't resist investing some money in them and you do it week after week then I'd say you have a problem. It is always necessary to find the right measure of everything you do in life.

I'm curious to see your answer too Lucius

My answer is very simply the first option, and maybe even that is not correct because I do not invest in altcoins no matter how much someone proclaims them to be the next big thing. Who knows, maybe I should try - but what if I get addicted and spend too much


Some good posts have received +karma - and a little message to everyone else is that using the +karma button is completely free.

[$crypto$]

Its close to gambling addiction if you think of it that way but then crypto investor would much rather read a lenghty content to confirm whether the project can be successful or not.

I'm sure the traits of gambling addict is different from crypto investor for that matter. But addicted to trading seem to be real. I heard traders just keep buying and selling like a scalper but most probably they got addicted.

There is a very significant difference between gambling and investing, except for trading which I think will look the same if a trader trades without having knowledge or just relying on luck. Like the case you said, maybe it will have a bad impact on trading like that because it seems like the trader doesn't know the time.

But investing in crypto is different, especially if we invest in bitcoin. For people who already really believe in bitcoin, then it is the best choice to invest in bitcoin.

[Hisbullah]

Its close to gambling addiction if you think of it that way but then crypto investor would much rather read a lenghty content to confirm whether the project can be successful or not.

I'm sure the traits of gambling addict is different from crypto investor for that matter. But addicted to trading seem to be real. I heard traders just keep buying and selling like a scalper but most probably they got addicted.

There is a very significant difference between gambling and investing, except for trading which I think will look the same if a trader trades without having knowledge or just relying on luck. Like the case you said, maybe it will have a bad impact on trading like that because it seems like the trader doesn't know the time.

But investing in crypto is different, especially if we invest in bitcoin. For people who already really believe in bitcoin, then it is the best choice to invest in bitcoin.

I agree that investing in bitcoin is better than trading but has no expertise. because investing in bitcoin will bring profit and it is safer.
in trading we must have a strategy and also expertise in making analysis and predictions because it takes a lot of time to focus and always learn.
trading and gambling are different, because in trading relies on analysis and strategy while in gambling only relies on luck.

[Asiska02]

Investing in many cryptocurrencies I believe can also be an addiction to people because of the fact that they don’t want to lose hope in some tokens and also would want to take all chances for them to make some good profits. If you’re addicted to something, no matter the number of times you’re seeing a red flag not to continue, you’ll always want to try and put more efforts maybe you can get that big win the next time you try again. I think they’re similar to gambling addiction and you can never get your eyes off the next available token that will be listed and speculated to make a very big pump, you’ll always want to have a trial on them even though the outcome is not certain. I believe there are people with such addictions.