Home Featured Hold your horses! Crypto assets addiction can cost you fortunes; Some tips to control your addiction

Hold your horses! Crypto assets addiction can cost you fortunes; Some tips to control your addiction

by Shatakshi Gupta

Owing to mass hype created on social media. Crypto trading has become so popular. Especially, youngsters are investing heavily in these virtual assets. Due to this popularity, we often see the emergence of many dubious ICO( Initial Coin Offerings). Many people have engrossed so much in this trading that they have become addicted to crypto trading, which is affecting their mental health. In this article, we will address this issue and share some tips to get rid of this addiction.

What’s the deal with it being so dope?

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There are several reasons for its addiction. Here, we are quoting a few major ones:

  • Unlike the stock market, the cryptocurrency market is open round the clock . Users can trade globally, fueled by volatility and uncertainty, offering a perfect source of dopamine, making the crypto market even more addicting.
  • Trading in crypto is now much easier than ever before. All you need to start trading in cryptocurrency is a bank account, a crypto wallet to hold your crypto assets, and a mobile device to access and navigate your crypto.
  • Another reason that makes crypto addicting is the belief that it can be used to create enormous gains quickly. Without a question, some people have made it big in the crypto world, but not everyone has.
  • The prevailing notion in the crypto community is that ‘timing is everything,’ and as crypto becomes more widespread, traders are always hoping that a trick or a technical analysis will help them hit the jackpot at the appropriate time. This is what encourages traders to take bigger risks and interact with the market more frequently.
  • Notably, Crypto asset traders do not win on every deal, and they also do not lose money on every trade. However, even after a string of losses, they aspire to make a profit, which motivates them to trade again.
  • Finally, crypto traders have a history of worrying over losses while being rather dispassionate when it comes to gains. This motivates people to commit additional time and money in order to recoup their losses.

Signs that hint toward addiction:

  • Opening the trading app repeatedly to check the current selling prices of the purchased coin is a significant red flag.
  • The desire to invest more in the expectation of making more gains.
  • When family members or friends prohibit you from checking your crypto app too frequently, you may feel restless.
  • Attempting to recoup lost funds by buying in another ‘trending’ currency.
  • When you’re low on cash, you ask people to invest for you.

Tips to get rid of this addiction:

  • Before investing in digital assets, every crypto trader should focus on learning strong crypto fundamentals.
  • If you only have one wallet and all of your assets in it, it’s a smart idea to setup additional wallets and distribute your crypto amongst them. So, the next time you subsidise your savings, and in the event that you lose cash, you’ll at least have backup funds.
  • It is important to understand that no matter what you do, you’ll miss out on pumps, and there will always be a better coin or an NFT collection accessible in the market. There is no need to rush because projects are booming everywhere. You have plenty of time to book profits.
  • Always try to learn from your errors. Don’t repeat the same mistake over and over again. Don’t keep investing in coins that promise quick gains; instead, aim for long-term investments rather than short-term investments.
  • Most crucial, be concerned about other people’s pleasure. If you see a project that is currently mooning, remember that there are hundreds of thousands of people who are experiencing the same euphoria. Be happy for them; it will certainly brighten your day.
  • When using a crypto exchange or platform, keep track of the time. Don’t maintain a minute-by-minute eye on the charts. Play it safe and set a notification for particular price points, or a stop loss if you’re on an exchange that allows you to do so automatically. This establishes a consistent routine and combats addiction.
  • If you’re just getting started in the crypto world, don’t make crypto your sole source of income. Have a secondary source of income and invest a portion of your earnings from it.
  • Use a PC or laptop rather than your smartphone to log in to your account and select ‘do not save password’. This will act as a deterrent and demotivates you from logging in many times.

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