This article by Kim Torres was originally published at SundayScaries.com on May 31, 2019. It is being republished here with the publisher’s permission through syndication.
Behavioral addictions come in many different forms. Along with the commonly talked about addictions that people have to sex, gambling and video gaming, cryptocurrency is the new way to make yourself addicted to something that you ultimately can’t control. You may be having loads of fun dealing with cryptocurrency, but it could be damaging your mental health in ways that you don’t fully understand.
These kinds of addictions may not seem as serious as a substance abuse addiction, but they are. They each cause you to be so consumed in what you are doing to the point of not taking care of yourself or others. If your mind is filled with thoughts of how much to invest or the worry of losing money, how can you possibly have time to think about other things that are important in your life. Things that you should’ve been thinking about first, like your personal hygiene, your family and your physical wellbeing.
The mind is a tricky thing. Usually, in an addiction, you are not aware that you even are addicted to something, whether it’s behavioral or not.
Cryptocurrency and Its Risks
If you’re reading this article, you are most likely are already aware of what cryptocurrency is and how it is used. Since cryptocurrencies like Bitcoin, Litecoin and Zcash can be exchanged for real money or used to make online purchases through certain websites, there’s not much you can’t buy. Some websites are catching on finally and don’t allow the use of cryptocurrency to buy stuff with because they don’t want to be associated with anything other than physical money.
The amount of money Bitcoin and other cryptocurrency investments can put in your hand is outrageous in some cases. One of the richest people in the world that is invested in cryptocurrency, Nakamoto, is worth almost $19 billion because of the million bitcoins he or she owns. Nakamoto is also the name of the person that created Bitcoin.
So, there’s no wonder they are so rich.
Another person that got rich from cryptocurrency is Roger Keith Ver. He was one of the first people to invest in Bitcoin, and he ended up making near $52 million from that investment. Granted, he was rich before, but not that rich. His nickname amongst the cryptocurrency community is literally “Bitcoin Jesus” now.
These are the kinds of stories that get people going and make them want to start investing in cryptocurrency, like bitcoin, in the first place.
Before you jump the gun and start transferring all of your money into cryptocurrency, there are a few important risk factors you should take into account. The protections that are in place for investments into the stock market and other types of money investments aren’t applied in the dealing of cryptocurrency. This is because it’s not, by definition, money. It’s electronic money. Yes, these are different.
Electronic money isn’t created by any government agency or regulated by any certain bureaucracy. This means two things. 1. No ridiculous fees or interest is taken out by taxes. 2. You can lose a lot of money quickly because of a lack of regulation.
Cryptocurrency management can raise you a lot of money, A LOT. But, unfortunately, this comes at huge risk – a much bigger risk than you would have dealing with banking institutions. Banks have those regulations in place to help protect you. Their regulations have been edited and developed over years and years of people losing all of their money.
Cryptocurrency plays too close to the line between gambling and legitimate investing. The risk is addicting to some people; it’s a complete thrill. Just like with gambling, cryptocurrency becomes dangerous at some point. Not just because you might owe dangerous people money, but also because of the immense toll, it can potentially take on your mental health.
Why Is Mental Health Important?
So, why is this all important? Why should you even be concerned about having mental health?
Think about this…
The human brain can only handle so much at a time. It may process words and images extremely quickly, but it can only produce so many thoughts in a set period of time. If those thoughts and your emotions are completely consumed by your cryptocurrency investments 24/7, how do you expect to be able to give significant emotion to anything else in your life?
Think about how often you are either checking on your bitcoins or finding new ways to get more? Now think about how else you could’ve been spending that time.
No matter what the addiction, it’s always crucial to keep yourself from making impulsive decisions. If you decide to go all in with cryptocurrency, go ahead; but don’t stretch your finances out so thin in these investments that you can’t pay your living expenses.
Cryptocurrency have your nerves tangled? Are you feeling intense feelings of anxiety? For some relief, consider the benefits of CBD Gummies. They are described as a giant hug to your nervous system and can help you navigate the waters of your financial future while you stay focused, relaxed, and on track.
More on this topic: Growth and Future of Cryptocurrencies in 2019